China's long-awaited Anti-Monopoly Law will become effective in one month. But lawyers are demanding that the government clean up some serious flaws and ambiguities in the draft mergers and acquisitions regulations.
On April 18 2008, the CSRC promulgated the Administrative Rules on Material Asset Restructuring of Listed Companies. This represents another major move to improve the basic system of the domestic stock market in China, and signifies that the M&A and restructuring of China's listed companies has entered a new era of standardization and development.
Last year saw the promulgation of the Employment Contracts Law and the Employment Promotion Law, both of which work towards strengthening employee rights. The new laws build on the existing PRC Labour Law and make clarifications regarding open-ended contracts, employee rights in the workplace, trade unions and equal opportunities laws. As employers and employees are now adjusting to the new laws, more clarification is needed in order for them to be successfully implemented.
Earlier this year the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation issued a circular containing new Measures on HNTE Recognition. These measures, along with a Catalogue of supported industries, detail HNTE recognition requirements and necessary administration procedures under the PRC Enterprise Income Tax Law.
IP infringement is still one of the greatest challenges for the Chinese government. Leading international and local law firms have been involved in many significant cases, which show how the IP system in China is evolving.
The new circular issued by the CBRC represents a step towards the wider acceptance of commodities futures transactions, helping banks generate more business, provide more flexibility in gold trading, and improve competitiveness. The various conditions, application procedures and other requirements are extensive; while there are still some concerns about the operation of the new regulation, it is a step in the right direction.
China is now the largest franchise market in the world, and the 2008 Olympic Games has the potential to further expand this market. In respect of merchandizing, the BOCOG has utilized the franchise model to an unprecedented level. China's IP laws have been in substantial compliance with international standards for several years now, but enforcement has been a problem. The Olympic Games has forced the Chinese government to implement the groundwork for effective IPR protection.
The pharmaceutical industry in China has been expanding in recent years as the government strives to invent its own drugs and brands. However, the prevalence of counterfeit and generic drugs still remains a significant IP issue. The patent system needs further development before it will be able to properly protect patent holders.
The pharmaceutical industry in China has been expanding in recent years as the government strives to invent its own drugs and brands. However, the prevalence of counterfeit and generic drugs still remains a significant IP issue. The patent system needs further development before it will be able to properly protect patent holders.
At an event co-sponsored by Foley & Lardner LLP and Asia Law & Practice, “China's Innovation Boom: Doing Business and Achieving Growth in China”, Foley attorneys addressed effective strategies to obtain, protect, and enforce IPR.