EO13959 Prohibiting Transactions in Securities of Chinese Military Companies

Implications around the EO 13959 for the Asset Management Industry

Implications around the EO 13959 for the Asset Management Industry

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Event Information

This webinar was jointly organised by KPMG in Singapore and Morgan Lewis where we shared insights on the implications around the Executive Order 13959 (EO 13959) for the Asset Management Industry.

EO 13959 prohibits all transactions by U.S. investors in most or all securities (including derivatives) of entities identified by the U.S. government as a "Communist Chinese military company". As a result of this order, there has been a significant effect on investment funds in Asia and around the world that directly or indirectly have exposure to the sanctioned entities.

This session covered the following topics:

  • The implementation, challenges and the approaches the investment industry is using to address these implications;
  • How to navigate investments in companies classified as Communist Chinese military companies;
  • The effects of the sanctions on fund managers based in Asia, and how they can continue trading in sanctioned entities without running afoul of these sanctions;
  • The recent US court ruling relating to Xiaomi and its implications for the sanctions program;
  • US Tax Considerations

If you have missed the live webinar, you may watch a recording of it below.

Should you have any queries, please contact Howard Ching at hching@kpmg.com.sg or +65 9660 9612.


Date
Wednesday, 7 April 2021

Time
09:30 am - 10:45 am

Duration
1 hour 15 minutes

Venue
Live Webinar

  

Event Speakers

Daniel Joe

Daniel Joe

Partner, US Tax Desk
KPMG in Singapore

Daniel Joe is currently a seconded U.S. tax partner with KPMG in Singapore. Prior to his secondment, he was a partner in KPMG LLP (US)’s Washington National Tax group based in Seoul, Korea and Partner-in-Charge of the US tax practice in Asia. He has been practicing tax for over 20 years and has lived and worked in the Americas, Europe and Asia. He focuses on providing tax advice on a variety of transactions, including cross-border structuring, real estate transactions, merger and acquisitions, private equity investments, and financial products. His practice also includes the development and implementation of related holding and financing structures, and the structuring of domestic and international operations of clients. 

Timothy Levin

Timothy W. Levin

Partner
Morgan, Lewis & Bockius LLP

Timothy is the leader of Morgan Lewis’s investment management practice. He counsels investment advisers and other financial services firms on the design, development, and management of pooled investment vehicles and investment advisory programs. He also advises fund managers in connection with organization, registration, and ongoing regulatory compliance. Additionally, he represents managers and sponsors of unregistered pooled investment vehicles. Tim is ranked by several legal publications and directories as a leading investment funds practitioner.

Kenneth J. Nunnenkamp

Kenneth J. Nunnenkamp

Partner
Morgan, Lewis & Bockius LLP

Ken has more than 30 years of litigation and investigation experience and is the leader of the Morgan Lewis CFIUS working group. Ken represents clients in international trade and national security matters before United States federal courts and government agencies, including the US departments of State, Commerce, Homeland Security, Defense, and Treasury. His practice involves internal investigations and disclosures, including voluntary disclosures and responding to government demands, as well as federal court defense against government actions. He also advises on compliance counseling and training, transactional due diligence–including both domestic and cross-border transactions–and statutory submissions to US government agencies.

Joel Seow

Joel Seow

Director
Morgan Lewis Stamford LLC

Joel advises sponsors throughout Asia on the establishment of private investment funds across various asset classes and jurisdictions, with a focus on private equity, venture capital, real estate, infrastructure, and hedge funds. Joel is keenly aware of Singapore’s regulatory requirements for fund management and was part of the VCC working group responsible for preparing the VCC model constitution, which has been widely adopted by the Singapore investment funds industry. Joel is ranked by several legal publications and directories as a leading investment funds practitioner in Singapore and Asia Pacific.

  

Event Moderator

Howard Ching

Howard Ching

Director, Asset Management, Audit
KPMG in Singapore

Howard specialises in the asset management sector. He is an advisor on fund formation, regulatory and compliance framework and best practices in the areas of accounting, operations, legal and governance. Prior to joining KPMG in Singapore, he had over 7 years of experience providing audit services to the Asset and Wealth Management industry in Hong Kong. Howard's area of expertise include hedge funds, traditional funds and ETFs. He is also a subject matter expert in VCC and the Cayman Islands Mutual funds/Private Fund Law.

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