The Zuellig Forum 2011Fund Management - A Pillar of Growth in Singapore?                                               Cli...
Contents1. Singapore as a global asset management centre                                               32. Introduction   ...
Singapore as a global asset                                                                             management centre ...
IntroductionThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore?   Clifford Chance   4
Introduction – fund management as a pillar ofgrowth What is the current landscape of the asset management industry in  Si...
Fund managementThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore?   Clifford Chance   6
Fund management – the current landscape Asia-Pacific region continues  to be a key investment  destination for Singapore-...
Fund management – the current landscape (cont‟d)Assets under management, 2002-2010 (US$ trillions)                        ...
Fund management – the current landscape (cont‟d)Alternative and passive products should keep outgrowing traditional active...
Fund management – the current landscape (cont‟d) Asset allocation is shifting eastward....        Changes planned to 2011 ...
Fund management – the current landscape (cont‟d)Singapore - a growing Asian hub for alternative investments        2005 to...
Fund management – the current landscape (cont‟d)                                                            Assets Under M...
Fund management – the current landscape(cont‟d)                                       The Economist Intelligence Unit, Sep...
Fund management – the current landscape(cont‟d)              With the breadth of products and offerings              incre...
Fund management – the regulatory frameworkThe Monetary Authority of Singapore(the “MAS”) Singapore‟s central bank Integr...
Fund management – the regulatory framework(cont‟d)Securities and Futures Act (the “SFA”)Overview Regulates the securities...
Fund management – the regulatory framework(cont‟d)ExemptionsOnshore Singapore hedge fund managers qualify as Exempt FundMa...
Fund management – the regulatory framework(cont‟d)Financial Advisers Act (the “FAA”)Overview Governs financial advisory a...
Fund management – the regulatory framework(cont‟d) Financial advisory services include:i. advising others on investment p...
Fund management – the regulatory frameworkas a catalyst for growth? Exempt fund manager and exempt financial adviser regi...
Fund management – recent policies andinitiativesMaintaining Singapore’s strong fund management  performance… MAS proposed...
Fund management – recent policies andinitiatives (cont‟d)  Targeting Asian clients…..   Strong preference for home-market...
Regulatory OverviewThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore?   Clifford Chance   23
Regulatory Overview Global Regulatory Themes – the G20 agenda AIFMD Private Funds RegulationThe Zuellig Forum 2011: Fun...
Global regulatory themes                                 Market                                         Securities        ...
G20 commitmentsFundamental elements of global regulatory reform agreed at Pittsburgh G20meeting Strengthening bank capita...
Implementation of G20 commitmentsUS                                                                     EU                ...
Proposals in the EU Legislative Pipeline                                               17                               • ...
Key EU legislation - timetable                                       H2 2011                               2012           ...
AIFMD                                     Current Status                                      Directive entered into forc...
Application of the Alternative Investment FundManagers Directive (AIFMD)Location of             Location of               ...
Application of the Alternative Investment FundManagers Directive (AIFMD)                               Location ofLocation...
What next?EU MiFID II MiFIR MAD II Break up of the Euro?US Final rules for Volcker and OTC Derivatives Reform Capita...
Questions and answers……………The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore?   Clifford Chance   34
Ho Han Ming, SingaporePartnerHo Han MingT: +54 6410 2283E: HanMing.Ho   @cliffordchance.comThe Zuellig Forum 2011: Fund Ma...
Worldwide contact information33* offices in 23 countriesAbu Dhabi                     Bucharest                           ...
Clifford Chance Pte Ltd, One George Street, 19th Floor, Singapore 049145© Clifford Chance Pte Ltd 2011Clifford Chance Pte ...
