远离尘嚣

GOODWIN PROCTER -- STATEMENT -- LAYOFFS

Although we entered fiscal 2009 with cautious optimism, a number of the client areas that we serve continue to face serious challenges due to the global economic downturn. We are clearly in an unprec...

DLA PIPER -- STATEMENT -- LAYOFFS

In light of the deepening economic downturn over the last number of months, we have carefully considered and reduced expenses across virtually all of our operations. While we had hoped for a rebound in eco...

BRYAN CAVE -- STATEMENT -- LAYOFFS AND SALARY FREEZE As you know, the economic downturn has put enormous pressure on all businesses. The legal profession has not been immune, and we are currently facing the most difficult economic conditions most of us...

HOLLAND & KNIGHT -- STATEMENT -- LAYOFFS

Today, we began restructuring our operations to better meet the needs of our clients and to take steps to fully respond to the adverse effects of the current economic downturn.

The ...

Recent Events

It is not surprising that the economic downturn confronting the country has touched virtually every industry, including the legal community. Most firms have been affected and many have already announced substantial reduction...

Important Announcement - Please Read

Announcement from David and Wim

Since the beginning of December, the Board has been conducting a thorough review of our business in response to the unprecedented economic conditions in whic...

Recent Personnel Decisions

We have made a very difficult decision regarding our staffing levels.

With regret, we will reduce by 58 the number of Legal Administrative Assistants, Administrative Department Staff, and Paralegals ...

LOWENSTEIN SANDLER -- MEMO -- LAYOFFS

Dear Colleagues:

With deep regret, we are today implementing a reduction in force affecting 21 attorneys and 32 staff members across all departments of the firm, representing just under te...

What Are Firms Looking for?

 

Firms are looking for solid academics as well as demonstrated achievements, work experience (not necessarily in the law), varied activities and interests, leadership qualities, a team player, an...

If your transaction includes the transfer of shares in a company in China, you should be aware of certain steps that will be needed to effect the change of ownership at completion.  On a multi jurisdictional deal, this may require a staggered completion (to take place at a later date for t...

Law News

 

·        The Ministry of Construction, the People’s Bank of China, and the China Banking Regulatory Commission have jointly promulgated the Guiding Opinion on Appraisals of Mortgaged Real Estate, which will become effective on March 1, 2006.

建设部、人民银行、银监会日前联合制定《房地产抵押估价指导意见》，该办法将于2006年3月1日起生效。

 

·        The State Council has recently promulgated the Management Regulations for the Safety of Fireworks and Firecrackers.

国务院日前发布《烟花爆竹安全管理规定》。

 

·        On February 6, 2006 the State Environmental Protection Administration indicated that it would establish a mechanism to disclose information regarding the public environment.

2006年2月6日，国家环保总局表示要建立公共环境信息披露机制。

 

·        On February 8, 2006 a general meeting of the State Council approved the Guiding Opinions on the Development of Health Care Services in Urban Communities.

2006年2月8日 ，国务院常务会议通过《关于开展城市社区卫生服务的指导意见》。

 

·        The National Development and Reform Commission has promulgated the Measures for Cost Supervision and Examination of Prices Stipulated by Governmental Authorities.

发改委近日公布《政府制定价格成本监审办法》。

 

·        The State Food and Drug Administration has recently clarified the manufacturing scope of foreign-invested enterprises in the Chinese traditional medicine industry.

国家食品药品监督管理局日前发文明确外资中药生产企业的生产范围。

 

 

·        The State Council has promulgated the Regulations for Prevention and Care of AIDS, which will become effective on March 1, 2006.

国务院近日颁布《爱滋病防治条例》，该条例将于2006年3月1日起生效。

 

·        The State Council has promulgated the Management Regulations for Entertainment Places, which will become effective on March 1, 2006.

国务院近日颁布《娱乐场所管理条例》，该条例将于2006年3月1日起生效。

 

·        The Management Regulations for E-banking Services, promulgated by the China Banking Regulatory Commission,  will become effective on March 1, 2006.

由中国银行业监督管理委员会颁布的《电子银行业务管理办法》将自2006年3月1日起施行。

 

·        The China Insurance Regulatory Committee has recently promulgated the Tentative Guiding Opinions on Improving Governance Structures of Insurance Companies.

保监会近日发布《关于规范保险公司治理结构的指导意见（试行）》。。

 

·        On February 14, 2006 China Securities Deposit and Clearance Co., Ltd. issued the Notice Regarding Several Issues on Opening Stock Accounts in the A-Share Market by Foreign Strategic Investors.

2006年2月14日，中国证券登记结算公司发布《关于外国战略投资者开立A股证券账户等有关问题的通知》。

 

·        On February 15, 2006 the Ministry of Finance issued 39 accounting principles for enterprises and 48 auditing principles for certificated public accountants.

2006年2月15日，财政部发布39项企业会计准则和48项注册会计师审计准则。

 

·        The State Council will promulgate the Regulations for the Protection of the Right to Communicate on the Internet in 2006.

国务院年内将出台《信息网络传播权保护条例》。

 

Taxation

 

·        On January 23, 2006, the Agreement between the Government of the People’s Republic of China and the Government of the Kingdom of Saudi Arabia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was entered into in Beijing .

