New Foreign Investment Status Quo: CFIUS Mandatory Filings and Potential Penalties

By: Olga L Torres, Managing Member, Maria Alonso, Associate, Pierfilippo Natta, Legal Intern

2018年10月10日,美国国务院宣布.S Department of the Treasury issued temporary 规定 to conduct pilot programs to implement provisions of the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”), [1] 于8月13日生效, 2018, and amended section 721 of the Defense Production Act of 1950 specifically to protect American technology companies and intellectual property. 正如托雷斯·劳之前在 几篇文章, the Committee on Foreign Investment in the United States (“CFIUS”) reviews foreign investment in U.S. 为国家安全考虑的公司, FIRRMA显著扩大了CFIUS的管辖权.

为背景, FIRRMA之前, CFIUS’s review authority did not sufficiently address new and emerging risks due to changes in technology and foreign direct investment methods. CFIUS could only review foreign transactions that could result in foreign control of a U.S. 业务. These transactions were typically limited to conventional foreign acquisitions and mergers involving a U.S. 业务, but CFIUS had no authority to prevent a foreign entity from acquiring a non-controlling interest in critical technologies. 

CFIUS under FIRRMA can now review “other investments” made by foreign 人 in 试点项目 包括在美国的非控股外国投资.S. 业务 involved in “critical infrastructure,” “critical technology,” or a U.S. 维护或收集美国“敏感个人资料”的业务.S. 人.

11月10日开始, 2018, CFIUS will be empowered to review non-controlling critical technology foreign investments, including any equity interest in which a foreign person has access to sensitive personal data of U.S. 理事机构之成员或观察员权利.[2] The new temporary 试点项目 will require foreign investors to file mandatory declarations for transactions that fall within the scope of the 试点项目, and failure to do so could result in civil monetary penalties up to the value of the transaction. The mandatory declarations are abbreviated notices that generally should not exceed five pages in length. 外国投资者, 从任何国家, are required to make the mandatory declarations either by making the mandatory declaration at least 45 days before the expected completion date of the transaction or by filing a notice under CFIUS’ standard procedures. 美国外国投资委员会将有30天的时间采取行动.

The temporary 试点项目 covers foreign investments that would give the foreign investor:

  • Access to any material nonpublic technical information in the possession of the target U.S. 业务;
  • Membership or observer rights on the board of directors or equivalent 政府erning body of the U.S. 业务, or the right to nominate an individual to a position on the board of directors or equivalent 政府erning body of the U.S. 业务; or
  • Any involvement, other than through voting of shares, in substantive decision-making of the U.S. 业务 regarding the use, development, acquisition, or release of critical technology.

此外,美国.S. 所涵盖的关键技术业务包括任何美国企业.S. 商业生产, 设计, 测试, 生产, 编造的, or develops a critical technology that is either: 1) utilized in connection with the U.S. 业务’s activity in one or more 试点项目 industries; or 2) designed by the U.S. 专门用于一个或多个试点计划行业的业务. 术语“关键技术”是由FIRRMA定义的, 其中包括:1)国防用品或国防服务包括在美国.S. Munitions List of the International Traffic in Arms 注册ulations (“ITAR”); 2) items included on the Commerce Control List of the Export Administration 注册ulations (“EAR”) that are controlled by multilateral regimes or for reasons relating to regional stability or surreptitious listening; 3) nuclear equipment, 设施, 材料, 软件, and technology subject to export 规定 by the Department of Energy or Nuclear 注册ulatory Commission; 4) select agents and toxins; and 5) “emerging and foundational technologies controlled pursuant to the Export Control Reform Act of 2018.”[3]  试点覆盖27个行业, identified by their respective North American Industry Classification System (NAICS) code.[4] 附件一个[5] 第801部分列出了27个行业.

最后, 有效10月11日, 2018, to conform to FIRRMA Treasury issued several amendments to existing CFIUS 规定, 31 C.F.R. 部分800.[6] 临时试点计划将不迟于2020年3月5日结束. Parties who wish to submit written comments on the interim rule may do so by November 10 via the Federal 政府ernment eRulemaking Portal at www.规定.政府 和邮寄.[7] CFIUS will consider any comments received and will address comments in the final rule.

For more information on the new CFIUS 试点项目 and whether your future investments in the U.S. could trigger mandatory filing requirements, please do not hesitate to contact us.


[1] 看到 新闻发布会上,你.S. Dep’t of the Treasury, Treasury Releases Interim 注册ulations for FIRRMA 试点项目, (Oct. 2018年10月10日) http://home.Department of Treasury.gov /News/News/ sm506).

[2] Determination and Temporary Provisions Pertaining to a 试点项目 to Review Certain Transactions Involving Foreign Persons and Critical Technologies, 83年美联储. 注册. 51322年10月. 2018年11月)(将在31℃编码.F.R. pt. 801).

[3] 《亚虎娱乐注册平台APP》(ECA), 这不是FIRRMA的一部分, will control “emerging and foundational technologies” not covered under existing export control authorities such as the EAR or the ITAR. The ECA does not define “emerging and foundation technologies” further than technologies that are essential to U.S. 但在firma中并不被认为是“关键技术”.

[4] 看到 Determination and Temporary Provisions Pertaining to a 试点项目 to Review Certain Transactions Involving Foreign Persons and Critical Technologies, 83年美联储. 注册. 51322年,51333年10月. 2018年11月)(将在31℃编码.F.R. pt. 801).

[5] 向下滚动到第12页在pdf的联邦纪事,83美联储. 注册. 51,322, 51,333.

[6] Provisions Pertaining to Certain Investments in the United States by Foreign Persons, 83年美联储. 注册. 51316年10月. 2018年11月)(将在31℃编码.F.R. pt. 800).

[7] 发送给你.S. 财政部, 注意:托马斯Feddo, 投资及安全局副助理局长, 宾夕法尼亚大街1500号, N.W.美国华盛顿州20220年.