On 10 March, 2017, the China Banking Regulatory Commission (CBRC) issued the Circular of the General Office of CBRC on Matters Concerning the Operation of Certain Businesses by Foreign-invested Banks (the Circular) which took immediate effect. The Circular removed certain restrictions and clarified uncertainties concerning the business operation of foreign-invested banks (FI Banks, which include foreign-invested legal entity banks and onshore branches of foreign banks) in China and presented promising business opportunities to FI Banks.

Welcome to issue 6 of Norton Rose Fulbright’s International arbitration report. In this issue, we provide an overview of the investment provisions of the Trans-Pacific Partnership, including its dispute settlement mechanisms, and discuss the early days of the Hague Convention on Choice of Court Agreements. We have practical guides to the English law of privilege, and on the treatment of the principles of res judicata and issue estoppel in arbitration. Read more.

Chinese authorities have imposed a fine of approximately $1 million US on consumer goods giant Proctor & Gamble (P&G) for false advertising. The penalty is the largest-ever fine for false advertising in China and demonstrates a desire by Chinese authorities to improve enforcement of consumer protection laws. Read more

The China International Economic and Trade Arbitration Commission (CIETAC) has unveiled new procedural rules taking effect on January 1, 2015 (the “2015 Rules”).

In brief: After almost 10 years of negotiations between the nations, on 17 November 2014, Prime Minister Abbott and President Xi announced the conclusion of negotiations on the China-Australia Free Trade Agreement (ChAFTA). Once implemented, the ChAFTA is expected to significantly reduce import barriers for Australian food and dairy, resources and services sectors and create a more favourable environment for Chinese direct foreign investment in Australia.

Asia-Pacific was able to weather the financial storm in 2009, demonstrating a resilience not seen in other parts of the world. However, once-promising growth prospects across Asia-Pacific are giving way to more conservative attitudes, as regional economic figures begin to indicate a change in the months and years ahead. The slowdown in mainland China is having a ripple effect on prospects across the region, with Asia’s emerging economies feeling the brunt of changing sentiment.

Please find attached the June 2014 edition of the Enterprise Restructuring and Insolvency Practice Review, produced by the Restructuring and Insolvency Department of W&H Law Firm, Beijing. This quarterly publication is intended to inform scholars, judges, government officials, lawyers, certified public accountants, those working in financial institutions, executives of large and medium sized enterprises, students and those from all other walks of life who are interested in the practice of Chinese restructuring and insolvency law.

by DLA Piper - Jonathan Leitch, Partner A recent decision of the High Court in Hong Kong confirms that foreign liquidators from other common law jurisdictions with similar insolvency laws may obtain recognition and certain types of assistance without the need to commence separate winding up proceedings in Hong Kong. Read more

by DLA Piper - Jonathan Leitch, Partner, Carolyn Dong, Partner and Peter Li, Lawyer Recent regulatory changes by China’s foreign exchange authority have made it significantly easier for foreign lenders to take security over domestic assets and to obtain guarantees from domestic entities in China. Read more

Mainland China has, for some time, been enjoying a wave of foreign investment. Recent high profile defaults have turned the spotlight on whether the initial investment structuring adequately protects offshore investors and what strategies foreign investors can adopt in any restructuring. This article, prepared by John Marsden and Sally Mui, discusses challenges faced by offshore creditors seeking to recover funds from businesses whose key operations and assets are in China, and looks at the practical issues at play in any recovery strategy there.