With a view to bringing the foreign debt registration rules in line with the legislation hierarchy for the other administrative matters, the National Development and Reform Commission (“NDRC”) published the Administrative Measures for the Review and Registration of Medium- and Long- Term Foreign Debt of Enterprises (企业中长期外债审核登记管理办法) (the “New Measures”) on its website on 10 January 2023, with effect from 10 February 2023. The New Measures will replace the Notice on Promoting the Reform of the Filing and Registration System for the Incurrence of Foreign Debts by Enterprises (关于推进企业发行外债备案登记制管理改革的通知) (the “NDRC 2044 Circular”), which have been in force since 14 September 2015.
The New Measures are largely a consolidation and revision of the NDRC 2044 Circular and the frequently asked questions published by NDRC on its website from time to time in relation to the NDRC 2044 Circular (the “NDRC FAQs”) . The New Measures do not change the existing key requirements for in-scope borrowers/issuers to (i) register the foreign debt with NDRC prior to the first drawdown/bond issuance and (ii) make a reporting to NDRC within 10 working days following each drawdown or issuance.
For further information, please contact:
Frank Cui, Partner, Linklaters