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Best of the Best: China Law & Practice Awards 2007
Navigating China's legal services market can be tricky: With so many law firms to choose from, in can be challenging for in-house counsel to select the best external advisers for their companies. China Law&Practice reveals the winners of its inaugural awards, which identify the top deals and law firms in five key practice areas.

Ex-LVMH senior anti-counterfeiting manager joins Gide Loyrette Nouel

Three new lawyers join Akin Gump Strauss Hauer & Feld

New hires of DLA Piper China's corporate, securites and M&A teams

CHINESE COMPANIES CONTINUE TO FACE TRADE DIFFICULTIES

Patricia Tan Openshaw left Skadden, Arps, Slate, Meagher & Flom for Paul, Hastings, Janofsky & Walker

Elaine Lo becomes Johnson Stokes & Master's first female senior partner

China's Revised Lawyer's Law: Practical Benefits for a Strengthened Legal Profession
The Lawyer's Law is expected to make a major contribution to strengthening the independence of China's legal profession, and help enhance the quality and diversity of legal services available in China.

Ministry of Health, Measures for the Administration of Novel Foods [Legislation Digest]
卫生部新资源食品管理办法
Genetically modified food requires safety assessment before placing on the market.

China Law & Practice Awards 2007: The Finalists
The inaugural 2007 China Law & Practice awards are being given to recognize excellence in China's legal services field. China Law & Practice provides a definitive list of the top law firms serving the China market.

Provisions on Several Issues Concerning the Application of the Law in Trials of Foreign-related Civil and Commercial Contract Disputes [Full Text Translation]
关于审理涉外民事或商事合同纠纷案件法律适用若干问题的规定
This Provisions aims to further clarify the issue on the conflict of laws for foreign-related civil and commercial contract disputes and recognizes the parties' expressed choice of laws.

Supreme People's Court, Provisions on Several Issues Concerning the Application of the Law in Trials of Foreign-related Civil and Commercial Contract Disputes [Legislation Digest]
最高人民法院关于审理涉外民事或商事合同纠纷案件法律适用若干问题的规定
Application of foreign laws excluded from five more types of contracts.

Trial Measures for the Administration of Overseas Securities Investment by Qualified Domestic Institutional Investors [Full Text Translation]
合格境内机构投资者境外证券投资管理试行办法
This law regulates investments in overseas securities by qualified domestic institutional investors and to protect the interests of investors. Parts Two and Three set out the requirements for being a qualified domestic institutional investor (QDII), and an oversea investment consultant. Part Four deals with the custody of assets, power and duties of a custodian, and the appointment of an overseas asset custodian. Part Five is concerned with the duties and transparency of the QDII. Part Six sets out the limit of fund management.

China Outbound Portfolio Investment: Fleshing Out Regulations for QDII Securities Institutions & Insurers
Recent legislation has filled the gaps in the PRC's qualified domestic institutional investor (QDII) regulations. Changes affect China's balance of payments and international relations.

HKEx EXPLORES EMISSIONS TRADING POSSIBILITIES

State Administration of Foreign Exchange, Circular on Retaining Foreign Exchange Income on the Current Account by Domestic Institutions [Legislation Digest]
国家外汇管理局关于境内机构自行保留经常项目外汇收入的通知
Lifting the restrictions on the amount of foreign exchange income on the current account that may be retained by domestic institutions.

Tentative Measures for the Administration of Overseas Investment of Insurance Capital [Full Text Translation]
保险资金境外投资管理暂行办法
These Tentative Measures strengthen the administration of overseas investment of insurance capital, and to protect the interests of involved parties, whilst at the same time further relaxing overseas investment of insurance capital.

HAZARDOUS TOYS, FOOD THREATEN US-CHINA TRADE

Prospects for a Personal Information Protection Law
Recently, there has been discussion of a possible law on personal information protection in China. What would it mean for companies doing business in China?

China Insurance Regulatory Commission, People's Bank of China and State Administration of Foreign Exchange, Tentative Measures for the Administration of Overseas Investment of Insurance Capital [Legislation Digest]
中国保险监督管理委员会、中国人民银行、国家外汇管理局保险资金境外投资管理暂行办法
Further relaxing overseas investment of insurance capital.

China Securities Regulatory Commission, Trial Measures for the Administration of Overseas Securities Investment by Qualified Domestic Institutional Investors [Legislation Digest]
中国证券监督管理委员会合格境内机构投资者境外证券投资管理试行办法
Overseas securities investment available for fund management companies and securities companies.

State Administration of Foreign Exchange, Plan for the Launch of Pilot Projects for Direct Investment in Overseas Stock Markets by Domestic Individuals [Legislation Digest]
国家外汇管理局开展境内个人直接投资境外证券市场试点方案
Individual Chinese citizens allowed to invest in the Hong Kong stock market.