2006年1月23日，我国政府和沙特阿拉伯政府在北京签订了《关于所得和财产避免双重征税和防止偷漏税的协定》。

 

Court News

 

·        On February 16, 2006 the leading digital mobile storage equipment manufacturer, Netac Technology Co., Ltd., announced in Beijing that it had, on February 10, 2006, filed a complaint in the United States Federal District Court in the Eastern District of Texas. The complaint alleges that PNY, an American company, infringed Netac’s U.S. patent # 6, 829, 672. The patent provides fundamental patent rights for flash drives, flash based MP3 players, and other flash memory based portable digital devices.

朗科于美国时间2006年2月10日向美国得克萨斯州东区联邦法院递交诉状，控告美国PNY公司侵犯了其美国专利(美国专利号US6829672)，此专利是闪存盘、闪存MP3及其他闪存移动数码产品的基础性专利。

 

Finance & Securities

 

·        On December 28, 2005, Senning, a wholly-owned subsidiary of Orient Overseas (International) Limited, and Shanghai New Changning (Group) Limited, entered into a joint venture agreement to establish a Sino-foreign equity joint venture company in Shanghai for the joint ownership and development of approximately 60,853 square meters of land located at Plot 32/8, Street 88, Changning District, Shanghai.

东方海外集团联合上海新长宁集团公司将组建合资公司，共同拥有并开发长宁区88街坊32/8丘地块。

 

·        The Shenzhen Stock Exchange has issued the Detailed Rules for the Implementation of Services for Exchange-Traded Funds.

深交所发布《交易所交易型开放式指数基金业务实施细则》。

 

·        Shell Petrochemical Company Limited has established a wholly foreign-owned enterprise (“WFOE”) in Qingdao, the first one in China’s oil distribution industry.

全国首家涉足石油分销业的外商独资企业 ——壳牌青岛石油有限公司近日成立。

 

·        In 2005, 1027 foreign-invested commercial enterprises were approved to be established by the Ministry of Commerce, among which 625 are wholly foreign-owned enterprises.

2005年，共有1027家外商投资商业企业落户中国，其中625家为外商独资。

 

·        Inter-Continental Hotels Group, the world’s largest hotel group by number of rooms, has signed a landmark agreement with Shanghai Greeenland Group to develop and manage four hotels in the coming three years.

绿地集团与洲际酒店集团日前签约，将共同开发四家酒店。

 

 

Merger & Acquisition

 

·        Pacific Alliance Group, a private equity fund, has acquired 100% of Goodbaby Group for USD122.5 million.

私人直接投资基金Pacific Alliance Group已收购中国婴儿用品供应商好孩子集团公司(Goodbaby Group)，金额1亿225万美元。

 

·        On January 24, 2006 FedEx Corporation (NYSE: FDX) announced that its FedEx Express unit had signed an agreement with Tianjin Datian W. Group Co., Ltd. ("DTW Group") to acquire DTW Group's 50 percent share of the FedEx-DTW International Priority express joint venture and DTW Group's domestic express network in China for US$400 million. The acquisition will include:1) DTW Group's 50 percent share in the International Priority express joint venture, converting the joint venture into a wholly FedEx-owned company; 2) The DTW Group assets used to perform International Priority services; and 3) DTW Group domestic express assets from 89 DTW Group locations.

2006年1月24日，联邦快递宣布以4亿美元现金收购大田联邦快递有限公司50%股份。

 

·        GOME Electrical Appliances Holding Limited (HKSE: 493), the largest retail chain of electrical appliances and consumer electronics in the PRC, is pleased to announce that it has entered into an agreement with Warburg Pincus Private Equity IX, L.P., a private equity investment fund managed by Warburg Pincus LLC, under which Warburg Pincus will make a strategic investment in GOME through the issuance of US$125 million convertible bonds and US$25 million warrants.

中国最大家用电器连锁店——国美向华平投资发1亿5000万美元(2亿4300万新元)可换股债券及认股证，后者将持有国美9.71%股权。

 

·        On February 1, 2006, Wumart Stores, Inc. entered into the Strategic Cooperation Agreement with the Transferors and Mei Lian Mei, pursuant to which Wumart agrees to acquire the aggregate of 68% equity interest in Mei Lian Mei held by the Transferors at a consideration of RMB253,500,000 (approximately equivalent to K$243,750,000). In addition, Wumart agrees to conduct a capital increase in Mei Lian Mei by contributing RMB120,000,000 (approximately equivalent to HK$115,385,000) subsequent to the completion of the acquisition, through which Wumart will acquire an additional 7% equity interest in Mei Lian Mei. Upon completion of the acquisition and the capital increase, the Company will own a 75% equity interest in Mei Lian Mei.

北京物美3.7亿元收购美廉美75%的股份。

 

·        On January 15, 2005, China International Marine Containers (Group) Co., Ltd.(“CIMC”) signed a draft agreement with all the beneficial shareholders of Burg Industries B.V. (“Burg”) - Mr. Peter van der Burg and Mr. Cees van der Burg (the "Burg Brothers") to establish a new joint company - NEWCO. In turn, NEWCO will own 100% equity of Burg. CIMC will conduct the transaction via a subsidiary incorporated in Hong Kong under the name CIMC Tank Equipment Investment Holdings Company Limited. Following completion of the acquisition, CIMC will own 75% of the entire issued share capital of NEWCO and will have majority control.

2006年2月7日，中集集团宣布以1.1亿欧元收购荷兰博格工业公司75%股份。

 

·        China National Offshore Oil Corporation is to acquire 83.2% of Shanghai Xingcheng Petroleum Co., Ltd., the largest private oil company in Shanghai, for RMB388 million.

