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2019年6月10日 月曜日

入管法改正に関するセミナーのご案内

7月24日(水)に入管法改正に関するセミナーを栗林総合法律事務所にて行います。

【セミナー内容】
平成31年4月1日から新しい入管法が施行になりました。特定技能という在留資格が新しく導入され、単純労働に従事する人についても在留資格が認めれれることになりました。特定技能の認められる職種は介護、建設、宿泊などの14業種に限定されますが、人手不足に悩む企業にとっては、従前の技能実習に加えて外国人労働者の採用の幅が広がることは朗報だと思われます。今後外国人の雇用が著しく増加し、日本社会の変動が予想されます。セミナーでは、特定技能の在留資格がどのような業種に対して、どのような要件のもとで認められるのか、外国人労働者を雇用する場合の注意点などについてお話ししたいと思います。

費用は、無料となっておりますので、ご参加希望の方は栗林総合法律事務所 事務局(TEL : 03-3539-2555 / MAIL : info@kslaw.jp) までご連絡くださいませ。
ご参加をお待ちしております!




投稿者 Kuribayashi Sogo Law Office | 記事URL

2019年1月16日 水曜日

2018年度早稲田大学法科大学院エクスターンシップ実習生受け入れ

当事務所では、法科大学院の設立当初から、栗林の出身校である早稲田大学の法科大学院の学生をエクスターン生(実習生)として受け入れてきました。最初の学生がその後司法試験に合格し、裁判官となって、現在でも赴任地が変わるたびに連絡をいただいています。その後も毎年1人ずつの受入を行ってきましたので、合計人数も10人近くになりました。

本年度も従前と同様にエクスターン生の受入を行います。本年度の受け入れ期間は学生との協議の上、3月中旬から2週間となりました。ロースクールの学生にとっては、実務を見学する初めての体験ではないかと思います。その分、将来実務家になっても、最初の弁護士像を記憶し、その後の人生においても大きな影響があるのではないかと思います。私たち受け入れる側も、重大な使命を認識し、心してかからなければなりません。そうは言ってもまずは楽しむことが重要ですので、エクスターン生には自由闊達に事務所を見てもらい、一緒に仕事に同行しながら、弁護士の仕事の内容や、業務の進め方、ロースクールで学んでいる内容が実務でどのように使われるかなどをしっかりとみてもらいたいと思います。

当事務所での研修を経て、実際に法実務に触れることで、法律家としての仕事を深く学び、今後のキャリアに役立てていただけたらと考えておりますので、当事務所では引き続きこのようなエクスターンシップの活動を支援していきたいと思います。

投稿者 Kuribayashi Sogo Law Office | 記事URL

2018年4月 5日 木曜日

関東弁護士会連合会副理事長就任

栗林勉弁護士が関東弁護士会連合会の副会長に就任しました。関東弁護士会連合会は、東京所在の3弁護士会と関東地区10県の弁護士会の連合組織です。副会長の任期は1年間になります。よろしくお願い致します。



投稿者 Kuribayashi Sogo Law Office | 記事URL

2017年3月17日 金曜日

Listing on the Stock Exchange of HK

Date: 17/03/2017
Christy Li

The Stock Exchange of Hong Kong (the "Exchange") is one of the stock exchanges with the largest market capitalisation and active trading in the world. It is an ideal platform for enterprises to raise capital. It is expected that Hong Kong will continue to rank top globally for initial public offerings in 2017, with 130 companies raising funds up to HK$220 billion. This article will briefly introduce the listing methods and the basic listing requirements for listing on the Exchange.

(I) Listing Methods
A company wishing to go public in Hong Kong can apply to list either on the Main Board or the Growth Enterprise Market ("GEM") of the Exchange. There are four methods of listing, the details of which are set out as below:
(i) Offer for Subscription: this is an offer to the public by, or on behalf of, an issuer of its own securities for subscription.
(ii) Offer for Sale: this is an offer to the public by, or on behalf of, the holders or allottees of securities already in issue or agreed to be subscribed.
(iii) Placing: The obtaining of subscriptions for, or the sale of securities by, an issuer or intermediary primarily from or to persons selected or approved by the issuer or the intermediary.
(iv) Introduction: this is an application for listing of securities already in issue where no marketing arrangements are required.
In addition, a GEM issuer may transfer its listing to the Main Board under a streamlined procedure.