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Singap 1-#148915-v1-hhm --presentation__the_zuellig_forum__a_pillar_of_growth_in_singapore_

  1. 1. The Zuellig Forum 2011Fund Management - A Pillar of Growth in Singapore? Clifford Chance 1
  2. 2. Contents1. Singapore as a global asset management centre 32. Introduction 43. Fund management 64. Regulatory overview 23The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 2
  3. 3. Singapore as a global asset management centre “In just over four decades, Singapore has established a thriving financial centre of international repute ... Singapore offers financial institutions a pro-business environment, excellent infrastructure, cost- competitiveness, a highly skilled and cosmopolitan labour force, and is strategically located in a region of opportunities.” Singapore International Financial Centre Gateway to Opportunities in Asia and Beyond - A Well Established and Diversified Financial Sector’ Monetary Authority of Singapore, February 2011The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 3
  4. 4. IntroductionThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 4
  5. 5. Introduction – fund management as a pillar ofgrowth What is the current landscape of the asset management industry in Singapore? The regulatory framework and how this may act as a catalyst for growth. Current policies and initiatives: looking to the future.The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 5
  6. 6. Fund managementThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 6
  7. 7. Fund management – the current landscape Asia-Pacific region continues to be a key investment destination for Singapore- based asset managers, accounting for 64% of total AUM in 2010. Asia-Pacific seen as a distinct investment region by global investors. MAS 2010 Singapore Asset Management Industry SurveyThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 7
  8. 8. Fund management – the current landscape (cont‟d)Assets under management, 2002-2010 (US$ trillions) -13 7 -21 8 -6 11 -16 2 9 11 11 13 30 26 13 8 North America Europe Asia Japan and Australia (excluding Japan and Australia) -1 18 -15 10 -17 8 24 22 15 13 11 13 1.3 1.1 0.9 0.9 0.3 2002 2007 2008 2009 2010 Latin America South Africa and the Global Middle East Annual growth, Annual growth, Annual growth, Annual growth, 2002-2007 (%) 2008 (%) 2009 (%) 2010 (%)Sources: BCG Global Asset Management Market Sizing database, 2011.Note: Global includes offshore AuM, North America = Canada and the United States; Europe = Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, and the United Kingdom; Asia = China, Hong Kong, India, Singapore, South Korea, and Taiwan; Latin America = Brazil, Chile,and Mexico. For all countries whose currency is not the U.S. dollar, we applied the average 2010 exchange rate to all years. AuM numbers for 2009 differ from those in last year‟s report owing mainly todifferences in the exchange rates used. Apparent discrepancies in growth rates are due to rounding.The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 8
  9. 9. Fund management – the current landscape (cont‟d)Alternative and passive products should keep outgrowing traditional active products CAGR, 2010-2014 (%) Passive products/ETFs ETFs Alternative products Passive fixed Traditional active products Hedge funds income Infrastructure Passive equity Balanced Commodities Real estate (including REITs) Absolute return Private equity Fixed Quantitative income Structured LDI Active equity Money market Estimated size, 2010 Net revenue margin1 (basis point) ($trilllions; scale = $1 trillionSource: BCG analysisNote: LDI is liability-driven investment.1Management fees net of distribution costs.The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 9
  10. 10. Fund management – the current landscape (cont‟d) Asset allocation is shifting eastward.... Changes planned to 2011 asset allocation by European Delta institutional investors (% of respondents) (increase minus decrease) Government fixed income - Europe 30 63 7 Government fixed income - U.S. 22 72 6 European equity 26 63 11 Domestic equity 25 61 14 Bank loans 9 85 6 U.S. equity 23 57 20 Corporate credit - Europe 9 74 18 Corporate credit - U.S. 5 80 15 Corporate credit - rest of world 1 79 19 Asian equity 10 57 33Government fixed income- Asian emerging … 3 69 28Corporate credit - Asian emerging markets 2 71 27 Other emerging-market equity1 8 51 41 0 20 40 60 80 100 Percentage points Decrease Keep the same/don‟t know IncreaseSources: Pension fund survey, December 2010; BCG analysis.Note: Because of rounding, percentages may not total to 100.1Equity from markets other than domestic, U.S., Europe, and AsiaThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 10
