China alert - Issue 3, March 2012
On 20 February 2012, the State Administration of Foreign Exchange (“SAFE”) issued Hui Fa  No. 7 (“Circular 7”) to replace Hui Zong Fa  No. 78 (“Circular 78”) and Hui Zong Fa  No. 2 (“Circular 2”). Issuance of Circular 7 clarifies the procedural requirements on SAFE registration of share-based incentive plans previously stipulated by Circular 78 from a practical perspective, whilst extending coverage of the application of the registration requirements and putting in additional measures for timely on-going monitoring.
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