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PRC SAFE plans to largely relax the current control over cross-border security provisions


24 February 2014
On February 13, 2014, PRC State Administration of Foreign Exchange (SAFE) issued the Draft Provisions on Foreign Exchange Administration for Cross-Border Security (published for comments), which plans to largely relax the current control over cross-border security provisions, and to cancel all the current examination and approval requirements in connection therewith
According to the Draft Provisions, for “overseas loan secured by domestic provider” (which refers to a loan secured by PRC domestic provider with the lender and the borrower both situated outside PRC) and “domestic loan secured by overseas provider” (which refers to a loan secured by an overseas provider with the lender and the borrower both situated inside PRC), cross-border security registration is required, but such registration will no longer be regarded as a condition precedent for the security document becoming effective. While in principle, for all the other forms of cross-border security, no registration or filing is required.

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Disclaimer
Any legal information contained in this newsletter is general in nature and laws and regulations are changing from time to time and compliance will always depend upon the particular circumstances. We have not attempted to give exhaustive descriptions of law or to give a legal opinion on specific legal issues. You should not rely on this newsletter as a legal advice for any particular purpose.

 

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