【立法动态 Judicial News】

1. 最高法印发《全国法院民商事审判工作会议纪要》

1. SPC Releases Summaries of the National Conference for Work of Courts on the Trial of Civil and Commercial Cases

背景摘要：近日，最高人民法院发布《全国法院民商事审判工作会议纪要》（下称《纪要》）。

Background Information：The Supreme People's Court ("SPC") has recently issued the Summaries of the National Conference for Work of Courts on the Trial of Civil and Commercial Cases (the "Summaries").

《纪要》共计12部分130个问题，重点对公司纠纷、合同纠纷、担保纠纷、金融纠纷、破产纠纷等案件审理中存在的争议问题统一了裁判思路。其中，《纪要》回应了公司纠纷案件中“对赌协议”、股东出资加速到期、表决权限制、有限责任公司清算义务人的责任、公司人格否认、公司对外担保等争议问题；明确了合同纠纷案件中合同效力、合同履行与救济以及借款合同中的部分争议问题。对于担保的一般规则、不动产担保物权、动产担保物权、非典型担保等问题，《纪要》也分别给予回应。《纪要》中涉及金融领域的部分包括金融消费者权益保护、证券、营业信托、财产保险、票据纠纷案件审理5个方面内容，对其实践中存在的争议问题作出明确规定。《纪要》不是司法解释，不能作为裁判依据进行援引。

The Summaries, touching upon 130 issues divided into 12 parts, are intended to provide unified reference points for addressing issues in dispute in the trial of cases related to corporate disputes, contractual disputes, disputes over guarantee, bankruptcy-related disputes, etc. Among others, the Summaries respond to an array of controversial issues arising in cases involving corporate disputes, such as the valuation adjustment mechanism (VAM), shifting to an earlier date when a shareholder is obligated to pay up its capital, limits on the voting right, duties of the liquidation obligor of a limited liability company, denial of a company's personality, and external guarantee provided by a company, and provide clarity on the validity of a contract, performance of a contract, and remedy in cases involving contractual disputes, and on some controversial issues related to borrowing contracts. As for the general rules for guarantee, real rights over the pledged immovable property, real rights over the pledged movable property, non-typical guarantee, etc., the Summaries also made a response to them one by one. The five parts of the Summaries in relation to financial business deal with the trial of disputes over protection of financial consumers' rights and interests, securities, business trust, property insurance, and notes, respectively. It is clearly noted that the Summaries are not judicial interpretations and cannot be referenced as the legal basis to render judgments.

盈科评论：《纪要》共130条，覆盖12大方面的重点内容，重点对公司纠纷、合同纠纷、担保纠纷、金融纠纷、破产纠纷、案外人救济等案件审理中、实务中存在的争议问题统一裁判思路，针对民商事审判中的前沿疑难争议问题进行了集中回应，将会对未来的商事诉讼市场带来深远影响。但仍需要注意的是，《纪要》不是司法解释，不能作为裁判依据进行援引。

Yingke Comments：There are 130 articles in the "Summaries", covering 12 major areas of content, focusing on the unified judgment of disputes in the trial and practice of company disputes, contract disputes, guarantee disputes, financial disputes, bankruptcy disputes, and relief from outsiders. On the other hand, the Summaries concentrate on the response to the frontier and difficult issues in civil and commercial trials, which will have a profound impact on the future commercial litigation market. However, it should be noted that the Summaries are not judicial interpretations and cannot be cited as a basis for adjudication.

2. 国资委要求做好中央企业控股上市公司股权激励工作

2. SASAC Urges Effective Work on Stock Ownership Incentives of Listed Companies Controlled by Central Enterprises

背景摘要：日前，国务院国有资产监督管理委员会发布《关于进一步做好中央企业控股上市公司股权激励工作有关事项的通知》（下称《通知》）。

Background Information：The State-owned Assets Supervision and Administration Commission ("SASAC") of the State Council has recently issued the Circular on Matters Concerning Further Implementation of Stock Ownership Incentives among Listed Companies Controlled by Central Enterprises (the "Circular").