中海油将以3.88亿收购上海星城石油有限公司83.2%的股权。

 

Anti-Dumping & Trade Restrictions

 

·        On January 26, 2006 the US International Trade Committee issued a report in the Federal Register to initiate an anti-dumping investigation on activated carbon originating from China.

2006年1月26日，美国国际贸易委员会在联邦纪事上发布公告，宣布对原产于中国的活性炭进行反倾销立案调查。

 

·        On February 6, 2006 the Ministry of Commerce decided to initiate an anti-dumping investigation on potato starch originating from the European Union.

2006年2月6日，商务部决定对欧盟进口的马铃薯淀粉展开反倾销调查。

 

·        On February 9, 2006 the Ministry of Commerce decided to terminate the anti-dumping investigation on ethylene-propylene-non-conjugated diene rubber (EPDM) originating from Korea, the Netherlands, and the United States.

2006年2月9日，商务部决定终止对美国、韩国和荷兰的进口三元乙丙橡胶反倾销调查。

 

·        On February 10, 2006 the Ministry of Commerce decided to initiate an anti-dumping review of diethanolamine produced by Optimal Chemicals (Malaysia) Sdn. Bhd.

2月10日，商务部决定自即日起开始对适用于奥伯帝莫马来西亚化学公司所生产的二乙醇胺反倾销措施进行复审。

 

·        On February 12, 2006 the Ministry of Commerce issued a final determination on furan phenol originating from Japan, the European Union, and the United States. It announced further that it would levy a 113.2% antidumping duty on such imports for 5 years.

2006年2月12日，商务部发布公告，公布了对原产于日本、欧盟和美国进口的呋喃酚反倾销调查的终裁决定，决定自2006年2月12日起，对原产于上述国家和地区的进口被调查产品征收113.2%的反倾销税，期限为5年。

 

·        On February 13, 2006 the Ministry of Commerce decided to stop levying the anti-dumping duty on unbleached kraft liner/linerboard originating from Thailand, Korea, the United States, and Taiwan.

2006年2月13日，商务部发布公告，终止对原产于美国、泰国、韩国和中国台湾地区的进口未漂白牛皮箱纸板征收反倾销税。

 

Miscellaneous

 

·        The statistics issued by the State Statistics Bureau on January 25, 2006 show that China’s gross domestic product grew 9.9% in 2005.

国家统计局25日发布的数据显示，2005年中国国内生产总值比去年增长9.9%。

 

·        The gross domestic product of Shanghai grew 11.1% in 2005.

上海2005年GDP增长11.1%。

 

Law News

 

·        The National Development and Reform Commission has promulgated the Tentative Management Measures for Allocation of Prices and Expenses for Generating Electricity by Renewable Energy.

国家发改委日前发布《可再生能源发电价格和费用分摊管理试行办法》。

 

·        The State Council has recently promulgated the Several Opinions on Improving the Reform of the Cultural System.

国务院日前发布《关于深化文化体制改革的若干意见》。

 

·        On January 20, 2006 the Ministry of Information Industry officially confirmed that TD-SCDMA is the national standard for the communication industry.

2006年1月20日 ，信息产业部正式确认TD-SCDMA为通信行业标准。

 

·        On January 20, 2006 a license for generating electric power was issued. It is the first case since the Management Regulations for Electric Power Business Licensing became effective.

2006年1月20日，自《电力业务许可证管理规定》生效以来的全国首张发电类电力业务许可证发布。

 

·        On January 20, 2006 the State-owned Assets Supervision and Administration Commission of the State Council promulgated the Implementation Opinion on Further Regulating the Reorganization of State-owned Enterprises.

2006年1月20日，国家国有资产管理委发布《关于进一步规范国有企业改制工作的实施意见》。

 

·        The Management Measures for Examining Imports and Exports will become effective on February 1, 2006.

《海关进出口货物查验管理办法》将于2006年2月1日生效。

 

·        The amended Partnership Law draft is to be submitted to the Standing Committee of the National People’s Congress in February 2006.

《合伙企业法修订草案》将于2006年2月提交全国人大常委会。

 

·        The Ministry of Commerce, the State Administration of Industry and Commerce, the National Copyright Administration, and the State Intellectual Rights Office have jointly promulgated the Protection Measures for Intellectual Rights at Exhibitions, which will become effective on March 1, 2006.

商务部、国家工商总局、国家版权局、国家知识产权局近日联合颁布《展会知识产权保护办法》，该办法将于2006年3月1日起生效。

 

·        The State Council has promulgated the Regulations for Customs Statistics, which will become effective on March 1, 2006.

国务院近日颁布《海关统计条例》，该条例将于2006年3月1日起生效。

 

·        The Regulations for Shanghai Harbor will become effective on March 1, 2006.

《上海港口条例》将于2006年3月1日生效。

 

·        The Rules for Initial Public Offerings have been submitted to the China Securities Regulatory Commission and are to be issued by the authority in the near future.

《股票上市规则》已提交中国证监会，将稍后公布。

 

·        Mr. Wu Dingfu, the chairman of the China Insurance Regulatory Committee, has disclosed that the Insurance Law will be amended again .

国家保监会主席吴定福透露，我国将再次修改《保险法》。

 

·        The State Administration of Foreign Exchange will relieve the restriction on the amount of foreign exchange permitted to be used by enterprises in foreign investments.

外管局将取消企业境外投资用汇额度的限制。

 

Court News

 

·        The Tianjin People’s High Court has recently determined that Montresor Food Co., Ltd. must indemnify Ferrero Rocfher Company RMB700,000 and that Montresor must stop producing counterfeit chocolates.

