FOREIGN DIRECT INVESTMENT REPORT 2014

TO BE PUBLISHED WITH THE DECEMBER/ JANUARY 2014 ISSUE OF IFLR INDUSTRY POLL SERIES MANAGING CROSS-BORDER RISK FOR IN-HOUSE COUNSEL

FOREIGN DIRECT INVESTMENT REPORT 2014

Foreign direct investment report

Guest edited by

For the first time ever, foreign direct investment (FDI) into emerging markets has outstripped FDI into developed countries. 2012 saw developing regions attract $703 billion in inbound investment, compared to $561 billion in the developed world. While the risk-reward profile of countries are changing, so too are investment frameworks. Protectionist policies are on the rise, national security review processes are increasingly opaque, and tax incentives are changing. Regulatory intervention in FDI – be it through foreign investment approval, merger clearance or government policy – has also never been greater.

Garrett Hayes Partner, London Paul Hastings Confirmed contributors

Local practice and legal requirements continue to evolve, often in ways not obvious to foreign investors but which are critical to their operations. It means that institutions looking to expand overseas must navigate an increasingly complex web of legal and practical considerations. IFLR’s inaugural Foreign Direct Investment Report will provide clarification on information critical to these investors and their counsel. Conducted on a global basis, it will offer insight into the different review procedures, common pitfalls for newly established local operations, inconsistencies between the laws of the countries involved, as well as an overview of current practice in the markets that matter most to you. Guest edited by Garrett Hayes, partner at Paul Hastings, the results will be published as a dedicated supplement with the December/January issue of IFLR. It will provide readers with: •

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Comprehensive cross-jurisdictional insight At-a-glance overview of each featured jurisdiction Highlighting significant local risk factors Facilitating an easy comparison of territories Contributions from local law experts Concise guidance on local law Offered by firms recommended to IFLR by our international partners See overleaf for your invitation Expert analysis from leading international practitioners See right for confirmed contributors

Yi Lu Partner, Shanghai Paul Hastings

Luke P Iovine Partner, New York Paul Hastings

Stephen Jones Partner, Washington DC King & Spalding

Rupert Schlegelmilch Director for Investment and Services European Commission’s Directorate-General for Trade Carlos Bronzatto Executive director World Association of Investment Promotion Agencies Heba Salama Executive director Comesa Regional Investment Agency

FOREIGN DIRECT INVESTMENT REPORT 2014

How to get involved

At a glance

Following your recommendation to IFLR by our international partners, we would like to invite your firm to contribute to the Report on a sponsorship basis, and demonstrate how you can assist corporates, financial institutions and their advisors to structure deals in your jurisdiction.

Global report on FDI approval processes, popular investment vehicles, government incentives and intervention, establishing local operations, and local law considerations.

We would like to offer you the following sponsorship package: •

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Opportunity to position your firm alongside our international partners, including Paul Hastings, King & Spalding, European Commission, World Association of Investment Promotion Agencies, Comesa Regional Investment Agency Exclusive opportunity to respond to the Report for your jurisdiction – all opportunities are offered to local experts on a first-come, first-served basis Publication of your firm’s responses in a dedicated results supplement – up to 2,000 words published and distributed with the December/January issue of IFLR Up to two senior lawyer profiles – 150-word bios, including headshots & contact details. Displayed alongside your survey responses. 10 print copies of the print supplement – for internal and client distribution purposes High resolution PDF of the published results – with distribution rights to existing and potential clients Promotional activities via IFLR’s print, online and social media channels – see overleaf for details

Cost of participation To discuss sponsorship opportunities please contact a member of our sales team. All opportunities are offered on a strictly first-come, first-served basis.

Guest edited by Garrett Hayes, corporate partner with Paul Hastings in London Provides corporates, financial institutions and their advisors with a clear understanding of variations in local law and practice Published as a dedicated supplement with the December/January edition of IFLR Features at-a-glance overview, local law and procedural idiosyncrasies, and international analysis Exclusive Q&As with the European Commission, WAIPA, and Comesa Regional Investment Authority Exclusive sponsorship opportunities offered to firms recommended to IFLR by our international partners Packages include:

To discuss sponsorship opportunities please contact

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Europe and North America Liam Sharkey Tel: +44 (0) 20 7779 8384 Email: [email protected]

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Latin America Roberto Miranda Tel: +44 (0) 20 7779 8435 Email: [email protected] Asia, Middle East and Africa Denny Squibb Tel: +852 2842 6945 Email: [email protected]

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Exclusive contribution to the Report for your jurisdiction Up to two senior lawyer profiles displayed alongside your responses 10 print copies of the supplement High resolution PDF of the published results with distribution rights Promotional activities via IFLR’s print, online and social media channels

See overleaf for more information.

