CGCC Financial Committee Holds Semi-Annual Meeting

CGCC Financial Committee Holds Semi-Annual Meeting

June 26, 2012 -- The semi-annual meeting of the China General Chamber of Commerce Financial Committee was held at the Fenway Golf Club in White Plains, New York. Mr. Xiaohui Hao, the Chairman of the Financial Committee, delivered an opening speech at the beginning of the event in which he welcomed all those who attended the meeting and thanked Sullivan & Cromwell for acting as host for the wonderful occasion. On behalf of Sullivan & Cromwell, Mr. Rodgin Cohen, Senior Chairman, also welcomed the attendees to the meeting and briefly introduced the panel topics and the firm’s presenters. The meeting focused on acquisitions of U.S. organizations by Chinese banking organizations. The topic was met with great enthusiasm and after the meeting, many attendees continued to discuss the acquisition issues. There was also a golf tournament in the afternoon.

The meeting consisted of six panels. The first panel discussed CCS development for China, the Federal Reserve approval process and selected U.S. M&A topics. The second panel addressed the Koehler litigation and its implications. The third panel explained the Volcker rule, enhanced prudential standards, early remediation requirements and living wills. The fourth panel discussed the recent Washington developments, including CFIUS. The fifth panel focused on tax issues, with emphasis on the Foreign Account Tax Compliance Act, the timeline for implementation and how to avoid a 30% withholding tax. The final panel discussed capital and liquidity issues, including the Basel III, Dodd-Frank Act and the potential implications for Chinese Banks.