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China Business Law Journal China Business Law Journal WWW.CBLJ.COM MAY 2017 VOLUME 8 | ISSUE 5 年 月 | 第 辑第 期 CHINA BUSINESS LAW JOURNAL CHINA BUSINESS LAW CHINA BUSINESS LAW JOURNAL CHINA BUSINESS 金融革命 科技特别系列报道首篇 LAW JOURNAL 关注金融科技 NEED AN UPGRADE? Catch up with the first part of our special technology series 私募股权 / 风险投资基金管理人面对更多、更严格的投资规则 PE/VC fund managers face more tough rules on investment 不确定交易伙伴是否可靠？不妨尝试声誉尽职调查 年 月 Unsure about a partner? Try reputational due diligence | May | May Vantage 商法词汇：不可抗力 Asia Lexicon: Force Majeure Register by March 31, 2017 & Save! June 12, 2017 | The Langham Shanghai, Xintiandi | China REGISTER BY MARCH 31 5th Advanced China Forum on AND SAVE! Import Compliance 第五届中国进口合规高峰论坛 www.AmericanConference.com/ChinaImport June 13, 2017 | The Langham Shanghai, Xintiandi | China 3rd Benchmarking Seminar on How to Minimize Third Party Anti-Corruption Risks in China 第三届中国第三方反腐合规风险控制研讨会 www.AmericanConference.com/ThirdyPartyChina 10th China Forum On ANTI-CORRUPTION 第十届中国反腐合规论坛 June 14 – 15, 2017 | Langham Xintiandi Shanghai Hotel, China www.FCPAconference.com/China PRESENTED BY: ACI a C5 Group Company American Conference Institute Business Information in a Global Context Business Information in a Global Context 目录 CONTENTS 目录 27 53 CONTENTS 金融科技的快速发展带来新的法律挑战 声誉尽职调查的作用 3 卷首语 PROLOGUE Rapid development of fintech brings new legal challenges Functions of reputational due diligence 新技术，新规则 New technologies, new financial game 37 89 5 新闻 NEWS 投资海外不动产的绊脚石；香港律师会 一路一带会议；金杜任命新全球负责人 Stumbling block for overseas property investors; Belt and Road conference held by HK’s law society; KWM appoints new global leaders 私募股权/风险投资基金管理人面对更多、更严格的投资规则 不可抗力 商法摘要 13 PE/VC fund managers face more tough rules on investment Force Majeure BUSINESS LAW DIGEST 境内数据出境安全评估；香港证券市场 披露要求；社保体系两大重要举措 27 科技 TECHNOLOGY 53 商法剖析 IN FOCUS Security check on outbound transfer 金融革命：本刊科技特别系列报道 知识就是力量：声誉尽职调查或能 of local data; Disclosure in HK 第一篇关注金融科技 让你了解交易对方不为人知的一面 securities market; Two major moves Fintech revolution: Our first article Knowledge is power: Reputational with social insurance system in a series on technology looks at due diligence can give you crucial the hotspot that is fintech knowledge about your future partner 20 争议摘要 DISPUTE DIGEST 37 市场观察 MARKET WATCH 89 商法词汇 LEXICON 斯德哥尔摩商会仲裁院规则修订重点； 金钱法度：私募股权/风险投资基金 不可抗力 内地法院执行贸仲香港裁决第一案 管理人面对更多、更严格的投资规则 Force Majeure Highlights of the revised Stockholm Money rules: PE/VC fund arbitration rules; First CIETAC award managers face more enforced in mainland China tough rules on investment 商法专栏 CORRESPONDENTS 资本市场 知识产权执行 海外并购 重组及再融资 – 恒都律师事务所 – 瑞栢律师事务所 – 瑛明律师事务所 – 国枫律师事务所 Capital Markets IP enforcement Outbound M&A Restructuring & refinancing – Hengdu Law Firm – Rui Bai Law Firm – EY Chen & Co. Law Firm – Grandway Law Offices 合规 知识产权保护 私募股权及风险投资 风险管理 – 锦天城律师事务所 – 金诚同达律师事务所 – 邦信阳中建中汇律师事务所 – 协力律师事务所 Compliance IP protection Private equity & venture capital Risk management – AllBright Law Offices – Jincheng Tongda & Neal – Boss & Young – Co-effort Law Firm 国际争议解决 劳动及雇用法规 政府与社会资本合作 华南经贸 – 胡光律师事务所 – 达辉律师事务所 – 中伦律师事务所 – 中伦律师事务所 International dispute resolution Labour & employment Public-private partnership Trade and