State Administration of Foreign Exchange

News & Analysis as of

Circular 122 – China Starts to Unwind Limits on Foreign Investment in Real Estate in Response to Slowing Economy

Nine years ago, in July 2006, six different Chinese government agencies issued Opinion 171, the first of a number of circulars imposing limits on foreign investment in the property market in response to concerns about a...more

Texas Adds Exemptions to Texas SAFE Act Licensing Requirements

Texas has amended its provisions relating to exemptions from the applicability of the Texas SAFE Act for certain nonprofit organizations and their residential mortgage loan originators (MLOs). Under the amendment, a nonprofit...more

SAFEs and KISSes Poised to Be the Next Generation of Startup Financing

Overview - In late 2013, startup accelerator Y Combinator unveiled its Simple Agreement for Future Equity (“SAFE”) investment instrument as an alternative to convertible debt. While SAFE templates appeared in...more

PRC Foreign Investment Draft Law: What You Should Know

On January 19, 2015, China’s foreign investment regulatory authority Ministry of Commerce (“MOFCOM”) released a draft of new Foreign Investment Law (“Draft Law”) (See blog article Comparison Chart re JV Law and Foreign...more

PRC State Administration of Foreign Exchange’s New Rules on Cross-Border Guarantees and Security Trigger Offshore Bond Issuances

On May 19, 2014, the PRC State Administration of Foreign Exchange (“SAFE”) formally issued and published the Foreign Exchange Administration Regulations on Cross-Border Guarantees and Security (the “Regulations”), which came...more

China’s New Foreign Exchange Control Rule on Outbound and Round-Trip Investment

Replacing Circular 75, Circular 37 simplifies the SAFE registration process for Chinese residents seeking offshore investments and financings, and it liberalizes cross-border capital outflow by Chinese residents. In addition,...more

China: New SAFE Regulations Improve Access to Onshore Credit Support

New SAFE cross-border security rules will ease restrictions on offshore bond offerings and other offshore financings by Chinese companies. Introduction – On May 19, 2014, China’s State Administration of Foreign...more

"The New SAFE Regulations: A Sea Change in PRC-Related Financing?"

New regulations issued by the State Administration of Foreign Exchange (SAFE) of the People’s Republic of China (the PRC) became effective on 1 June 2014. These regulations (the Regulations) will have a significant effect on...more

Impact of the New PRC Cross-Border Security Regulations on Debt Financing

On May 12, 2014, the State Administration of Foreign Exchange (“SAFE”) of the People’s Republic of China (the “PRC”) issued a notice on the Issuance of Administration Rules of Foreign Exchange on Cross-border Security (the...more

SAFE to Relax Foreign Exchange Control over Cross-border Guarantee

On May 19, 2014, the State Administration of Foreign Exchange (“SAFE”) released Notice on the Promulgation of Foreign Exchange Administration Rules on Cross-border Guarantee(“Circular 29”) with a view to promoting...more

Relaxation of PRC cross-border security and guarantee restrictions by SAFE’s New Rules

The Regulation on Foreign Exchange Administration of Cross-border Security together with its operational guidelines (collectively the New Rules) released by the State Administration of Foreign Exchange (SAFE) came into effect...more

SAFE Significantly Eases Restrictions On Cross-Border Security and Guarantees

China's foreign exchange authority has significantly eased restrictions on cross-border security and guarantees, a much-anticipated and game-changing development that opens the door to many previously prohibited or otherwise...more

Maine Adopts New National SAFE MLO Test with Uniform State Component

Maine is the latest state to announce that it will be adopting the new National SAFE Mortgage Loan Originator (MLO) Test with the Uniform State Test (UST) component. The Maine Bureau of Consumer Credit Protection (the Bureau)...more

SAFE Issues Circular 29 to Ease the Approval Requirements for Cross-Border Guarantees

On May 19, 2014, the State Administration of Foreign Exchange (“SAFE”) released provisions aiming to simplify the existing process and ease approval requirements for foreign guarantees in China and further broaden the scope...more

SAFE Relaxes Control over Provision of Cross Border Security

On 19 May 2014, the State Administration of Foreign Exchange (SAFE) released the long awaited Foreign Exchange Administrative Provisions on Cross-Border Security and its implementation guidelines (collectively the New SAFE...more

SAFE Cross-Border Security Rules Finally Released

The State Administration of Foreign Exchange of the PRC (“SAFE”) formally released on 19 May 2014 the Foreign Exchange Administration Rules on Cross-border Security together with its operation guidelines (the “New Rules”)....more

SAFE Released Ground Breaking Draft Rules Regarding Cross-Border Security

The State Administration of Foreign Exchange of the PRC (“SAFE”) released the consultation draft of the Foreign Exchange Administration Rules on Cross border Security together with the draft operation guidelines (the “Draft...more

Move Towards A Chinese FATCA?

Enhanced Reporting Requirements for PRC Residents on Foreign Assets and Transactions - On 9 November 2013, the PRC State Council released the revised reporting requirements for 'PRC residents' in relation to their...more

What Can Go Wrong In Structured Trade And Commodity Finance - Lessons For China

Structured trade and commodity finance (STCF) is central to international trade and is progressively becoming an important source of finance for Chinese companies, given that China is now the most significant player in the...more

CSBS Announces Four More State Agencies Transitioning To Uniform Mortgage Test

On January 7, the CSBS announced that, as of January 1, four additional state or U.S. territorial agencies began using the National SAFE MLO test. With the addition of these four agencies—the Nevada Department of Business &...more

NMLS Expansion Update

As noted in prior editions of the Mortgage Banking Update, states are transitioning non-mortgage licenses to the NMLS. Most recently, the Wyoming Division of Banking began receiving new applications for Money Transmitter...more

China Simplifies Cross-Border Funds Transfers Made as Part of Intellectual Property Transactions

Synopsis: Historically, to complete a foreign exchange payment at a Chinese bank as part of a technology or intellectual property agreement, various registrations (with local Ministry of Commerce (“MOFCOM”), the Patent Office...more

New Jersey’s Domestic Violence Victim Leave Law Poster Now Available

On October 1, 2013, the “New Jersey Security and Financial Empowerment Act” (NJ SAFE Act) becomes effective. This law provides new leave rights to victims of domestic violence and sexual assault, and creates additional notice...more

New Jersey Issues SAFE Act Poster

On October 1, 2013, the New Jersey Security and Financial Empowerment Act (SAFE Act) will take effect, requiring employers to provide unpaid leave to employees affected by domestic or sexual violence. For more on the...more

China to further simplify foreign exchange administration on outbound payments under service trade items

On 9 July 2013, the State Administration of Taxation ("SAT") and State Administration of Foreign Exchange ("SAFE") jointly promulgated Announcement on Issues Concerning Tax Recordal for Outbound Payments under Service Trade...more

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