Please scroll down to read the publications, newsletters, client alerts,
and leadership resources shared by our partners, counsels and associates.
Please scroll down to read the publications, newsletters, client alerts,
and leadership resources shared by our partners, counsels and associates.
Please scroll down to read the publications, newsletters, client alerts,
and leadership resources shared by our partners, counsels and associates.
Department of Treasury Releases CFIUS Enforcement and Penalty Guidelines
美财政部公布CFIUS执法与处罚指南
On October 25, 2022, the U.S. Department of Treasury released the CFIUS Enforcement and Penalty Guidelines (the “Guidelines”). Such Guidelines are a new step in the evolving development of CFIUS review procedures after the expansion of its staff and funding under the Consolidated Appropriations Act in March 2022, as our prior newsletter described.
The Guidelines clarify four issues: First, The Types of Conduct that may constitute a violation; Second, Sources of Information on which CFIUS Relies; third, Penalty Process; fourth, Aggravating and Mitigating Factors.
First, the Guidelines point out three potentially unlawful conducts: Failure to File, Non-Compliance with CFIUS Mitigation, and Material Misstatement, Omission, or False Certification. Second, regarding the sources of information on which CFIUS relies, the Guidelines note that the committee considers a wide range of sources but emphasize three sources in particular: Tips, Self-Disclosure, and Requests for Information. Third, the Guidelines address that a violation does not necessarily lead to a penalty but outline two important steps in the penalty process: Notice; Contest and Assessment. Fourth, in determining the appropriate response to a violation, the Guidelines point out that CFIUS considers a series of aggravating and mitigating factors. The Guidelines list six relevant factors: Accountability and Future Compliance; Harm; Negligence, Awareness, and Intent; Persistence and Timing; Response and Remediation; Sophistication and Record of Compliance.
This is the first time that CFIUS clarifies its otherwise obscure procedures. However, this Guideline is non-binding and CFIUS retains broad discretion with respect to its enforcement and penalty decisions. Indeed, listing those potentially unlawful conducts may forewarn investors. To be sure, investors should be cautious in making their filing/non-filing decisions and be especially careful to ensure the completeness and accuracy of information submitted to CFIUS during the review process.
2022年10月25日，美国财政部发布了《外国投资委员会执法和处罚指南》（以下简称《指南》）。正如我们之前的通讯消息所描述的那样，在2022年3月《综合拨款法》扩大商务部工作人员和资金后，该《指南》是外国投资委员会审查程序的深入发展。
该《指南》澄清了四个问题。第一，可能构成违法的行为类型；第二，外国投资委员会所依赖的信息来源；第三，处罚程序；第四，加重和减轻处罚的因素。
首先，准则指出了三种可能的非法行为。未提交审查，不遵守外国投资委员会的缓解措施，以及重大错报、漏报或虚假证明。第二，关于外国投资委员会所依赖的信息来源，《指南》指出，委员会将考虑广泛的信息来源，但特别强调了三个来源。线索、自我披露和信息请求。第三，《指南》提到，违规行为不一定会导致处罚，但概述了处罚过程中的两个重要步骤。通知；异议和评估。第四，在决定对违规行为如何处罚时，《指南》指出，美国外国投资委员会会考虑一系列的加重和减轻处罚因素。《指南》列出了六个相关因素。责任和未来的合规性；危害；过失、意识和意图；持续时间；回应和补救；对规则的了解程度和合规记录。
这是美国外国投资委员会首次澄清其原本并未公布的程序。然而，该《指南》不具有法律上的约束力，并且外国投资委员会对其执法和处罚决定保留了广泛的自由裁量权。事实上，列出这些潜在的非法行为可能会给投资者带来警示。可以肯定的是，投资者在做出申请/不申请的决定时应该谨慎，并特别注意在审查过程中确保提交给外国投资委员会的信息的完整性和准确性。
Department of Defense updated its Section 1260H list
美国防部更新其1260H中国企业名单
On October 5, 2022, U.S. Department of Defense releases a new list of People's Republic of China (PRC) Military Companies – as required under Section 1260H of the National Defense Authorization Act for Fiscal Year 2021 (NDAA 2021). The first list was released last year in June, 2021. The Department of Defense is required, under Section 1260H(b)(1) of NDAA 2021, to annually report “Chinese military company” until December 31, 2030.
