On November 3, 2017, National Development and Reform Commission(“the Commission”) issued the Administrative Measures for Outbound Investment of Enterprises (Draft for comments) (“the Draft “) , with the aim to “provide better macro guidance to outbound investment, optimize comprehensive services for outbound investment, improve regulation throughout outbound investment, promote the constant and healthy development of outbound investment”. In 2014, the Commission issued the Administrative Measures on Approval and Filing for Outbound Investment Projects (“the 2014 Measures”). In comparison with the 2014 Measures, some major changes are set out below:

Stevenson, Wong & Co. (SW) is delighted to announce that Asialaw Profiles has once again recognized SW as a “Highly Recommended Law Firm” in 6 categories, including Banking & Finance, Capital Markets, Corporate/M&A, Dispute Resolution & Litigation, Financial Services Regulatory, and Restructuring & Insolvency. SW has also been recognized as a “Recommended Law Firm” for Construction & Real Estate.

Asialaw Profile rankings provide a guide to Asia-Pacific’s leading domestic and regional law firms. It is researched, written and edited by a team of journalists based in the region.　It is a good reference for both the legal industry and businesses.

About The Firm
Founded in 1978, Stevenson, Wong & Co. (SW) is a forward-looking, full-service law firm. The firm is ranked fifth among all Hong Kong domestic firms in the Top 50 research of Asian Legal Business. SW provides services including Banking & Finance, Corporate Finance/Capital Markets, China Practice, Corporate Commercial Law and Corporate Services, Employment Law, Family Law and Private Clients, Immigration, Intellectual Property, Litigation & Disputes Resolution, Media and Entertainment Law, Property, Regulatory Enforcement and Technology and Communications. SW has a strategic association with AllBright Law Offices, one of the nation’s largest full service law firms. SW is also a founding member of INTERLAW, an international association. Through our membership in INTERLAW and our association with AllBright, clients are assured of the same personal, open-minded and highly effective approach delivered by our lawyers in Hong Kong and China.

Please contact Mr. Eric Lui for any enquiries or further information.

(中文) 「新金融．新仲裁」- 携手在前沿国际仲裁高峰论坛于2017年11月16日在上海国际会议中心完满举办，本所合伙人徐凯怡律师、吕志豪律师和合规总监陈德清先生一同出席，徐律师更担任分论坛的主讲嘉宾。

论坛由锦天城主办，并获得史蒂文生黄律师事务所、上海国际仲裁中心、上海仲裁委员会、北京仲裁委员会、华南国际经济贸易仲裁委员会、中国广州仲裁委员会、青岛仲裁委员会、中国南沙国际仲裁中心、国际商会仲裁院、香港国际仲裁中心、新加坡国际仲裁中心、中国国际经济贸易仲裁委员会香港仲裁中心、汤森路透及鼎颂大力支持。论坛更于网上直播，吸引逾三十万名观众观赏论坛。

论坛由锦天城律师事务所主任吴明德致欢迎辞揭开序幕，及后有八名嘉宾分享，分别是中国信托业协会首席经济学家蔡概还先生、上海国际经济贸易仲裁委员会/上海国际仲裁中心副主任兼秘书长马屹先生、上海仲裁委员会副秘书长兼金融仲裁院副院长陆春玮先生、北京仲裁委员会/北京国际仲裁中心秘书长林志炜先生、华南国际经济贸易仲裁委员会主任、深圳国际仲裁院院长刘晓春先生、中国南沙国际仲裁中心主席陈忠谦先生、青岛仲裁委员会金融仲裁院常务副院长兼秘书长陈士彬先生、以及点融网联合CEO、创始人, 星合资本董事长郭宇航先生。

下午分论坛共有四个主题，本所合伙人、诉讼及争议排解部门主管徐凯怡律师担任主题1.1的主讲嘉宾，就「当金融遇到仲裁 – 行业性争议解决的特殊性」发表演讲。在该环节中，徐律师深入浅出的探讨了四大议题，分别是「对仲裁的传统抗拒」、「广受欢迎的仲裁」、「银行和金融交易」和「投资条约仲裁」。除了会场观众外，徐律师的演讲更于网上同步直播，吸引了逾二十万名观众于网上收看。该环节完结后，徐律师亦在直播中接受刘炯律师的访问。

吕律师向嘉宾介绍本所并互相交流

本所鼎力支持是次论坛，除了是赞助商外，在会场内亦设置展览位，展出本所的宣传册子及礼物，让参加人士对本所有更多认识。

如阁下有任何查询或想了解更多详情，请与本所徐凯怡律师及吕志豪律师联络。

We are delighted to announce that our Partner Mr. Eric Lui has been appointed by the Chief Executive as a member of the Licensing Appeals Board (“LIAB”) in January 2018 for a further term of two years. “It is my honor to be member of the Licensing Appeals Board. I will keep my promises and do my best to perform the official duties.” Mr. Lui.

The Licensing Appeals Board (“LIAB”) considers appeals against decisions made by the relevant licensing authorities (the Food and Environmental Hygiene Department, the Leisure and Cultural Services Department and the Department of Health) in relation to licensing matters under the Public Health and Municipal Services Ordinance.

Please contact Mr. Eric Lui for any enquiries for further information.

We are delighted to announce that our Partner Mr. Eric Lui was awarded the International Advisory Experts Award 2018 for Corporate Finance Lawyer of the Year in Hong Kong.

International Advisory Experts (IAE) is a global alliance of well-established and experienced legal, financial and consulting firms from over 140 jurisdictions that are committed to providing clients with specialist solutions for their international business requirements. The International Advisory Experts annual awards pay tribute to firms and individuals who have been successful over the past year and have received exceptional praise from their peers.

Please contact Mr. Eric Lui for any enquiries for further information.

The Administrative Measures on Due Diligence of Non-resident Financial Account Information in Tax Matters (“the Measures”) came into effect on July 1, 2017, which is viewed as China’s domestic legislation for implementation of CRS in China. According to the Measures, financial institutions shall establish internal systems and practical mechanisms to comply with the Measures to fulfill the obligations specified in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.

In general, the obligation of financial institutions under the Measures are summarized as “understand the tax resident identity of the account holder or controller, identify financial accounts owned by non-residents and collect and submit the relevant account information”. Correspondingly, the account holder is obliged to “provide financial institutions with the relevant information specified herein in a true, timely, accurate and complete manner”.

The Measures set out the scope and definition of financial institutions, financial accounts, non-residents, passive non-financial institutions and so on. According to Article 6, Article 7 and Article 8 of the Measures, financial institutions include depository institutions, custodial institutions, investment institutions, specific insurance institutions as well as the branches. The Measures also provide a non-exclusive list of financial institutions including commercial banks, rural credit cooperatives, securities companies, futures companies, securities investment fund managements companies, private equity fund management companies, partnerships engaging in private equity fund management, and trust companies.

The Measures also set out other detailed requirements, for example, a financial institution is allowed under the measures to entrust a third party with due diligence, provided that the relevant liabilities are still borne by the financial institution. Moreover, information collected during the implementation of the Measures shall be kept by the financial institutions for at least five years.

Timeline of Mainland China & CRS

• In September 2014, Mainland China committed to the implementation of “Standard for Automatic Exchange of Financial Account Information Intax Matters”
• In December 2015, Mainland China signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information
• By December 31,2017, financial institutions shall complete the due diligence procedures for a stock individual account of high net worth and identify non-resident accounts
• By September 30, 2018- Mainland China will exchange related information with other countries (or regions) who has committed to CRS.
• By December 31, 2018, financial institution shall complete the due diligence for a stock individual account and identify non-resident accounts.