在股权投资领域，由于各种特殊原因和现实需求，股权代持的现象颇为常见。股权代持是指实际出资人（隐名股东）以他人（显名股东）名义向公司出资，公司章程和商事登记中股权为名义股东所有，但隐名股东实际享有投资收益等部分或全部股东利益的一种股权（股份）处置方式。 《最高人民法院关于适用若干问题的规定（三）》第二十四条规定“有限责任公司的实际出资人与名义出资人订立合同，约定由实际出资人出资并享有投资权益，以名义出资人为名义股东，实际出资人与名义股东对该合同效力发生争议的，如无合同法第五十二条规定的情形，人民法院应当认定该合同有效。前款规定的实际出资人与名义股东因投资权益的归属发生争议，实际出资人以其实际履行了出资义务为由向名义股东主张权利的，人民法院应予支持。”因此，在投资实务中，投资人往往较为普遍地认为股权代持是有效的，从而忽视了潜在的投资风险。本文从近年的司法判例切入，尝试分析股权代持在企业不同上市状态下的法律效力。
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International
深圳资本集团战略并购中集租赁
11月23日，深圳市资本运营集团有限公司（简称深圳资本集团）与中国国际海运集装箱（集团）股份有限公司（简称中集集团）、中集融资租赁有限公司（简称中集租赁）等主体签署协议，深圳资本集团及其控股子公司拟出资人民币19.2亿元，通过受让老股及增资的方式战略并购中集租赁，合计持有中集租赁53.32%的股权。交易完成后，中集租赁将成为深圳资本集团控股子公司暨深圳市属国资金融服务板块重要成员企业。…
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Doing Business with China: Peng Shuai and Your Reputation Risks
By Dan Harris
Doing business with China just got another level of riskier.
1. What The CCP Does In China Does NOT Stay in China
Ten years ago, our China lawyers would explain to our clients how what they did in China might…
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FCA and BoE consult on changes to reporting requirements under UK EMIR
On 25 November 2021, the FCA and Bank of England (BoE) co-published Consultation Paper 21/31: Changes to reporting requirements, procedures for data quality and registration of trade repositories under UK EMIR (CP21/31).
In CP21/31 the regulators are setting out three…
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PRA consultation on operational resilience and continuity in resolution to holding companies
On 25 November 2021, the PRA published Consultation Paper 21/21: Operational Resilience and Operational Continuity in Resolution: CRR firms, Solvency II firms, and Financial Holding Companies (for Operational Resilience) (CP21/21). In CP21/21 the PRA sets out proposals to apply the…
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EBA publishes draft RTS on the calculation of risk-weighted exposure amounts of CIUs
On 25 November 2021, the European Banking Authority (EBA) published a final report setting out draft regulatory technical standards (RTS) that specify the methodology to apply to calculate the risk-weighted exposure amounts of collective investment undertakings (CIUs), in the context…
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Commission proposal establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability
On 25 November 2021, the European Commission published a proposal for the Regulation establishing a European single access point (ESAP) providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability.
The establishment of a…
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EU pilot regime on DLT
On 24 November 2021, the European Parliament announced that it had reached agreement with the Council on a pilot scheme based on distributed ledger technology (DLT). The project follows the ‘sandbox’ approach, allowing for temporary derogations from certain requirements under…
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Commission proposal to amend ELTIF Regulation
On 25 November 2021, the European Commission published a proposal for a Regulation amending the Regulation on European long-term investment funds (ELTIFs).
The changes relate to the scope of eligible assets and investments, the portfolio composition and diversification requirements, the…
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Commission proposal regarding delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by AIFs
On 25 November 2021, the European Commission published a proposal for a Directive that would amend the Alternative Investment Funds Managers Directive (AIFMD) and UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody…
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