investment in South – Martin Hu & Partners – DaHui Lawyers – Zhong Lun Law Firm China – Zhong Lun Law Firm 知识产权行政诉讼 中国境内并购 问答信箱 – 万慧达北翔集团 – 天达共和律师事务所 – 安杰律师事务所 IP administrative litigation M&A in China Q&A – Wan Hui Da – East & Concord Partners – AnJie Law Firm 1 CBLJ ⁄ MAY 2017 | 2017年月 编辑委员会 EDITORIAL BOARD Aref Amanat 安军 Sonny Cave Gavin Denton 塞拉尼斯 亚马逊中国 安森美半导体公司 香港仲裁事务所 亚太区总法律顾问 副总裁兼副总法律顾问 执行副总裁兼总法律顾问 仲裁员 Aref Amanat An Jun Sonny Cave Gavin Denton General Counsel, VP & Associate Executive Vice President Arbitrator Asia-Pacific General Counsel & General Counsel Arbitration Chambers Celanese Amazon China ON Semiconductor Hong Kong Corporation 丁硕 高唤栋 顾培基 胡光 中国红十字基金会 沃尔玛全球电子商务 达能公司 上海市政协常委 秘书长助理 中国区高级副总裁兼总法 中国区法律总顾问 律顾问 Martin Hu Ding Shuo Philip Gu Standing Committee Assistant to Gao Huandong General Counsel Member Secretary-General SVP & General Counsel Danone Shanghai People's Chinese Red Cross Walmart eCommerce Political Consultative Foundation China Conference 黄瑞 柯晓鹏 蓝达华 李宜坤 中国通用咨询投资有限公司 恩智浦大中华区 巴克莱银行 狐狸金服金融科技集团 原总法律顾问 知识产权总监 银行法律事务董事 （香港） 法务副总裁 Audrey Huang Sean Ke Anand Bobby Ladwa Former General Counsel Director, IP & Litigation, Director, Banking (Legal) Li Yikun China General Consulting Greater China Barclays VP & General Counsel & Investment NXP Semiconductors Fox Financial Technology (Hong Kong) Group 刘大力 莫石 夏彦俊 石彼得 新加坡国际仲裁中心 独立仲裁员 上海美国商会 城堡山控股 董事局董事 理事会法律顾问 管理合伙人兼首席执行官 Michael Moser David Liu Independent Arbitrator Gentry Sayad Peter Schloss Director, Member Legal Adviser to the Managing Partner Singapore International 20 Essex Street Board of Governors & CEO Arbitration Centre Chambers (Hong Kong) American Chamber of CastleHill Partners Commerce in Shanghai 沈悦志 陶顾中 温广荣 王雪珍 汉高大中华区暨韩国 中国政法大学 丰树产业 帝斯曼（中国） 总法律顾问 研究员 集团法律总顾问 总法律顾问 Victor Shen Grant Tao Wan Kwong Weng Catherine Wang Chief Legal Counsel Research Fellow Group General Counsel General Counsel Henkel Greater China China University of Mapletree Investments DSM (China) & Korea Political Science and Law 王霁虹 王南 王得高 黄荣凯 环太平洋国际律师协会 万豪国际集团 阿西爱亚太有限公司 中信资本 能源与自然资源委员会 副总裁、助理总法律顾问 亚太区高级律师 董事总经理 副主席 法律及合规部主管 Wang Jihong Wang Nan Wong Teck Kow Vice-Chair of Energy Vice-President & Senior Counsel, Wong Yong Kai and Natural Resources Assistant General Asia-Pacific Managing Director Committee Counsel RCI Asia Pacific Head of Legal & Inter-Pacific Bar Marriott International Compliance Association CITIC Capital 吴浩 夏锋 杨桦 杨小翠 TCL 集团 霍尼韦尔 威睿中国 中国第一汽车集团公司 法务部部长 亚太区副总法律顾问 大中华区法律总监 法律合规室主任 及集团法务总监 兼首席知识产权法律顾问 Cindy Yang Yang Xiaocui Wu Hao Jerry Xia General Counsel, Compliance Director Chief Legal Officer & Deputy General Counsel & Greater China China FAW Group General Counsel Chief IP Counsel, Asia-Pacific VMware China Corporation TCL Honeywell 姚军 叶小忠 杨辉振 尤勇 中国平安保险（集团） 中国企业法务管理 宏利金融 中国五矿集团公司 首席律师兼公司秘书 研究中心主任 亚洲区高级副总裁 法律事务部总经理 兼总法律顾问 James Yao Ye Xiaozhong You Yong Chief Legal Officer & Director Steven Yeo General Manager Company Secretary China Enterprise Legal Senior Vice-President Legal Affairs Division Ping An Insurance Management Research and General Counsel China Minmetals (Group) Centre (Asia) Corporation Manulife 于龙涛 詹昊 张波 赵晓雪 百威英博 全国律协金融证券保险 索尼移动通信产品 海尔家电集团 中国区法律总监 专业委员会副主任 ( 中国 ) 首席律师 总法律顾问 Zhan Hao Tom Yu Vice-President of Peter Zhang Shawn Zhao Legal Director Professional Committee General Counsel General Counsel Anheuser-Busch InBev of Finance, Security and Sony Mobile Haier Appliances Group Insurance Communications All China Lawyers (China) Association 2 CBLJ ⁄ MAY 2017 | 2017年月 卷首语 PROLOGUE 编辑委员会 EDITORIAL BOARD 新技术，新规则 New technologies, new financial game 法 》五 月 号 刊 有“ 科 技 ”特 本篇报道亦关注金融科技领域的监管挑 指 出 ，虽 然 年全球 PE/VC 基金募资及 别 系 列 报 道 的 第 一 篇 。