《通知》强化了正向激励导向，加大了授权放权力度，在推动落实中央企业集团主体责任的同时，明确了股权激励实施的规范性要求。《通知》分别从科学制定股权激励计划、完善股权激励业绩考核、支持科创板公司实施股权激励、健全股权激励管理体制等四方面加以完善。其中，《通知》对中央企业控股上市公司股权激励对象、激励方式、权益授予数量、授予价格、股权激励收益分别做出规范，提高授予数量占比，将科技创新型上市公司首次实施股权激励计划授予的股票数量从总股本的1%提高至3%，重大战略转型等特殊需要的上市公司两个完整年度内累计授予数量放宽至5%。

The Circular reinforces the positive incentive, grants and delegates powers to a larger extent, and clarifies the normative requirements for the implementation of stock ownership incentives, while requiring central enterprise groups to undertake primary responsibilities. The Circular outlines measures for improvement in four aspects, including preparing a scientific stock ownership incentive, improving the business performance assessment for stock ownership incentive, supporting companies listed on the SSE STAR Market in implementing stock ownership incentives, and optimizing the stock ownership incentive management system. Among others, the Circular expounds on the targets of stock ownership incentives offered by listed companies controlled by central enterprises, forms of incentives, quantity of stock ownership to be offered, the price at which stock ownership will be offered, and yields from stock ownership incentives. The proportion that the number of the offered stocks accounts for is improved; specifically, a listed company engaged in science and technology innovation will be allowed to offer up to 3%, instead of 1%, of its total capital stocks when it launches the stock ownership scheme for the first time, and the aggregate amount of stocks offered in two complete years by a listed company with special needs, such as material strategic transformation, is loosened to 5%.

盈科评论：《通知》强化了正向激励导向，加大了授权放权力度，在推动落实中央企业集团主体责任的同时，进一步明确了股权激励实施的规范性要求。同时，《通知》对中央企业控股上市公司股权激励对象、激励方式、权益授予数量、授予价格、股权激励收益分别做出进一步的规范，以加大股权激励力度。

Yingke Comments：The Circular strengthens the direction of positive incentives, increases the degree of authorization and decentralization, and further clarifies the normative requirements for the implementation of equity incentives while promoting the implementation of the main responsibility of central enterprise groups. At the same time, the Circular further regulates the equity incentive targets, incentive methods, number of equity grants, grant prices, and equity incentive returns of centrally-controlled listed companies in order to increase equity incentives.

【商业热点 Business Focus】

3. 商务部加强外贸领域减证便民、优化服务工作

3. MOFOCM Urges Better Work on Canceling Certifications and Improving Services in the Field of Foreign Trade

新闻综述：近日，商务部发出《关于切实做好外贸领域减证便民、优化服务有关工作的通知》（下称《通知》）。

News Brief：The Ministry of Commerce ("MOFCOM") has recently issued the Circular on Ensuring Effective Work on Canceling Certifications for People's Convenience and Improving Services in the Field of Foreign Trade (the "Circular").

《通知》主要规定：一、关于规章设定的证明事项的取消：（一）自2019年3月18日起取消的证明事项。诸如，对外贸易经营者备案登记项下，对外贸易经营者向商务部或者受商务部委托的机构办理备案登记时，不再提交财产公证证明、资金信用证明文件等。（二）调整证明文件提供方式的证明事项。二、关于规范性文件设定的证明事项的取消：（一）行政审批事项中证明事项的取消。比如，限制进出口货物的许可证审批项下，申请进口许可证、出口许可证时，不再提交对外贸易经营者备案登记表等。（二）其他事项中证明事项的取消。取消加工贸易企业经营状况及生产能力证明，调整为由加工贸易企业自主填报信息情况表，并作出真实有效承诺。

The Circular mainly touches upon two affairs. The first is about the cancellation of certification items specified in the rules. Some certification items should be canceled from March 18, 2019. As to the record-filing of foreign trade operators, for example, a foreign trade operator will not have to submit the notarial document for its property, the supporting documents for its capital and credit standing, etc. when it files a record for this purpose with the MOFCOM or the institution empowered by the MOFCOM. Also, the forms of certifications required for some other certification items are adjusted. The second is about the cancellation of certification items specified in the normative documents. Some certification items related to administrative approval items are abolished. For instance, as regards the examination and approval for permits for restricted imports/exports, filing an application for the import permit or the export permit will no longer require the submission of the record-filing form for foreign trader operators, etc. In addition, the certifications for some other affairs are canceled as well. The proof of business conditions and production capacity of a processing trade enterprise is canceled; instead, the processing trade enterprise will be required to fill in the information form by itself and make a commitment to the truthfulness of the information it provides.

