China Updates- "New Regulations" on foreign exchange/security

The State Administration of Foreign Exchange of the PRC (SAFE) has issued the wide-ranging, so -called "New Regulations" on foreign exchange/security, effective 1st June 2014.

Key Changes include:

• Abolition of need for prior SAFE approval and quota requirements for cross-border security;
• Reduction of SAFE registration requirement to two specific types of cross-border security only;
• Removal of eligibility requirement for SAFE approval/ registration in order for cross-border securities to be valid;
• Removal of SAFE verification requirement for cross-border securities.

The effecr of the New Regulations is to significantly relax control over cross-border securities and PRC/cross-border financing.

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