  11. 11. Fund management – the current landscape (cont‟d)Singapore - a growing Asian hub for alternative investments 2005 to 2009: Newly raised capital 2005 to 2010: Newly raised capital of of hedge funds in Asia private equity in Asia USD billions Share USD billions Share Hong Kong 8.5 48% China 57 31% Singapore 5.3 30% Hong Kong 38 21% Japan 2.7 15% India 29 16% South Korea 0.4 2% Singapore 25 13% India 0.4 2% Japan 17 9% China 0.3 2% South Korea 11 6%Source: McKinsey Global Wealth Database; team analysisThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 11
  12. 12. Fund management – the current landscape (cont‟d) Assets Under Management 2005 2006 2007 2008 2009 2010MAS 2010 Singapore Asset Management Industry Survey: Total Assets Under Management (“AUM”) by Singapore-based managers as at end-2010 were S$1.4 trillion compared to S$1.2 trillion as at end-2009. 2010 represented a new high in Singapores asset management industry.The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 12
  13. 13. Fund management – the current landscape(cont‟d) The Economist Intelligence Unit, September 2011The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 13
  14. 14. Fund management – the current landscape(cont‟d) With the breadth of products and offerings increasing.....  Singapore is now the 2nd largest offshore RMB settlement centre after Hong Kong.  Singapore represents ~50% of Asia‟s OTC commodity derivatives trading volume.  Singapore asset management industry grew by 16% (vs. 13% in Hong Kong) from 2005-10.  Attractive tax exemption for trust clients was launched in 2006, tax exemptions for onshore funds.The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 14
  15. 15. Fund management – the regulatory frameworkThe Monetary Authority of Singapore(the “MAS”) Singapore‟s central bank Integrated supervision of financial services and financial stability surveillance Development of Singapore as an international financial centreThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 15
  16. 16. Fund management – the regulatory framework(cont‟d)Securities and Futures Act (the “SFA”)Overview Regulates the securities and futures industry in Singapore. Reduces compliance costs and creates a flexible regulatory framework, by implementing a single modular licensing framework. Market intermediaries are required to hold a single modular licence, instead of multiple licences, to engage in the regulated activities listed in the SFA.Licensing requirements No person shall carry on business in any regulated activity or hold himself out as carrying on such business unless he is the holder of a capital markets services licence for that regulated activity. Regulated activities include: i. fund management; and ii. dealing in securitiesThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 16
  17. 17. Fund management – the regulatory framework(cont‟d)ExemptionsOnshore Singapore hedge fund managers qualify as Exempt FundManagers under the SFA and are not required to hold capital marketsservices licence to carry on business in fund management provided that: They act for no more than 30 Qualified Investor clients A Qualified Investor includes: i. a private fund (each fund managed by a Singapore manager counts as ONE Qualified Investor, i.e. no “look through” to underlying investors); and ii. An Accredited Investor An Accredited Investor includes: i. an individual with net assets exceeding S$2 million/income in previous 12 months not less than S$300,000; or ii. a corporation with net assets exceeding S$10 millionThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 17
  18. 18. Fund management – the regulatory framework(cont‟d)Financial Advisers Act (the “FAA”)Overview Governs financial advisory activities in respect of investment products, the distribution or marketing of specific investment products such as life insurance policies and collective investment schemes. Streamlined licensing framework as only one licence is required to give advice on a spectrum of products.Licensing requirements No person may act as a financial adviser in Singapore in respect of any financial advisory service unless he is authorised to do so in respect of that financial advisory service by a financial adviser‟s licence or is an exempt financial adviser.The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 18
  19. 19. Fund management – the regulatory framework(cont‟d) Financial advisory services include:i. advising others on investment productsii. advising others by issuing research reports or analyses concerning investment products; andiii. marketing of any collective investment scheme.Exemptions Financial advisers who are exempt from the requirement to hold a financial advisers licence include:i. a holder of a capital markets services licence under the SFA;ii. a securities exchange, a futures exchange, or a recognised market operator; andiii. 30 qualified investors exemption.The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 19
