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By Richard Mazzochi and Minny Siu  King & Wood Mallesons’ Hong Kong office.

mazzochi_rsiu_mInternational Swaps and Derivatives Association, Inc. (“ISDA”) recently published the updated Legal memorandum on enforceability of close-out netting of privately negotiated derivatives transactions under ISDA Master Agreements in the PRC (“2017 Netting Memo”) and the new Memorandum of law on enforceability under PRC law of close-out netting of privately negotiated derivatives transactions under the ISDA Master Agreements against a PRC State Counterparty (“Sovereign Netting Memo”), both issued by King & Wood Mallesons (“KWM”). This article summarises the key points[1].

In response to
Continue Reading ISDA publishes updated memoranda on China close-out netting

By Mark McFarlane and Suzanne Gibson  King & Wood Mallesons

mcfarlane_mgibson_sSecondaries transactions have grown substantially in recent years. This growth can be attributed to the host of potential commercial and strategic advantages such transactions can have for both general partners (GPs)/managers and investors, as well as a raft of regulatory pressures, including as a result of the Volcker Rule and the BASEL III reforms.

However, with these advantages come unique legal tensions as investors look to sell their fund commitments with relative freedom and GPs/managers seek to minimise their potential liabilities arising from any sale (and in some cases, reap side benefits).
Continue Reading Key issues in funds secondaries

By Max Bonnell and Ruimin Gao. King & Wood Mallesons’ Sydeny office.

bonnell_mThe Australian Government recently announced that it would not proceed with the ratification of the Treaty on Extradition between Australia and The People’s Republic of China (Australia-China Extradition Treaty) at the present time.

We take a closer look below at Australia’s extradition law and the key provisions in the Australia-China Extradition Treaty, which is now approaching its ten-year anniversary since it was first signed under the Howard Government.
Continue Reading Close, but no cigar: the Australia-China Extradition Treaty

By CHEN Yun (Robert)   Andrew FEI and WANG Rong   King & Wood Mallesons

chen_yun

Introduction

1.The China Bank Regulatory Commission (“CBRC”) has issued a set of new rules (“Rules”) aimed at:

  • controlling a broad range of risks in the financial system;
  • improving the regulatory and supervisory framework; and
  • ensuring that the banking sector better serves the real economy and national development policies

2.The Rules apply to both domestic banks and foreign banks in China. This publication focusses on key issues that are relevant to foreign banks operating in China

3.In addition to introducing many new requirements and guidelines, the Rules also strengthen and reinforce a number of existing CBRC policies
Continue Reading CBRC’s New Supervisory Storm is Here – Implications for Foreign Banks in China

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

mccormack__uIn this article, we describe a recent example of technology allegedly being used to evade regulations and frustrate regulators – a phenomenon that we call “anti-RegTech”.But first, what is “RegTech”? RegTech generally refers to the use of technology by…

By Joshua Fisher and Michael Swinson  King & Wood Mallesons’ Melbourne office.

捕获The “internet of things” or “IoT” may be the defining technology buzzword of our age. Certainly just about every technologist is busy explaining how the IoT will revolutionise the ways in which businesses work and societies function.

Yet, as IoT systems and devices proliferate, so do the security implications. While many benefits of the IoT can only be realised by expanding the ecosystem of interconnected IoT devices, this can also be one of its greatest flaws; networks are only secure as their weakest link.

Many readers will already be familiar with some of the more famous examples of IoT vulnerability, such as the demonstration at the 2015 Black Hat of taking control (remotely) of a Jeep Cherokee travelling at over 110kph or the recent incident when IoT-connected CCTV video cameras and DVR players were used to facilitate one of the largest internet denial of service attacks in history. However, despite the high level of awareness of these security issues, industry is yet to take a coordinated approach to dealing with these matters.
Continue Reading Who’s afraid of the IoT? IoTAA Security Guideline

By Dr. Sandra Link, LL.M.   King & Wood Mallesons’ Frankfurt office.

link_sDuring the last years, the number of Chinese outbound transactions to Germany have increased considerably and reached a record high in 2016. M&A transactions are quite complex processes, presenting a wide range of potential pitfalls for both buyers and sellers. Often, Chinese investors are not familiar with the particularities of the European market. Against this backdrop, the need to mitigate transactional risk is increasing in particular for Chinese investors.

The use of Warranty & Indemnity (W&I) insurance, has become commonplace in the US and European M&A markets over the last years. Whilst the product is less well-known in the Chinese market, the gap is starting to close and a leading W&I insurer has already established a Chinese desk in Germany to meet the special needs of Chinese clients. With SASAC having emphasized the importance of risk insurance in the context of outbound investments for SOEs in their regulation of 7 January 2017, we expect the importance of W&I insurance for Chinese outbound M&A to further increase.
Continue Reading W&I insurance for Chinese investors in Germany

By Suman Reddy  King & Wood Mallesons’ Sydney office.

Ahead of the upcoming Digital Health Show to be held in Melbourne on 29 & 30 March, we thought it would be an opportune time to examine the current state of play in Australia with respect to digital health records management.

In this article we discuss the My Health Record system and provide some observations about the challenges and opportunities facing this important healthcare initiative.
Continue Reading My Health Record: the resuscitation of e-health, or a data placebo?

By Travis Toemoe, Peter Yeldham and Alexa Milosevic. King & Wood Mallesons’ Sydney office

toemoe_tDefining what is and what isn’t “tangible property” should be easy. Right? There are a plethora of accepted definitions about tangible property being something that can be touched, perceived or held. Take, for example, flipping a coin. The outcome is binary, that is, something is either tangible or it isn’t. But if your business is heavily invested in protecting its data, you might want to flip the coin again.

It is not uncommon for insurance policies to stipulate that the insurer will pay damages arising from “property damage”, or provide a sub-limit on recovery for damage to property. Property damage usually refers to some form of physical damage to, or loss of, or destruction of “tangible property”. As ever, the law in this area has been slow to keep up with advances in technology. Whether data or electronic information can be considered “tangible property” (and therefore insured property) poses an important question for insurers and policyholders alike. Put simply, is your data insured or not?
Continue Reading Touch the edge – is data “tangible property” for the purpose of your insurance policy