盈科评论：按照党中央、国务院关于减证便民、优化服务的部署，各地商务主管部门以此次证明事项清理为契机，进一步转变外贸管理方式，强化制度执行，规范行政行为，提升“互联网＋政务”服务能力，把党中央、国务院的部署落实好。要切实加强组织领导，层层压实责任，公布办事指南，做好解读宣传，确保外贸领域减证便民优化服务政策措施落实到位。

Yingke Comments：In accordance with the Party Central Committee and the State Council ’s deployment of reducing permits and optimizing services, local commerce authorities took the opportunity to clean up the certification issues as an opportunity to further transform foreign trade management methods, strengthen system implementation, standardize administrative behavior, and improve the "Internet + government" service capabilities in order to implement the arrangements of the Party Central Committee and the State Council. It is necessary to effectively strengthen organizational leadership, implement layered responsibilities, publish work guidelines, interpret and propagate well, and ensure that policies and measures for reducing services and optimizing services for foreigners are implemented.

【官方政策解读 Policy Interpretation】

中国对外资开放大门还会越来越大

China's opening door to foreign capital will continue to grow

日前，国务院常务会议原则通过了《关于进一步做好利用外资工作的意见》，我国将继续压减外商投资准入负面清单。前三季度，我国吸收外资取得2.9%的增长，规模企稳、结构优化。

A few days ago, the State Council executive meeting adopted the "Opinions on Further Improving the Use of Foreign Capital" in principle. China will continue to reduce the negative list of foreign investment access. In the first three quarters, China's absorption of foreign investment achieved a growth of 2.9%, with its scale stabilized and its structure optimized.

10月29日，商务部副部长兼国际贸易谈判副代表王受文在国务院政策例行吹风会上表示，国务院常务会议日前原则通过了《关于进一步做好利用外资工作的意见》（以下简称《意见》），将于近期印发。我国将抓紧落实《意见》提出的各项措施，争取尽快释放改革开放红利，从而为各国投资者创造更多的发展机遇，为外商投资企业创造更加公平、透明、可预期的经营环境。

On October 29, Wang Shouwen, Vice Minister of the Ministry of Commerce and Deputy Representative of International Trade Negotiations, stated at a regular briefing of the State Council's policy that the Executive Meeting of the State Council recently approved the "Opinions on Further Better Utilization of Foreign Capital" (hereinafter referred to as "Opinions" ), which will be issued shortly. China will promptly implement the measures proposed in the Opinions, and strive to release the reform and opening up dividends as soon as possible, so as to create more development opportunities for investors in various countries and create a more fair, transparent and predictable operating environment for foreign-invested enterprises.

据介绍，《意见》从深化对外开放、加大投资促进力度、深化投资便利化改革、加大外商投资合法权益保护力度等4个方面，提出了20条稳外资政策措施。据悉，我国将继续压减全国和自由贸易试验区外商投资准入负面清单，全面清理取消未纳入负面清单的限制措施等。

According to reports, the "Opinions" proposed 20 policies to stabilize foreign investment from four aspects, including deepening opening up, increasing investment promotion, deepening investment facilitation reform, and strengthening the protection of legal rights and interests of foreign investment. It is reported that China will continue to reduce the negative list of foreign investment access throughout the country and the free trade pilot zone, and comprehensively clean up and remove restrictions that are not included in the negative list.