Although the text of the statute imposes an obligation to report annually, the Secretary of Defense is of the authority to decide additions or deletions to the list. The definitions provided in Section 1260H are broad and vague. The text of that statute does not exclude the possibility that any private Chinese company be labelled as “Chinese Military Company.” Indeed, Section 1260H(d)(1) to (3) of NDAA defines “Chinese military company” and “Military-civil fusion contributor” (MCFC) loosely. The definition of MCFC contains an all-encompassing definition under which an entity can be a “MCFC” whenever “the Secretary determines … appropriate.”
However, no trade restriction measures or any other forms of sanctions are stated in the list this time. Indeed, Section 1260H of NDAA only labels these companies as “CMC” without stating what sanctions or limitations to follow -- a scenario that is different from NS-CMIC list produced by the Biden administration and Section 1237 list produced by the Trump administration.
2022年10月5日，美国国防部宣布了第二批中国企业名单并宣称该名单上的企业为“中国军方企业”（CMC）。第一批1260H名单于去年6月公布。2021国防预算法案第1260H条b款1项要求美国防部从2021年起每年公布一批“中国军方企业”直到2030年。
尽管NDAA 2021法律条文赋予美国防部每年公布名单的义务，但是具体某一企业进入或脱离名单由美国防部决定。并且，2021国防预算法案中所规定的判断一家企业是否属于“中国军方企业”和“军民融合的贡献企业”的定义宽松。不能排除任何一家与军方并无关联的民营企业被美方划入该名单的可能。具体来说，第1260H条d款1项至3项提供了对于“中国军方企业”和“军民融合的贡献企业”的定义。其中，“军民融合的贡献企业”的定义中包含一兜底条款第1260H条d款2项H节：“其他任何由国防部部长决定符合的情形。”
但是，就目前为止，该法案和美国防部本次发布的名单并未明确指出采取何种惩罚或贸易限制措施。事实上，目前1260H名单仅仅是套口袋，而未决定采取任何措施——这不同于拜登政府的NS-CMIC名单或特朗普时期公布的1237名单。
CFIUS Conference 2022 – updates on case review principles
美国外国投资委员会会议重要内容概述
In June 2022, the Committee of Foreign Investments in the United States (“CFIUS”) hosted their first ever conference for practitioners, many important notices were addressed at the conference.
To adapt to the ever-evolving national security landscape, CFIUS suggested that it would be smart for investors to be prepared for mitigation and expect any future re-negotiation of mitigation measures. To prepare for a CFIUS review, filing a shortened declaration instead of a full Joint Voluntary Notice (“JVN”) can be beneficial at times, however for investors from countries of concern, or when the petition involves other complex issues, a JVN would be expected.
With respect to data security, cases involving sensitive personal data (“SPD”) should be analyzed not only for its current access to SPD, but also for how these data collecting practices would change in the future. Genetic and Medical data are now concerned as “high risk”. CFIUS stated that they will continue to share investment screening data with allies of the United States, and work with them on collecting intelligence on foreign acquirers.
The Consolidated Appropriations Act on March 8th, 2022 funded 12 staff positions in the “Industry and Analysis” unit of the Commerce department’s International Trade Administration, The CFIUS review would become more in-depth around the protection of American technology, and investors should expect increasing mitigation orders, and more post-review questions.
今年六月，美国外国投资委员会（"CFIUS"）举办了他们有史以来的第一次从业人员会议，该次会议讨论了许多重要议题。
首先，为适应不断变化的国家安全形势，CFIUS会建议投资者为缓解措施，以及后续的措施重新商讨环节做好准备。为准备CFIUS的审查，提交一份简短的声明取代完整的联合自愿通知（"JVN"）是有益的，但是对于来自“受关注国家”的投资者，或者当申请涉及其他复杂问题时，投资者需提交完整JVN。
其次，数据安全方面，涉及敏感个人数据（"SPD"）的案件，审查不仅包括其目前对SPD的访问情况，也需涵盖未来数据收集方式可能发生的变化。其中基因和医疗数据现在被视为 "高风险"。CFIUS表示，他们将继续与众多盟友国分享投资相关数据，并与他们合作收集有关外国投资者的情报。
最后，2022年3月8日的《综合拨款法案》为商务部国际贸易管理局的 "行业和分析 "部门提供了12个职位，CFIUS的审查将围绕防止技术外泄变得更加深入严谨，投资者预计会面临更多的缓解令，以及审查完结之后来自相关部门的后续跟进。
SEC published Sample Letter to China-Based Companies
美国证券交易委员会公司财务部发布《致中国公司函样本》
On Dec 20, 2021, Division of Corporation Finance of SEC publish Sample Letter to China-Based Companies. Recent events have highlighted the risks associated with investing in companies that are based in or that have the majority of their operations in the People’s Republic of China (China-based companies). The Division of Corporation Finance believes that more prominent, specific, and tailored disclosure about these risks, and companies’ use of the variable interest entity (VIE) structure specifically, is warranted to provide investors with the information they need to make informed investment decisions and for companies to comply with their disclosure obligations under the federal securities laws.