天津高院日前做出判决，Montresor食品有限公司赔偿Ferrero Rocfher人民币70万元，并停止生产“仿造”巧克力。

 

·        On January 23 2006, the People’s Supreme Court of China issued a judicial interpretation for cases relating to juvenile delinquency.

2006年1月23日，最高人民法院发布的《关于审理未成年人刑事案件具体应用法律若干问题的解释》。

 

Finance & Securities

 

·        The Post Reservation Bank is to be opened in 2006.

邮政储蓄银行有望在2006年推出。

 

·        China Asset Management Co., Ld. will issue the first domestic exchange-traded fund (ETF).

华夏基金将推出国内首个ETF（交易所交易基金）。

 

·        On January 10, 2006 China Greentown Holding Company issued USD130 million in convertible debt on the Singapore Exchange and sold 2% equity interest in itself to foreign institutional investors, including JP Morgan Chase and US Stark Investments Fund.

2006年1月10日，绿城中国控股有限公司在新加坡交易所成功发行1.3亿美元可转换债，同时以2000万美元向包括摩根大通和美国Stark Investments基金在内的海外机构出售其2%的股权。

 

·        On January 11, 2006 Credit Suisse Group and China Poly Group Cooperation entered into an agreement to jointly establish Poly Finance Co., Ltd.

2006年1月11日，瑞士信贷集团与中国保利集团签订协议，共同组建保利财务有限责任公司。

 

·        On January 14, 2006 Mr. Jiang Chengkang, the director of the State Tobacco Bureau, disclosed that China National Tobacco Corporation will collectively manage RMB500 billion in state-owned tobacco industry and establish 10 or more large tobacco groups.

2006年1月14日，国家烟草专卖局局长姜成康表示，将把5000亿烟草业国有资产统归中国烟草总公司，并组建10个左右大型烟草集团。

 

·        On January 20, 2006 CITIC Pacific Limited disclosed its establishment of joint ventures in relation to the Shanghai Shipyard land development project and disposal of entire 50% interest in Festival Walk. The total investment of the Shanghai Shipyard land development project will amount to USD2.7 billion

2006年1月20日，中信泰富就上海船厂土地发展项目成立合资公司及出售又一城全部50%权益发布公告。 上海船厂土地发展项目的总投资将高达27亿美元。

 

·        The State Council has approved insurance companies to indirectly invest their capital in infrastructure construction

国务院日前批准保险资金以间接方式投资基础建设。

 

·        The State Council has approved the establishment of the first domestic financial derivative exchange in Shanghai.

国务院日前批准在上海设立金融交易所。

 

Merger & Acquisition

 

·        Focus Media Holding Limited (Nasdaq: FMCN), which operates the largest outdoor advertising network in China using audiovisual flat-panel displays based on the number of locations and displays in its network, today announced that it has signed a definitive share purchase agreement with Target Media Holdings Limited and its shareholders, including the second largest shareholder The Carlyle Group, solidifying its position as the market leader in China's outdoor audiovisual advertising market using flat-panel displays.

分众传媒（ Nasdaq: FMCN ）——中国最大的户外视频广告运营商，日前与聚众传媒签署股权收购协议，宣布双方正式合并。

 

·        Four Taiwan companies, including China Airlines Co., Ltd, have acquired 49% of Yangtze River Express Airlines Company Limited. It is the first time for Taiwan companies to invest in the mainland aviation industry.

中华航空等台湾企业获得扬子江快运公司49%的股权，这是台资首次参股大陆航空业。

 

·        The Guangzhou State-owned Assets Supervision and Administration Commission has issued a huge package of state-owned assets on the Guangzhou Enterprises Mergers and Acquisitions Services.

广州市国有资产管理委员会近日在广州产权交易所推出数百亿国有资产包。

 

·        Shuanghui Group and American International Group, Inc. have entered into a letter of intent on equity purchase.

双汇集团与美国国际集团（AIG）日前签署了出售意向性协议。

 

·        China Mobile (Hong Kong) Limited has acquired China Resources Telephone Company Limited for HKD3.3 billion in cash.

中移动日前以超过33亿港币的现金收购了华润万众。

 

·        Morgan Stanley has acquired 10.51% of Anhui Conch Cement Company Limited for USD110 million.

摩根斯坦利以1.1亿美元购得海螺水泥10.51%的股权。

·        On January 11, 2006  Midea Group acquired 49.5% of Hefei Hualing Electrics Co., Ltd from Huangshan Electrics Works.

2006年1月11日，美的集团收购黄山电器厂所持有的合肥华凌49.5%股权。

 

·        On January 17, 2006 Mergermarket Company issued the Asia-Pacific M&A Markets.

2006年1月17日，Mergermarket并购市场咨询有限公司发布《亚太地区并购市场报告》。

 

·        On January 23, 2006  InBev announced that it had reached agreements with various parties to acquire, in a series of transactions, 100% of the equity interests in Fujian Sedrin Brewery Co. Ltd., the largest brewer in Fujian province, for a total cash consideration of RMB 5.886 billion.

2006年1月23日，比利时英博啤酒集团（Inbev）宣布将以58.86亿人民币收购福建雪津啤酒集团。

 

·        All-China Federation of Industry and Commerce has selected the Top 10 China M&A Deals in 2005.

全国工商联近日评出2005年中国十大并购事件。

 

·        Home Depot is to acquire 49% of Orient Home Co., Ltd for USD200 million and the management right of the Orient Home in March 2006.

