David Richardson

David Richardson

Dorsey & Whitney LLP

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PRC State Administration of Foreign Exchange’s New Rules on Cross-Border Guarantees and Security Trigger Offshore Bond Issuances

On May 19, 2014, the PRC State Administration of Foreign Exchange (“SAFE”) formally issued and published the Foreign Exchange Administration Regulations on Cross-Border Guarantees and Security (the “Regulations”), which came...more

12/15/2014 - China Financial Guarantee Requirements SAFE

Bitcoin – Haven In Hong Kong? - Part Ten

“Virtual currencies” in general, and bitcoin in particular, continue to attract media attention as well as intense public and regulatory scrutiny. The regulators seem to have realized that the bitcoin genie is out of the...more

9/4/2014 - Bitcoins Hong Kong Popular Virtual Currency

Bitcoin – Migration from China to Hong Kong – Part Nine

“Virtual currencies” in general, and bitcoin in particular, continue to attract frenzied media attention coupled with immense public and regulatory scrutiny as an ever increasing number of countries review and clarify their...more

5/22/2014 - Banks Bitcoins Foreign Markets Global Economy Hong Kong PBOC Virtual Currency

SEC Provides Interpretive Guidance on Conflict Minerals Reporting

On April 29, 2014, the SEC’s Division of Corporation Finance issued interpretive guidance on the conflict minerals rules in response to the April 14, 2014 ruling of the U.S. Court of Appeals for the District of Columbia. The...more

5/5/2014 - Conflict Mineral Rules First Amendment Reporting Requirements SEC

Open Sesame? Not for now, Alibaba – Part 1

For months Alibaba Group Holding Limited (“Alibaba”) had tried to convince the Stock Exchange of Hong Kong Limited (“SEHK”) that they should open their doors to the internet giant. Alibaba had proposed a system through which...more

4/28/2014 - Alibaba Corporate Governance Hong Kong Stock Exchange IPO Shareholders

Bitcoin - Calls for Regulation - Part Eight

“Virtual currencies”, and bitcoin in particular, continued to attract a lot of attention. The sudden shutdowns of Mt. Gox (Japan), a large bitcoin exchange, and Flexcoin (Canada), a bitcoin bank, led to renewed and...more

4/2/2014 - Bitcoins Virtual Currency

Shedding Light on China’s Massive Shadow Banking Market - Landmark Corporate Bond Default - Part 1

The debt level of the PRC is rising. It is estimated that the PRC’s corporate debt could hit US$13.8 trillion in 2014, surpassing that of the United States (“U.S.”) as the largest in the world. This has raised increasing...more

3/13/2014 - Bonds China Corporate Bonds Debt Default Shadow Banking

Bitcoin - Turbulent Waters - Part Seven

“Virtual currencies”, and bitcoin in particular, continued to attract a lot of attention. The sudden demise of Mt. Gox (Japan), one of the largest bitcoin exchanges, adds to the mystery and mistrust surrounding the virtual...more

3/5/2014 - Bitcoins Virtual Currency

RMB Bond Issue in Hong Kong (a.k.a. A Delicious Dim Sum Offering!) – Challenges to Hong Kong – Part 5

Foreign and Chinese companies seeking to access the renminbi (“RMB”) bond market can now raise capital without time-consuming IPOs, rights issuances and secondary offerings. It also provides a cheaper form of RMB financing to...more

2/18/2014 - Bonds Foreign Investment Hong Kong Investors IPO RMB Loans

Bitcoin - Big Bounce Back - Part Six

The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. In early December 2013, Chinese government authorities took the first steps towards defining and regulating virtual...more

1/23/2014 - Asia ATMs Banking Sector Bitcoins Financial Companies International Finance Virtual Currency Zynga

RMB Bond Issue in Hong Kong (a.k.a. A Delicious Dim Sum Offering!) – Some Structural Issues to Consider – Part 4

Foreign and Chinese companies seeking to access the renminbi (“RMB”) bond market can now raise capital without time-consuming IPOs, rights issuances and secondary offerings. It also provides a cheaper form of RMB financing to...more

1/16/2014 - Bonds China Hong Kong IPO RMBS

Bitcoin - Freefall in China - Part Five

The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. In early December 2013, Chinese government authorities took the first steps towards defining and regulating virtual...more

12/30/2013 - Bitcoins China Virtual Currency

Bitcoin - Reward Comes With Risk - Part Four

The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. Virtual currency systems arguably have positive aspects if they contribute to financial innovation and provide payment...more

12/20/2013 - Bitcoins China EU Virtual Currency

Bitcoin - Could Beijing Make or Break It? - Part Three

The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. These issues again attracted attention when Chinese government authorities issued a notice on bitcoin, defining its status...more

12/13/2013 - Bitcoins Capital Markets China Corporate Governance PBOC Virtual Currency

Bitcoin - Virtual Currency of the Future? - Part Two

“Virtual currencies”, and bitcoin in particular, have recently received much attention from law enforcement agencies, the business community, the financial sector and government authorities, all of which are trying to...more

12/5/2013 - Bitcoins China FinCEN Internet Silk Road Virtual Currency

Bitcoin - Virtual Currency of the Future? - Part One

“Virtual currencies”, and bitcoin in particular, have recently received much attention from law enforcement agencies, the business community, the financial sector and government authorities, who are all trying to understand...more

11/27/2013 - Bitcoins Internet Virtual Currency

How To Trap a Tiger – Regulators’ Nets Tighten Around Tiger Asia on Both Sides of the Pacific

Government securities enforcement agencies in Hong Kong and the United States have been pursuing Tiger Asia Management and its affiliates for four years with claims of insider trading and market manipulation on the Hong Kong...more

8/21/2013 - China Hedge Funds Hong Kong Hong Kong Stock Exchange Insider Trading Market Manipulation SEC Short Sales Tiger Asia Management

RMB Bond Issue in Hong Kong (a.k.a. A Delicious Dim Sum Offering!) - Part 3

A growing number of foreign and Chinese companies are accessing the renminbi (“RMB”) bond market to fund projects, enhance liquidity and improve their working capital in China. These companies can raise capital while avoiding...more

6/7/2013 - Bonds China Currency Exchange Foreign Currency Hong Kong Offshore Listings RMB Bonds

RMB Bond Issue in Hong Kong (a.k.a. A Delicious Dim Sum Offering!) - Part 2

A growing number of foreign and Chinese companies are accessing the renminbi (“RMB”) bond market to fund projects, enhance liquidity and improve their working capital in China. These companies can raise capital while avoiding...more

5/24/2013 - Bonds China Currency Exchange Foreign Currency Hong Kong Offshore Listings RMB Bonds Secured Debt Withholding Tax

RMB Bond Issue in Hong Kong (a.k.a. A Delicious Dim Sum Offering!) - Part 1

A growing number of foreign and Chinese companies are accessing the renminbi (“RMB”) bond market to fund projects, enhance liquidity and improve their working capital in China. These companies can raise capital while avoiding...more

5/9/2013 - Bonds China Currency Exchange Foreign Currency Hong Kong Offshore Listings RMB Bonds

Oil and Gas Companies Listing on the Hong Kong Stock Exchange

There is increasing interest by oil and gas companies to list on the Hong Kong Stock Exchange (“HKEx”). Sunshine Oilsands Ltd, based in Calgary, obtained a primary listing on the Main Board of the HKEx in March 2012. It...more

4/17/2013 - Foreign Exchanges Hong Kong Hong Kong Stock Exchange Oil & Gas Oil Sands Reporting Requirements

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