State Administration of Foreign Exchange, Circular on Revising the Examination and Approval Authority for Certain Capital Account-related Foreign Exchange Transactions
国家外汇管理局关于调整部分资本项目外汇业务审批权限的通知
June 06, 2009 | BY
clpstaff &clp articles &Safe delegates its approval authority over capital account items to lower authorities.
Issued: May 6 2009
Effective: June 1 2009
Main contents: The State Administration of Foreign Exchange shall revise the examination and approval authority for certain capital account-related foreign exchange transactions to simplify the administrative procedures for examination and approval and facilitate investment and trade.
Applications of foreign-invested enterprises (FIEs) for opening a funds account in a place outside its locality shall be examined and approved by the foreign exchange branch of the place where the enterprise is located (Article 1).
Where due to historical reasons the funds of an overseas party are used to purchase and pay foreign exchange for an FIE's fixed-return project, the matter shall be examined and approved by the foreign exchange branch at the location of the project (Article 2).
Security provided by domestic institutions for issue of bonds (including commercial bills) by overseas institutions shall be examined and approved by the foreign exchange branch at the place where the security provider is located (Article 4).
Where the net monthly subscription or redemption amount for an open-ended China fund established by a qualified foreign institutional investor exceeds US$50 million or its equivalent, it shall be examined and approved by the foreign exchange branch where the custodian is located (Article 7).
Related legislation: PRC Administrative Licensing Law, Aug 27 2003; and PRC Regulations for the Control of Foreign Exchange (2nd Revision), Aug 5 2008, CLP 2008 No.8 p.77
clp reference:3800/09.05.06promulgated:2009-05-06effective:2009-06-01This premium content is reserved for
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