王受文表示，在前3年已经出台了3份国务院文件的基础之上，此次出台《意见》内容更加全面深入，进一步加大了外资企业国民待遇的保障力度。他表示，我国外商投资负面清单在2018年做了大幅度削减，今年和2018年相比又减少了20%，现行的负面清单里只有40个行业受到禁止或者限制，“未来负面清单条目还会进一步减少，中国对外资开放的大门还会越来越大”。

Wang Shouwen said that based on the three State Council documents issued in the previous three years, the contents of the "Opinions" this time were more comprehensive and in-depth, and further strengthened the protection of national treatment for foreign-funded enterprises. He said that the negative list of foreign investment in China has been greatly reduced in 2018, and this year it has been reduced by 20% compared with 2018. Only 40 industries in the current negative list are banned or restricted. With further reduction, China's door to open to foreign capital will continue to grow. "

商务部外资司负责人叶威在回答经济日报记者关于营商环境提问时表示，《意见》以打造公开、透明、可预期的投资环境为着力点，一是要求提高新开放领域准入环节的透明度。全面清理取消未纳入全国和自贸试验区外商投资准入负面清单的限制性措施，及时修订或者废止有关规章和规范性文件。二是要求提高规范性文件制定的透明度。《意见》要求各地区、各部门制定出台与外商投资企业生产经营活动密切相关的行政规范性文件时，应当提高政策的可预见性和透明度。三是要求提高标准制定工作的透明度。各地区、各部门要全面落实内外资企业公平参与我国标准化工作，进一步鼓励外资企业参与医疗器械、食品药品、信息化产品等标准制定工作。

In response to a question from the reporter of the Economic Daily on the business environment, Ye Wei, Head of Foreign Investment Department, Ministry of Commerce, said that the "Opinions" focuses on creating an open, transparent and predictable investment environment. In that case, the first is to improve the transparency of accessing to new open areas. Comprehensively clean up and remove restrictive measures that are not included in the negative list of foreign investment access in the national and free trade pilot zones, and timely revise or abolish relevant rules and regulatory documents. The second is to require greater transparency in the formulation of normative documents. The Opinions require all regions and departments to formulate and issue administrative normative documents that are closely related to the production and operation activities of foreign-invested enterprises, and they should improve the predictability and transparency of policies. The third is to increase the transparency of standard setting work. All regions and departments should fully implement the fair participation of domestic and foreign-funded enterprises in China's standardization work, and further encourage foreign-funded enterprises to participate in the development of standards for medical devices, food and drugs, and information products.

 王受文表示，前三季度我国吸收外资取得2.9%的增长，这个成绩非常不错，规模稳住了；而且结构得到了优化，体现在高技术产业利用外资已经占整体利用外资的30%，增速达到35%。同时，5000万美元以上大项目同比增长12.6%，特斯拉上海超级工厂、合肥的康明斯发动机、宁波的瑞士英力士化工等一批项目，反映了外资者对中国长期投资的信心。

Wang Shouwen said that in the first three quarters, China's absorption of foreign investment has increased by 2.9%. This achievement is very good and the scale has stabilized. Moreover, the structure has been optimized, which is reflected in the use of foreign investment in high-tech industries, which has accounted for 30% of the overall use of foreign investment. The growth rate has reached 35%. At the same time, large projects above $ 50 million increased by 12.6% year-on-year. Tesla's Shanghai Super Factory, Cummins Engine in Hefei, and Ineos Chemical in Ningbo, etc., reflected the confidence of foreign investors in long-term investment in China.

王受文表示，中国欧盟商会报告显示，绝大部分欧盟在华企业是盈利的，60%以上企业把中国作为未来投资首选地。同样，中国美国商会调查显示，60%以上在华美资企业把中国作为未来投资的3个优选地之一。

Wang Shouwen said that the report of the European Union Chamber of Commerce in China shows that the vast majority of EU companies in China are profitable, and more than 60% of companies use China as their first choice for future investment. Similarly, a survey by the American Chamber of Commerce in China shows that more than 60% of Chinese companies invest in China as one of the three top choices for future investment

王受文强调，中国有巨大的国内市场，对外资极具吸引力，我们对今年外资稳规模、调结构充满信心，对2020年吸引外资的前景也是乐观的。

Wang Shouwen emphasized that China has a huge domestic market and is extremely attractive to foreign investment. We are confident in the stable size and structural adjustment of foreign investment this year, and we are optimistic about the prospect of attracting foreign investment in 2020.

本文版权归作者所有，对于本文有任何意见或者建议，欢迎和作者取得联系。沈彦炜，全球合伙人，邮箱：shenyanwei@yingkelawyer.com

All right reserved. If you have any suggestion, please feel free to contact me. Sean Shen, Global Partner, E-mail: shenyanwei@yingkelawyer.com