China: Study On Foreign-Invested Medical Institutions (II): Case Studies

Last Updated: 19 January 2017
Article by Huanhao He and Yaohua Hu

As mentioned in Study on Foreign-Invested Medical Institutions (I) (Click to Read), although China had at one time implemented a pilot program for establishing wholly foreign-owned hospitals, current policies prohibit full ownership. Currently, foreign ownership of medical institutions is limited to 70% as stipulated by the Interim Measures for the Administration of Sino-foreign Equity Joint and Cooperative Joint Medical Institutions (order of Ministry of Health and Ministry of Foreign Trade and Economic Cooperation, [2000] No. 11, hereinafter referred to as the "Interim Measures"), without reference to qualified Taiwan, Hong Kong and Macao investors.

We have noted, however, certain instances in which this foreign equity limitation was exceeded. How exactly did these foreign investors successfully break the 70% limitation? Is it due to previously applicable laws and policies, sophisticated ownership structures or some other coincidence? What lessons can potential foreign investors learn from these cases? In this article, we will attempt to answer these questions by analyzing three cases involving Phoenix Medical, Harmonicare, and Artemed in Shanghai pilot free trade zone.

Phoenix Medical

On November 29, 2013, Phoenix Medical (01515.HK) completed an IPO and was listed on the Hong Kong Stock Exchange Main Board as the first hospital concept stock. Phoenix Medical Group Co., Ltd. ("Phoenix Medical"), as the foreign listed company, was founded on February 28, 2013, and was the largest private hospital group in China. At the time of the IPO, all Phoenix Medical member medical institutions were located in Beijing, including some large general hospitals and community health care institutions. The ownership structure of Phoenix Medical immediately after the pre-IPO restructuring and before the IPO is shown below:

As shown in the chart above, prior to listing, Beijing Phoenix United Hospital Management Consulting Co., Ltd. ("Beijing Phoenix") was a wholly foreign-owned enterprise and directly held 80% of the equity of Beijing Jiangong Hospital ("Jiangong Hospital"). The remaining 20% of the equity was held by an independent third party, Beijing Construction Engineering Group Co., Ltd. The issue with this ownership structure is whether it violates the 70% foreign investment limit.

Review of Regulations from Article (I): Policies
  • When the restructuring was taking place, the General Office of the State Council had proposed to launch a pilot program for establishing wholly foreign-owned medical institutions and the Catalogue for the Guidance of Foreign Investment Industries (revised in 2011), effective as of January 30, 2012, had categorized medical institutions as permitted to foreign investment. However, the applicable law should continue to have been the Interim Measures, since the Circular on Carrying out the Pilot Program of the Establishment of Wholly Foreign-Owned Hospitals (of which Beijing is one of seven pilot municipalities/provinces) by the National Health and Family Planning Commission and the Ministry of Commerce had not yet been officially promulgated.
  • On the other hand, the Tentative Measures for Administration of Foundation of Wholly-Controlled Hospitals in Mainland China by Hong Kong and Macao Service Providers and the Foundation of Wholly-Controlled Hospitals in Mainland China by Taiwan Service Providers were put into force on January 1, 2011, according to which, since April 1, 2012, the permitted regions for Hong Kong service providers to establish wholly foreign-owned hospitals shall expand from the initial five cities to all direct-controlled municipalities and provincial capital cities (including Beijing).

The answer to this issue involves a restructuring of Jiangong Hospital which took place between April and August 2013, prior to which Beijing Phoenix was a wholly domestic-owned enterprise.

The main steps of the restructuring are as below:

Beijing Phoenix, after seeking the advice of its PRC counsel, chose to transfer its 10% equity interest in Jiangong Hospital to Beijing Wantong on April 19, 2013. However, it was expressly stipulated in the equity transfer agreement that Beijing Phoenix would retain voting rights, the right to appoint directors and the right to receive dividends in relation to the 10% transferred interest, and that Beijing

2013.04.19 2013.05.22 2013.06.17 2013.08.27
  • Beijing Phoenix transfers a 10% equity interest in Jiangong Hospital to Beijing Wantong and retains a 70% equity interest.
  • Beijing Municipal Committee of Commerce approves the transfer of a 30.02% equity interest in Beijing Phoenix to Xintong (Hong Kong). After that, Beijing Phoenix became a joint venture enterprise.
  • Beijing Municipal Committee of Commerce approves the transfer of the remaining 69.98% equity interest in Beijing Phoenix to Phoenix International. After that, Beijing Phoenix became a wholly foreign-owned enterprise.
  • Beijing Wantong sells its 10% equity interest in Jiangong Hospital back to Beijing Phoenix at the orginal purchase price, so Beijing Phoenix again held 80% of the equity in Jiangong Hospital.

