Debt-for-equity swap registration required

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clpstaff &clp articles

Debt must be evaluated and verified

On November 23, the State Administration of Industry and Commerce (SAIC) released the Measures for the Administration of the Registration of the Debt-for-equity Swaps of Companies (公司债权转股权登记管理办法) (the Measures) which will go into effect on January 1 2012.

Though local branches of the SAIC had previously released their own tentative rules to govern debt-for-equity swaps, the Measures are the first ever national-level rules to regulate the administration of registration of debt-for-equity swaps. The government issued the new rules in response to reports that domestic companies were having funding and debt reduction problems.

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