  20. 20. Fund management – the regulatory frameworkas a catalyst for growth? Exempt fund manager and exempt financial adviser regimes offer flexibility for new entrants to Singapore. Taxation policy:i. clear rules on tax exemptions (including a tax exemption scheme for new start-up companies)ii. incentives for Singapore-resident fund managers including: • a concessionary tax rate of 10% for fund management and investment advisory activities; • tax exemption on specified income for qualifying offshore funds managed by Singapore-resident fund managers; andiii. growth of Singapore as a fund domicile: Cayman Islands of the East? Ease of establishment: Singapore is an efficient and generally lower- cost location for a start-up compared to other jurisdictions.The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 20
  21. 21. Fund management – recent policies andinitiativesMaintaining Singapore’s strong fund management performance… MAS proposed revised regulatory regime for fund management companies (including new risk management frameworks for fund managers, independent auditing of fund management companies and new examinations for representatives of licensed retail fund management companies)… “ensuring that [the] regulatory regime keeps pace with global developments and (helping) to promote the sustainable growth of Singapores fund management industry” MAS Annual Report 2010/2011The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 21
  22. 22. Fund management – recent policies andinitiatives (cont‟d) Targeting Asian clients…..  Strong preference for home-market investing – asset managers should concentrate on local Asian assets.  Gaining access to more restricted markets (such as China) by finding the right partner “optimally structuring the partnership agreement are critical to capturing distribution advantages”  Growth of Asian sovereign wealth funds – “diversifying, reducing exposure to the US dollar and focusing on alternatives and emerging markets” The Boston Consulting Group, „Building Success‟, 2011The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 22
  23. 23. Regulatory OverviewThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 23
  24. 24. Regulatory Overview Global Regulatory Themes – the G20 agenda AIFMD Private Funds RegulationThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 24
  25. 25. Global regulatory themes Market Securities Volcker and Capital Short selling MiFID II abuse Law Directive lookalikes Investor and Recovery depositor Clearing CRAs Depositaries Liquidity fund protection Retail SEPA Corporate OTC CCPs and distribution migration governance derivatives CSDs review Independent FSOC and Prospectus UCITS Commission Bank taxes RRPs OFR Directive on Banking New Insolvency Responsible Collateral Remuneration Bail-ins regulators laws lending law directive Financial Client money T2S Solvency II Private funds Transparency groups and assetsThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 25
  26. 26. G20 commitmentsFundamental elements of global regulatory reform agreed at Pittsburgh G20meeting Strengthening bank capital and liquidity standards Addressing systemically important financial institutions and resolutions Improving OTC derivatives markets and core financial market infrastructures Reforming compensation practices to support financial stability Strengthening adherence to international supervisory and regulatory standardsRole of the Financial Stability Board (FSB) The FSB is responsible for co-ordinating and promoting the monitoring of the implementation of the G20 and FSB financial reforms and for reporting on it to the G20 Priority areas - Basel III, OTC Reforms, compensation practices, policy measures for G-SIFIs; resolution frameworks and shadow banking - will undergo more intensive monitoring and detailed reportingThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 26
  27. 27. Implementation of G20 commitmentsUS EU CRD IVDodd Frank Act Crisis Management Directive OTC Derivatives Regulation MiFID II and MiFIR CRD III Credit Rating Agencies Regulation AIFMD / UCITS VThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 27
