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Kela Shang

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China SAFE Requirements for Share-Based Awards

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Given the ongoing competition for talent in the People’s Republic of China (PRC), the ability to offer share‑based awards has become an important tool for employers seeking to attract and retain employees in the market.For non‑Chinese companies, the primary challenge is compliance with requirements imposed by the State Administration of Foreign Exchange (“SAFE”). While the registration process was historically burdensome and time‑consuming following its introduction in 2007, it has become more efficient over time. Many…

Japan Exemption from Securities Filing Requirements Significantly Expanded

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In Brief The scope of the employee share plan exemption applicable to the offering of stock options and stock purchase rights has been significantly expanded, which should now enable most companies to rely on the exemption in offering equity awards to employees of their subsidiaries in Japan without having to file a securities notice or securities registration statement with the Japanese securities regulator. Background Under the Japanese Financial Instruments and Exchange Act (the “FIEA”), companies…

Global Considerations for Cashing Out Equity Awards in Mergers

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In M&A transactions, it is common for companies to cash out the vested equity awards of the target company and convert any unvested portion of the award into an award that will pay out in the future. In our latest guest blog post for the NASPP, we look at the various global tax and regulatory considerations and flag potential risks ranging from unfavorable tax treatment to compliance issues under local rules and regulations.  To read…

Vietnam: Offering Share-Based Awards to Employees in Vietnam

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Vietnam is becoming an increasingly important market for talent, and we have witnessed growing demand for the offering of share-based awards to employees in Vietnam in recent years. Due to currency control restrictions imposed by the State Bank of Vietnam (SBV), including the requirement that each plan be registered with the SBV, it has traditionally been challenging to implement a share plan in Vietnam. Since the adoption of Circular 10 in 2016, the SBV registration…