Executive Summary/Highlights: The global M&A environment continued to show historic strength in 2018, as global deal volume reached nearly US$1.3 trillion for the second quarter and US$2.5 trillion for the first half of the year. Global M&A activity has enjoyed a steady climb over the last several quarters and has increased sharply since Q3 2017, … Continued
Highlights NDRC launches new regulations, which indicates further relaxation measures on PRC outbound investment. The controversial “road-pass” requirement has been removed. The NDRC approval and filing requirement has been changed from a condition for effectiveness of the acquisition contract to a condition for closing. Main Article On December 26, 2017, the National Development and Reform … Continued
Main Article: This week witnessed two very significant developments in the new paradigm for corporate governance, one in the U.S. and one in the U.K. Both will have cross-border impact. Both have the purpose of promoting investment to achieve sustainable long-term investment and growth. In the U.K., government proposals for corporate governance reform center on … Continued
Highlights: SASAC issued new regulations recently, under which SASAC has adopted the concept of Negative List, and further strengthened its supervision of outbound investment by central enterprises. Main Article The State-owned Asset Supervision & Administration Commission of the State Council (“SASAC”) published the Measures for the Supervision and Administration of Outbound Investment of Central Enterprises … Continued
Executive Summary/Highlights: A long-running, two-year effort by the senior corporate governance heads of major U.S. investors to develop the first stewardship code for the U.S. market culminated today in the launch of the Investor Stewardship Group (ISG) and ISG’s associated Framework for U.S. Stewardship and Governance. Investor co-founders and signatories include U.S. Asset Managers (BlackRock; … Continued
Main Article: During this sensitive time when capital control measures are about to come out, through an interview of officials of the State Administration of Foreign Exchange (“SAFE”), the Xinhua News Agency on December 8 revealed the details and direction of policy on the recent tightening of overseas direct investment (“ODI“). The effects on ODI … Continued
Executive Summary/Highlights: The new Dutch Corporate Governance Code, issued December 8, 2016, provides an interesting analog to The New Paradigm, A Roadmap for an Implicit Corporate Governance Partnership Between Corporations and Investors to Achieve Sustainable Long-Term Investment and Growth, issued September 2, 2016, by the International Business Council of the World Economic Forum. The new … Continued
Executive Summary/Highlights: China’s outward foreign direct investment (FDI) has increased substantially over the past decade. At US$111.5 billion in total in 2015, outbound FDI exceeded inbound FDI for the second year running. Aided by the creation of new / simplified regulatory channels, China’s outbound FDI is expected to grow more than 10% per year for … Continued
Highlights NDRC launches Draft for Comment for Order 9, which proposes further relaxation measures on PRC outbound investment. The controversial “road-pass” requirement might be alleviated. Approval procedure and application documents for the approval of Sensitive Projects may be simplified. Main Article Chinese National Development and Reform Commission (“NDRC“) launches Draft for Comment of Measures for … Continued
