China’s updated Company Law (the “new Law”) took effect on July 1, 2024. First promulgated on December 29, 1993, the PRC Company Law has undergone two substantial updates during its 30 years of development, the previous one...more
On June 6, 2024, Premier Li Qiang signed a State Council decree introducing the Regulation on Fair Competition Reviews (the Regulation) effective August 1. According to the Regulation, administrative agencies and...more
On July 6, 2023, the Supreme People’s Court of China (“SPC”) issued the 32nd batch of seven labor dispute guiding cases ("Guiding Cases"). Among them, one case attracts special attention of foreign invested enterprises...more
On December 29, 2022, the IRS and Treasury issued proposed regulations (the “Proposed Regulations”) addressing (1) whether a real estate investment trust (a “REIT”) or a regulated investment company (a “RIC”) will constitute...more
Types of M&A Transactions – – Takeover bids (like a U.S. tender offer) – Plans of arrangement – Amalgamations (like a U.S. merger) – Asset sales – Share sales (e.g., private purchase of control block) –...more
The fifth and final installment of a series of alerts focusing on practical issues relating to China’s new Foreign Investment Law. Foreign investors seeking to exit from their existing foreign invested enterprises (FIEs)...more
The second installment of a series of alerts focusing on practical issues relating to China’s new Foreign Investment Law. The two current models of foreign loans for Foreign Invested Enterprises reflect the Chinese...more
Since the beginning of the COVID-19 outbreak, the Chinese government has been concerned about the pandemic’s economic impact and swiftly adopted a range of measures to support businesses, foreign trade and investments....more
FINRA Amendments to Rules 5130 and 5131 - The Financial Industry Regulatory Authority, Inc. (“FINRA”) recently effected changes to its rules regarding the purchase, sale, allocation, and distribution of initial equity...more
On its face, China's new foreign investment law appears to drastically open the country up to foreign investment – what with an ever-decreasing “negative list,” rules aimed at eradicating intellectual property restrictions,...more
The comprehensive establishment of China’s Social Credit System (SCS) has already started. In July 2019, the State Council again issued Guiding Opinions to accelerate the establishment of the SCS and a credit-based new...more
The amendments expand certain exemptions and provide additional guidance under Rules 5130 and 5131 with respect to equity IPO allocations. On December 19, 2019, the Financial Industry Regulatory Authority (FINRA) issued...more
Under normal circumstances the fact that the parties to a contract have imprinted seals (or 'chops' as official company seals are called in China) would typically indicate that the parties have reached an agreement on the...more
Update: FINRA announced this week that its recently approved amendments to Rule 5130 (New Issue Rule) and 5131 (Anti-Spinning Rule) will be effective January 1, 2020. See, FINRA Regulatory Notice 19-37, published December 19,...more
The Securities and Exchange Commission approved amendments to the Financial Industry Regulatory Authority New Issue Rule (Rule 5130) and Anti-Spinning Rule (Rule 5131) (collectively, Rules) on November 5, 2019...more
Ever since China began opening up to the outside world, the right of foreign-invested enterprises ("FIEs") to make equity investments within the People's Republic of China (which for these purposes refers to Mainland China...more
On November 1, 2019, China's Ministry of Justice ("MOJ") released a draft version of the Implementation Regulations on the Foreign Investment Law ("Draft Regulations"), aimed at facilitating the new Foreign Investment Law...more
China is marching on to be the world's pioneering cashless society but unfortunately there is an almost complete absence of foreign counterparts in the huge Chinese domestic or cross border transactions initiated from China. ...more
Between July and August 2019, China's State Administration of Foreign Exchange ("SAFE") made one step forward towards China's comprehensive foreign exchange reform. The local branches of SAFE in China's 12 Free Trade Zones...more
On 6 August 2019, the State Council of the People’s Republic of China (the “PRC”) issued a plan for the New Lingang Area of the Shanghai Pilot Free Trade Zone (the “FTZ Plan”), which seeks to match standards in the New...more
On December 13, 2018, the Internal Revenue Service (the “IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued proposed regulations (the “Proposed Regulations”) addressing various aspects of the withholding...more
Advisers that manage any Cayman Islands regulated or unregulated funds, investment entities including hedge funds, private equity funds or any other “financial services business” are reminded that September 30, 2018 is the...more
The US federal banking agencies with responsibility for enforcing the Volcker Rule have issued temporary one year no-action relief with respect to certain private non-US investment funds that are not “covered funds” for...more
The Department of Finance has issued its Feedback Statement on its public consultation on national discretions under MiFID II. The consultation dealt with the exercise of national discretions in relation to the implementation...more
Alien Tort Statute (ATS)/Political Question Doctrine/Foreign Sovereign Immunity Act (FSIA)/ Act of State Doctrine - District Court Dismisses ATS Claim Where Alleged Conduct in US was not Directly Linked to Injuries...more