On April 28, 2013, the State Administration of Foreign Exchange (the “SAFE”) promulgated the Administrative Measures of Registration of Foreign Debts (the “Foreign Debt Measures”) together with the detailedOperational Guidelines of Administration of Foreign Debt Registration (the “Guidelines”). Both regulations will be implemented from May 13, 2013. The Foreign Debt Measures and the Guidelines have simplified some of the foreign debt approval requirements and clarified previous uncertainties in the practice of foreign debt registration and administration. The key changes in the Foreign Debt Measures and Guidelines are as follows:1. Classifying different types of foreign debt administration Under the Foreign Debt Measures and the Guideline, borrowers are classified as three different groups: government finance authority, domestic banks and non-banking borrowers. Where a debtor is a finance authority, it shall report to the local SAFE the preceding month’s information on contract execution, withdrawal, repayment and account changes in relation to the foreign debts and the related currency conversion between foreign exchange and Renminbi (RMB) within the first 10 working days of each month. Where a debtor is a domestic bank, the debtor shall report the information of foreign debts through the relevant online administrative system run by SAFE for each of the debts. Where a… Read full this story
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China Releases Administrative Measures on Foreign Debt Registration have 218 words, post on www.natlawreview.com at July 10, 2013. This is cached page on Law Breaking News. If you want remove this page, please contact us.