Allens Arthur Robinson

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The PRC's State Administration of Industry and Commerce recently released two procedural rules on implementing the Anti-Monopoly Law, which took effect from 1 July 2009. Partner Campbell Davidson, Senior Associate Wayne Wang and Lawyer Crystal Zhang report on their key provisions

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In the wake of the financial crisis, the European Union is moving towards tighter regulation of alternative investment funds, in particular hedge funds and private equity funds, through a proposed Directive on Alterative Investment Fund Managers. The proposed directive would have considerable extra-territorial reach and may result in additional regulatory burdens for managers of alternative investment funds based outside Europe. Partner Tim Manefield, Senior Associates Marc Kemp and Charlie Harrison, and Lawyer John Henderson report

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Special Counsel Gordon Smith, Partner Stephen McComish, Lawyer Sam Luttrell and Law Graduate Caroline Spencer report on the significance of 'nationality planning' in connection with bilateral investment treaties in order to maximise foreign investors' rights in Asia

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There have been a number of regulatory and policy changes recently introduced in the PRC real estate sector. Partners Nigel Papi and Tim Manefield and Senior Associates Maggie Ma and Campbell Izzard look at four of these changes and summarise how they may affect you

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The Hong Kong Companies Ordinance imposes a number of liabilities and prohibitions on shadow directors. Banks need to be aware of what conduct, in a workout situation, could give rise to the accusation of being a shadow director of a distressed corporate borrower. Partner Matthew Barnard and Foreign Lawyer Caroline Chan report on some cases that clarify the issue

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The Hong Kong Court of Appeal has recently handed down its reasons for overturning the judgment of the Court of First Instance and therefore blocking PCCW Ltd's HK$16 billion privatisation bid. Partner Campbell Davidson and Senior Associates Donald Fung and Angela Hui report.

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A recent decision of the NSW Supreme Court provides important guidance on amending constitutions of registered managed investment schemes. Partner Matthew McLennan and Senior Associate Georgina Perry report

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The Cayman Islands Exempted Limited Partnership Law is being amended. Partner Tim Manefield and Senior Associate Charlie Harrison report on the implications

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Media releases indicate that China's first listed Real Estate Investment Trust may be sponsored by Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd, a major real estate developer in Shanghai. Partners Nigel Papi and Tim Manefield and Senior Associate Troy Zhang report

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We look at the legal regime for mergers, recent regulatory developments in the banking industry, key issues under the current mining regime and the National Social Security Fund scheme

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A recent court decision in Hong Kong has allowed a purchaser to avoid a purchase agreement relying on a relatively minor title defect. Partner Tim Manefield reports on the decision

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Consumer finance companies and banks in Vietnam have recently had some reason to rejoice, thanks to a joint effort by the State Bank of Vietnam and the Vietnamese Government to stimulate consumption, lending and investment activity. Partner Thomas Miller and Senior Associate David Hinchey report

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For the first time, the PRC Ministry of Commerce has rejected a proposed acquisition under the PRC's competition regulations. The proposed takeover by Coca-Cola of Hong Kong-listed China Huiyuan Juice Group Limited was rejected on the grounds that it would contravene the PRC Anti-Monopoly Law by adversely affecting competition in the PRC fruit juice beverage market. Partners Campbell Davidson and Carolyn Oddie outline the key features and ramifications of this announcement

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The Ministry of Commerce of the People's Republic of China has released the Administration Measures on Outbound Investment. Partner Seamus Cornelius and Senior Associates Frank Fan and Wayne Wang report

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The Hong Kong Securities and Futures Commission has proposed to amend the definition of 'dealing in futures contracts' in the Securities and Futures Ordinance in order to assist overseas market players to participate in regulated Hong Kong futures markets. Partner Matthew Barnard and Lawyer Angeline Wong report

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Consistent with the Singapore Government's commitment to the evolution of a corporate regulatory framework responsive to market innovation and developments in other jurisdictions, the Ministry of Finance has convened a steering committee to review the Companies Act. Senior Associates, Ian Stewart and Krista Bowie, provide a brief overview of some of the key areas targeted for review and, possibly, amendment in the coming months

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In order to help sustain China's economic growth through the global financial crisis, the China Banking Regulatory Commission has for the first time permitted commercial banks to extend loans financing mergers and acquisitions. Partner Seamus Cornelius, Senior Associate Troy Zhang and Consultant Wen Zhang report

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Singapore's new money lending legislation will give greater certainty to corporates, offshore non-licensed lenders and funds. In the latest in our series of articles in the Focus: Asia Finance series, Partners Robert Clarke and Robert Fish and Lawyer Jonathan Teo report on the significance of the Moneylenders Act 2008, which this week came into effect

