As President Xi’s Power Grows, So Does China’s Presence on World Stage

by Skadden, Arps, Slate, Meagher & Flom LLP
Contact

Skadden, Arps, Slate, Meagher & Flom LLP

In October 2017 at the Chinese Communist Party National Congress, President Xi Jinping consolidated his hold on power and cemented himself as what many commentators are calling the most powerful Chinese leader since Mao Zedong.

President Xi came to power when he replaced Hu Jintao as general secretary of the Chinese Communist Party at the 18th Party Congress in 2012 and, in accordance with tradition, assumed the role of president at the subsequent meeting of China’s parliament. By convention, Chinese leaders serve two five-year terms, and so at the 19th Party Congress last year, President Xi was expected to appoint a likely successor to a senior leadership role. However, this did not happen, triggering speculation that he was preparing to serve beyond the customary two terms.

President Xi’s position was further bolstered when the Congress unanimously elected to write his signature ideological theory — “Xi Jinping Thought on Socialism With Chinese Characteristics for a New Era” — into the party Constitution, the first time since Mao that a Chinese leader has received such recognition. All the signs indicate that, whether in a formal leadership role or from behind the scenes, President Xi will continue to wield influence in China for a long time to come.

All the signs indicate that President Xi will continue to wield influence in China for a long time to come.

As a result, his priorities will continue to play a significant role in Chinese policy. President Xi wants a greater leadership role for China internationally, and the Congress endorsed this enthusiastically. It also endorsed continued policies of “socialist modernization” and building China into a “moderately prosperous society,” all while maintaining strict party control.

Under President Xi, we expect to see an increasingly muscular China on the world stage as well as limited liberalization within the country. (For example, the internet will continue to be tightly controlled.) We may see limited further opening of opportunities for foreign investors — China recently announced some relaxation of the rules restricting foreign investment in financial institutions — but these opportunities likely would be measured and only sufficient to justify China’s position as an ostensible promoter of an open global trading order.

Government Role in Outbound, Inbound Activity

In late 2016, China imposed new restrictions on outbound foreign investments, including a cap on renminbi-denominated loans issued outside China and a requirement that the loans be registered in China. In November 2016, China also imposed new limits on the amount of renminbi that Chinese companies can remit overseas. These restrictions, together with a desire to curb what some commentators have considered overly exuberant bidding for foreign assets, significantly impacted M&A volumes in greater China throughout 2017. China outbound M&A decreased from $217.2 billion to $126.1 billion. As domestic financing for outbound acquisitions also became more difficult to obtain, a number of China-based conglomerates that had been particularly active in overseas markets in prior years saw their M&A activities impacted as Chinese banking regulators requested that lenders review loans made to them. Outbound investment in 2017 dropped 30 percent from 2016 as a result of these restrictions.

China outbound M&A decreased from $217.2 billion to $126.1 billion.

The biggest development regarding inbound M&A was the first significant liberalization of China’s financial sector in 10 years. In November 2017, China’s deputy finance minister announced that over the next five years foreign ownership restrictions will be relaxed to allow foreign firms to hold majority stakes in joint ventures with mainland Chinese securities companies and life insurance joint ventures and remove caps on foreign banks’ stakes in Chinese banks and asset managers. Foreign players in the insurance and investment banking businesses currently must operate through joint ventures with domestic companies, while foreign banks (other than those based in Hong Kong) are forbidden from holding controlling interests in Chinese domestic banks. Foreign financial institutions and insurance companies likely will review their medium- to long-term strategies in China and potentially work toward securing control once regulations allow.

Technology, Infrastructure Drive Activity in 2017

Meanwhile, the value of domestic (including inbound) M&A dropped by a smaller amount, from $382.7 billion to $318.8 billion. The still-robust level of activity was driven by several emerging themes, including a growing number of projects linked to the “One Belt, One Road” policy and a significant focus on investment in emerging technology sectors.

The value of domestic (including inbound) M&A dropped by a smaller amount, from $382.7 billion to $318.8 billion.

One Belt, One Road

After four years of seemingly being little more than a slogan, China’s One Belt, One Road initiative began to take shape in 2017. At the Belt and Road Forum held in Beijing in May 2017, heads of state from 29 countries as well as ministerial-level representatives from dozens more gathered to hear China promote the One Belt, One Road initiative and discuss international investment cooperation projects under it.

