China: 海外发债专题 (中篇):外汇监管部分

Last Updated: 29 July 2019
Article by Bi Xiuli and He Wang
Most Read Contributor in China, July 2019

外债是指境内企业及其控制的境外企业或分支机构向境外举借的、以本币或外币计价、按约定还本付息的债务工具,外债已经成为大中型企业海外融资的重要途径之一。为了更好的研习海外发债的相关规定,更好的服务客户,笔者就外债的相关规定、外债的主要架构、资金回流以及中国律师在外债的服务范围予以简要小结,以期抛转引玉。本专题研究共分为三篇文章,本文为中篇,外汇监管部分。

一、基本要求

(一)外债登记

境内机构、境内个人向境外直接投资或者从事境外有价证券、衍生产品发行、交易,应当按照国务院外汇管理部门的规定办理登记。国家规定需要事先经有关主管部门批准或者备案的,应当在外汇登记前办理批准或者备案手续。国家对外债实行规模管理。借用外债应当按照国家有关规定办理,并到外汇管理机关办理外债登记。

(二)内保外贷

提供对外担保,应当向外汇管理机关提出申请,由外汇管理机关根据申请人的资产负债等情况作出批准或者不批准的决定;国家规定其经营范围需经有关主管部门批准的,应当在向外汇管理机关提出申请前办理批准手续。申请人签订对外担保合同后,应当到外汇管理机关办理对外担保登记。

(三)资金回流

境外机构、境外个人在境内直接投资,经有关主管部门批准后,应当到外汇管理机关办理登记。境外机构、境外个人在境内从事有价证券或者衍生产品发行、交易,应当遵守国家关于市场准入的规定,并按照国务院外汇管理部门的规定办理登记。资本项目外汇及结汇资金,应当按照有关主管部门及外汇管理机关批准的用途使用。外汇管理机关有权对资本项目外汇及结汇资金使用和账户变动情况进行监督检查。

(四)主要的行政处罚措施

违反规定将外汇汇入境内的,由外汇管理机关责令改正,处违法金额30%以下的罚款;情节严重的,处违法金额30%以上等值以下的罚款;非法结汇的,由外汇管理机关责令对非法结汇资金予以回兑,处违法金额30%以下的罚款;有擅自对外借款、在境外发行债券或者提供对外担保等违反外债管理行为的,由外汇管理机关给予警告,处违法金额30%以下的罚款。

二、具体规定

(一)外债登记

1.主管机关。国家外汇管理局及其分支局(以下简称外汇局)负责外债的登记、账户、使用、偿还以及结售汇等管理、监督和检查,并对外债进行统计和监测。国家外汇管理局负责全口径外债的统计监测,并定期公布外债情况。

2.基本含义。外债登记是指债务人按规定借用外债后,应按照规定方式向所在地外汇局登记或报送外债的签约、提款、偿还和结售汇等信息。根据债务人类型实行不同的外债登记方式。外债借款合同发生变更时,债务人应按照规定到外汇局办理外债签约变更登记。外债未偿余额为零且债务人不再发生提款时,债务人应按照规定到外汇局办理外债注销登记手续。对于不通过境内银行办理资金收付的,非银行债务人在发生外债提款额、还本付息额和未偿余额变动后,持相关证明材料到所在地外汇局办理备案手续。

3.外债账户、资金使用和结售汇管理。非银行债务人在办理外债签约登记后,可直接向境内银行申请开立外债账户。非银行债务人可开立用于办理提款和还款的外债专用账户,也可根据实际需要开立专门用于外债还款的还本付息专用账户。根据非银行债务人申请,银行在履行必要的审核程序后,可直接为其开立、关闭外债账户以及办理外债提款、结售汇和偿还等手续。债务人在办理外债资金结汇时,应遵循实需原则,持规定的证明文件直接到银行办理。银行应按照有关规定审核证明文件后,为债务人办理结汇手续。

外商投资企业借用的外债资金可以结汇使用。除另有规定外,境内金融机构和中资企业借用的外债资金不得结汇使用。债务人借款合同中约定的外债资金用途应当符合外汇管理规定。短期外债原则上只能用于流动资金,不得用于固定资产投资等中长期用途。