(II) Basic Listing Requirements
(i) Financial Requirements
A Main Board new applicant must have a trading record of not less than three financial years and meet one of the following three financial criteria:



  Profit Test Market Cap/Revenue Test Market Cap/Revenue/Cashflow Test
Profit Attributable to Shareholders At least HK$50 million in the last 3 financial years (with profits of at least HK$20 million recorded in the most recent year, and aggregate profits of at least HK$30 million recorded in the 2 years before that) - -
Market Cap At least HK$200 million at the time of listing At least HK$4 billion at the time of listing At least HK$2 billion at the time of listing
Revenue   At least HK$500 million for the most recent audited financial year At least HK$500 million for the most recent audited financial year
Cashflow     Positive cashflow from operating activities of at least HK$100 million in aggregate for the three preceding financial years

A GEM new applicant must have a trading record of at least two financial years comprising:
i. A positive cashflow generated from operating activities in the ordinary and usual course of business of at least HK$20 million in aggregate for the two financial years immediately preceding the issue of the listing document
ii. Market cap of at least HK$100 million at the time of listing

(ii) Acceptable Jurisdictions
Chapter 19 of the Main Board Listing Rules and Chapter 24 of the GEM Listing Rules provide the general framework applicable to all overseas companies seeking a listing on the Exchange.  Main Board Rule 19.05(1)(b) and GEM Rule 24.05(1)(b) and the explanatory notes thereto set out the shareholder protection standards that are expected of an overseas company when seeking a primary listing on the Exchange. Applicants incorporated outside Hong Kong and other recognised jurisdictions seeking a primary listing on Main Board and GEM are assessed on a case-by-case basis and have to demonstrate they are subject to appropriate standards of shareholder protection, which are at least equivalent to those required under Hong Kong law.

(iii) Accounting Standards
A new applicant's accounts must be prepared in accordance with Hong Kong Financial Reporting Standards, International Financial Reporting Standards or China Accounting Standards for Business Enterprises for PRC issuer only.

For Main Board new applicants, accounts of an overseas-incorporated issuer seeking a secondary listing on the Exchange prepared in accordance with generally accepted accounting principles in the United States of America or other accounting standards may be acceptable by the Exchange on a case by case basis.

(iv) Suitability for Listing
Both the issuer and its business must, in the opinion of the Exchange, be suitable for listing. An issuer or its group (other than an investment company) whose assets consist wholly or substantially of cash or short-dated securities will not normally be regarded as suitable for listing, except where the issuer or group is solely or mainly engaged in the securities brokerage business.

(v) Operating History and Management
A Main Board new applicant must have a trading record period of at least 3 financial years with management continuity for at least the 3 preceding financial years; and ownership continuity and control for at least the most recent audited financial year. Under the Market Cap/Revenue test, the Exchange may accept a shorter trading record period under substantially the same management if the new applicant can demonstrate that its directors and management have sufficient and satisfactory experience of at least three years in the line of business and industry of the new applicant; and there is management continuity for the most recent audited financial year.

A GEM new applicant must have a trading record of at least 2 full financial years with substantially the same management throughout the 2 full financial years; and a continuity of ownership and control throughout the full financial year immediately preceding the issue of the listing document. The Exchange may accept a shorter trading record period and waive or vary the ownership and management requirements for newly-formed "project" companies and mineral companies.

(vi) Minimum Market Capitalisation
The expected market capitalisation of a new applicant at the time of listing must be at least HK$200 million for Main Board and HK$100 million for GEM.