Phoenix would have the right to request Beijing Wantong to sell the transferred equity back to Beijing Phoenix at the original purchase price. After completion of the transfer, Beijing Phoenix officially held a 70% interest in Jiangong Hospital. We understand Beijing Phoenix took this seemingly redundant step because of concern that the Beijing Municipal Committee of Commerce ("BMCC") could decide that the Interim Measures also applied to medical institutions jointly established by a joint venture enterprise and wholly domestic-owned enterprise.

As stated in the prospectus, in spite of the above arrangements, in relation to the 30.02% Beijing Phoenix equity transfer, BMCC still believed it needed to consult with the Beijing Municipal Health Bureau ("BMHB") to confirm the interpretation of the Interim Measures. According to a reply from BMHB on May 13, 2013, BMHB believed that completion of the equity transfer would cause Beijing Phoenix to change from a wholly domestic-owned enterprise to a joint venture enterprise. This would in turn cause Jiangong Hospital's status to change from a wholly domestic enterprise to a "foreign-invested enterprise re-invested enterprise," rather than a foreign invested enterprise, which would not be subject to BMHB approval. BMCC approved the equity transfer based upon the BMHB reply.

Subsequently, the transfer of the remaining 69.98% equity interest in Beijing Phoenix was also approved based upon the same reasoning. After the second equity transfer, Beijing Phoenix became a wholly foreign-owned enterprise and subsequently repurchased the 10% equity interest in Jiangong Hospital from Beijing Wantong. Upon completion of the equity repurchase, Beijing Phoenix owned 80% equity in Jiangong Hospital. So, does this case mean that foreign investors may exceed the 70% equity limit without any concerns? If yes, this would undoubtedly be good news for foreign investors who intend to establish wholly foreign-owned hospitals in China.

However, we recommend investors hold a modestly positive attitude towards this result, mainly for the following reasons:

  1. The Interim Provisions on the Investment of Foreign-invested Companies in China(Order of Ministry of Foreign Trade and Economic Cooperation, the State Administration for Commerce and Industry [2000] No. 6)expressly stipulates that the Catalogue for the Guidance of Foreign Investment Industries shall apply by reference to domestic investments made by foreign-invested enterprises. In other words, in principle, domestic re-investments made by foreign-invested enterprises must also comply with foreign investment admission policies.
  2. As shown in the prospectus for Phoenix Medical, the BMHB reply is critical for BMCC to approve the restructuring. Without a definite reply from the local health department, the commerce department may not use the same interpretation.
  3. At the time of the Phoenix Medical restructuring, although the Circular on Carrying out the Pilot Program of the Establishment of Wholly Foreign-Owned Hospitals had not yet been promulgated, the Circular of the General Office of the State Council on Forwarding the Opinions of the National Development and Reform Commission and the Ministry of Health and Other Departments on Further Encouraging and Guiding Non-government Funding for Medical Institutions (Guo Ban Fa [2010] No. 58) and the Catalogue for the Guidance of Foreign Investment Industries (revised in 2011) indicated that the tone of macroeconomic policy at that time was to encourage foreign investors to set up wholly foreign-owned medical institutions in China. In this regard, BMHB was likely to interpret the Interim Measures more liberally. However, since April 2015, the policy has again become re-tightened, and no longer permits the establishment of wholly foreign-owned medical institutions. Based on this development, it is difficult to say whether BMHB will continue with its favorable attitude towards foreign investment.

