2020年年终审查:CFIUS法规 & 出口管制影响美国外国投资委员会的审查


到2020年,美国经济将继续增长.S. Department of the Treasury (“Treasury”) issued several final regulations to implement the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”), which as readers will recall exp和ed the jurisdiction of the Committee on Foreign Investment in the United States (“CFIUS”) to review 和 take action to address national security concerns arising from certain investments 和 real estate transactions involving foreign persons.

此外,美国经济增长放缓.S. Government also issued in 2020 several regulatory actions that impact foreign investments, 包括美国的鉴定和审查.S. Department of Commerce (“Commerce”) for “emerging 和 foundational technologies that are essential to the national security of the United States,”等.

整体, the final CFIUS regulations along with other regulatory actions call for closer scrutiny of foreign investments 和 export controls, 表明美国.S. Government will continue to focus on national security threats arising from foreign investments in U.S. 企业. This article will provide an overview of the final regulations issued in 2020 和 discuss how certain export-control regulatory actions will impact foreign investment 和 increase the number of transactions prompting CFIUS review.


Treasury issued four sets of final regulations in 2020 which cover certain transactions involving foreign investment in the United States 和 certain real estate transactions by foreign persons.

1月17日, 2020, Treasury released two final regulations to implement the changes that FIRRMA made to CFIUS’s jurisdiction 和 processes. The regulations were released in two parts 和 became effective on February 13, 2020.

第一套最终规则,在85美联储. 注册. 3112 (“第800部分最终规则”),[1] 修改31摄氏度.F.R. 部分800, 除此之外, includes certain non-controlling “covered investments” that afford a foreign person certain access, 权利, 或参与特定类型的美国.S. 企业. 财政部还公布了85美元的房地产最终规则. 注册. 3158 (“第802部分最终规则”),[2] 温度为31℃.F.R. 部分802, implementing CFIUS’s new jurisdiction over certain real estate transactions by foreign persons in the United States.

然后,在2020年7月28日,财政部发布了一份 最后的规则[3] clarifying revisions to the definition of “principal place of 业务” 和 adopted the interim rule establishing filing fees for formal written notices of transactions filed with CFIUS. 这一最终规则于2020年8月27日生效.

最终,在2020年9月15日,财政部发布了另一份报告 最后的规则 (“强制性申报的最终规则”),[4] 10月15日生效, 2020, which modified the m和atory filing requirement for certain foreign investment transactions involving a U.S. 商业生产, 设计, 测试, 生产, 编造的, 或开发一项或多项关键技术. 具体地说, the m和atory filing requirement for critical technologies moved away from the industry-related test; 和 is now premised on whether the products 和 technology manufactured/produced by the U.S. 业务 would require a regulatory authorization to export to certain persons in the ownership chain. The Final Rule on M和atory Filings also made amendments to the definition of the term “substantial interest” along with a related provision; 和 made one technical revision. For more details about the Final Rule on M和atory Filings, please see our previous article.

Although the final regulations significantly exp和 CFIUS’s jurisdiction to review certain foreign investments for national security concerns, 美国外国投资委员会的申请基本上仍是自愿的. 请注意, 然而, that there are two types of transactions that trigger the m和atory filing requirement (subject to certain exemptions): 1) certain covered control transactions or covered investments in certain U.S. 企业 involved with critical technologies; 和 2) covered transactions where a foreign government has a substantial interest in a critical t工艺参数,关键 i基础设施,或敏感的个人 data (TID) U.S. 业务. Parties can fulfil the m和atory declaration requirement by filing the short-form declaration or the full notice in lieu of the declaration.


The regulations for implementing FIRRMA have significantly incorporated export control regimes. 最重要的是, “critical technologies” is defined to include five categories of certain items subject to export controls 和 other regulatory schemes, 和 emerging 和 foundational technologies controlled under the Export Control Reform Act of 2018. The export controls include items controlled under the International Traffic in Arms 注册ulations (“ITAR”), Commerce Control List of the Export Administration 注册ulations (“EAR”), 和 the Nuclear 注册ulatory Commission 和 Department of Energy regulations.   

As if export control regulations were not already impacting foreign investment scrutiny, the Final Rule on M和atory Filings also modified the m和atory filings 标准 certain covered investments involving critical technology U.S. 企业 to be premised on export licensing controls: after determining the U.S. export controls jurisdiction 和 classification of the “critical technology” at issue, 下一步是评估一个“美国经济”.S. 出口需要监管授权, 再出口, or transfer the critical technology to the relevant foreign persons in the underlying transaction. 注意“U.S. regulatory authorization” includes licenses or approvals issued by the State Department under the ITAR, 在EAR下的商务部, 根据美国能源部的规定.F.R. part 810, or by the Nuclear 注册ulatory Commission pursuant to 10 C.F.R. 部分110. 值得注意的是, there are some exclusions applicable to the export regulatory authorization, 包括使用EAR许可例外. 

在任何情况下, 考虑继续使用出口管制制度, export controls now more than ever are important 和 very significant in the national security risk assessment of foreign investments in the U.S.