One of President Xi’s signature initiatives, One Belt, One Road comprises two zones:

  • the 21st Century Maritime Silk Road — covering the sea lanes and related land-based infrastructure from China across the South China Sea, throughout the Pacific and Indian oceans, and all the way to the Mediterranean; and
  • the Silk Road Economic Belt — covering the land corridor from China through the central Asian landmass to Europe, roughly following the route of the old Silk Road.

The plan is for China to invest extensively in infrastructure projects along the two zones. Funding will come from Chinese financial institutions, the Silk Road Fund (a new Chinese $40 billion sovereign wealth fund) and two new multilateral international development banks — the Asian Infrastructure Investment Bank and the New Development Bank (formerly BRICS bank) — each aiming to raise $100 billion in funds. While specific plans remain hazy, the expectation is that the initiative will involve big money, potentially into the trillions of dollars over the next decade.

For China, the initiative serves economic as well as geostrategic purposes. Investment projects forming part of the initiative will support Chinese companies in their attempts to globalize, soak up excess Chinese industrial capacity (particularly in steel) and provide a major labor export market. Financing the projects also is expected to provide an alternative channel for China to diversify its vast foreign exchange reserves and promote the renminbi’s role as an international trading and reserve currency. But the strategic goals are equally important: securing China’s trade routes and supplies of key resources as well as increasing China’s global influence, thereby enhancing its claims to global leadership.

For companies operating in the infrastructure and related industries, One Belt, One Road offers significant opportunities. China is looking to spend, and any project that can be reasonably seen as falling within the scope of the initiative stands to receive generous financing packages from Chinese lenders. Governments from developing nations throughout the two zones also are signing on enthusiastically, hoping to fund their own countries’ infrastructure needs with Chinese money. Expectations are that the projects will be facilitated, the legal path will be smoothed and approvals will be fast-tracked in countries across the region.

Technology Sector Developments

On the technology front, many of the world’s largest “unicorns” are now Chinese companies, with several raising significant capital in new investment rounds in 2017, most notably the $5.5 billion raised by Didi Chuxing. China’s incumbent technology giants (Baidu, Alibaba and Tencent, often referred to collectively as “BAT”) engaged in a number of major transactions during 2017, including two material acquisitions by Alibaba involving Hong Kong-listed companies operating retail businesses in China, which would appear to represent further steps in Alibaba’s plan to merge its online operations with offline businesses.

Strong growth in the technology and new economy sectors also drove the greater Chinese equity markets, which remained buoyant throughout most of 2017, with Hong Kong’s main Hang Seng Index exceeding 30,000 in November 2017 — a 10-year peak. Several deals — including initial public offerings (IPOs) by ZhongAn Online Insurance, China Literature and Yixin Group — achieved such significant levels of oversubscription from Hong Kong retail investors that they each locked up more than 10 percent of Hong Kong’s entire monetary base during the course of their offerings. The success of the ZhongAn IPO — the first fintech IPO in Hong Kong — is likely to drive further deal activity in the fintech space in 2018.

Changes to Chinese Exchanges Could Spur Additional Capital Markets Activity

On December 15, 2017, the Hong Kong Stock Exchange announced that it was proposing amendments to Hong Kong’s Listing Rules that would permit companies with dual-class share structures to list in Hong Kong. A historical aversion to such structures is perceived to have led to Alibaba’s decision to list in New York. While this proposal remains subject to a consultation process expected to be undertaken in the first half of 2018, if implemented, Hong Kong could become an attractive listing venue for new economy companies with founders who retain control through shares with super-voting rights despite having had their economic interest significantly diluted through various rounds of funding.

Meanwhile, the late 2016 abolition of trading quotas under the Shanghai-Hong Kong Stock Connect scheme, which provides mainland Chinese investors with a mechanism to invest in Hong Kong-listed securities, also has given strong impetus to the Hong Kong market, resulting in net capital inflows of $81.7 billion as of the end of October 2017. Additionally, China’s domestic A-share market hovered between 3,000 and 3,500 points for most of the year, significantly below the peaks of above 5,000 points in 2015 but with a stability unseen in recent years. Debt markets remained active, with around 4,600 fixed-income offerings in greater China compared to approximately 2,500 in 2016 — albeit with an overall value of approximately $1.5 trillion compared to $2.5 trillion in 2016. Deal volumes were driven in part by issuers looking to take advantage of current low rates before anticipated increases in future years. The successful $1.35 billion issue of senior notes in two tranches due 2024 and 2027, respectively, by Wynn Macau was one of the more notable transactions in the Hong Kong debt capital markets during the year that sought to take advantage of the low-rate environment.