(二)境外发债融资的外汇管理

目前,境内企业最主要的外债融资方式之一为跨境担保,而内保外贷也是目前境内企业海外发债采取的主要模式之一。

1.基本规定

跨境担保是指担保人向债权人书面作出的、具有法律约束力、承诺按照担保合同约定履行相关付款义务并可能产生资金跨境收付或资产所有权跨境转移等国际收支交易的担保行为。按照担保当事各方的注册地,跨境担保分为内保外贷、外保内贷和其他形式跨境担保。其中,内保外贷是指担保人注册地在境内、债务人和债权人注册地均在境外的跨境担保;外保内贷是指担保人注册地在境外、债务人和债权人注册地均在境内的跨境担保;其他形式跨境担保是指除前述内保外贷和外保内贷以外的其他跨境担保情形。

2.主管机关

外汇局负责规范跨境担保产生的各类国际收支交易。外汇局对内保外贷和外保内贷实行登记管理。外汇局按照真实、合规原则对非银行机构担保人的登记申请进行程序性审核并办理登记手续。外汇局对担保合同的真实性、商业合理性、合规性及履约倾向存在疑问的,有权要求担保人作出书面解释。外汇局按照合理商业标准和相关法规,认为担保人解释明显不成立的,可以决定不受理登记申请,并向申请人书面说明原因。

3.担保履约

内保外贷境内机构办理内保外贷业务,应按规定要求办理内保外贷登记;经外汇局登记的内保外贷,发生担保履约的,担保人可自行办理;担保履约后应按本规定要求办理对外债权登记。担保人为银行的,由担保人通过数据接口程序或其他方式向外汇局报送内保外贷业务相关数据。非银行机构到外汇局办理内保外贷签约登记时,应提供以下材料:(1)关于办理内保外贷签约登记的书面申请报告(内容包括公司基本情况、已办理且未了结的各项跨境担保余额、本次担保交易内容要点、预计还款资金来源、其他需要说明的事项。有共同担保人的,应在申请报告中说明);(2)担保合同和担保项下主债务合同(合同文本内容较多的,提供合同简明条款并加盖印章;合同为外文的,须提供中文翻译件并加盖印章);(3)外汇局根据本规定认为需要补充的相关证明材料(如发改委、商务部门关于境外投资项目的批准文件、办理变更登记时需要提供的变更材料等)。

担保人为非银行金融机构或企业(以下简称非银行机构)的,应在签订担保合同后15个工作日内到所在地外汇局办理内保外贷签约登记手续。担保合同主要条款发生变更的,应当办理内保外贷签约变更登记手续。担保人未在规定期限内到外汇局办理担保登记的,如能说明合理原因,且担保人提出登记申请时尚未出现担保履约意向的,外汇局可按正常程序为其办理补登记;不能说明合理原因的,外汇局可按未及时办理担保登记进行处理,在移交外汇检查部门后再为其办理补登记手续。

非金融机构可以向外汇局申请参照金融机构通过资本项目系统报送内保外贷数据。同一内保外贷业务下存在多个境内担保人的,可自行约定其中一个担保人到所在地外汇局办理登记手续。外汇局在办理内保外贷登记时,应在备注栏中注明其他担保人。

4.内保外贷资金用途

内保外贷项下资金用途应当符合以下规定:

根据汇发[2014]29号文,

(1)内保外贷项下资金仅用于债务人正常经营范围内的相关支出,不得用于支持债务人从事正常业务范围以外的相关交易,不得虚构贸易背景进行套利,或进行其他形式的投机性交易。

(2)未经外汇局批准,债务人不得通过向境内进行借贷、股权投资或证券投资等方式将担保项下资金直接或间接调回境内使用。担保项下资金不得用于境外机构或个人向境内机构或个人进行直接或间接的股权、债权投资,包括但不限于以下行为:①债务人使用担保项下资金直接或间接向在境内注册的机构进行股权或债权投资。②担保项下资金直接或间接用于获得境外标的公司的股权,且标的公司50%以上资产在境内的。③担保项下资金用于偿还债务人自身或境外其他公司承担的债务,而原融资资金曾以股权或债权形式直接或间接调回境内的。④债务人使用担保项下资金向境内机构预付货物或服务贸易款项,且付款时间相对于提供货物或服务的提前时间超过1年、预付款金额超过100万美元及买卖合同总价30%的(出口大型成套设备或承包服务时,可将已完成工作量视同交货)。

根据汇发[2017]3号文,对于以往的内保外贷的资金用途管理进行了修订,放宽了内保外贷募集资金调回境内使用的限制,允许内保外贷项下资金调回境内使用。债务人可通过向境内进行放贷、股权投资等方式将担保项下资金直接或间接调回境内使用。银行发生内保外贷担保履约的,相关结售汇纳入银行自身结售汇管理。