RESERVATION DEADLINE: OCTOBER 25

FOREIGN DIRECT INVESTMENT REPORT 2014

Promotional activities

Print and online exposure

All survey results will be: •

Published in print with the December/January issue of IFLR magazine IFLR has a loyal readership of at least 5,9441 per print issue

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Published on the free to access area of iflr.com Iflr.com has >22,0002 unique monthly visitors

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Promoted in IFLR’s weekly e-newsletter IFLR’s e-newsletter has >18,0003 subscribers

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Promoted to IFLR’s LinkedIn network IFLR has >3,000 LinkedIn group members

IFLR.com monthly usage statistics • Average unique visitors >22,0002 / month • Average page views >65,0002 / month

The survey will also be promoted electronically to delegates who registered for the following events (1,485 in total): • • • • •

Print reach IFLR magazine has a loyal readership of at least 5,9441, per print issue

IFLR Asia M&A Forum, February 2013 (>560) IFLR European Capital Markets Forum, April 2013 (>220) IFLR Africa Forum, May 2013 (>240) IFLR India Outbound Forum, July 2013 (>215) IFLR Asia Capital Markets Forum, November 2013 (>250)

Social media • IFLR’s e-newsletter has >18,0003 subscribers • IFLR has >3,000 LinkedIn group members

Subscribers By company type (including print subscribers and free weekly email subscribers4)

(See appendix 2 on pages 6-7 for a selection of IFLR’s influential magazine and e-newsletter subscribers.)

44.1% Corporate / financial / government institution

37.2% Law firm

7.8% Academic institution

10.9% Other PRINT

ONLINE

NEWSLETTER

APP

Footnotes 1. The readership rate based upon a survey conducted in Oct 2012, has been independently audited by IPSOS MORI, the international media consultancy. The number of readers is based upon the readership rate applied to the proposed circulation. At 95% confidence International Financial Law Review will have between 5,275 and 6,621 readers. 2. Source: Webtrends Oct 11 – Nov 12 3. Figures based on IFLR weekly email campaign sent on 5th September 2012. 4. A combined analysis of IFLR print subscriber file & 10% of IFLR’s weekly email distribution extrapolated across 18,000 recipients.

FOREIGN DIRECT INVESTMENT REPORT 2014

Appendix 1: How it works Contributing to the Report IFLR will provide you with: • • •

A set of questions developed in partnership with our guest editors Example response – available on request A template to complete an overview summary

You will be required to: • • •

Answer the questions Provide concise guidance on local law Submit no more than 2,000 words in total

We anticipate that this should take between two to three hours to complete. Survey methodology, guidelines and timeline IFLR will: • • • •

Distribute the Report questions in mid September Collate all responses in late October/ early November Analyse and present the responses Publish all results (including an at a glance table) with the December/January issue of IFLR

Designing the survey and selecting respondents IFLR has worked closely with Paul Hastings to identify: • • •

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Key jurisdictions across Europe, North America and Asia-Pacific Local expert firms operating within those jurisdictions Key areas focus on: • Overview • Investment vehicle • Investment approval • Tax and grants • Operating locally • Legal and regulatory framework • Dispute resolution Key questions around these areas with templated responses Methodology for comparing practice across jurisdictions

Marketing and promotional activity IFLR will conduct the promotional activities detailed on page 4.

FOREIGN DIRECT INVESTMENT REPORT 2014

Appendix 2: selected IFLR subscribers When your firm partners with IFLR you have the opportunity to influence decision makers who subscribe to IFLR and who receive the free weekly email. These are the leading buyers of legal services in Banking, Capital Markets, M&A, and Financial Regulation. They include:

ABN Amro Accenture Addleshaw Goddard African Development Bank Air China Southwest Company Akin Gump LLP Allen & Gledhill Allen & Overy LLP American Express Anderson Mori & Tomotsune Anglo American Plc Anheuser Busch ANZ Bank Aon Asset Management Aon Risk Services Arab Petroleum Investments Corporation Arthur Cox Company Ashurst LLP Asia Commercial Bank Asia Mezzanine Capital Group Asia Pacific Mining Ltd Asian Development Bank Association of Financial Markets Australian & New Zealand Bank Australian Treasury Aviva Ltd AXA Bahamas Financial Services Board Baker & Mckenzie Baker Botts Banca D’Italia Cons Legale Banco Central Argentino Banco Central De Chile Banco Central De La Republica Banco Central De Reservas Del Peru Banco De Espana Bank Austria Creditanstalt Bank of Albania Bank of America Merrill Lynch Bank of England

Bank of Ireland Group Bank of Japan Bank of Korea Bank of Mongolia Bank of Montreal Bank of New York Mellon Bank of Uganda Banque Ouest Africaine De Barclays Capital Barclays Bank Plc Berwin Leighton Paisner Bhp Billiton Limited Binder Grosswang Rechtsanwalte Bingham Mccutchen LLP Blackrock BNP Paribas Board of Governors Fed Reserve BP British Land Capgemini Capita Insurance Services Capital Markets Board of Turkey Capital One Cb Equity Partners Gmbh Central Bank of Trinidad & Tobaga Chadbourne & Parke Citigroup Cleary Gottlieb Steen Hamilton Clifford Chance Clyde & Co LLP Cms Cameron Mckenna LLP Codetel A Verizon Company Cogent Partners Commerzbank Ag Commodity Futures Trading Commission Commonwealth Bank Control Risks Conyers Dill & Pearman Pte Ltd Cravath Swaine & Moore LLP Credit Agricole Suisse Sa