家得宝（Home Depot）将于2006年3月以2亿美元收购东方家园49%的股权，并获得该公司的经营权。

 

Anti-Dumping & Trade Restrictions

 

·        On January 3, 2006 the US International Trade Committee issued a report on the Federal Register to initiate the sunset anti-dumping review of three products originating from China.

2006年1月3日，美国国际贸易委员会在联邦纪事上发布公告，宣布对来自中国的螺旋弹簧锁垫圈、硅锰、金属硅三种产品发起反倾销日落复审。

 

·        On January 3, 2006 the US International Trade Committee issued an positive determination on the sunset anti-dumping review of brooches originating from China.

2006年1月3日，美国国际贸易委员会对中国别针反倾销日落复审做出可定性裁决。

 

·        On January 12, 2006 the EU Anti-dumping Committee refused to grant 13 Chinese shoe manufacturers market economy status.

2006年1月12日，欧盟反倾销委员会拒绝给予13家中国皮鞋企业市场经济地位。

 

·        On January 10, 2006 the Ministry of Commerce issued its determination on the finial anti-dumping investigation of dimethyl cyclosiloxane originating from Japan, Germany, the United Kingdom, and the United States.

2006年1月16日，商务部公布对原产于日本、美国、英国和德国的进口初级形态二甲基环体硅反倾销调查的最终裁定。

 

Miscellaneous

 

·        The Ministry of Justice has issued the 2006 China Lawyers Policy Report.

司法部日前发布《2006年中国律师业发展政策报告》。

 

·        At the end of 2005 China’s foreign exchange reserves amounted to USD818.9 billion.

中国2005年底的外汇储备已达8189亿美元。

其实都是为了那几片面包，所以中所和外所，只是个人选择不同。

外资所的工作环境,一般是英文.操作系统,软件,往来信件,开会一般都是英文。比如我在所里的notes，很多时候就不支持中文的。不过开会也会有用上海话开会的，所以并不一定。但是该你张口说英文的时候，你就一定要张口说。

在外所里,新人作为entry level PRC legal consultant，基本上做做legal research，然后律师会让你draft一些email，甚至是memo。很多人会以为外所做翻译的比较多，其实是个误解。外所一般都有全职的翻译，所以做翻译对里面的PRC legal consultant而言只是打打零工。刚进所的时候，跟项目是不常有的事情，因为老板和律师对你总是不放心的。但是这个时候，你可以在旁边看，也是个学习的过程。外资所给客户的,是较为标准化的意见书, 有自己的信息库，有时你看看所里的database，也会发现有很多收获的。等你进去半年左右了，基本上有些项目可以跟跟了。有些东西你也知道就那么一回事情：）

不要以为中所不重视英文，其实中所现在出来的东西，大部分也是英文的。

中所比较适合喜欢旅游的人。我不少同学，不断地做due diligence，现在已经号称专家级了。中所出差的机会很多，不时地看到某某又飞到哪个地方了，而在外所，助理一般都是窝在所里的:(

中所里，老板一般会带你出去开会，而外所，这种机会相对就少了。中所,各个之间水平幅度很大, 诉讼,非讼,海事,证券,差别很大。总的来说,对新人的锻炼机会,要比外资所多一些。

为受益证券正名
yidimoon @ 2005-07-04 14:26



随着《信贷资产证券化试点管理办法》（下称“管理办法”）和一系列相关规范性文件的出台，我国的资产证券化运行开始进入快车道，资产支持证券、受益证券等新名词进入了投资者的视野。对于国内大多数投资者来说，资产支持证券还是一个较为陌生的金融产品，理解上难免出现一些模糊和偏差。鉴于资产证券化对我国金融体系产生的重大影响，有必要对“受益证券”这一特殊的证券产品相关的一些问题进一步梳理。