《 金 战。专家表示，监管机构很难预计有哪些类 投 资 金 额 整 体 有 所 下 降 ，但 是 中 国 市 场 依 然 《商 融革命》探讨在中国市场乃 型的产品和服务会出现、需要怎样的规则加 表现强劲，募资及投资金额均创历史新高。 至整个亚洲地区快速兴起 以监管。不过我们仍然可以找到一些散布于 在中国 PE/VC 基 金 依 然 活 跃 的 同 时 ，市 的 金 融 科 技（ fintech）领 域 的 现 状 ，金 融 科 现有法律法规中、与金融科技产品或服务的 场监管也在走向成熟。中国证监会与中国证 技将传统金融与现代科技相结合，为人们的 某些方面相关的规定。欢迎读者关注本系列 券投资基金业协会发布了一系列规则和文件， 生活带来了革命性的改变，尤其是在银行网 报道的后续文章。 进一步规管 PE/VC 投资活动。除了投资方面 络覆盖率不高的地区。 同时，传统的融资途径也不容忽视。《金 的知识，基金管理人还应该了解各类的合规 有人认为，亚太地区已超越美国与欧洲， 钱法度》关注中国市场私募股权及风险投资 事项。 成为了金融科技创新的发展中心。不过该领 （PE/VC）行 业 的 现 状 。普 华 永 道 的 一 份 报 告 在许多交易中，掌握交易对方的情况都是 域的激烈竞争才刚刚开始，随着金融科技的 必 须 的 。《 知 识 就 是 力 量 》 介 绍 声 誉 尽 职 调 查 不断发展，未来会出现我们现在还无法想象 （reputational due diligence）可 以 如 何 协 助 的新事物。目前最受投资者青睐的金融科技 投资者发掘关于交易对方的信息，而这些信 领域以面向消费者为主，包括网上支付与借贷， 息通过其他类型的尽调不易获得。声誉尽调 不过金融科技概念所涵盖的范围却不止于此。 能配合其他类型的尽调，识别出对方自己介 人工智能、大数据、云计算、区块链、智能合约、 绍的情况与其在现实世界中的实际行为之间 智能投顾、监管科技以及保险科技也是该领 的任何矛盾之处。本文将分析声誉尽调在并 域不可忽视的话题。 购 、反 腐 败 合 规 、反 洗 钱 等 领 域 的 应 用 。 ur May issue features the first made a strong showing, with proceeds article of a special series on raised and amounts invested both setting technology. Fintech revolution new historical highs. While the activities explores the rapid development of Chinese PE/VC funds remain strong, Oof fintech – the fusion of traditional finance the market is also moving towards more and modern technology – in China and the mature regulation. Both the China Secu- wider Asian region. Fintech has brought rities Regulatory Commission (CSRC) and a financial revolution to the lives of many Asset Management Association of China people, including those without easy access (AMAC) have issued a number of rules or to banks. Some suggest that the Asia-Pacific documents to further keep PE/VC invest- has surpassed the US and Europe to become ment in check. Apart from knowledge of the main hub of innovation for fintech, but investment, fund managers also need to be the fierce competition in this sector has only aware of various compliance issues. just kicked off. The ongoing development products or services may appear, and what In many transactions, knowledge about of fintech may spawn the advent of new rules may be needed for them, say experts. the other party is also essential. Knowledge innovations that we cannot even imagine But we can still find stipulations scattered is power analyzes how reputational due for the time being. The most popular fintech in existing laws or regulations that are diligence can help investors to unearth sectors are mostly consumer-oriented, such related to some aspects of fintech products information about the other party that as online payment and lending, but the or services. Watch out for further articles in they may not find through other types of conception of fintech can and should cover this special series in future issues. due
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