Harmonicare

In June 2015, following Phoenix Medical, Harmonicare (01509.HK) was listed on the Hong Kong Stock Exchange as the second domestic hospital concept stock. Harmonicare Holdings Limited ("Harmonicare"), as the foreign listed company, was founded on August 26, 2014 and is the largest maternity hospital group in China. Its member medical institutions are located in Beijing, Guangzhou, Shenzhen, Chongqing, Guiyang, Wuhan, and Fuzhou, etc., most of which specialize in obstetrics and gynecology. The ownership structure of Harmonicare immediately after the pre-IPO restructuring and before the IPO is as below:

As shown in the chart above, prior to listing, Harmonicare Management Consulting Co., Ltd. ("Harmonicare Consulting") was a wholly foreign-owned enterprise and held a 100% equity interest in Beijing Heanda Management Consulting Co., Ltd. ("Beijing Heanda"). Beijing Heanda held a 100% equity interest in Guiyang Harmonicare Maternity Hospital ("Guiyang Harmonicare"), which actually held more than an 80% equity interest in a majority of the domestic hospitals associated with Harmonicare. The issue here is whether this ownership structure violates the 70% equity limitation as stipulated in the Interim Measures?

After the restructuring, the ownership structure of Harmonicare before establishing the overseas red-chip structure is shown below:

The restructuring took place in December 2014 and resulted in a change in the nature of the owners of Guiyang Harmonicare. Before establishing the overseas red-chip structure, Harmonicare Consulting was a wholly domestic-invested enterprise.

Review of Regulations from Article (I): Policies
  • when the above reorganization occurred, the Circular on Carrying out the Pilot Program of the Establishment of Wholly Foreign-Owned Hospitals (Guo Wei Yi Han [2014] No. 244, hereinafter referred to as "Circular 244") had already been promulgated by the National Health and Family Planning Commission and the Ministry of Commerce on July 25, 2014.
  • On the other hand, the Catalogue for the Guidance of Foreign Investment Industries (Revised in 2015) had not yet been formally promulgated. The Catalogue was released on March 10, 2015 and put into force on April 10, 2015.

The main steps to establish the overseas red chip structure are as follows:

Harmonicare also noted the issue regarding the legality of its indirect holding of more than a 70% equity interest in PRC hospitals. As a result, Harmonicare presented the following comments in its prospectus:

  1. Harmonicare has held a greater than 70% equity interest in its affiliated PRC hospitals since January 2015. The Catalogue for the Guidance of Foreign Investment Industries (Revised in 2011), which was effective during that period, had no restriction on the foreign ownership of medical institutions. Harmonicare completed the restructuring before the implementation of the Catalogue for the Guidance of Foreign Investment Industries (Revised in 2015).
  2. Prior to, at the time of and after the restructuring, the direct owners of the affiliated PRC hospitals, as well as the hospitals themselves were not foreign-invested entities. Therefore, the PRC hospitals associated with Harmonicare are not "Sino-foreign joint venture medical institutions" as defined in the Interim Measures.
  3. The Interim Measures have no limitation on the ownership ratio of foreign enterprises in medical institutions through intermediate PRC affiliates.

In addition, Harmonicare has also committed that it would ensure its compliance with PRC laws and regulations related to foreign investment when establishing or acquiring new hospitals in the future, particularly for plans to introduce minority owners to such new hospitals (including senior management staff and other potential domestic business partners).

Compared with Phoenix Medical, the biggest difference in this case was that the Harmonicare restructuring occurred in December 2014, at the time when the foreign investment policy was at its most open and relaxed stage. However, we understand that there is still room for discussion about this most important comment. In fact, Harmonicare had several affiliated PRC hospitals located in Chongqing, Wuhan and Guiyang, which are not among the seven pilot provinces/municipalities under Circular 244. Strictly speaking, regions other than the seven pilot provinces/municipalities should still have been subject to the Interim Measures. This is one reason why Harmonicare added the two other comments.

Furthermore, both Phoenix Medical and Harmonicare raise the same critical question -what is a "Sino-foreign joint venture medical institution"? According to Article 2 of the Interim Measures, "Sino-foreign joint venture medical institutions and cooperative medical institutions refer to medical institutions established in the form of a joint venture or cooperation by foreign medical institutions, companies, enterprises or other economic organizations (hereinafter referred to as foreign joint venturers or foreign cooperators) with Chinese medical institutions, companies, enterprises or other economic organizations (hereinafter referred to as Chinese joint venturers or cooperators) within the territory of China (excluding Hong Kong, Macao and Taiwan) on the basis of the principle of equality and mutual benefit and on the approval of the Chinese government." Taken literally, since wholly foreign-owned enterprises and Sino-foreign joint venture enterprises are not foreign medical institutions, companies, enterprises or other economic organizations, the medical institutions that such entities jointly establish with Chinese joint venturers or cooperators are certainly not Sino-foreign joint venture medical institutions or cooperative medical institutions. However, we wish to ask whether this interpretation truly reflects legislative intent. We recommend that investors fully consult with the competent health department and commerce department before carrying out similar transactions, in order to reduce the risk of being found to have deliberately evaded mandatory legal provisions. In addition, investors may also refer to the example of Harmonicare and introduce domestic minority owners.

