Legal basis: Regulations on Centralized Operation of Cross-border Funds of Multinational Corporations
1. Implement macro-prudential management of foreign debts and overseas loans. Multinational companies may, according to the principle of macro-prudence, centralize the foreign debt quotas and/or overseas lending quotas of domestic member enterprises, and within the scope of centralized quotas, conduct foreign debt borrowing and/or overseas lending business by themselves in accordance with commercial practices.
Two. Significantly simplify the registration of foreign debts and overseas loans. When the branch office of the State Administration of Foreign Exchange (hereinafter referred to as the local foreign exchange bureau) where the host enterprise is located sends a filing notice to the host enterprise, it will register its one-time foreign debts and/or overseas loans according to the centralized filing amount, and the host enterprise does not need to register its foreign debts (or overseas loans) one by one by currency and creditor (or debtor); Banks and enterprises are not required to submit the three manual statements stipulated in Circular 36.
Three. Facilitate foreign exchange settlement and payment of capital projects. When handling the payment and use of foreign exchange income from capital account of domestic capital, the sponsor enterprises of multinational companies do not need to provide authenticity proof materials to the cooperative banks in advance; Cooperative banks should conduct real compliance audit according to the principle of exhibition industry.
Fourth, improve the access and exit mechanism. The sponsoring enterprise shall open the main account of domestic funds within one year after obtaining the Notice of Filing for Multinational Corporations, and actually handle the related business of centralized operation of cross-border funds, otherwise the Notice of Filing will be invalid within one year from the date of issuance. After filing with the foreign exchange bureau, a multinational company may stop handling the centralized operation of cross-border funds of multinational companies.
Verb (abbreviation for verb) adjusts and optimizes the account function. Multinational companies mainly use the main account of domestic funds of the host country enterprises for centralized cross-border capital operation; If necessary, you can choose overseas member enterprises to open NRA accounts to centrally operate and manage the funds of overseas member enterprises. The domestic capital master account is a multi-currency (including RMB) account without currency restrictions, and the number of accounts opened is unlimited.
The funds in the international capital master account with the code "3600" opened before the issuance of this notice shall be transferred to the domestic capital master account or the NRA account opened in accordance with the provisions of this notice within six months after the issuance of this notice, and shall be filed with the local foreign exchange bureau.
Sixth, strengthen post-event supervision. The local foreign exchange bureau shall conduct risk assessment regularly or irregularly, strengthen off-site monitoring and on-site verification and inspection, and do a good job in risk warning and guidance for banks and enterprises. The revised Regulations on Centralized Operation of Cross-border Funds of Multinational Corporations are hereby issued. After receiving this notice, all branches of the State Administration of Foreign Exchange and the foreign exchange management department shall promptly forward it to the central branches, sub-branches, city commercial banks, rural commercial banks, foreign-funded banks and rural cooperative banks within their jurisdiction; After receiving this notice, all Chinese banks shall forward it to their branches in a timely manner. If there is any problem in the implementation, please give feedback to the State Administration of Foreign Exchange in time.