Core Points of the New PRC Company Law and Compliance Transformation of Limited Liability Companies

January 12, 2024
Author: JIANG Fengwen, Zou Yongzhong, Joseph LI Beijing Chancebridge Law Office January 12th, 2024 On December 29, 2023, the latest revision of the Company Law of the People’s Republic of China, which has attracted wide attention, was finally adopted and promulgated by the Seventh Session of the Standing Committee of the National People’s Congress, with the effective date on July 1, 2024 (hereinafter referred to as the new “Company Law”). This is the sixth amendment to the current Company Act since its enactment on December 29, 1993. Previously, the Company Law underwent amendments to partial provisions in 1999 and 2004, a comprehensive revision in 2005, and two important amendments to issues related to the company’s capital system in 2013 and 2018. Usually, a draft law is submitted to the vote after deliberation at three meetings of the Standing Committee of the National People’s Congress, but this time the Standing Committee of the National People’s Congress made an exception to the Company Law, having taken nearly five years and four cumulative reviews and deliberations before being adopted by a vote, from the establishment of a drafting group for the revision of the Company Law by the Legislative Affairs Committee of the National People’s Congress in early 2019. This has demonstrated its extraordinary importance and the fact that certain provisions had been clearly contested during the review process. This Sixth Amendment is the most significant and most comprehensive amendment based on the basic framework and system of the current Company Law. In the most comprehensive and profound revision, 16 sections in the current Company Law were deleted, 228 articles were added...

Philippine Internet Transactions Act: An Overview

January 11, 2024
The rapid advancement of digitalization brought with it increased patronage for e-commerce. In April 2023, the Secretary of the Philippines’ Department of Trade and Industry (“DTI”) reported that the increase in online transactions globally resulted in 80% growth in suspected digital fraud attempts. Suffice to say that one of the pronounced effects of the rise of e-commerce is the consequent proliferation of e-commerce fraud. While the growth of e-commerce demonstrated its potential of transforming how businesses are conducted, it also highlighted the need for governments to put in place ethical, legal and regulatory frameworks to aid consumers and entrepreneurs in navigating this increasingly complex and evolving business landscape. In the Philippines, Republic Act (“R.A.”) No. 11967 or the Internet Transactions Act of 2023 (“ITA”) was recently signed into law with the objective of regulating commercial activities through the internet. The goal is to ensure that consumer rights and data privacy are protected, innovation is encouraged, fair advertising practices and competition are promoted, online transactions are secured, intellectual property rights are upheld, and product standards and safety are guaranteed. SCOPE OF THE LAW AND JURISDICTION OF REGULATORY ENTITY In terms of application, the ITA applies to all business-to-business (“B2B”) and business-to-consumer (“B2C”) internet transactions within the mandate of the DTI where at least one of the parties is situated in the Philippines. The ITA defines an “internet transaction” as the sale or lease of digital or non-digital goods and services over the internet. The ITA is extraterritorial in scope in that it encompasses all e-commerce participants including foreign retailers which avail of the Philippine market to the extent of establishing...

Celebrating Excellence in Legal Practice: Results from the In-House Community Counsel of the Year Awards 2023

January 3, 2024
In a compelling display of resilience and adaptability, legal professionals convened virtually on 24 November 2023, for the second consecutive online IHC Counsel of the Year Awards ceremony. This event not only celebrated the outstanding achievements of legal professionals in South Africa, Asia, and the Middle East, but also cast a spotlight on the dynamic evolution of legal practice across the globe. Jump to the full list of award winners Rahul Prakash from In-House Community Rahul Prakash, publisher of In-House Community, set the stage with insightful remarks on the shifting landscape of the legal profession. He noted that, with the return of travel and the introduction of a new hybrid office model, the term “legal eagle” has taken on a new meaning. Prakash also reflected on a perceptible shift in the legal landscape over the past 18 months. Over this time, lawyers have been at the forefront of monumental tasks, ranging from overseeing large multi-jurisdictional deals to orchestrating comprehensive restructurings. Their role has extended beyond traditional boundaries, encompassing innovative process changes that have reshaped the way legal services are delivered. A common trend emerging is the significant digital transformation initiatives being undertaken across industries. Against this background, the 2023 In-House Community Counsel of the Year Awards are a true reflection of excellence and innovation, covering a spectrum of categories and illustrating the diverse nature of the profession. The awards included the prestigious In-House Industry Teams of the Year, Commended External Counsel of the Year, In-House Best Practice Management Awards, Corporate Social Responsibility (CSR), Diversity & Inclusion, Innovation, In-House Teams of the Year, and In-House Counsel of the Year. The...

