The more things change… China SAFE MAY 2013. Introductions Background −Registration of equity programs required before offers can be made −Repatriation.

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Presentation transcript:

The more things change… China SAFE MAY 2013

Introductions Background −Registration of equity programs required before offers can be made −Repatriation requirement and responsibility for enforcement −Approval certificate and special-purpose foreign exchange account(s) −Circular 7 streamlining… not so much? … the more they stay the same? 2

Employee demand / retention concerns Cost analysis of filing and ongoing resources Alternatives without SAFE filing And where to file? Deciding to file 3

Application letter and new registration form Some standardization/simplification of supporting documents and “proof” of plans, e.g., SEC forms and EDGAR screenshots Undertaking letter, eligible employees, and non-PRC nationals? Local entity information Review planned implementation with broker/stock plan administrator Preparing the application under Circular 7 4

Looking back at past grants, past plans, past approvals Fund flow conversion (or not) Tax withholding procedures Treatment of grants post-termination Local entity changes Increased SAFE scrutiny? 5

Internal administrative processes Coordination of US entity, broker, finance team, local payroll, individual participants, etc. Tax payment and reimbursement Practical implementation considerations 6

Annual outbound quota renewals Quarterly statistical reporting Notification of changes regarding plans, award terms, corporate structure Compliance going forward under Circular 7 7

Kim Malvicini Alexion Pharmaceuticals Keith Bilezerian Covidien Joyce Chen Orrick, Herrington & Sutcliffe LLP Questions? 8