根据汇综发〔2017〕108号文,银行办理内保外贷业务时,应严格审核债务人主体资格的真实合规性,应依据境内外相关法律法规,按照展业原则要求,加强对担保项下资金用途和相关交易背景真实合规性审核。①内保外贷项下资金应用于债务人正常经营范围内的相关支出,不得用于支持债务人从事正常业务范围以外的相关交易,不得构造交易背景进行套利或进行其他形式的投机性交易。②未经国家外汇管理局批准,内保外贷项下资金不得直接或间接以证券投资方式调回境内使用。③内保外贷项下资金如用于直接或间接获得对境外其他机构的股权(包括新设境外企业、并购境外企业和向境外企业增资)或债权,该投资行为应当符合国家关于境外投资的相关政策导向,并符合国内相关部门有关境外投资的规定。④内保外贷项下担保责任为境外债务人债券发行项下还款义务时,境外债务人应由境内机构直接或间接持股。⑤内保外贷项下担保责任为境外机构衍生交易项下支付义务时,境外债务人从事衍生交易应以止损保值为目的,符合其主营业务范围且经过适当授权。⑥银行应加强内保外贷项下资金用途管理,以适当方式监督债务人按照其合同约定的用途使用内保外贷项下资金。

内保外贷合同项下发生以下类型特殊交易时,应符合以下规定:①内保外贷项下担保责任为境外债务人债券发行项下还款义务时,境外债务人应由境内机构直接或间接持股,且境外债券发行收入应用于与境内机构存在股权关联的境外投资项目,且相关境外机构或项目已经按照规定获得国内境外投资主管部门的核准、登记、备案或确认;②内保外贷合同项下融资资金用于直接或间接获得对境外其他机构的股权(包括新建境外企业、收购境外企业股权和向境外企业增资)或债权时,该投资行为应当符合国内相关部门有关境外投资的规定;③内保外贷合同项下义务为境外机构衍生交易项下支付义务时,债务人从事衍生交易应当以止损保值为目的,符合其主营业务范围且经过股东适当授权。

5.内保外贷履约

如发生内保外贷履约,担保人为银行的,可自行办理担保履约项下对外支付。担保人为非银行机构的,可凭担保登记文件直接到银行办理担保履约项下购汇及对外支付。在境外债务人偿清因担保人履约而对境内担保人承担的债务之前,未经外汇局批准,担保人须暂停签订新的内保外贷合同。

非银行机构发生担保履约的,可凭加盖外汇局印章的担保登记文件直接到银行办理担保履约项下购汇及对外支付。在办理国际收支间接申报时,须填写该笔担保登记时取得的业务编号。非银行机构发生内保外贷履约的,在境外债务人偿清境内担保人承担的债务之前(因债务人破产、清算等原因导致其无法清偿债务的除外),未经外汇局批准,担保人必须暂停签订新的内保外贷合同。非银行机构提供内保外贷后未办理登记但需要办理担保履约的,担保人须先向外汇局申请办理内保外贷补登记,然后凭补登记文件到银行办理担保履约手续。外汇局在办理补登记前,应先移交外汇检查部门。债权人为非银行机构的,应在担保履约后15个工作日内到所在地外汇局办理对外债权登记,并按规定办理与对外债权相关的变更、注销手续。

6.其他注意事项

(1)境内机构提供或接受除内保外贷和外保内贷以外的其他形式跨境担保,在符合境内外法律法规和规定的前提下,可自行签订跨境担保合同。除外汇局另有明确规定外,担保人、债务人不需要就其他形式跨境担保到外汇局办理登记或备案。境内机构办理其他形式跨境担保,可自行办理担保履约。担保项下对外债权债务需要事前审批或核准,或因担保履约发生对外债权债务变动的,应按规定办理相关审批或登记手续。担保人、债务人不得在明知或者应知担保履约义务确定发生的情况下签订跨境担保合同。(2)担保人、债务人、债权人向境内银行申请办理与跨境担保相关的购付汇或收结汇业务时,境内银行应当对跨境担保交易的背景进行尽职审查,以确定该担保合同符合中国法律法规和相关规定。(3)外汇局对跨境担保合同的核准、登记或备案情况以及相关规定明确的其他管理事项与管理要求,不构成跨境担保合同的生效要件。(4)担保人对担保责任上限无法进行合理预计的内保外贷,如境内企业出具的不明确赔偿金额上限的项目完工责任担保,可以不办理登记,但经外汇局核准后可以办理担保履约手续。(5)外汇局对境内机构跨境担保业务进行核查和检查,担保当事各方、境内银行应按照外汇局要求提供相关资料。对未按本规定及相关规定办理跨境担保业务的,外汇局根据《中华人民共和国外汇管理条例》进行处罚。

