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  • 【香港】SFC Consults on Proposals to Facilitate Classification of Professional Investors: Good News for Financial Services Industry pdficon_small.png

    Recent developments
    Hong Kong's Securities and Futures Commission ("SFC") has published a Consultation Paper on proposed amendments to the Securities and Futures (Professional Investor) Rules ("PI Rules") ("Consultation"). The Consultation includes proposals to expand the categories of persons who may qualify as a professional investor, permit aggregation of certain assets and introduce alternative forms of evidence to satisfy the asset or portfolio thresholds under the PI Rules.

    アジア・オセアニア|香港|2017年04月07日

  • 【香港】Hong Kong Government Considers Expanding Its List of "Reportable Jurisdictions" for Automatic Exchange of Information pdficon_small.png

    Under increasing international pressure, the Hong Kong government is considering expanding its Automatic Exchange of Information ("AEOI") implementation by imposing broader information collection obligations, entering into more bilateral AEOI agreements at a faster pace, and possibly joining the multilateral AEOI agreement.

    アジア・オセアニア|香港|2017年03月31日

  • 【中国】China’s New Two-Invoice System in Pharma Distribution Aims to Reduce Drug Prices and Compliance Risk pdficon_small.png

    China has launched the “two-invoice” system in drug distribution on a trial basis, aiming to improve transparency in drug prices and eliminate excessive profit margins associated with multi-tier distribution models. This is the first time Chinese regulators have officially launched the two-invoice system, which had been debated for over a decade. The system is expected to be fully implemented in public hospitals across the country by the end of 2018.

    アジア・オセアニア|中国|2017年03月24日

  • 【中国】International Commercial & Trade Newsletter pdficon_small.png

    1. Customs new rules for supervision on outward processing
    On 28 November 2016, the General Administration of Customs ("GAC") introduced new rules for regulating outward processing by issuing the GAC Announcement [2016] No. 69 ("Announcement 69") which took effect on 30 November 2016.

    アジア・オセアニア|中国|2017年03月17日

  • 【中国】China Climbs Four Places in Transparency International’s 2016 Corruption Perception Index pdficon_small.png

    Transparency International has launched its latest 2016 Corruption Perception Index (“CPI”). China’s ranking continues to improve, moving up by four places from last year’s rank of 83 to a rank this year of 79. Our alert discusses some of the highlights of the 2016 CPI.

    アジア・オセアニア|中国|2017年03月10日

  • 【中国】First Time PRC Court Recognizes a Foreign Judgment Based on Principle of Reciprocity pdficon_small.png

    On 9 December 2016, the Nanjing Intermediate People’s Court (“Jiangsu Court”) handed down a decision recognizing and enforcing a civil judgment made by the Singapore High Court (“Nanjing IPC Decision”) based on the principle of reciprocity. This is a landmark development and is the first time that a Chinese court has recognized and enforced a Singapore commercial judgment.
    More significantly, this is the first time that a Chinese court has recognized and enforced a foreign court judgment based on the principle of reciprocity in the absence of a bilateral treaty for mutual recognition and enforcement of judgments.
    Our alert will discuss this development and its implications

    アジア・オセアニア|中国|2017年03月03日

  • 【中国】New Restrictions on China Outbound Investments pdficon_small.png

    1. Background
    China's foreign exchange reserves experienced a rapid, short-term drop during the second half of 2016. Several causes are suspected to have contributed to the drop, including people selling renminbi to avoid depreciation from the falling renminbi exchange rate and Chinese enterprises increasing their overseas M&A activities. The Chinese government is particularly concerned with the role played by irrational investment trends and other unusual conduct from Chinese enterprises going global in causing the drop.

    アジア・オセアニア|中国|2017年02月24日

  • 【中国】Hong Kong’s Amended Winding-Up Legislation Enhances Protection for Creditors pdficon_small.png

    The Secretary for Financial Services and the Treasury recently announced that the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance (the “Amendment Ordinance”) will come into operation on 13 February 2017. The Amendment Ordinance introduces a more efficient administration of the winding-up process and streamlines the procedures in line with international developments. The new legislation also aims to further protect creditors against asset depletion of insolvent companies.

