Nei Bao Wai Dai

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By King & Wood Mallesons’ Banking & Finance Group

On 19 May 2014, the State Administration of Foreign Exchange (the “SAFE”) promulgated the Provisions on the Administration of Foreign Exchange for Cross-Border Security (Hui Fa [2014] No.29, the “New Provisions”). The New Provisions will, after it comes into force on 1st June 2014, replace twelve existing regulations that provide for cross-border security (collectively, the “Existing Provisions”) such as the Implementation Measures on the Administration of External Security Provided by Onshore Entities and the SAFE Circular on Issues Concerning the Administration of External Security Provided by Onshore Entities (also known as Circular 39).
Continue Reading The State Administration of Foreign Exchange Promulgated the Provisions on the Administration of Foreign Exchange for Cross-Border Security

By King & Wood Mallesons Banking Group

On 13 February 2014, the State Administration of Foreign Exchange ( “SAFE”) published the Provisions on the Administration of Foreign Exchange for Cross-border Security (Draft for Comments) (“New Provisions”) on its website, soliciting public opinions. The New Provisions, if implemented, will further loosen the country’s foreign exchange capital control.

Compared to the existing regulations (“Existing Rules”) such as the Implementation Measures on the Administration of External Security Provided by Onshore Entities and the Circular of SAFE on Issues Concerning the Administration of External Security Provided by Onshore Entities (“Circular 39”), the main changes are:
Continue Reading The State Administration of Foreign Exchange Soliciting Public Opinion on the Provisions on the Administration of Foreign Exchange for Cross-border Security