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The Standing Committee of the 11th National People's Congress of the People's Republic of China has passed an amended version of the PRC Insurance Law, to take effect from October this year. Partner Nigel Papi and Senior Associates Ross Keene and Troy Zhang look at the key changes

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A comprehensive review and rewrite of the Companies Ordinance was launched in mid-2006. Three stages of public consultations were sought and consultation conclusions have now been released. Among them, are proposed changes to the laws in relation to the registration of charges. Partner Matthew Barnard and Lawyer Lucia Chan look at the present regime and the proposed changes

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On 27 February 2009, the trade ministers of all ten ASEAN members, Australia and New Zealand signed the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (to be referred to by the somewhat unwieldy acronym AANZFTA). One of our South East Asia-based partners, Marcus Clark, was at the signing as a delegate of the Australia-ASEAN Business Council and reports on the implications of this important trade initiative

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The Treasurer recently announced that the Commonwealth Government intends to amend legislation to clarify the operation of the foreign investment screening regime. Partner Alex Ding and Lawyer Laijing Lee report

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New US legislation, if enacted, could place Asian fund managers under greater disclosure regulation and make the US investor market a less attractive arena for their products. Some of these issues may also have relevance for Australian fund managers. Partner Robert Clarke and Tim Manefield look at the impact of the new legislation

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In the past fortnight, the Singapore Parliament has passed two Bills that introduce a suite of amendments to the principal legislation governing the securities industry in Singapore. This heralds the imminent introduction of a requirement to obtain the approval of the Monetary Authority of Singapore before entering into any arrangement to obtain effective control of an entity licensed under this legislation. Allens looks at this impending change

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In response to the current turmoil in global equity markets, the Singapore Exchange Limited, in consultation with the Monetary Authority of Singapore has introduced initiatives to facilitate rights issues by listed issuers. Partners Robert Clarke and Tim Manefield look at these initiatives, with a particular focus on the listed property sector

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This is the first of a regular series of Focus articles dealing with banking and finance issues in Asia. This edition looks at a recent milestone in the development of the legal framework for secured lending in Cambodia, the introduction of the Law on Secured Transactions. While a number of major challenges to commercial financing transactions in Cambodia remain, the establishment of a clear legal framework for secured lending is a key step in developing the financial sector

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In the current climate of financial instability, it is timely to consider issues arising from the insolvency of real estate fund managers (or 'sponsors') and how such an insolvency can affect a fund and its investors. Partners Tim Manefield and Robert Clarke and Senior Associate Charlie Harrison look at this issue in an Asian context

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After close to two years of deliberation, the Ministry of Finance has issued a new decision to regulate the activities of foreign investors in Vietnam.

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After three years of debate, the Bill on Mineral and Coal Mining was finally passed by the Indonesian House of Representatives on Tuesday, 16 December 2008. This new law will come into force once approved by the President and promulgated by the Ministry of Laws and Human Rights. Allens partner, David Holme and Widyawan & Partners Senior Partner, Widyawan, and Senior Associate, Ponco Prawoko, look at the key provisions of the new law

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The long-anticipated bill for the recognition of limited partnerships in Singapore was recently passed. Partner Gavin MacLaren, Senior Associate Michael Chang and Lawyer Jonathan Teo report

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While the Renminbi is now readily convertible outside China, the PRC Government maintains stringent capital controls into and out of China in an effort to control and direct in-bound investment and monitor domestic investment abroad. China's State Council has taken steps to remove some of the restrictions on foreign exchange regulation of investments by domestic institutions abroad while at the same time tightening its regulation of capital flowing into China

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Thailand's Ministry of Commerce recently issued an advice concerning the ability of a majority foreign-owned Thai company to grant a guarantee. The advice has important implications for all majority foreign-owned Thai companies and their ability to grant guarantees and, by extension, mortgages and other security for third-party debts. International Partner Marcus Clark and Senior Associate Rawat Chomsri report on the implications of the advice

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China's State Council Information Office recently released its White Paper on climate change. Partner Campbell Davidson and Lawyer Mark Harding report on this major policy statement from the Chinese Government

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The PRC State Council has recently issued implementing rules for the PRC Labour Contract Law. These rules interpret and clarify a number of provisions of the Labour Contract Law and set out how the law will be implemented in practice. Partner Campbell Davidson and Senior Associates Ross Keene and Katherine Yu outline the key issues raised by the rules

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The recent collapse of Lehman Brothers has rendered its 'minibonds' almost worthless with angry investors alleging that they were marketed to them as a low-risk product. It later transpired that the 'minibonds' were not bonds but derivatives designed for professional investors, not for retail investors. As a result, many investors are asking whether the banks fully disclosed the risks pertaining to that investment or were the banks in breach of any law or regulatory codes of conduct?