FIRRMA was enacted in part to address the concern of foreign investors gaining access to sensitive U.S. 通过在美国投资技术.S. 不在CFIUS管辖范围内的企业. 值得注意的是, “emerging” 和 “foundational” technologies are deemed “critical technologies” under the CFIUS regulations, 和 foreign investments involving such technologies are potentially subject to CFIUS review. 现在财政部已经发布了实施firma的最终规则, the Bureau of Industry 和 Security (“BIS”) is under pressure to speed up the pace in identifying 和 issuing export controls for “emerging” 和 “foundational” technologies.

以前, BIS慢慢地确定了少量的“新兴技术”,“主要是通过多边机制实施管制, 包括瓦森纳安排和澳大利亚集团. 2020年10月5日,BIS发布了一份 最后的规则 imposing new multilateral controls on six “emerging technologies.” The identified “emerging technologies” include i) machine tools, Ii)计算光刻软件, Iii)硅片技术, Iv)用于监控或分析的软件设计, V)数字取证或调查工具, 以及vi)亚轨道飞行器. 此后,在2020年11月6日,国际清算银行发布了一份 拟议的规则 to add another “emerging technology” 和 potentially impose a unilateral control for certain “software” capable of being used to circumvent export controls on genetic elements 和 organisms.

注意,直到8月27日才开始, 2020, when BIS published the long-awaited advance notice of 拟议的规则making (“ANPRM”), 征求关于定义的意见, 标准, 以及确定某些“基础技术”.“一些批评, the ANPRM for not being nearly as detailed as the ANPRM for “emerging technologies” issued in 2018. For more details about the “foundational technologies” ANPRM, see our previous article.

Because the treatment of “emerging” 和 “foundational” technologies directly impacts the scope of transactions subject to CFIUS jurisdiction, there has been a lot of pressure on Commerce to make progress in identifying 和 issuing controls for such technologies. 因此, Commerce has re-started its Emerging Technologies 和 Re搜索 Technical Advisory Committee to continue identifying new technologies for export control.


对美国经济的持续依赖.S. export controls regimes will likely result in an increase of foreign investments subject to m和atory filing requirements. 除了, 即使没有强制申请, in view of CFIUS’s increased stance of inquiring 和 opening reviews of non-notified transactions, parties involved in foreign investments with TID 企业 are highly incentivized to voluntarily file a formal notice with CFIUS to ensure the regulatory safe harbor. 否则, parties involved in the underlying transaction bear the risk of facing penalties for failing to file a m和atory filing or potentially having the deal undone.

As Commerce continues to identify 和 impose controls for “emerging” 和 “foundational” technologies, this will also exp和 the scope of transactions subject to CFIUS jurisdiction. 因此, the increased scope will generate a larger volume of transactions for CFIUS’s review, 影响了自愿和强制性的备案.

The rise of transactions that will be reviewed by CFIUS should not be taken lightly because an increase in funding for CFIUS operations 和 staffing was recently proposed to Congress. Additional resources for CFIUS are something companies should evaluate when deciding whether it is prudent to file. 整体, export controls 和 other regulatory scrutiny of foreign investment transactions for national security purposes is expected to continue with the incoming administration.***

总而言之, 各种出口管制制度, at the heart of the foreign investment analysis to determine whether CFIUS jurisdiction applies, 是否在以显著的速度增长. 因此, now more than ever the due diligence review of underlying covered transactions or investments must include trade compliance. 各方必须确保目标在美国.S. company has accurately classified its technologies 和 products with the correct export classifications 和 has effective export compliance procedures in place. 不幸的是, misclassification of products 和 technology is a common issue among companies subject to the export control regulations, 和, 在某些情况下, companies may have not classified their products 和 technologies (e.g., if they are not exporters of products or services 和 merely sell domestically).  Industry should be aware that incorrect classification of technologies 和 products will not only increase the company’s risk of civil 和 criminal penalties under the ITAR 和 EAR but can also impede or delay potential investment transactions subject to CFIUS review. Parties should not forget that CFIUS also has the authority to issue civil monetary penalties when m和atory filings are involved.

有关出口分类审查的问题, 受美国外国投资委员会监管的交易, 以及本文中讨论的其他问题, 请联系托雷斯亚虎娱乐注册平台的律师, 事务所.


[1] Provisions Pertaining to Certain Investments in the United States by Foreign Persons, 85年美联储. 注册. 3112年(1月. 172020年)(编码在31℃.F.R. pt. 800). 

[2] Provisions Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States, 85年美联储. 注册. 3158年(1月. 172020年)(编码在31℃.F.R. pt. 802).  

[3] Definition of ‘‘Principal Place of Business’’; Filing Fees for Notices of Certain Investments in the United States by Foreign Persons 和 Certain Transactions by Foreign Persons Involving Real Estate in the United States, 85年美联储. 注册. 45311(2020年7月28日)(编纂于31℃.F.R. pt. 800年和802年).  

[4] Provisions Pertaining to Certain Investments in the United States by Foreign Persons, 85年美联储. 注册. 57124(9月. 2020年15日)(编码在31℃.F.R. pt. 800).