China: Keeping China's secrets
In the business community, we have seen continued deliberation as to whether the Rio Tinto decision has had any implications for the way in which foreign businesses conduct their negotiations in mainland China. The situation is far from clear, and the spectre of foreign regulators continues to loom large for commercial organisations. Added to this is the UK Bribery Act, which received Royal Assent on 8 April 2010 and is expected to come into force later this year. Together with the US Foreign and Corrupt Practices Act (FCPA), these pieces of legislation have extra-territorial effect, such that regulatory authorities in the UK and US have powers to consider activities of businesses in China.
New rules in China have blurred the line between corporate and state secrets, meaning overseas companies must tread very carefully. Herbert Smith’s May Tai and Sarah Munro report
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