为受益证券正名

目前已经发布的规范性文件在提及资产证券化的产品时，使用了两种表述：资产支持证券和受益证券。
《管理办法》第二条规定，“由受托机构以资产支持证券的形式向投资机构发行受益证券，……，适用本办法”。第三条则规定，“资产支持证券由特定目的信托受托机构发行，代表特定目的信托的信托受益权份额”。财政部发布了《信贷资产证券化试点会计处理规定》（下称“会计规定”），中国人民银行也发布了《资产支持证券信息披露规则》和“资产支持证券”登记、托管、结算的相关规定。在这些规范性文件中，只有两处使用了“受益证券”的表述，即《管理办法》的第二条和引用《管理办法》原文的《会计规定》的第二条，其他地方，则无一例外的明确使用“资产支持证券”的表述。
那么，人们不禁要问，“资产支持证券”和“受益证券”是否具有同样的含义？如果不是，二者之间又存在怎样的关系？
笔者认为，“资产支持证券”和“受益证券”是从不同角度对有价证券进行的分类表述，二者具有不同的内涵和外延，不宜简单的等同理解和混同使用。
我国法律没有对这两个名词进行定义，甚至未对“证券”进行明确的定义，目前也未明确将“资产支持证券”或“受益证券”纳入证券法的调整范围。在商法理论上，证券是记载并代表一定权利的书据或票证，其根本特点，在于该种权利与书据或票证的紧密结合。这种由证券记载并代表的权利称为证券权利，它可能是物权，可能是债权，也可能是股权。依据证券所代表的权利性质的不同对证券进行分类，是对证券最基本的分类方法。依目前通行的观点，证券可以分为表示债权的证券（如债券、本票、支票等）、表示物权的证券和表示社员权的证券（如股票）等。
根据《管理办法》的规定，“受益证券”所代表的是特定目的信托的信托受益权份额，也就是说，其代表的权利是信托受益权。而“资产支持证券”(Asset-Backed securities)这一表述，说明证券代表的是证券持有人获得来源于特定资产的收益的一种权利，但这一表述并未限定该请求权的种类，它可能属于债权、物权、社员权，也可能属于信托受益权。
可见，“资产支持证券”和“受益证券”所代表的权利，处于不同层次和角度的分类体系中，“资产支持证券”，可能是“受益证券”，也可能是债权类证券（如日本的特定公司债），它体现和强调证券持有人对特定资产的权利，与“受益证券”这一概念存在本质的区别。
在日本《资产流动化法》中，特定目的信托受托机构可以发行“受益证券”，特定目的公司则可以募集“资产对应证券”，“资产对应证券”包括优先出资证券、特定公司债、可转换特定公司债、附新股优先出资认购权的特定公司债以及特定商业本票等。在台湾“金融资产证券化条例”中，特定目的信托受托机构可以发行“受益证券”，特定目的公司则可以发行“资产基础证券”。
我国资产证券化立法主要借鉴了日本和台湾的经验，但出于法律制度整体契合的考虑，暂未引入特定目的公司制度，只规定了特定目的信托。特定目的信托受托机构发行“受益证券”，代表特定目的信托受益权。
目前发布的规范性文件中，基本未使用“受益证券”的表述，而广泛使用“资产支持证券”这一表述，这很可能影响投资者和业界对资产证券化产品的准确理解。
由于我国目前暂无特定目的公司制度，当前的规范性文件均是针对特定目的信托“受益证券”进行的规定，必然具有“受益证券”自身的特点。随着金融创新的发展，在将来引入特定目的公司制度或者其他SPV制度应当是必然的趋势，发行的资产证券化产品同样属于“资产支持证券”，却显然不能适用当前这些专门规范“受益证券”的法律法规。因此，如果现阶段混同的使用“资产支持证券”和“受益证券”这两个概念，可能会在一定程度上造成概念的模糊和理解的偏差，也不能明确的揭示“受益证券”的法律性质。

受益证券的法律性质

如上所述，我国当前的资产证券化产品是“受益证券”，它代表特定目的信托的受益权，同时也是由特定的信托财产支持其收益的“资产支持证券”。深入剖析和理解受益证券的法律性质，是设计受益证券产品和合理投资于受益证券产品的必要前提。
首先，受益证券是代表特定目的信托受益权的证券。
证券的根本特征在于代表一定的权利，证券代表什么权利，证券持有人就可以行使什么权利。应当注意到，受益证券代表的是与债权、物权、社员权不同的一种新型权利：信托受益权。
就信托受益权的性质，学界有“债权说”和“物权说”等争议，日本学界还有“物权化的债权”和“债权化的物权”的学说演变过程，但近年来已经普遍认为，信托受益权是不同于债权和物权的一种新型权利，具有自身鲜明的特点。受益证券代表的正是信托受益权这一独特权利，证券持有人持有受益证券，就取得信托受益人的身份，可以根据相关法律和信托文件的规定，行使信托受益权。

其次，受益证券代表的是结构化的受益权。
根据我国信托法的规定，共同受益人按照信托文件的规定享受信托利益，因此，受益权是可以根据信托文件分割给各个共同受益人的。受益证券持有人享有所持“受益证券”所代表的经过精心设计和分割的受益权，我们称之为“结构化的受益权”。
受益权的分割，可以是量的分割，也可以是质的分割。在资产证券化过程中，往往既有量的分割，也有质的分割，受益人享有信托财产中一部分量的收益，同时还可以享有不同的受偿顺位、不同的受偿内容（如仅付本金和仅付收益）、不同的权利功能（如在持有人大会不同效力的表决权等），从而使持有人的风险和收益得到适当匹配，优化社会金融资源的配置。

第三，受益证券使信托受益权具有证券的特征。
信托受益权与证券结合后，具有更适于现代商事制度的法律特征。其一，受益证券的募集、发行和转让，原则上可以纳入证券法的完善体系，从而更好的保障投资人的权益；其二，随着资产证券化的发展，受益证券可以上市集中交易，在二级市场上达到更高的流动性，从而大大提高产品的生命力；其三，受益证券具有标准化的特征，其转让行为更加规范，权利的享有可以明确的以证券的持有为表现特征，在进行“除权”、质押等法律行为时，具有明晰的法律关系。

第四，受益证券持有人行使受益权的方式具有特殊性。
普通的信托受益权，受益人可以根据信托法和信托文件的规定行使其各种权能，包括受领信托收益、了解信托财产管理情况、要求受托人作出说明、查阅复制各种信托文件、要求受托人调整管理方法、撤销不当处分行为、解任受托人等等。而当受益证券发行导致共同受益人众多且处于流动状态时，信托法并未规定这些权利的行使方法：是每个受益人可以各自行使还是需要协商一致后行使，或者以多数决定？
在此，组成证券持有人大会就成为必要，而且，为兼顾受益人权益的保护和特定目的信托的运作效率，应当通过信托文件建立如下的制度，单个受益人只享有受领信托收益和查询本人可享有的信托收益的权利，其他有关撤销、监督、异议、解任等权利，应当通过证券持有人大会一定的规程形成集体的意思表示来行使。

总之，随着我国资产证券化的发展，应当深入研究和准确理解“受益证券”的法律性质及其设计和运行规律，规范的使用各种专有名词，才能更好的推进我国资产证券化健康、良性的发展。

   While wills written by foreigners who own property in China can be governed by the law of a foreign country, according to PRC law and regulations the disposition of real estate contained in the will that is located in China should be governed by Chinese law. Therefore, if you want to write a will designating who will inherit property that is located in China, you should observe the law and regulations of China.