  28. 28. Proposals in the EU Legislative Pipeline 17 • PRIPs • 14 • • • UCITS Review CRA 3 CRA 1 Implementation Data Protection Directive • Fair Value Accounting • • ESRB implementation EIOPA implementation • • Hedge accounting Commission Green Paper on Corporate Governance for Listed & 15 • • ESMA implementation Omnibus II implementation • non-Listed Companies & Investors‟ Role Consumer Rights Directive • Insurance Mediation Directive • Insurance Guarantee Schemes • Framework for crisis 9 • CRA 2 Regulation • Sanctions for violations of EU • Bank insolvency regime • VAT & Financial management II financial services rules • Review IORP Directive • Insolvency Regulation Services • Collective redress mechanisms - • Collective Redress for • Financial • Pensions Portability Directive common legal principles breach of EU Anti Trust rules Conglomerates • Transparency Directive Review • Horizontal cooperation agreements • Collective Redress scheme Directive Review • Insurance Accounting • Alternative Dispute Resolutions for financial services • Deposit Guarantee • E-Commerce Directive Review (ADR) Schemes • CRD 4 • Directive on reorganization Schemes • Transparency of debtors assets / and winding up of insurance • EMIR • IFRS/US GAAP convergence Attachment of bank accounts undertakings • Short selling and CDS • Commission Green Paper on • Savings Tax Directive Review • European Contract Law • Anti-Discrimination Corporate Governance of • Permanent crisis resolution • Unfair Commercial Practices Directive Financial Institutions mechanism Directive • CRD 3 • Shareholder Rights Directive • Financial inclusion • Securities Law Directive • AIFMD • MIFID 2 • Market Abuse Directive Review • CSD Regulation • Short selling • Bank levy, FTT & FAT 2010 H1 2011 H2 2011 2012 OnwardsThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 28
  29. 29. Key EU legislation - timetable H2 2011 2012 2013Proposed text CRD IV MiFID II, MAD II Crisis ManagementAgreed text Short selling EMIR CRD IV MiFID II, MAD II Crisis ManagementImplementation Short selling EMIR CRD IV Crisis ManagementThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 29
  30. 30. AIFMD Current Status  Directive entered into force 21 July 2011  ESMA preparing draft technical advice which will form the basis of the Commission‟s implementing legislation  ESMA held two consultations on technical advice during summer 2011  Next Steps: ESMA to report to the Commission by 16 November 2011  Implementing legislation Summer 2012?The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 30
  31. 31. Application of the Alternative Investment FundManagers Directive (AIFMD)Location of Location of Application of AIFMDFund ManagerEU EU  AIFMD applies in full from mid 2013.Non-EU Non-EU  If no marketing to EU investors post 2013: AIFMD will not apply.  If marketing to EU investors post 2013: o Provisions on transparency and on portfolio companies; o Co-operation arrangements to be in place between regulators in non-EU jurisdiction and those in all EU jurisdictions where the fund is marketed; o Non-EU jurisdiction must not be AML blacklisted.  Full compliance required if marketing to EU investors post passporting (phase-in period between 2015 and 2018).The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 31
  32. 32. Application of the Alternative Investment FundManagers Directive (AIFMD) Location ofLocation of Fund Application of AIFMD ManagerNon-EU EU  AIFMD applies in full (except provisions on depositaries which only apply post passporting).  If no marketing to EU investors post 2013: o Co-operation arrangements to be in place between the Home State regulator of the AIFM and the regulator in the jurisdiction of the AIF.  If no marketing to EU investors post 2013: o Co-operation arrangements to be in place between Home State regulator of the AIFM and the regulator in the jurisdiction of the AIF; o Non-EU jurisdiction must not be AML blacklisted. o Agreement compliant with OECD Model Tax Convention to be in place between relevant jurisdictions (if marketing under passport).EU Non-EU  AIFMD applies in full from 2015 at latest. Non-EU Manager will need to be authorised by relevant EU regulator, and will need to appoint a legal representative in the EU. Other requirements: o Co-operation arrangements to be in place between regulators in EU member state of reference, Home State of EU AIF and regulator in jurisdiction of non-EU AIFM; o Non-EU jurisdiction must not be AML blacklisted; o Agreement compliant with OECD Model Tax Convention to be in place between relevant jurisdictions.  Pre [2015], as for Non-EU / Non-EUThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 32
  33. 33. What next?EU MiFID II MiFIR MAD II Break up of the Euro?US Final rules for Volcker and OTC Derivatives Reform Capital requirements for SIFIs Judicial challenges to Dodd-Frank rulemakingThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 33
  34. 34. Questions and answers……………The Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 34
