On May 19 2016, The State Administration of Foreign Exchange ("SAFE") formulated and distributed the Administrative Provisions on Exchange Business by Foreign Currency Exchange Agencies and Automatic Foreign Exchange Machines (the "Provisions"). The Provisions: (1) streamline administration and delegate powers; (2) change the supervision method; (3) clarify the business scope as foreign currency exchange agencies and automatic foreign exchange machines are deemed as the extension of businesses handled on counters; (4) improve the business management method to prevent any money laundering risk; and (5) promote the integration of regulations as three administrative regulations for foreign currency exchange businesses are repealed.