I. Forms of Wills

There are several forms of wills recognized by PRC law:
1) A notarized will is one made by a testator through a notary.
2) A testator-written will is one made in the testator's own handwriting and signed by him, specifying the date of its making.
3) A will written on behalf of a testator must be witnessed by two or more witnesses, of whom one has written the will. The writer has then dated and signed the will along with the other witness or witnesses as well as the testator.
4) A will made in the form of a sound-recording must be witnessed by two or more witnesses.
5) A testator may, in an emergency situation, make an oral will, which must be witnessed by two or more witnesses. When the emergency situation is over and if the testator is able to make a will in writing or in the form of a sound-recording, the oral will he has made will be invalidated.

If you want to write a will designating who will inherit your real estate that is located in China , you must use on of the aforementioned forms.

II. Restrictions on Wills

There are also some restrictions on the validity and enforcement of a will:
1) Reservation of a necessary portion of the property must be made in a will for a successor who neither can work nor has a source of income. If such reservation is not made in a will, then in the enforcement of the will, a necessary portion of the property will be reserved before its allocation in accordance with the will.
2) The whole will or part of the will may be deemed as void if the will is made by persons with no capacity or with limited capacity, or the will is made under duress or as a result of fraud, or if the will is forged or has been tempered with.

When you write a will designating who will inherit your real estate that is located in China, you should take aforementioned two restrictions into your consideration.

III.  Enforcement of Wills

According to PRC law and regulations, if a foreigner wants to inherit the real estate that is located in China, he must go through following formalities:

1. First, a notarial deed issued by a notary public in his residential country, which must specify his occupation, domicile and his relationship with the testator, is needed. Normally, such notarial deed should also be verified  by a Chinese consul in that country.

2. And then, the will, along with the notarial deed and the certificate of testator’s death, must be submitted to a public notary in China where the real estate is located. Upon examination, the public notary will then issue a certification letter evidencing that the foreigner has the right as an inheritor to the real estate.

3. Finally, the certification letter must be submitted to the real state authority for transferring the title to the real estate and relevant registration.

Please note that if an agent is involved in the aforementioned formalities, the power of attorney should also be notarized and verified in a similar procedures for the notarial deed. The power of attorney must specify the name, domicile, the scope of authorization of the agent and must be signed or chopped by the inheritor.

工作了，在自己不知不觉中。

从实习生到正式员工，原本以为是一个很大的转变，但是当自己签劳动合同的时候，却没有任何感觉。而当时签三方协议的时候，却感觉像在签卖身契。也许不知不觉中，自己已经适应了角色的转换。

今天乘车，路过学校后门，是那么的熟悉，但是我知道，这个学校已经不是属于我的了，虽然我可以一直去逛逛。那里还有我很多好朋友和熟悉的学弟学妹，更重要的是那里留下我很多美好的回忆。

大学的校园对于我而言是再熟悉不过，第一次踏入那个学校，我还是在初中，没有想到，自己会在那里度过大学生活。怀念那一间间有点陈旧的教室，那里曾经让我感到知识的气息；怀念现在尘土飞扬充满砂石的老操场，那里曾经让我在通宵后踢球踢到趴下；怀念毛主席像前的大草坪，那里曾经让我和她安静地仰望星空；怀念我住过的宿舍，那里曾经是我另外一个家。

一...

法学院的学生，如果到律所去实习，打电话是一门基本功。

其实打电话和查法规都是legal research的方式。但是相比查法规，打电话的技巧就更加重要了。因为很多法律规定和实践中的操作是不一致的。只有咨询了政府机关，才可能得出最确切的结论。

如果是对客户打电话，那么态度一定要好。要注意用词，对于初次接触的人，要用敬称。并且在开始就指明自己的身份，这样便于对方和你交流。对于客户的提问，要仔细记录，同时应该加以确认，以免遗漏。

如果是和所里同事打电话，要看对象是谁。如果很熟悉的话，随便一点没有关系。如果不是特别熟悉，或者是和老板打电话，那最好还是客气一点。有时学要装作什么都不知道。即使你觉得对方的回答是有问题的，在没有找到法律法规支持你之前，不要轻易地反驳。但是你也要善于说出自己的观点，就是要把握一个度。

最关键的是给政...

The graduation day ic near at the corner.
The days left in Fudan can be calculated by fingers.
The feeling is hard to describe, it is beyond words.
It is time to say goodbye to my happy undergraduate life．
It is time to say goodbye to my honored university.
It is time to say goodbye to my dear classmates.
However, goodbye never means forever farewell.
I will come back occasionally to Fudan University, to the dorm I lived with my brothers,to the classrooms I listened to teachings, to the grass land I used to step on, to every place I cherished.
We will get together from time to time, since we are brothers and sisters.
Time will change a lot of things, but love and friendsip will remain its own color, shining every day throughout my life.
W...

Top 50 UK Law Firms

Financial results 2003-04
Legal Week’s top 50 is now in its fifth year. It has been a lively few years
for the UK legal profession — and an unpredictable one this time around. As o
ur three-year analysis of the performance of the UK’s top firms illustrates,
the global slowdown of the past three years has had a levelling effect on prof
itability.
In 1999, when Legal Week published its first top 50 table, it looked
like the magic circle firms were running away with it, with Clifford Chance (C
C) sitting comfortably on top of the table as the UK’s largest
firm and its second most profitable outfit, after Slaughter and May.
Five years later CC remains the UK’s largest firm, but has slipped
down the pr...

