News & Analysis as of

State Administration of Foreign Exchange

TechConnect - Your Law Firm Link to Industry News - June 2017

by Mintz Levin on

Seniority Matters - There is little doubt that activity in the trading of secondary shares of private companies remains robust. Private companies are staying private longer and there seems to be an unlimited demand to buy...more

Why SAFEs Can be Confusing

by WilmerHale on

Entrepreneurs often raise capital with a combination of convertible notes and an agreement called a SAFE, or Simple Agreement for Future Equity. A SAFE seems like a no-nonsense DIY solution for early-stage companies—but...more

SEC Commissioner Wonders if SAFEs are Safe for Crowdfunding

In remarks at the Annual SEC/NASAA Conference, SEC Commissioner Michael S. Piwowar focused on the suitability and adequacy of disclosure of a security known as a “SAFE” that has been used in crowdfunding transactions. SAFE is...more

China Capital Controls: Best Practices for Accelerating International Payments

Following the depreciation of Chinese currency RMB and the reduction in China’s foreign exchange reserves, foreign companies and individuals in China have met hurdles in moving their money out of China, and overseas companies...more

U.S. Securities-Based Crowdfunding

Acting Chair Piwowar made remarks at the the Dialogue on Crowdfunding hosted by the Securities and Exchange Commission and the Salomon Center for the Study of Financial Institutions at New York University. In his remarks,...more

SAFE Relaxes Repatriation Restrictions under Neibaowaidai Structure

by Allen & Overy LLP on

On 26 January 2017, the State Administration of Foreign Exchange (SAFE) of China released a Circular on Further Advancing the Reform of Foreign Exchange Administration and Improving the Examination of Authenticity and...more

China Strengthens Supervision on Offshore Chinese Yuan (RMB) Lending

In 2016 stabilizing the exchange rate of Chinese yuan (also known as RMB, the legal currency of China) was a critical challenge for Chinese government. Due to the recent staggering devaluation of RMB, the People’s Bank of...more

KISSes and Other Convertible Equity Alternatives…Are They SAFE?

In earlier posts, we have discussed convertible debt, which remains a popular pre-equity funding path for early stage companies. However, in recent years, alternatives to convertible debt have emerged that offer certain...more

An Emerging Trend in Early-Stage Company Financing? – After Years of Growing Ubiquity of Convertible Notes, a Return to Priced...

by McCarter & English, LLP on

After years of increasing acceptance of and reliance on convertible note financings as a mechanism for funding early-stage companies, we have noted a clear emerging trend away from such transactions (and others like them,...more

Recent China Development – Outbound Investment in Renminbi

by Morrison & Foerster LLP on

BACKGROUND - Due to the recent strong desire to convert Renminbi (“RMB”) funds into foreign currency and remit foreign currency amounts outside of China (“China” or the “PRC”, which excludes Hong Kong, Macau and Taiwan...more

China’s Central Bank Issues Further Guidance on Inbound Foreign Debt

by White & Case LLP on

On 29 April 2016, the People’s Bank of China (“PBOC”) promulgated the Circular on the Nationwide Implementation of Prudent Administration of Cross-Border Financings (the “PBOC Circular”). The PBOC Circular came into effect on...more

Unlocking the SAFE – An Alternative to Convertible Notes

by Foley & Lardner LLP on

With the increasing level of investment in emerging companies, entrepreneurs are being presented with a wider range of financing documents. One of the relatively newer financing instruments is the “SAFE” (simple agreement for...more

Seed Investing: Understanding the Landscape - Part I

by WilmerHale on

Starting a company has never been easier. Technology solutions for payroll, accounting, cloud computing and payment systems have made it much cheaper to take care of the back end. ...more

China’s Reform on Administration of Foreign Debts – What to Expect

by White & Case LLP on

On 14 September 2015, the PRC National Development and Reform Commission (“NDRC”) promulgated the Circular on Promoting Reform on the Administration of Filing and Registration of Foreign Debt Issued by Enterprises. The...more

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

by Morrison & Foerster LLP on

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

by Ballard Spahr LLP on

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

by Dorsey & Whitney LLP on

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

by Latham & Watkins LLP on

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

by Reed Smith on

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

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