Credit Lyonnais Credit Suisse Cuba Central Banco Daewoo Securities Daiwa Securities Smbc Europe Danish Bankers Association Davis Polk & Wardwell Debevoise & Plimpton Deloitte LLP Deutsche Bank DLA Piper LLP US Dubai Islamic Bank Duke Law School Easyjet Airline Co Ltd Edward Nathan Sonnenbergs Edwards Angell Palmer & Dodge EMI Ltd Ernst & Young European Bank For Reconstruction European Central Bank European Commission European Parliament Eversheds LLP Exxonmobil Federal Reserve Bank of Ny Federation Bancaire Francaise Financial Services Authority Fitch Ratings Fraser Milner Casgrain LLP Freshfields Fried Frank Harris Shriver Fulbright & Jaworski LLP GE Capital Gibson Dunn & Crutcher LLP Gide Lotrette Nouel Aarpi Goldman Sachs Grant Thornton LLP Gulf International Bank Harneys Hengeler Mueller Herbert Smith LLP

FOREIGN DIRECT INVESTMENT REPORT 2014

Hogan Lovells Intl LLP Honeywell Hong Kong Exchange & Clearing HSBC Ltd Hutchison Whampoa Limited Hyder Consulting Hydro Tasmania Hyundai Motor Finance Company IBM ICAP Indian Oil Corp Ltd Infosys Technologies Limited Ing Bank Inter American Dev Bank International Capital Markets Association International Monetary Fund Irish Stock Exchange Islamic Development Bank Istanbul Gold Exchange J & A Garrigues SLP J P Morgan John Deere Credit Jones Day K&L Gates LLP Kim Chang & Lee King & Spalding Intl LLP Kirkland & Ellis Inter LLP Korea University KPMG Latham & Watkins LLP Lazard Freres Lenz & Staehelin London School of Economics Loyens & Loeff Macfarlanes LLP Macquarie International Ltd Mannheimer Swartling Advokatby Maples And Calder Maritime & Port Authority of Singapore Mayer Brown International LLP Mcdermott Will & Emery LLP Mercedes Benz Mercer Capital Merrill Lynch Microsoft Corporation

Milbank Tweed Hadley & Mccloy Ministry of Finance Finland Ministry of Finance Mexico Ministry of Finance Slovenia Mitsubishi UFJ Secs Intl Plc Mizuho Corporate Bank Ltd Monetary Authority Singapore Morgan Lewis Bockius LLP Morgan Stanley Morrison & Foerster LLP National Bank of Belgium National Grid National Trust Holding Company Natixis Nauta Dutilh Nestle Newedge News Corporation Nomura International HK Ltd Nordea Bank Ab (Publ) Norton Rose LLP Novartis International AG Nyse Euronext Oaktree Capital Mgmt LLC Ogier O’Melveny & Myers LLP Ontario Securities Commission Opec Fund For Int Development Oracle Corp SA Orrick Herrington & Sutcliffe Oxford University Paul Hastings Paul Weiss Rifkind Petrobras Pillsbury Winthrop Shaw Pinsent Masons Pricewaterhousecoopers Proskauer Rose Prudential Rabobank International RBS Reed Elsevier NV Reed Smith LLP Resolution Asset Management Ropes & Gray LLP Royal Bank of Canada Salans

Samsonite Corporation Samsung Santander Global Banking Saxa Equity Partners Securities And Futures Commission Shearman & Sterling LLP Shell Shepherd And Wedderburn LLP Sidley Austin Siemens AG Simmons & Simmons Simpson Thacher & Bartlett LLP Skadden Arps Slate Meagher Slaughter And May Smbc Nikko Capital Markets Squire Sanders & Dempsey Stagecoach Holdings Plc Standard Bank Stanford Law School Stephenson Harwood Stikeman Elliott Sullivan & Cromwell Svenska Handelsbanken AB Swiss Reinsurance Company The Blackstone Group LLP The Central Bank of China UBS Unilever Uniqlo University of Hong Kong US Department of Treasury Vinson & Elkins L.L.P. Visa Europe Volkswagen Volvo Treasury Ab Wachovia Bank Waitrose Walmart Stores Weil Gotshal & Manges LLP White & Case LLP Wilmer Hale Law Firm Wong Partnership LLP World Bank Yale University Zambia Competition Commission Zurich Financial Services

Source: Active subscriber list for November 2012 print or weekly email subscribers. Please note that future circulation lists will vary.