    アジア・オセアニア|中国|2017年02月17日

  • 【香港】Retirement Schemes Regulatory Update January 2017 pdficon_small.png

    1. Update on automatic exchange of financial account information 
    Starting 1 January 2017, financial institutions in Hong Kong are required to comply with the recently enacted rules of automatic exchange of financial account information in tax matters (“AEOI”). The AEOI requirements include due diligence procedures to identify reportable account holders and controlling persons and report them to the IRD. On 13 January 2017, the Mandatory Provident Fund Schemes Authority (“MPFA”) published a letter that provided an update on the latest developments and highlighted the implications for Occupational Retirement Schemes Ordinance (“ORSO”)schemes.

    アジア・オセアニア|香港|2017年02月10日

  • 【中国】Tax Developments in China pdficon_small.png

    1. Introduction
    This paper summarizes the major tax developments in China during 2016.
    Over the past year, multinational companies (MNCs) have experienced increasingly aggressive tax enforcement and collection from the Chinese tax authorities. According to the State Administration of Taxation (SAT), the Chinese tax authorities collected RMB58 billion in taxes from anti-avoidance investigations in 2015, representing an 11 percent increase over 2014. As illustrated in Sections 2 and 3 of this paper, the tax audits during the past year mainly focused on transfer pricing issues, outbound service fee or royalty payments, indirect share transfers, entitlement to treaty benefits and permanent establishments (PEs).

    アジア・オセアニア|中国|2017年02月03日

  • 【中国】Court Confirms a Heightened Need for Disclosure in Disqualification Proceedings Against Directors pdficon_small.png

    In Securities and Futures Commission v Wong Yuen Yee and others
    (30/12/2016, HCMP241/2015), the Court of First Instance of the Hong Kong High Court ("CFI") ordered the Securities and Futures Commission ("SFC") to produce relevant documents obtained in its investigations to respondents of disqualification proceedings. In view of the SFC's extensive investigative powers, the CFI ruled that the SFC should disclose all materials available for potential use in trial, including documents which may undermine its case.
    Our alert discusses this important development and its implications.

    アジア・オセアニア|中国|2017年01月27日

  • 【シンガポール】Legal Advice Privilege: Risks for the Unwary pdficon_small.png

    If a company's lawyers interview the company's employees as part of an internal investigation, can legal advice privilege protect the contents of the interview and any notes taken by the lawyers from later disclosure to a regulator or in subsequent court proceedings?
    Following the recent decision of The RBS Rights Issue Litigation [2016] EWHC 3161 (Ch) ("The RBS Rights Issue Litigation"), it appears that legal advice privilege may not protect such interviews under English law in most cases. This legal development will obviously be of concern to parties who are based or do business in the UK, but it could also impact Singapore companies, particularly in situations where they are subject to litigation in the English courts or regulatory investigations by UK authorities. The RBS Rights Issue Litigation could also affect the development of legal advice privilege under Singapore law.

    アジア・オセアニア|シンガポール|2017年01月24日

  • 【シンガポール】Data Privacy Enforcement Trends pdficon_small.png

    Since the Personal Data Protection Act (the “Act”) came into force on 2 July 2014, the Personal Data Protection Commission (the “Commission”) has published a number of enforcement decisions taken against twenty two organisations for breaching various obligations under the Act. Enforcement actions have been taken against companies in a range of industries, including the food and beverage sector, insurance companies, societies and IT service providers. The Commission issued warnings and financial penalties ranging from S$500 to S$50,000, the highest of which was imposed on a karaoke chain for failing to implement sufficient security measures to protect the personal data of 317,000 members. This newsletter highlights key enforcement decisions of the Commission in 2016.

    アジア・オセアニア|シンガポール|2017年01月17日

  • 【香港】First Market Misconduct Tribunal Decision Against Listed Company and Its Officers for Breaches of Disclosure Obligations pdficon_small.png

    On 29 November 2016, the Market Misconduct Tribunal (“MMT”) issued a report finding that AcrossAsia Limited (“AAL”), its former Chairman and Independent Non-Executive Director (“Cheok”), and its Chief Executive Officer and Executive Director (“Ang”) breached the disclosure obligations under the Securities and Futures Ordinance (the “SFO”) by failing to disclose inside information as soon as reasonably practicable.
    This is the first concluded MMT case dealing with breaches of the disclosure obligations since it came into force on 1 January 2013. This alert discusses the implications of the MMT decision and suggests practical tips to listed companies and their officers for managing their disclosure obligations.

