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Email On May 12, 2014, the State Administration of Foreign Exchange (“SAFE”) of the People’s Republic of China (the “PRC”) issued a notice on the Issuance of Administration Rules of Foreign Exchange on Cross-border Security (the “Notice”) and promulgated the Administration Rules of Foreign Exchange on Cross-border Security (the “Rules”) and the Operational Guidelines for Implementing the Administration Rules of Foreign Exchange on Cross-border Security (the “Guidelines”, together with the Rules, the “New Rules”), effective on June 1, 2014. Twelve previous regulations or policies (the “Repealed Regulations”) listed in Appendix 3 to the Notice, were repealed when the New Rules took effect. https://www.cadwalader.com/resources/clients-friends-memos/impact-of-the-new-prc-cross-border-security-regulations-on-debt-financing