Globalized Nature of Enforcement Requires Coordinated Response

Two factors have contributed to the increasingly globalized nature of law enforcement. First, a number of jurisdictions, with the United States in the lead, are taking increasingly aggressive positions on jurisdiction. For example, a foreign corporation or executive may become subject to the U.S. Foreign Corrupt Practices Act based on any of the following, so long as the authorities can show that it furthers the alleged bribery: a single meeting in the U.S., a money transfer that goes through a U.S. bank account or an email that passes through a server located in the U.S. Other criminal and regulatory statutes can be similarly expansive. Corporations that do not ordinarily think of themselves as having a U.S. presence sometimes are unpleasantly surprised that their fleeting U.S. contacts were sufficient to allow the U.S. authorities to assert jurisdiction over them.

For its part, China’s corruption watchdog, the Central Commission for Discipline Inspection (CCDI), published guidance in December 2017 directing Chinese state-owned enterprises (SOEs) to implement safeguards to combat corruption in their foreign operations. According to a statement on the CCDI’s website, SOEs need to “deeply understand the important urgency of controlling overseas risks” to “ensure the safety of China’s assets, make our state enterprises strong and excellent, and cultivate world-class enterprises that are globally competitive.” Until recently, China’s anti-corruption campaign had focused on SOEs’ domestic operations. This new directive may signal that, similar to their U.S. counterparts, the Chinese authorities are paying increasing attention to and cracking down on corrupt conduct overseas.

The new directive may signal that, similar to their U.S. counterparts, the Chinese authorities are paying increasing attention to and cracking down on corrupt conduct overseas.

Second, like never before, law enforcement authorities are paying very close attention to enforcement activities in jurisdictions outside their own, and enforcement activity in one jurisdiction often generates spillover effects in another. The nature of the spillover varies. Sometimes, countries coordinate — as evidenced most recently by the Telia Company’s $965 million global settlement in September 2017 with the U.S. and Dutch authorities for bribery-related offenses. Sometimes a jurisdiction piggybacks on another’s already-completed investigation — as PTC learned in 2016 when, shortly after its settlement with the U.S. Department of Justice and U.S. Securities and Exchange Commission, the Chinese authorities requested information about PTC’s operations in China.

And sometimes one jurisdiction’s information demand runs afoul of another’s laws and policies. This dilemma arises with increasing frequency for international auditing firms encountering competing demands by the U.S. accounting watchdog — the Public Company Accounting Oversight Board (PCAOB) — and the Chinese regulatory authorities. The PCAOB may request the production of audit work papers relating to certain Chinese auditing clients, and the Chinese authorities may forbid compliance with the demand on grounds of Chinese state secrecy laws. A memorandum of understanding (MOU) designed to resolve such impasses was entered into in 2013 between the PCAOB and the Chinese authorities. Nevertheless, in the past two years, two Hong Kong-based auditing firms, Crowe Horwath and PKF International, were sanctioned by the PCAOB for their alleged failure to comply, with the PCAOB rejecting these firms’ argument that the MOU was the appropriate channel to initiate and resolve these document production requests and notwithstanding express objections by the Chinese authorities.

Practically speaking, what this means for multinational companies is that a regulatory inquiry from one jurisdiction is often no longer a self-contained event. Passively responding to an authority’s information requests without thinking ahead and considering the implications in other jurisdictions can be a perilous strategy. Instead, companies are well-advised to, at the very outset of a government inquiry, consider the potential legal ramifications of its responses and sketch out a coordinated strategy.

Download pdf

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Skadden, Arps, Slate, Meagher & Flom LLP | Attorney Advertising

Written by:

Skadden, Arps, Slate, Meagher & Flom LLP
Contact
more
less

Skadden, Arps, Slate, Meagher & Flom LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.