In light of these concerns, the Division is issuing comments to China-based companies seeking more specific and prominent disclosure about the legal and operational risks associated with China-based companies. The Division’s comments focus on the need for clear and prominent disclosure regarding the structure of the company, including the relationship between the entity conducting the offering and the entities conducting the operating activities, risks associated with a company’s use of the VIE structure, and the potential impact on the company’s operations and investors’ interests if such structure were disallowed or the contracts were determined to be unenforceable. The Division’s comments also focus on additional legal, regulatory, and enforcement risks that may apply to investments in China-based companies, such as the potential impact of the Holding Foreign Companies Accountable Act and related rules and any necessary PRC permissions a China-based company may need to operate its business or offer securities to foreign investors.
The illustrative sample letter contains sample comments that, depending on the particular facts and circumstances, the Division may issue to China-based companies. The Division urges companies to consider these sample comments and additional regulatory developments in this area as they prepare their disclosure documents.
2021年12月20日，美国证券交易委员会公司财务部发布《致中国公司函样本》。他们认为最近的事件凸显了投资于设在中国或大部分业务在中国的公司(中国公司)的相关风险。公司财务部认为，对于这些风险的更突出、更具体、更有针对性的披露，以及公司具体使用可变利益实体(VIE)结构，有权向投资者提供作出明智投资决策所需的信息，并使公司遵守联邦证券法规定的披露义务。
鉴于这些担忧，该部门正向中国公司发表意见，要求披露与中国公司有关的法律和经营风险的更具体和突出的信息。该部门的意见集中于明确和突出披露公司结构的必要性，包括进行发行的实体和进行经营活动的实体之间的关系，与公司使用VIE结构相关的风险，如果这种结构被禁止，或合同被确定为不可执行，将对公司的运营和投资者的利益产生潜在影响。该部门的评论还关注了在中国投资公司可能面临的额外法律、监管和执法风险，例如《外国控股公司问责法》(Holding Foreign Companies accountability Act)和相关规定的潜在影响，以及中国公司在经营其业务或向外国投资者提供证券时可能需要获得的任何必要的中国许可。
说明性样本信包括有样本意见，根据具体事实和情况，该部门可向中国公司发出样本意见。敦促各公司在拟备披露文件时，会考虑这些样本意见和在这些方面的相关监管情况。
Department of Treasury Releases CFIUS Enforcement and Penalty Guidelines
美财政部公布CFIUS执法与处罚指南
On October 25, 2022, the U.S. Department of Treasury released the CFIUS Enforcement and Penalty Guidelines (the “Guidelines”). Such Guidelines are a new step in the evolving development of CFIUS review procedures after the expansion of its staff and funding under the Consolidated Appropriations Act in March 2022, as our prior newsletter described.
The Guidelines clarify four issues: First, The Types of Conduct that may constitute a violation; Second, Sources of Information on which CFIUS Relies; third, Penalty Process; fourth, Aggravating and Mitigating Factors.
First, the Guidelines point out three potentially unlawful conducts: Failure to File, Non-Compliance with CFIUS Mitigation, and Material Misstatement, Omission, or False Certification. Second, regarding the sources of information on which CFIUS relies, the Guidelines note that the committee considers a wide range of sources but emphasize three sources in particular: Tips, Self-Disclosure, and Requests for Information. Third, the Guidelines address that a violation does not necessarily lead to a penalty but outline two important steps in the penalty process: Notice; Contest and Assessment. Fourth, in determining the appropriate response to a violation, the Guidelines point out that CFIUS considers a series of aggravating and mitigating factors. The Guidelines list six relevant factors: Accountability and Future Compliance; Harm; Negligence, Awareness, and Intent; Persistence and Timing; Response and Remediation; Sophistication and Record of Compliance.
This is the first time that CFIUS clarifies its otherwise obscure procedures. However, this Guideline is non-binding and CFIUS retains broad discretion with respect to its enforcement and penalty decisions. Indeed, listing those potentially unlawful conducts may forewarn investors. To be sure, investors should be cautious in making their filing/non-filing decisions and be especially careful to ensure the completeness and accuracy of information submitted to CFIUS during the review process.