(vii) Market Capitalisation of Public Float
The expected market capitalisation at the time of listing of the securities of a new applicant which are held by the public must be at least HK$50 million for Main Board and HK$30 million for GEM.

(viii) Public Float
At least 25% of the issuer's total number of issued shares must at all times be held by the public. Where the issuer has one class of securities or more apart from the class of securities for which listing is sought, the total securities of the issuer held by the public on all regulated markets at the time of listing must be at least 25% of the issuer's total number of issued shares. However, the class of securities for which listing is sought must not be less than 15% of the issuer's total number of issued shares.

(ix) Spread of Shareholders
The equity securities seeking for listing must be held among at least 300 holders for Main Board, and at least 100 persons for GEM.

(x) Offering Mechanism
A new applicant may not list by way of placing only if there is likely to be significant public demand for its securities. For GEM, A new applicant is free to decide on its offering mechanism and may list on our Exchange by way of placing only.

(xi) New Issue Price
Both the Main Board and the GEM Listing Rules do not impose conditions on the new issue price. However, new shares cannot be issued at a price below their nominal value.


投稿者 Kuribayashi Sogo Law Office | 記事URL

2017年3月10日 金曜日

HK Company Law Topics2: Acquisition of Shares in a HK Private Company

Date: 10/03/2017
Christy Li

If a purchase wishes to acquire the entire or part of the issued share capital of a private company incorporated in Hong Kong and to obtain the legal and beneficial title therein, this could be done in a simple way by executing the instrument of transfer and the bought and sold notes in relation to the targeted shares. As a reminder, share transfers are sometimes restricted by, for example, provisions in the company's articles of association.

However, in the case of acquisition of a company with substantial assets and/or operation, the transaction will be structured and relevant legal documents would be involved to ascertain parties' rights and liabilities in the contemplated transaction, which are similar to that used in many international jurisdictions and typically includes the following:
(1) a confidentiality letter or non-disclosure agreement in which the parties undertake to keep confidential the actual transaction and any information they may obtain during the due diligence process. In some cases, it may include a provision for exclusive negotiations for a particular period so that the purchaser knows that there will be no dual negotiations or auction type process;
(2) a due diligence questionnaire and report in relation to the business or company;
(3) a sale and purchase agreement that specifies the obligations and liabilities of each party in relation to the sale. This normally includes detailed representations and warranties regarding the business or company;
(4) a disclosure letter in which the seller makes disclosures against the representations and warranties in the sale and purchase agreement;
(5) share transfer forms where the sale and purchase involves, including but not limited to the instrument of transfer and bought and sold notes.
The transfer of Hong Kong stock attracts stamp duty at 0.2% on the higher of the consideration or market value of the shares (that is, 0.1% on the shares sold and a further 0.1% on the shares bought) together with a fixed amount of HK$5 on the instrument of transfer. For unlisted shares, the Stamp Office looks to the net asset value of the company to ascertain its market value. Contract notes must be submitted to the Stamp Office for stamping within 2 days (30 days if the sale takes place outside Hong Kong) of their execution. There are also stamp duty mitigation techniques such as issuance of new shares to the buyer instead of transferring existing shares. Any mitigation techniques require proper implementation.

In the case of a private company, a certified copy of the latest audited accounts (consolidated where relevant) or latest management accounts (if audited accounts have not been prepared or if they are not up to date) together with details of any land and properties held and a copy of any sale and purchase agreement must normally be submitted when the documents are lodged for stamping. The Stamp Office may also require additional information.

Penalties for failure to stamp documents within the required time range from 2 to 10 times the amount of duty payable, although the Collector of Stamp Revenue has power to remit the whole or any part of any penalty in appropriate cases. Neither the company nor any other person is permitted to act on or in general rely in court proceedings on any stampable instrument which is not duly stamped. An unstamped instrument may not be registered in the company's books.

After stamping (and compliance with any other formalities prescribed by the articles of association), the transfer can be registered in the statutory books of the company and a new share certificate issued.


投稿者 Kuribayashi Sogo Law Office | 記事URL

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