RECENT REGULATIONS ON FOREIGN INVESTMENTS IN CHINA’S RMB FUND VEHICLES By John Fadely (john.) and Hong Zhang (hong.) Recent Chine regulations have provided further substantive guidelines, within an emerging regulatory framework, to permit foreign investment in RMB funds organized as Chine limited liability partnerships for the purpo of making private equity investments in China. At the end of November 2009, the State Council issued the anticipated Measures for Administration of Establishment of Partnership Enterpris by Foreign Enterpris or Individuals in China (the “FIP Measures ”). In January, 2010, the State Administration of Industry and Commerce of the PRC (“SAIC ”) promulgated the Administrative Rules for Registration of Foreign-Invested Partnerships (“FIP Registration Rules ”) in furtherance of the FIP Measures . Both came into effect on March 1, 2010. The FIP Measures and FIP Registration Rules are significant in that they potentially open the door for foreign investors to invest directly in partnership entities in China through new investment vehicles called “foreign invested partnerships” (“FIPs ”). This may signal a new era for foreign private equity (“PE ”) players in terms of their investment activities in China. However, the FIP Measures are lacking in detail, and follow-up regulations will likely be needed for PE players to widely adopt the u of FIPs. For example, it remains unclear how the new rules will be applied to foreign invested partnerships that are established for PE investment purpos, and whether the FIP Measures will in fact permit foreign PE sponsors to structure their onshore PE investment funds as FIPs. Despite the No. 18 May 2010keds
This issue covers: 本期内容本期内容：：
中国法律简报
Feature: Recent Regulations on Foreign Investments in China’s RMB Fund广州韩国留学
Vehicles
专稿: 外资在华设立外商投资合伙制企业
新规出台 (1)英语看图填词
Chine Laws Updates
近期中国法律
Foreign Exchange /外汇管理
• Regulations on Administration of Foreign Exchange in Onshore Securities Investments
percute
by Qualified Foreign Institutional Investors
合格境外机构投资者境内证券投资外汇管
理规定 (5)
• Circular on Adjustment to the Examining and
letterpressApproving Power over Certain Capital
Account-related Foreign Exchange Business
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 (11)
Foreign Investment / 外商投资
• Regulations on Registration of Foreign
Invested Partnership Enterpris
外商投资合伙企业登记管理规定 (13)
2013奥斯卡
象征的意思• Administrative Measures on Establishment of
Partnership Enterpri by Foreign Enterpris
or Individuals in China
外国企业或者个人在中国境内设立合伙企
quite a story业管理办法 (22)元宵节 英文
Beijing Office:
2001 China World Tower 2
1 Jianguomenwai Avenue
Beijing 10004
Tel: +86 10 6535-5200
Fax: +86 10 6505-8366
Managing Partner: Steven Xiang
5
伴娘我最大中国法律简报中国法律简报
Foreign Exchange 外汇管理外汇管理 合格境外机构投资者境内
证券投资外汇管理规定
（2009年9月29日实施）
第一章 总则
第一条 为规范合格境外机构投资者（以下简称合格投资者）在中国境内证券市场的外汇管理，根据《中华人民共和国外汇管理条例》以及《合格境外机构投资者境内证券投资管理办法》（中国证券监督管理委员会、中国人民银行、国家外汇管理局2006年第36号令），制定本规定。
第二条 合格投资者应当委托其境内托管人（以下简称托管人）代为办理本规定所要求的相关手续。
第三条 合格投资者和托管人应当遵守中国外汇管理有关规定。
第四条 国家外汇管理局及其分局、外汇管理部（以下简称外汇局）依法对合格投资者境内证券投资的
投资额度、资金账户、资金收付及汇兑等实施监督、管理和检查。
第二章 投资额度管理
第五条 国家对合格投资者的境内证券投资实行额度管理。国家外汇管理局批准单个合格投资者的投资额度，鼓励中长期投资。
第六条 合格投资者申请投资额度、开立外汇账户和人民币特殊账户，应向国家外汇管理局提供以下材料：
（一）托管人及合格投资者提交的书面申请，书面申请的内容包括：合格投资者基本情况、资金来源说明与投资计划、合格投资者在锁定期内不撤资的承诺函等，并附《国家外汇管理局合格境外机构投资者登记表》（样表见附表一）；
（二）中国证券监督管理委员会（以下简称证监会）颁发的《合格境外机构投资者证券投资业务许可证》复印件；
（三）经公证的合格投资者对托管人的授权委托书；
（四）国家外汇管理局要求的其他材料。 合格投资者申请增加投资额度的，除提供上述第（一）、（
四）项材料外，还需提供《合格境外机构投资者外汇登记证》（以下简称《外汇登记证》）和已有投资额度在境内的投资情况说明，内容包括：资产配置及变动情况、投资损益情况、合规履行情况和股票交易平均换手率等。
第七条 单个合格投资者申请投资额度每次不得低于等值5000万美元，累计不得高于等值10亿美元。国家外汇管理局可根据经济金融形势、外汇市场供求关系和国际收支状况等对上述限额进行调整。 Regulations on Administration of Foreign Exchange in Onshore Securities Investments by Qualified Foreign Institutional Investors (effective as of September 29, 2009) Chapter 1 General Rules Article 1 The Regulations are formulated in accordance with the Regulations on Administration of Foreign Exchange of the People’s Republic of China and the Measures on Administration of Onshore Securities Investment by Qualified Foreign Institutional Investors (Order No. 36, 2006) issued by the China Securities Regulatory Commission, the People’s Bank of China and the State Administration of Foreign Exchange (“SAFE”), in order to regulate the administration of foreign exchange of qualified foreign institutional investors (“QFIIs”) in the curities market in China. Article 2 A QFII shall entrust its onshore trustee (“Trustee”) to complete relevant formalities required hereunder on its behalf. Article 3 A QFII and its Trustee shall comply with relevant provisions of China on foreign exchange administration. Article 4 The SAFE and its branches and foreign exchange administrative
departments (“SAFE Bodies)”) shall supervi, administer and inspect the investment quota, fund account, fund receipt/payment and fund remission/conversion of the QFIIs for onshore curities investments. Chapter 2 Administration of Investment Quota Article 5 The State implements the quota-bad administration of onshore curities investments by the QFIIs. The SAFE shall approve investment quota for the QFIIs on an individual basis and encourage the long/medium term investments. Article 6 In applying for an investment quota and an opening of foreign exchange account and special Renminbi account, a QFII shall submit the SAFE with the following materials: (1) the written application documents submitted by the Trustee and the QFII, including the basic information, the explanation of fund sources and the investment plan of the QFII, the covenant letter of the QFII on no capital exit in locked-period, and the SAFE QFII Registration Form (a sample of which is attached as Schedule 1); (2) a photocopy of the QFII Securities Investment Service Licen issued by the China Securities Regulatory Commission (“CSRC”); (3) the notarized proxy letter issued by the QFII to the Trustee; and (4) other materials required by the SAFE. If a QFII applies for an increa of investment quota, in addition to the materials required under Articles 6(1) and 6(4), it shall submit the QFII Foreign Exchange Registration Certificate (“QFII Forex Registration Certificate”) and a statement of its onshore investments using its existing investment quota, specifying its asts allocation and any change thereto, loss and profit in investment, performance of
compliance obligation and average stock trading rate, etc. Article 7 A QFII may apply for an investment quota no less than US$ 50 million or the equivalence each time and no more than US$ 1 billion or the equivalence aggregately. The SAFE may make adjustment to such required amounts bad on the economic and financial situations, the supply and demand relationship in the foreign exchange market and the international balance. (to be continued)