今天是非常郁闷的一天。

昨天为了完成两篇论文，结果只睡了两个小时。
早上七点多爬起来赶到学校找导师。
因为路上堵车，我迟到了，结果导师先回家了。
于是只能去导师家找他了。

从本部一直走到南区后面的教师一期公寓:(
上海今天又是鬼天气，热得要死！
到了导师家，我的样子已经很狼狈了，sigh!
更要命的是，我的鞋子竟然坏掉了！还好没有让我沦落到要赤脚的地步。

从导师家出来，去校财务科报销，结果被告知我提供的发票里面有几张不能报销。
让我再收集一点发票再报销。ft，白跑一趟！白排了十几分钟的队。


然后去一号楼交莙政的论文，忘记老师办公室号码，无奈离开，
打电话回家求援，幸好爸爸在家，让他送双鞋子给我，因为我真担心走了一半，那个鞋子
全部坏掉了。
在去学院交毕业论文的路上，发消息问负责同学。终于知道了老师的办公室。
...

近日忙于琐事，一直没有时间写点东西，今天得空，决定写写南京西路上的几幢楼：嘉里中心，上海商城，恒隆广场，中信泰富和中创大厦。

在这些楼里面，最熟悉的是嘉里中心了，毕竟自己在那里实习了两个月。一直没有觉得嘉里中心有什么漂亮的。远远看过去，感觉像个罐子。
但是嘉里中心在法律人心中的地位却不小，因为有很多非常知名的律所汇聚在此：路伟，美迈斯（据说要搬到恒隆去），众达，法乐菲，方达，君合（也囔着要搬家的），通商等等。
大概很多所选择在此是因为交通比较便捷吧，地铁就在附近。
但是南京西路实在是堵啊，基本上没有畅通的时候：（
嘉里中心的陈设并不奢华，显得比较大方。大厅给人一种非常舒服的感觉。有沙发供你休憩，当时等人吃饭的时候就一直坐那里的：）
电梯也有好多部，虽然在高峰的时候也需要等待，但绝对不会出现排队的状况。一旦门口没有锦江的出租车在等客，叫车就不是特别的方便了。...

发信人: actio (只想这样抱着你), 信区: Law
标  题: 资产证券化试点管理办法杂论之一(持有人大会)
发信站: 日月光华 (2005年05月04日11:14:16 星期三), 站内信件

1、关于“资产支持证券持有人权利及其行使”一节，原立法者基本借鉴基金法“基金份
额持有人权利及其行使“一节，仅做文字改动而已，并无立法深意。

2、就其征求意见稿，我们对此节意见颇多，主要集中在；
1）是否应给予信托合同意思自治之权利，盖ABS与基金之公众程度，诚不相同
2）基金之份额相等，而ABS之受益证券可分割为不同类型，迥异其趣观其发布稿，幸有突破。持有人大会决定之事项、召集方式、表决方式，悉决于信托合同，故信托合同之编排，律师有为。此诚律师参与立法之快事也！

3、谓持有人大会有解任诸机构之权利者，本法实未明定，如上所述，决于信托合同也。
参诸各地法例，基本原则为，除受领信托收益（投资利益...

我的xdjm们——tankk

呵呵，受到rhea同学的影响，我也准备写写我的xdjm们。
现在先推出第一篇，tankk同学。

第一次见到tankk同学是在插班生复试的时候，可是说来惭愧，当时对她并没有什么特别的印象。
对tankk有初步印象的是在进复旦以后转学分的时候。当时我们要把大一的百分制学分换成这里的ABCD等级。记得当时看到tankk同学的成绩弹，那个叫景仰啊。印象最深的是她的刑法，竟然是98！再次admire一下：）
tankk同学的成绩之好，我就不多说了，这个是01法律有目共睹的^_^

tankk同学一直很热情的，只要是她力所能及的事情，她都会帮忙的，这个必须要夸奖一下的。
记得大三的时候，和她一起找实习。当时大家都不是很顺利，于是互相鼓励就成了自然。同时也会聊聊是否读研究生。现在我和她走上了两条不同的道路：）
当时大家都投了Fangda Partners，她是第一个接到实习通知的，而我则是最后一个接到的...

“拒绝受理”中的法院智慧和人文关怀

百愚

　　莎士比亚在他的《哈姆雷特》说过："活着，还是死去，这是一个值得思考的问题。"其实，当法律在面对安乐死尚未得到法律认可的时候，如何作出选择性判断，更是一件十分棘手的问题。在州法院前已判决可以拔去女植物人的进食管的背景下，美国联邦最高法院对持反对者的上诉案的选择是：拒绝受理。(新华社供《生活日报》特稿，3月20日)

　　据悉，已维持了15年的美国女植物人特丽·夏沃，是继续维持靠进食管维持机体生命，还是拔掉进食管，已经经七年的诉讼纷争，先后经过不同法院的否定之否定，其进食管也曾两拔两插。美联邦最高法院的拒绝受理，可以让这场马拉松、拉锯式的诉讼息诉了。就在判决执行前的最后一刻，美国国会还发出传票，要求夏沃、其丈夫迈克尔·夏沃以及夏沃的护理人于25日和28日出席听证会，试图以此拖延时间。正...