SAFE Plugs Holes for China/Offshore Round-trip Investments
Cross-border "round-trip" investments and related transactions are now supported and constrained by newly-standardized comprehensive governmental procedures for foreign exchange registration.

China's New Property Law: Practical Issues
The new Law provides a comprehensive framework for the protection of property rights for both foreign and domestic parties. Clarity of title and stability of property rights will be easier to attain.

Circular on Revising the Scope of Overseas Investment for Overseas Financial Management Services on Behalf of Customers of Commercial Banks [Full Text Translation]
关于调整商业银行代客境外理财业务境外投资范围的通知
This circular revises the scope of overseas investment, and sets out conditions on offering a product of overseas financial management in overseas stocks.

China Outbound Investment: Banks' Scope Broadened, Trusts Added
PRC domestic savings will soon have additional overseas outlets, as regulations are issued to permit more types of outbound investment by greater types of qualified domestic institutional investors.

Tentative Measures for the Administration of the Entrusted Overseas Financial Management Business of Trust Companies [Full Text Translation]
信托公司受托境外理财业务管理暂行办法
The Tentative Measures stipulates requirements for engaging in entrusted overseas financial management business, the limit of foreign exchange payments for investments and fund management, risk management and transparency of business.

US$10 Million Grant for China Law Center at Yale
The William and Flora Hewlett Foundation, one of the largest foundations in the United States, has announced its donation to support The China Law Center of Yale Law School for five years.

China Banking Regulatory Commission and State Administration of Foreign Exchange, Tentative Measures for the Administration of the Entrusted Overseas Financial Management Business of Trust Companies [Legislation Digest]
中国银行业监督管理委员会、国家外汇管理局信托公司受托境外理财业务管理暂行办法
Trust companies admitted to the QDII group.

China's State Investment Company To Acquire Stake In Us Private Equity Group

General Office of the China Banking Regulatory Commission, Circular on Revising the Scope of Overseas Investment for Overseas Financial Management Services on Behalf of Customers of Commercial Banks [Legislation Digest]
中国银监会办公厅关于调整商业银行代客境外理财业务境外投资范围的通知
Commercial bank QDIIs allowed to invest in overseas stocks.

People's Bank of China and National Development and Reform Commission, Tentative Measures for the Administration of the Issuance of Renminbi Bonds in the Hong Kong Special Administrative Region by Domestic Financial Institutions [Legislation Digest]
中国人民银行、国家发展和改革委员会境内金融机构赴香港特别行政区发行人民币债券管理暂行办法
Hong Kong becomse the first renminbi bond market outside mainland China.

Other Recent Legislation for this Month [Legislation Digest]

China's Legal Services Market: Survival of the Fittest
Chinese law firms and foreign law firms play different roles in the legal service market in China. Who is taking the lead and where do these firms fit into the big picture?

New Regulations for Law Firms' Securities Practice: Loosening Access, Strengthening Accountability
New Measures favours giving regulatory authorities greater powers of discretion in validating legal opinions. The article analyzes the new rules, and how securities lawyers can ensure compliance.

Measures for the Administration of the Provision of Securities-related Legal Services by Law Firms [Full Text Translation]
律师事务所从事证券法律业务管理办法
This law aims to strengthen the regulation of securities-related legal services by law firms, to maintain order in the securities market, and to protect the interests of investors.

China Securities Regulatory Commission and Ministry of Justice, Measures for the Administration of the Provision of Securities-related Legal Services by Law Firms [Legislation Digest]
中国证券监督管理委员会、司法部律师事务所从事证券法律业务管理办法
Requirements for securities-related legal opinions detailed.

Duan and Duan opens its doors in Hong Kong

State Administration of Foreign Exchange, Circular on Issues Relevant to the Administration of Short-term Foreign Debts of Financial Institutions for the Year 2007 [Legislation Digest]
国家外汇管理局关于2007 年度金融机构短期外债管理有关问题的通知
SAFE reduces the short-term foreign debt indicators of financial institutions for 2007.

New Merger Control Guidelines Clarify Procedures and Information Required for Merger Filings in China
The new Guidelines detail what information is required from a notifying party in its submission to the Antitrust Investigation Office. Key procedural issues are also clarified.

China Law&Practice: Charting China's Legislation for 20 Years
An overview of the biggest legislative developments over the past two decades and the key issues affecting law firms in China today.

MOSER ELECTED CHAIRMAN OF HKIAC

LAW OFFICES GOING GREEN

National Development and Reform Commission, Circular Concerning the Opinion on Adjusting the Structure of the Motor Vehicle Industry [Legislation Digest]
国家发展和改革委员会关于汽车工业结构调整意见的通知
Car manufacturers required to be more careful in managing their production capacity.