    アジア・オセアニア|香港|2016年12月30日

  • 【香港】SFC Clarifies Client Identity Verification During Client On-boarding pdficon_small.png

    Hong Kong’s Securities and Futures Commission (“SFC”) has issued
    guidance clarifying the approaches available to intermediaries to achieve
    effective client identity verification during non-face to face client account
    opening procedures.

    アジア・オセアニア|香港|2016年11月24日

  • 【中国】New Supreme People’s Court Opinion Simplifies the Service of Process in China pdficon_small.png

    On 12 September 2016, the Supreme People’s Court of China (“SPC”) issued
    the Several Opinions on Further Promoting the Separation of Complicated
    Cases from Simple Ones and Optimizing the Allocation of Judicial Resources
    (“Opinion”), which aims to, among other things, streamline and promote
    efficiency in the service of process in Chinese civil litigation proceedings. An
    important point in the Opinion is that any address agreed upon by parties
    in an agreement will be treated by Chinese courts as a valid address for
    service.

    アジア・オセアニア|中国|2016年11月10日

  • 【香港】Hong Kong Law Reform Commission Recommends Third Party Funding for Arbitration pdficon_small.png

    The Law Reform Commission of Hong Kong ("LRC") published a report on 12 October 2016 ("Report") in which it recommends amendments to the Arbitration Ordinance (Cap. 609) ("AO") to expressly permit third party funding ("TPF") for arbitrations and other proceedings under the AO, provided that appropriate financial and ethical safeguards are put in place.

    アジア・オセアニア|香港|2016年11月08日

  • 【中国】China Employment Law Update pdficon_small.png

    Labor Authorities Issue New Measures To Publicize Material Violations of Labor Protection Laws
    On September 1, 2016, the Ministry of Human Resources and Social Security issued the Measures for Publicizing Acts in Material Violation of Labor Protection Laws (the “Measures”), which will take effect on January 1, 2017.

    アジア・オセアニア|中国|2016年11月03日

  • 【中国】 China Issues New Rules on APA Administration: Signs of Hope or Greater Challenges Ahead? pdficon_small.png

    Many multinational companies (MNCs) have expressed frustration with China’s advance pricing arrangement (APA) program. For a country with the economy size and importance of China, the program has historically been understaffed and has never received the attention and resources that most believe it deserves.
    On 18 October 2016, the State Administration of Taxation (SAT) released Bulletin 641, which introduces new rules on the administration of APAs. Bulletin 64 will supersede the current APA administrative rules, which are found in Chapter 6 of Circular 22, starting 1 December 2016. The SAT issued Bulletin 64 in response to the key recommendations under Actions 5 and 14 of the Base Erosion and Profit Shifting (BEPS) Project. Those recommendations were to include unilateral APAs (UAPAs) in the information exchange network and to provide guidance on the APA program. More generally, Bulletin 64 aims to provide comprehensive and practical guidance to enterprises and tax bureaus seeking to reach an APA. Bulletin 64 is the second bulletin released this year as part of the SAT’s ongoing plan to revise parts of Circular 2. The first was Bulletin 423, which was released in July (see our client alert in July 2016).

    アジア・オセアニア|中国|2016年10月28日

  • 【中国】 China Tax Monthly pdficon_small.png

    In this issue of the China Tax Monthly, we will discuss the following tax developments in China:

    1. China Issues New Individual Income Tax Rules on Equity Incentives
    2. The SAT Clarifies the VAT Treatment of Prepaid Cards
    3. Jiangsu State Tax Bureau Proposes A New Transfer Pricing Method
    4. New China-Russia Tax Treaty Enters into Force
    5. Zhejiang Case: Tax Bureau Applies Beneficial Ownership Test to Treaty Benefits for Capital Gains
    6. PRC Tax Authorities Increase Scrutiny on Service PEs
    7. China Strengthens Tax Collection on Entertainers’ Income

    アジア・オセアニア|中国|2016年10月19日

 

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