  35. 35. Ho Han Ming, SingaporePartnerHo Han MingT: +54 6410 2283E: HanMing.Ho @cliffordchance.comThe Zuellig Forum 2011: Fund Management - A Pillar of Growth in Singapore? Clifford Chance 35
  36. 36. Worldwide contact information33* offices in 23 countriesAbu Dhabi Bucharest Istanbul Moscow Rome WarsawClifford Chance Clifford Chance Badea Clifford Chance Clifford Chance Clifford Chance Clifford Chance13th and 14th Floors Excelsior Center Kanyon Ofis Binasi Kat. 10 Ul. Gasheka 6 Via Di Villa Sacchetti, 11 Norway HouseAl Niyadi Building 28-30 Academiei Street Büyükdere Cad. No. 185 125047 Moscow 00197 Rome ul. Lwowska 19Airport Road 12th Floor, Sector 1 34394 Levent Russian Federation Italy 00-660 WarszawaSector W-14/02 Bucharest, 010016 Istanbul Tel +7 495 258 5050 Tel +39 06 422 911 PolandPO Box 26492 Romania Turkey Fax +7 495 258 5051 Fax +39 06 422 91200 Tel +48 22 627 11 77Abu Dhabi Tel +40 21 66 66 100 Tel +90 212 339 0001 Fax +48 22 627 14 66United Arab Emirates Fax +40 21 66 66 111 Fax +90 212 339 0098Tel +971 2 419 2500Fax +971 2 419 2600Amsterdam Doha Kyiv Munich São Paulo Washington, D.C.Clifford Chance Clifford Chance Clifford Chance Clifford Chance Clifford Chance Clifford ChanceDroogbak 1A QFC Branch 75 Zhylyanska Street Theresienstraße 4-6 Rua Funchal 418 15th Floor 2001 K Street NW1013 GE Amsterdam Suite B, 30th floor 01032 Kyiv 80333 Munich 04551-060 São Paulo SP Washington, DC 20006 - 1001PO Box 251 Tornado Tower Ukraine Germany Brazil USA1000 AG Amsterdam Al Funduq Street Tel +380 44 390 5885 Tel +49 89 216 32-0 Tel +55 11 3019 6000 Tel +1 202 912 5000The Netherlands West Bay PO Box 32110 Fax +380 44 390 5886 Fax +49 89 216 32-8600 Fax +55 11 3019 6001 Fax +1 202 912 6000Tel +31 20 7119 000 DohaFax +31 20 7119 999 State of Qatar Tel +974 4491 7040 Fax +974 4491 7050Bangkok Dubai London New York ShanghaiClifford Chance Clifford Chance Clifford Chance Clifford Chance Clifford ChanceSindhorn Building Tower 3 3rd Floor 10 Upper Bank Street 31 West 52nd Street 40th Floor21st Floor The Exchange Building London, E14 5JJ New York, NY 10019-6131 Bund Centre130-132 Wireless Road Dubai International Financial Centre United Kingdom USA 222 Yan An East RoadPathumwan PO Box 9380 Tel +44 20 7006 1000 Tel +1 212 878 8000 Shanghai 200002Bangkok 10330 Dubai Fax +44 20 7006 5555 Fax +1 212 878 8375 ChinaThailand United Arab Emirates Tel +86 21 2320 7288Tel +66 2 401 8800 Tel +971 4 362 0444 Fax +86 21 2320 7256Fax +66 2 401 8801 Fax +971 4 362 0445Barcelona Düsseldorf Luxembourg Paris SingaporeClifford Chance Clifford Chance Clifford Chance Clifford Chance Clifford ChanceAv. Diagonal 682 Königsallee 59 2-4 place de Paris 9 Place Vendôme One George Street08034 Barcelona 40215 Düsseldorf B.P. 1147 CS 50018 19th FloorSpain Germany L-1011 Luxembourg 75038 Paris Cedex 01 Singapore 049145Tel +34 93 344 22 00 Tel +49 211 43 55-0 Grand-Duché de Luxembourg France SingaporeFax +34 93 344 22 22 Fax +49 211 43 55-5600 Tel +352 48 50 50 1 Tel +33 1 44 05 52 52 Tel +65 6410 2200 Fax +352 48 13 85 Fax +33 1 44 05 52 00 Fax +65 6410 2288Beijing Frankfurt Madrid Perth SydneyClifford Chance Clifford Chance Clifford Chance Clifford Chance Clifford Chance33/F, China World Office 1 Mainzer Landstraße 46 Paseo de la Castellana 110 Level 12, London House Level 16No. 1 Jianguomenwai Dajie 60325 Frankfurt am Main 28046 Madrid 216 St Georges Terrace No. 1 OConnell StreetChaoyang District Germany Spain Perth, Western Australia 6000 Sydney NSW 2000Beijing 100004 Tel +49 69 71 99-01 Tel +34 91 590 75 00 Australia AustraliaChina Fax +49 69 71 99-4000 Fax +34 91 590 75 75 Tel +618 9262 5555 Tel +612 8922 8000Tel +86 10 6535 2288 Fax +618 9262 5522 Fax +612 8922 8088Fax +86 10 6505 9028Brussels Hong Kong Milan Prague Tokyo RiyadhClifford Chance Clifford Chance Clifford Chance Clifford Chance Clifford Chance (Co-operation agreement)Avenue Louise 65 Box 2 28th Floor Piazzetta M.Bossi, 3 Jungmannova Plaza Akasaka Tameike Tower, 7th Floor Al-Jadaan & Partners Law Firm1050 Brussels Jardine House 20121 Milan Jungmannova 24 17-7 Akasaka 2-Chome PO Box 3515, Riyadh 11481Belgium One Connaught Place Italy 110 00 Prague 1 Minato-ku, Tokyo 107-0052 Fifth Floor, North TowerTel +32 2 533 5911 Hong Kong Tel +39 02 806 341 Czech Republic Japan Al-Umam Commercial CentreFax +32 2 533 5959 Tel +852 2825 8888 Fax +39 02 806 34200 Tel +420 222 555 222 Tel +81 3 5561 6600 Salah-AlDin Al-Ayyubi Street Fax +852 2825 8800 Fax +420 222 555 000 Fax +81 3 5561 6699 Al-Malaz, Riyadh Kingdom of Saudi Arabia Tel +966 1 478 0220*Clifford Chance also has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh Fax +966 1 476 9332
  37. 37. Clifford Chance Pte Ltd, One George Street, 19th Floor, Singapore 049145© Clifford Chance Pte Ltd 2011Clifford Chance Pte Ltd SINGAP-1-148915-v1

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