IHC Commended External Counsel Hong Kong, 2022-23

December 13, 2023
India Singapore UAE Vietnam Philippines China Thailand Malaysia South Korea In recognition of outstanding contributions and commendable service in external legal support, the Commended External Counsel of the Year 20233-2023 awards serves as a testament to the invaluable partnership between private practice lawyers and in-house legal teams. Selected through recommendations, votes and testimonials from the in-house counsel and other buyers of legal services in Asia and Middle East, this accolade highlights the crucial role played by these legal professionals in extending and enhancing the capabilities of in-house legal departments. Here are the Commended External Counsel 2022-2023, Hong Kong*. Rossana Chu LC Lawyers Rossana.Chu@eylaw.com.hk Rossana Chu is a Corporate Partner and has been in the corporate practice for more than 26 years. She handles engagements of different types such as M&As including takeovers and privatizations of Hong Kong listed companies, capital market transactions, corporate financing, asset management, ESG, corporate restructuring, regulatory compliance and employment issues. Rossana is an award-winning lawyer and profiled in various reputable international directories that highlight her historical achievements. Rossana is one of the two founders of the Association of Retired Elderly Limited, a non-profit-making organisation with a focus on improving the welfare of the elderly in Hong Kong. I am honoured to be recognised alongside the most senior and reputable lawyers in the legal industry. I could not have accomplished this achievement without the invaluable support of my clients and my firm. Thank you to In House Community for the award and IHC members for their nominations. Micheal Yau Eversheds Sutherland Maggie Kwok Harneys Sophia Man Baker McKenzie Vicki Liu Allen & Overy Ian Chapman Allen & Overy...

IHC Commended External Counsel Philippines, 2022-23

December 13, 2023
India Singapore  UAE Vietnam Hong Kong China Thailand Malaysia South Korea In recognition of outstanding contributions and commendable service in external legal support, the Commended External Counsel of the Year 20233-2023 awards serves as a testament to the invaluable partnership between private practice lawyers and in-house legal teams. Selected through recommendations, votes and testimonials from the in-house counsel and other buyers of legal services in Asia and Middle East, this accolade highlights the crucial role played by these legal professionals in extending and enhancing the capabilities of in-house legal departments. Here are the Commended External Counsel 2022-2023, Philippines*. Jude Ocampo Ocampo & Suralvo   Jude is a Philippine attorney specializing in mergers and acquisitions, corporate law, and tax. He holds a Master of Laws degree from Harvard University, where he received the Ayala Scholarship Grant, the Lopez Scholarship Grant, and the Landon H. Gammon Fellowship for Academic Excellence. He also earned a Master of Business Administration degree (Finance and Supply Chain Management) from UNC-Chapel Hill’s Kenan-Flagler Business School, where he was a UNC Kenan-Flagler Fellow. He is a graduate of and a former professorial lecturer on tax law and constitutional law at the University of the Philippines College of Law. We in Ocampo & Suralvo Law Offices are grateful for again being recognized and commended by our clients.  Enrique V. Dela Cruz Jr. Divina Law enrique.delacruz@divinalaw.com He graduated from UST – AB Legal Management (cum laude) in 1996, and Juris Doctor (with honors) in 2000, both as a full-university scholar. In 2001 he earned his Masters in Public Management degree from the Ateneo School of Government. In 2002, he completed a...

IHC Commended External Counsel India, 2022-23

December 13, 2023
Philippines Singapore UAE Vietnam Hong Kong China Thailand Malaysia South Korea In recognition of outstanding contributions and commendable service in external legal support, the Commended External Counsel of the Year 20233-2023 awards serves as a testament to the invaluable partnership between private practice lawyers and in-house legal teams. Selected through recommendations, votes and testimonials from the in-house counsel and other buyers of legal services in Asia and Middle East, this accolade highlights the crucial role played by these legal professionals in extending and enhancing the capabilities of in-house legal departments. Here are the Commended External Counsel 2022-2023, India*. Ashwath Rau AZB & Partners Haigreve Khaitan Khaitan & Co Abhishek Awasthi AZB & Partners Varoon Chandra AZB & Partners Pallavi Meena TT&A Gautam Saha TT&A Cyril Shroff Cyril Amarchand Mangaldas Apeksha Mattoo Trilegal Nikhil Naredi Shardul Amarchand Mangaldas Gautam Chawla Trilegal Anuj Shah Khaitan & Co Soumitra Majumdar JSA Alka Bharucha Bharucha &...