(三)回流境内的外汇管理

1.是否涉及"返程投资"

"返程投资",是指境内居民直接或间接通过特殊目的公司对境内开展的直接投资活动,即通过新设、并购等方式在境内设立外商投资企业或项目(以下简称外商投资企业),并取得所有权、控制权、经营管理权等权益的行为。外汇局对境内居民设立特殊目的公司实行登记管理。(注:以下引自《返程投资外汇管理所涉业务指引》)

2.投注差  (注:以下摘录《外债登记操作指引》)

3.外商投资租赁公司(注:以下摘录《外债登记操作指引》)

4.外商投资房地产(注:以下摘录《外债登记操作指引》)

5.外商投资企业外汇资本金实行意愿结汇,并纳入待支付账户管理

外商投资企业外汇资本金意愿结汇是指外商投资企业资本金账户中经外汇局办理货币出资权益确认(或经银行办理货币出资入账登记)的外汇资本金可根据企业的实际经营需要在银行办理结汇。在实行外汇资本金意愿结汇的同时,外商投资企业仍可选择按照支付结汇制使用其外汇资本金。银行按照支付结汇原则为企业办理每一笔结汇业务时,均应审核企业上一笔结汇(包括意愿结汇和支付结汇)资金使用的真实性与合规性。外商投资企业外汇资本金境内原币划转以及跨境对外支付按现行外汇管理规定办理。

外商投资企业原则上应在银行开立一一对应的资本项目-结汇待支付账户(以下简称结汇待支付账户),用于存放意愿结汇所得人民币资金,并通过该账户办理各类支付手续。外商投资企业资本金账户的收入范围包括:外国投资者境外汇入外汇资本金或认缴出资(含非居民存款账户、离岸账户、境外个人境内外汇账户出资),境外汇入保证金专用账户划入的外汇资本金或认缴出资;本账户合规划出后划回的资金,同名资本金账户划入资金,因交易撤销退回的资金,利息收入及经外汇局(银行)登记或外汇局核准的其他收入。资本金账户的支出范围包括:经营范围内结汇,结汇划入结汇待支付账户,境内原币划转至境内划入保证金专用账户、同名资本金账户、委托贷款账户、资金集中管理专户、境外放款专用账户、境内再投资专用账户的资金,因外国投资者减资、撤资汇出,经常项目对外支付及经外汇局(银行)登记或外汇局核准的其他资本项目支出。

6.资本金及结汇资金用途限制

外商投资企业资本金的使用应在企业经营范围内遵循真实、自用原则,  外商投资企业资本金及其结汇所得人民币资金不得用于以下用途:(1)不得直接或间接用于企业经营范围之外或国家法律法规禁止的支出;(2)除法律法规另有规定外,不得直接或间接用于证券投资;(3)不得直接或间接用于发放人民币委托贷款(经营范围许可的除外)、偿还企业间借贷(含第三方垫款)以及偿还已转贷予第三方的银行人民币贷款;(4)除外商投资房地产企业外,不得用于支付购买非自用房地产的相关费用。

7.结汇资金开展境内股权投资

除原币划转股权投资款外,允许以投资为主要业务的外商投资企业(包括外商投资性公司、外商投资创业投资企业和外商投资股权投资企业),在其境内所投资项目真实、合规的前提下,按实际投资规模将外汇资本金直接结汇或将结汇待支付账户中的人民币资金划入被投资企业账户。

上述企业以外的一般性外商投资企业以资本金原币划转开展境内股权投资的,按现行境内再投资规定办理。以结汇资金开展境内股权投资的,应由被投资企业先到注册地外汇局(银行)办理境内再投资登记并开立相应结汇待支付账户,再由开展投资的企业按实际投资规模将结汇所得人民币资金划往被投资企业开立的结汇待支付账户。被投资企业继续开展境内股权投资的,按上述原则办理。

有关外商投资方面的法律法规及简要分析,详见笔者于2019年6月3日在德恒公众号上发表的《境外上市研究系列之法规部分:外商投资部分(上篇)》及于2019年6月15日在德恒公众号上发表的《境外上市研究系列之法规部分:外商投资部分(下)》。

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