SAFE issued new cross-border security rules

The State Administration of Foreign Exchange ("SAFE") released the Foreign Exchange Administrative Rules on Cross-border Security and its operation guidelines (the "New Rules") on 12 May 2014, which will become effective on 1 June 2014. The New Rules are seen as the first major attempt by SAFE to revamp and update its control over cross-border security in line with the PRC government's policy of liberalising Renminbi. The new regulatory regime is certainly less restrictive but falls short of complete deregulation.

In this client briefing, we provide our analysis of developments surrounding these New Rules which regulate cross-border security in three categories: outbound security, inbound security, and other types of cross-border security. This note provides a summary of the key rules and an analysis of the implications such rules may have on cross-border financings.

To download the full briefing, please click here.

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