On 11 April 2018, the Governor of the People’s Bank of China (“PBoC”), Yi Gang, announced at the Boao Forum for Asia (“BFA”) that the 50% foreign ownership restriction in the life insurance sector is to be lifted to 51% in the first half of 2018. In addition, it was noted that complete liberalization of the life insurance sector (i.e. no foreign ownership restriction) can be expected in three years’ time. On 27 April 2018, the China Banking and Insurance Regulatory Commission (“CBIRC”) issued an announcement on accelerating the implementation of measures regarding opening up the markets of banking and insurance. The CBIRC stated in the announcement that the liberalization of the foreign ownership in the life insurance sector as announced at the BFA would be implemented as soon as possible. Given the scarcity of insurance licenses and the unique attributes of the insurance business, mergers and acquisitions (“M&A”) of insurance companies have always been chased after by the capital.
Continue Reading M&A OF INSURANCE COMPANIES: APPROACH SELECTION AND MAJOR ISSUES
2017 Typical Trademark Cases Released by the Supreme People’s Court of P.R.C
By Jiao Hongbin King & Wood Mallesons’ Intellectual Property group.
On April 19, 2018, the Supreme People’s Court of the P.R.C released top 10 IP typical cases as well as additional 50 typical IP cases of the year 2017. We have summarized 19 out of the 22 trademark cases among them which involves the recognition of generic name, the protection of unregistered trademark, fair use of a trademark etc., for your easy reference.
Continue Reading 2017 Typical Trademark Cases Released by the Supreme People’s Court of P.R.C
Guangdong High People’s Court Issued a Guideline for Trial of SEP Disputes
作者：倪振华 金杜律师事务所知识产权部
Guangdong High People’s Court recently issued a “Working Guideline of Guangdong High People’s Court on the Trial of Standard Essential Patent Dispute Cases (for trial implementation)” (hereinafter referred to as “the Guideline”) on 26 April 2018, which is the most comprehensive guideline for trial of SEP-related disputes in China till now. Theoretically speaking, this Guideline has a binding effect on three major IP courts/tribunals in view of jurisdictional mechanism of SEP-related cases in Guangdong province, including Guangzhou IP Court, Shenzhen IP Tribunal (of Shenzhen Intermediate People’s Court) and Guangdong High People’s Court which is the appellate court of the former two. However, this Guideline actually reflects some widely recognized court practices on SEP-related issues, and will probably be referred to by other courts in China.
Continue Reading Guangdong High People’s Court Issued a Guideline for Trial of SEP Disputes
Opportunities and Challenges Presented by Foreign Investment to Domestic Payment Industry
By Stanley Zhou, Janet Gu and Leimin Yu 金杜律师事务所金融资本部
Nowadays payment service is increasingly interweaving into commerce and the Internet in China. Its role as the last-mile infrastructure provider connecting the two arenas for many business models is increasingly being appreciated by the market. Not long ago, China’s payment sector was, by and large, not accessible to foreign players, although many foreign players wish to enter into the rapidly growing Chinese payment market and many domestic payment service providers wish to have certain foreign participation as a way to gain access to the offshore capital market.
Continue Reading Opportunities and Challenges Presented by Foreign Investment to Domestic Payment Industry
Insurance intermediary market will further open up to foreign investors
On 11 April, 2018, People’s Bank of China (“PBC”) Governor Yi Gang announced specific measures to further open up the domestic financial market at the Boao Forum for Asia (“BFA”). China will allow qualified foreign investors to engage in the business of insurance agency and the business of insurance appraisal in a few months. In the meantime, foreign-owned insurance brokerage companies are to be allowed to expand their business scope to equal their Chinese peers. These indicate that all three fields, namely insurance brokerage, insurance agency, and insurance appraisal, will open up to foreign investment. The extent and pace of liberalization will be beyond expectation. On 27 April, 2018, the China Banking and Insurance Regulatory Commission (“CBIRC”) issued Measures to Accelerate the Opening-up of the Banking and Insurance Industries, saying the CBIRC will speed up the implementation of the measures to allow qualified foreign investors to run insurance agencies or offer insurance appraisal services in China, and issued the Notice on Expanding the Business Scope for Foreign-funded Insurance Brokerages to allow foreign-funded insurance brokerages to cover the same business scope as their Chinese peers.Continue Reading Insurance intermediary market will further open up to foreign investors
New “Beneficial Owner” rules will be of major benefit to foreign investors
作者：段桃 王燕 金杜律师事务所商务合规部
On 1 April 2018, the Announcement of the State Administration of Taxation on Issues Relating to “Beneficial Owner” in Tax Treaties[1], (“Announcement 9”) came into force. It applies to both foreign and resident enterprises and individuals of Hong Kong and Macau[2] who obtain dividends, interest or royalties from China. They can apply for a beneficial owner (“BO”) status, which will allow them to enjoy tax treaty and arrangement benefits[3].
Continue Reading New “Beneficial Owner” rules will be of major benefit to foreign investors
Q&A | The regulatory authorities & Online resources
作者：吴青 金杜律师事务所商务合规部
The regulatory authorities
Ministry of Environmental Protection (MEP)
Main activities. These include:
- Establishing a sound basic system for environmental protection.
- Taking precautionary measures against pollution at the source and controlling environmental pollution and environmental damages.
- Supervising and administering prevention and control of environmental pollution.
- Guiding, co-ordinating and overseeing ecological conservation efforts.
W http://english.mep.gov.cn
Continue Reading Q&A | The regulatory authorities & Online resources
Where are the Opportunities for Foreign Investors?
作者：周昕 王晓雪 黄建贤 金杜律师事务所金融资本部
On 10 April 2018, President Xi Jinping made a keynote speech at the opening ceremony of the Boao Forum for Asia Annual Conference 2018. He announced that China will significantly ease market access, including in the financial sector. The next day, the People’s Bank of China Governor Yi Gang presented multiple measures for further opening up the financial sector and the timeline for doing so. This marks a new chapter in China’s opening-up of its financial market. It will bring new business opportunities for foreigners investing in financial institutions in China. Foreign-funded financial institutions will be treated equally with Chinese financial institutions in terms such as business scope and applications for certain licenses. We believe that foreign investors will enjoy more investment opportunities in domestic financial institutions.Continue Reading Where are the Opportunities for Foreign Investors?
Blockchain Legislation丨Increased Accountability: Supervision and Legal Risks of an Initial Coin Offering
作者：常俊峰 甘雨来 邓哲 金杜律师事务所争议解决部
There is a new trend appearing in the regulation of virtual currencies. Countries such as the United States, Japan, and South Korea are strengthening their regulation of ICOs. This article will focus on current supervision of ICO and related legal risks.
Continue Reading Blockchain Legislation丨Increased Accountability: Supervision and Legal Risks of an Initial Coin Offering
Q&A | Environmental tax & Reform
作者：吴青 金杜律师事务所商务合规部
Environmental tax
1.What are the main environmental taxes?
The Environmental Protection Tax Law of the People’s Republic of China (Environmental Tax Law) came into force on 1 January 2018. The categories of tax governed under the Environmental Tax Law include atmospheric pollutants, water pollutants, solid waste (hazardous waste) and noise.
Continue Reading Q&A | Environmental tax & Reform