China’s Ministry of Commerce has published a draft law that will see a major shake-up of the country’s foreign investment regime. Public consultation for the draft law will open until 17 February. This draft legislation, once issued, will replace the current legal scheme regulating foreign investments in China and will have major implications for overseas
The story so far: Shanghai-Hong Kong Stock Connect
The Hong Kong Exchanges and Clearing Limited (HKEx) issued a press release on 6 January 2015 providing an update on the Shanghai-Hong Kong Stock Connect (Stock Connect) since its launch in November 2014 (please see our previous blog post). Of particular interest are the following points noted by HKEx:
- Engagement with
What’s changing in the outsourcing landscape for Singapore financial institutions?
A set of Consultation Papers was issued in September 2014 (P018-2014 and P019-2014) by the Monetary Authority of Singapore (MAS). It sets out the proposed Notice on Outsourcing and the revised Guidelines on Outsourcing and will affect all financial institutions (licensed by MAS) who outsource or contract out any of their business
Mainland China toughens up criminal law to tackle bribery
Following earlier reforms of the PRC’s anti-corruption rules, China’s National People’s Congress (NPC) has published a proposed amendment to the PRC Criminal Law, for public comments. This expands the reach of official bribery offences, gives more freedom to judges to inflict severe punishments, and generally increases the punishments that can be imposed on
Hong Kong regulators publish conclusions on OTC derivative transactions – Reporting and Record Keeping
Draft Securities and Futures (OTC Derivative Transactions – Reporting and Record Keeping Obligations) Rules (Rules) were published on 27 November 2014 together with associated consultation conclusions and a further related public consultation. This follows the HKMA and SFCs public consultation on the topic in July 2014. The Rules will be placed before the Legislative Council
CIRC issues insurance M&A measures
This article first appeared in the September 2014 issue of Asia Insurance Review
On 21 March 2014, China Insurance Regulatory Commission (CIRC) issued the Administrative Measures on the Acquisition and Merger of Insurance Companies (the Insurance M&A Measures) which has taken effect since 1 June 2014.
The Insurance M&A Measures apply to M&A activities where
Transacting in Africa – did you know?
Africa’s diversity is reflected in its legal systems. The following legal curiosities give a taste of what makes the continent such an interesting, and sometimes challenging, place to transact.
Did you know?
- A Nigerian guarantor cannot make payment under a guarantee denominated in South African Rand without a Certificate of Capital Importation. This is issued
IOSCO: Public consultation on cross-border securities regulation
On 25 November, the International Organization of Securities Commissions (IOSCO) published a consultation report, IOSCO Task Force on Cross-Border Regulation (the Consultation), on cross-border securities regulation and challenges.
Mr Ashley Alder, Chief Executive Officer of the Securities and Futures Commission in Hong Kong and Chair of the Task Force on Cross-Border Regulation (the Task Force),
Insurance in Africa
There are many opportunities in Africa because the insurance market is largely untapped. Below are some of the legal issues you need to be mindful of when doing business in the continent.
For more detail read our Introduction to insurance business in Africa: Ten things to know.
1. Jurisdiction
Africa is made up of
Mauritius limited partnerships – as good as they seem?
The introduction of the Mauritius Limited Partnership Act in late 2011 marked a further development in that country’s strong investment framework offering. The limited partnership is a vehicle for alternative investment funds looking to invest into Africa.
The Mauritius limited partnership structure certainly has something to offer both investors and investment fund managers. There are