State Administration of Foreign Exchange

News & Analysis as of

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

Oklahoma Issues Guidance on New Mortgage Lender License

The State of Oklahoma provided guidance regarding implementation of a recent amendment to its Secure and Fair Enforcement for Mortgage Licensing Act (Oklahoma SAFE Act)....more

Legal Protections for Victims of Domestic Violence on the Rise

New Jersey and New York have joined a growing trend of states that have recently passed or are seeking to pass laws affording greater protections for victims of domestic violence....more

China Finance Bulletin - August 2013: New PBOC Regulation Suggests Possible Liberalization of Outbound Security Provided by PRC...

On 5 July 2013, the People’s Bank of China (“PBOC”) issued the “Circular on Simplifying the Cross-Border RMB Business Procedures and Improving Relevant Policies”, the “Circular”). The Circular simplifies the regulatory...more

Foreign Exchange rules further simplified for Foreign Direct Investment in China

On 11 May 2013, the State Administration of Foreign Exchange of the PRC (SAFE) released the Provisions on Foreign Exchange Administration of Inbound Direct Investment by Foreign Investors, which entered into effect on 13 May...more

Ten More States Adopt Uniform MLO Test

On July 1, the CSBS announced that ten additional state agencies will use the new National SAFE MLO test....more

China Releases Administrative Measures on Foreign Debt Registration

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 detailed Operational...more

China Finance Bulletin - June 2013: ¦¦ SAFE’s New Rule Simplifies and Clarifies Foreign Debt Registration

SAFE’s New Rule Simplifies and Clarifies Foreign Debt Registration On April 28, 2013, the State Administrative of Foreign Exchange (“SAFE”) issued “The Administrative Measures for the Registration of Foreign Debt”...more

China’s SAFE Further Streamlines Forex Procedures for Foreign Direct Investment

On May 11, 2013, the State Administration of Foreign Exchange (“SAFE”) issued the Provisions for Administration of Foreign Exchange Relating to Inbound Direct Investment by Foreign Investors ( “Circular 21”), effective May...more

CFPB Bulletin Supports Uniform State Test For Mortgage Loan Originators

On May 20, the CFPB issued Bulletin 2013-05, which clarifies that the Uniform State Test (UST) developed by the NMLS may constitute a qualified written test under the federal SAFE Act for state-licensed mortgage loan...more

CFPB issues guidance on Uniform State Test for mortgage loan originators

The CFPB has issued guidance that provides states may use the Uniform State Test (UST) developed by the Nationwide Mortgage Licensing System and Registry (NMLSR) to satisfy the testing requirement of the Secure and Fair...more

Renminbi Qualified Foreign Limited Partner: an incremental step toward RMB internationalization in the private equity industry

In a number of incremental steps, the PRC government has been easing restrictions on the cross-border movement of RMB. The latest step for the private equity industry is the Renminbi Qualified Foreign Limited Partner Program...more

Outbound Investments from China – the Chinese Domestic Requirements

Chinese investments abroad have increased significantly in the past decade. Chinese enterprises (both private enterprises and state-owned enterprises, or SOEs) are heeding the Chinese government’s “venture out” (or zouchuqu)...more

China Bulletin - March 2013: China Eases Foreign Exchange Restrictions on FDI

On November 21, 2012, China’s State Administration of Foreign Exchange (“SAFE”) released a new circular, “Circular on Further Improvement and Amendment of Foreign Exchange Control Policies on Direct Investment ([2012] No....more

CFPB Adopts Rules To Prevent Loan Originators From Steering Consumers Into Risky Mortgages

The CFPB has issued rules to prevent mortgage lenders from steering borrowers into risky and high-cost loans. According to the CFPB, the rules ban certain incentives that loan originators had to sell unsafe loans to consumers...more

Many States Switching to Uniform MLO Test

In 2013, three New England states will no longer require the state-specific test component for licensing mortgage loan originators (MLOs) due to the implementation of the new National SAFE MLO Test with a uniform state...more

China 20/20 Legal and Regulatory Developments - January 2013

In This Issue: SAFE Issues Notice of State Administration of Foreign Exchange on Further Improving and Adjusting Foreign Exchange Policies Related to Direct Investment; SAFE Makes Revisions to Provisions on Foreign...more

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