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By Mark Schaub and David Hong  King & Wood Mallesons’ Corporate & Securities group

US network marketing companies like Herbalife, Nu Skin and Usana Health Sciences have been brutally reminded that a successful China story can quickly move from being a strength to a vulnerability depending upon the mood that prevails in China.

The recent multi-level marketing (“MLM”) crackdown in China coupled with a joint announcement by several PRC authorities launching a number of investigations which have led to a tailspin in the share price of major international MLM companies that have a large exposure to China.
Continue Reading China Crackdown – How Does it Impact International MLMs?

By Andrew Fei King & Wood Mallesons’ sydney office

On 18 August 2017, as part of the Chinese government’s ongoing efforts to regulate overseas investments by Chinese companies, China’s State Council published a set of investment guidelines (Guidelines) formulated by four key regulators – the National Development and Reform Commission, Ministry of Commerce, People’s Bank of China and Ministry of Foreign Affairs (collectively, PRC Regulators).
Continue Reading China issues guidelines on overseas investments

By  Urszula McCormack, Lauren Dray and Violet Wong King & Wood Mallesons’ Hong Kong office

The global standard-setter on anti-money laundering/counter-terrorist financing (“AML/CTF”), the Financial Action Task Force (“FATF”) held its recent plenary meeting in Valencia, Spain on 21-23 June 2017.

Key coverage included the ongoing fight against terrorist financing, improving transparency and beneficial ownership, “de-risking” and the application of the risk-based approach (“RBA”).

In this article, we set out 8 key points covered at the plenary meeting and provide 8 key takeaways for financial institutions operating in Hong Kong (“FIs”).
Continue Reading FATF Plenary: 8 things you should know

By Urszula McCormack, Heidi Machin, Lauren Dray, Jack Nelson, Marina Lauer, Hannah Glass and Henry Wells King & Wood Mallesons

Token sales are rapidly gaining momentum as the darling of capital raising in the digital economy. Huge sums have been raised; some tokens have experienced skyrocketing valuations; many believe no regulation applies. This has caused a strong “fear of missing out” effect among those looking to get involved in this rapidly growing space.
Continue Reading “Know Your Token”: A guide to participating in token sales

By King & Wood Mallesons

August 2017, relying on her prominent client appreciation and work performance, Ms. You Yang, partner of Dispute Resolution Group at King & Wood Mallesons, was once again ranked as one of the 2017 Client Choice Top 20 Lawyers in China by Asian Legal Business (ALB), standing out from many other top lawyers across various practice areas. The award, based on clients’ feedback, recognizes Ms. Yang’s expertise as well as her ongoing focus on delivering high quality service to her clients.
Continue Reading King & Wood Mallesons Partner You Yang once again ranked as ALB Client Choice Top 20 Lawyer in China

By Alex Maschmedt, Louise Yun King & Wood Mallesons

The National Transport Commission (NTC) has released a discussion paper outlining four regulatory options to govern the safety of driverless cars and other autonomous vehicles in Australia. These include:

  1. Continuing the current approach
  2. Self-certification
  3. Pre-market approval
  4. Accreditation

These proposals mark an important step in developing a complete regulatory framework to support the large-scale roll-out of automated vehicles in the near future. The NTC is currently seeking feedback on each of the options proposed, along with any other issues that may arise in the regulation of driverless car technology. Subsequently, the NTC will formulate recommendations to submit to Australian transport ministers in November 2017.

This article evaluates the four regulatory options in light of current Australian practices surrounding vehicle safety and governance.
Continue Reading The Regulatory Road for Driverless Cars in Australia

By Scott Farrell, Eli Han, Urszula McCormack, Stanley Zhou King & Wood Mallesons

Ethereum uses blockchain technology …

Ethereum relies on a blockchain — a transaction record that is independently verified by others and held on a distributed ledger. The same technology underpins Bitcoin. However, the Bitcoin blockchain is predominantly designed to do one thing: facilitate Bitcoin transactions. Ethereum, on the other hand, is designed to act as programmable infrastructure. This means that Ethereum is a more adaptable and flexible development platform.

Continue Reading 10 Things You Need to Know about Ethereum

By Urszula McCormack and Jack Nelson King & Wood Mallesons’ Hong Kong office.

Recently, two major online marketplaces dealing in drugs, stolen goods and weapons were shut down through the combined efforts of international law enforcement agencies.

This article describes what happened, and how such “dark net marketplaces” operate. It highlights how law enforcement agencies are working together (and getting creative) to tackle internet-based crime. We also flag the key issues that you should be thinking about in order to prevent your business networks from inadvertently participating in these marketplaces.
Continue Reading What Does the AlphaBay Takedown Mean for You?

By Mark Schaub, Atticus Zhao, Wenyu Shan King & Wood Mallesons’ Finance & Capital Markets group

The development of advanced automated vehicle safety technologies, including fully self-driving cars, will be the greatest change to personal transportation since the introduction of the personal automobile nearly a century ago.[1]

Although humans love cars they do not seem to be particularly adept at driving. Surveys have found that some ninety percent of motor vehicle crashes are caused at least in part by human error.[2] Accordingly moving the driving from humans to autonomous vehicles may improve safety and save lives. 
Continue Reading Self-driving Cars：China and Beyond- Who will be Liable？

By Mark Schaub and Atticus Zhao  King & Wood Mallesons’ Corporate & Securities group

It was not so many years ago when it was common practice for international brands to sign away exclusivity for the Chinese market with little afterthought.

Back in the 1980s and 1990s it was not unusual for the Western brand to start a relationship in Hong Kong and then add China as an afterthought – it was considered a place far away, with few potential customers. 
Continue Reading Grabbing Back Your Distribution Channel in China