The State Administration of Foreign Exchange (“SAFE”) released the Administrative Measures for the Registration of Foreign Debt (Hui Fa [2013] No.19, the “Administrative Measures”) and the Operational Guidelines for the Administrative Measures (the “Operational Guidelines”) on April 28, 2013. The Administrative Measures and Operational Guidelines will significantly alter the current registration system and administrative methods for foreign debts1, and will take effect on May 13, 2013.