Global

Details

  • Service: Tax, Global Indirect Tax, International Tax
  • Type: Regulatory update
  • Date: 6/24/2014

China - Financial services for Shanghai pilot free trade zone 

June 14: The Shanghai head office of the People’s Bank of China recently issued guidance for implementing account-based settlement and risk management under the Shanghai pilot free trade zone program.

According to this guidance, financial institutions in Shanghai may establish an internal risk control system and an account-based settlement mechanism and, by building a special free trade accounts system, may be able to provide innovative financial services for the investment and financing activities of entities operating in the Shanghai pilot free trade zone and foreign institutions via their free trade accounts.


Read a June 2014 report prepared by the KPMG member firm in China: Pilot Free Trade Zone Series — Release of Implementation Rules for Account-based Settlement and Prudent Risk Management in the China (Shanghai) Pilot Free Trade Zone




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