PRC: rules relating to the provision of cross-border security are relaxed
The Provisions on the Administration of Foreign Exchange for Cross-Border Security, published by the State Administration of Foreign Exchange (SAFE) in the PRC replace 12 existing regulations providing for cross-border security.
Reflecting a huge step forward by SAFE, the new regulations apply to and regulate all kinds of cross-border security structures, including the following three categories, which are based on the places of registration of the parties:
(i) Nei Bao Wai Dai or ‘Outbound Security’, where the security provider is registered onshore (i.e. Chinese) and the obligor and the creditor are both registered offshore; thus, for example, where a guarantee is given, only the guarantor is Chinese…
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