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The Australian Securities and Investments Commission has released a class order to facilitate the offering to Australian retail investors of collective investment schemes which have been authorised by the Hong Kong Securities and Futures Commission. Partner Susan Burns and Senior Associate Penelope Barclay look at a new regime where such schemes will effectively be governed by Hong Kong law, thereby reducing the Australian regulatory requirements which would otherwise apply

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In January 2008, the Court of First Instance in Hong Kong approved the appointment of one of the receivers of an insolvent company as a joint and several liquidator despite the potential conflict of interest. Partner Simon McConnell and Senior Associate Mun Yeow look at the importance of the ruling in Re Orient Power Holdings Limited

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The Voluntary Carbon Standard 2007 is one of the most internationally recognised voluntary standards for earning carbon credits. Partner Campbell Davidson and Lawyer Mark Harding examine the Voluntary Carbon Standard as an alternative, or complement, to Clean Development Mechanism approval for greenhouse gas-reducing projects in the PRC

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The PRC State Council has set the thresholds for when notification is required of mergers and acquisitions under China's new Anti-Monopoly Law, which came into effect on 1 August 2008. Partner Nigel Papi and Senior Associates Ross Keene and Katherine Yu discuss the new thresholds and other issues in relation to the review of mergers and acquisitions under the new law

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On 1 August 2008, China's Anti-Monopoly Law came into force. Its key provisions will be broadly familiar to businesses operating in Australia, Europe and the USA in that it prohibits anti-competitive ('monopoly') agreements and abuse of a dominant market position, and requires notification of mergers and acquisitions ('concentrations') that meet certain thresholds. However, the Chinese Government is yet to release regulations or final guidelines on a number of aspects of the law that require clarification

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In September 2007, we reported on the progress of the agreement signed in July 2006 by the governments of the Hong Kong Special Administrative Region and the People's Republic of China to implement laws to recognise the judgments of each other's courts. This milestone agreement led to the Mainland Judgments (Reciprocal Enforcement) Bill being passed by the Hong Kong Legislative Council and the PRC Supreme People's Court Judicial Interpretation being issued on 3 July 2008. Partner Simon McConnell, Senior Associate Mun Yeow and Trainee Solicitor Stanley Li look at this latest development

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An internal circular issued by the Ministry of Commerce states that, as of 1 July 2008, the power to verify foreign-invested real estate projects will be delegated to the provincial level. Partner Nigel Papi and Senior Associates Ross Keene and Maggie Ma comment on the key changes brought about by the circular

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On 7 July 2008, the Hong Kong Securities and Futures Commission and ASIC signed a Declaration on Mutual Recognition of Cross-Border Offering of Collective Investment Schemes to expedite the public offering of retail funds into each other's markets. We look at what these arrangements mean for both Australian and Hong Kong funds

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The Legislative Affairs Office of China's State Council has issued a circular seeking feedback on draft regulations for the PRC Labour Contract Law. The draft regulations interpret and clarify a number of provisions of the PRC Labour Contract Law , which came into effect on 1 January 2008, and suggest how the law may be implemented in practice. Partner Campbell Davidson and Senior Associates Ross Keene and Katherine Yu discuss

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The Chinese Ministry of Science and Technology, the Ministry of Finance and the State Administration for Taxation have released the Administrative Measures for the Recognition of High and New Technology Enterprises which sets out the procedures and requirements for PRC enterprises to be recognised as high-technology enterprises. Partner Campbell Davidson, Lawyer Justin Chin and Paralegal Michelle Ding report

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The Thai Government recently enacted the country's first product liability legislation. The Unsafe Goods Liability Act B.E. 2551 (2008) is groundbreaking legislation as it empowers the court, for the first time, to grant punitive damages to injured parties. International Partner Marcus Clark, Senior Associate Rawat Chomsri and Associate Jeffrey Sok report

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The Supreme People's Procuratorate and the Ministry of Public Security have jointly announced new rules to regulate the stock, securities and futures markets and to combat securities fraud in the People's Republic of China. Partner Simon McConnell and Senior Associate Mun Yeow look what the new regulations mean

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The Hong Kong Financial Services and Treasury Bureau has initiated a major review of the Hong Kong Companies Ordinance. Partner Simon McConnell and Lawyer Eric Cheung look at what changes are being contemplated

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The PRC Labour Dispute Mediation and Arbitration Law took effect on 1 May 2008. Partner Campbell Davidson and Senior Associates Ross Keene and Katherine Yu outline the key changes resulting from the new law, and its impact on employers in the PRC