Artemed Hospital in the Shanghai Pilot Free Trade Zone

Different from the previous two cases involving public listings, the Artemed Hospital case is notable because the hospital is known as being the first wholly foreign-owned hospital in mainland China (excluding those wholly owned by Taiwan, Hong Kong or Macao investors).

According to public reports, on July 22, 2014, Artemed Group, Silver Mountain Capital and Shanghai Waigaoqiao Bonded Area Sanlian Development Co., Ltd. and Waigaoqiao Medical Insurance Center signed a strategic cooperation framework agreement with respect to the establishment of Artemed Shanghai Hospital ("Shanghai Artemed Hospital"), which, after completion, is to become the first wholly foreign-owned hospital (excluding Taiwan, Hong Kong and Macao) in the Shanghai pilot free trade zone and across the nation.

According to the information shown on the official Artemed website and inquiry results from the National Enterprise Credit Information Publicity System, the schedule for the Shanghai Atmed Hospital project is as shown in the table below:

Date Event Source
2014.07.22 Executed the Strategic Cooperation Framework Agreement with respect to establishment of a wholly foreign-owned hospital Artemed website
2015.11.24 Obtained the approval to set up medical institution Artemed website
2015.12.11 Obtained investment approval for investors from Taiwan, Hong Kong and Macao Artemed website
2015.12.14 Obtained a business license with a scope of business for "hospital construction" National Enterprise Credit Information Publicity System
At present Engineering design stage, plans to break ground by the end of 2016 Artemed website

However, as the project progressed, things did not proceed exactly as expected. According to the information shown in the National Enterprise Credit Information Publicity System, Shanghai Artemed Hospital is a limited liability company (Sino-foreign joint venture), whose equity structure is shown as below:

As shown in the above chart, Shanghai Artemed Hospital eventually adopted the form of a Sino-foreign joint venture, with investment from an enterprise wholly-owned by Taiwan, Hong Kong and Macao investors and foreign investors. And the foreign investors referred to in this case may also mean entities incorporated in Taiwan, Hong Kong or Macao (due to limited public information, it is difficult to determine whether they meet relevant conditions to be Taiwan, Hong Kong or Macao service providers). But from this point of view, all of the investors are foreign entities.

The question is why did the company abandon the original wholly foreign-owned structure? Was it because of the re-tightened foreign investment admission policy for medical institutions which was put into force since April 10, 2015? If yes, does Artemed's Sino-foreign joint venture structure, which is wholly-foreign owned when looking through the structure, raise suspicions of evading the 70% foreign equity limitation? If both Artemed China Limited and Starnberg Medical Management satisfy the conditions to be Taiwan, Hong Kong and Macao service providers, can the two entities directly establish a hospital wholly owned by Taiwan, Hong Kong and Macao investors, rather than through the intermediate Shanghai Pei-Star Medical Technology Co., Ltd. (established on August 19, 2015)?

Review of Regulations in Article (I): Policies
  • The Strategic Cooperation Framework Agreement was signed on July 22, 2014. However, the Provisional Measures on the Administration of Wholly Foreign-Owned Medical Institutions in the China (Shanghai) Pilot Free Trade Zone was already released and put into practice since November 13, 2013.
  • The approval to establish medical institutions was obtained on November 24, 2015. However, Catalogue for the Guidance of Foreign Investment Industries (Revised in 2015) had already been promulgated since April 10, 2015.

Due to the limited public information available about non-listed companies, we only make above analysis from a legal perspective. In any event, the Artemed Hospital case also touches on the difficult question of "what is a Sino-foreign joint medical institution"? Business practices are constantly changing, we shall see how the legislators and competent authorities respond to this question in the future.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Emails

From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

*** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.