2022年10月25日，美国财政部发布了《外国投资委员会执法和处罚指南》（以下简称《指南》）。正如我们之前的通讯消息所描述的那样，在2022年3月《综合拨款法》扩大商务部工作人员和资金后，该《指南》是外国投资委员会审查程序的深入发展。
该《指南》澄清了四个问题。第一，可能构成违法的行为类型；第二，外国投资委员会所依赖的信息来源；第三，处罚程序；第四，加重和减轻处罚的因素。
首先，准则指出了三种可能的非法行为。未提交审查，不遵守外国投资委员会的缓解措施，以及重大错报、漏报或虚假证明。第二，关于外国投资委员会所依赖的信息来源，《指南》指出，委员会将考虑广泛的信息来源，但特别强调了三个来源。线索、自我披露和信息请求。第三，《指南》提到，违规行为不一定会导致处罚，但概述了处罚过程中的两个重要步骤。通知；异议和评估。第四，在决定对违规行为如何处罚时，《指南》指出，美国外国投资委员会会考虑一系列的加重和减轻处罚因素。《指南》列出了六个相关因素。责任和未来的合规性；危害；过失、意识和意图；持续时间；回应和补救；对规则的了解程度和合规记录。
这是美国外国投资委员会首次澄清其原本并未公布的程序。然而，该《指南》不具有法律上的约束力，并且外国投资委员会对其执法和处罚决定保留了广泛的自由裁量权。事实上，列出这些潜在的非法行为可能会给投资者带来警示。可以肯定的是，投资者在做出申请/不申请的决定时应该谨慎，并特别注意在审查过程中确保提交给外国投资委员会的信息的完整性和准确性。
Department of Defense updated its Section 1260H list
美国防部更新其1260H中国企业名单
On October 5, 2022, U.S. Department of Defense releases a new list of People's Republic of China (PRC) Military Companies – as required under Section 1260H of the National Defense Authorization Act for Fiscal Year 2021 (NDAA 2021). The first list was released last year in June, 2021. The Department of Defense is required, under Section 1260H(b)(1) of NDAA 2021, to annually report “Chinese military company” until December 31, 2030.
Although the text of the statute imposes an obligation to report annually, the Secretary of Defense is of the authority to decide additions or deletions to the list. The definitions provided in Section 1260H are broad and vague. The text of that statute does not exclude the possibility that any private Chinese company be labelled as “Chinese Military Company.” Indeed, Section 1260H(d)(1) to (3) of NDAA defines “Chinese military company” and “Military-civil fusion contributor” (MCFC) loosely. The definition of MCFC contains an all-encompassing definition under which an entity can be a “MCFC” whenever “the Secretary determines … appropriate.”
However, no trade restriction measures or any other forms of sanctions are stated in the list this time. Indeed, Section 1260H of NDAA only labels these companies as “CMC” without stating what sanctions or limitations to follow -- a scenario that is different from NS-CMIC list produced by the Biden administration and Section 1237 list produced by the Trump administration.
2022年10月5日，美国国防部宣布了第二批中国企业名单并宣称该名单上的企业为“中国军方企业”（CMC）。第一批1260H名单于去年6月公布。2021国防预算法案第1260H条b款1项要求美国防部从2021年起每年公布一批“中国军方企业”直到2030年。
尽管NDAA 2021法律条文赋予美国防部每年公布名单的义务，但是具体某一企业进入或脱离名单由美国防部决定。并且，2021国防预算法案中所规定的判断一家企业是否属于“中国军方企业”和“军民融合的贡献企业”的定义宽松。不能排除任何一家与军方并无关联的民营企业被美方划入该名单的可能。具体来说，第1260H条d款1项至3项提供了对于“中国军方企业”和“军民融合的贡献企业”的定义。其中，“军民融合的贡献企业”的定义中包含一兜底条款第1260H条d款2项H节：“其他任何由国防部部长决定符合的情形。”
但是，就目前为止，该法案和美国防部本次发布的名单并未明确指出采取何种惩罚或贸易限制措施。事实上，目前1260H名单仅仅是套口袋，而未决定采取任何措施——这不同于拜登政府的NS-CMIC名单或特朗普时期公布的1237名单。
CFIUS Conference 2022 – updates on case review principles
美国外国投资委员会会议重要内容概述
In June 2022, the Committee of Foreign Investments in the United States (“CFIUS”) hosted their first ever conference for practitioners, many important notices were addressed at the conference.
To adapt to the ever-evolving national security landscape, CFIUS suggested that it would be smart for investors to be prepared for mitigation and expect any future re-negotiation of mitigation measures. To prepare for a CFIUS review, filing a shortened declaration instead of a full Joint Voluntary Notice (“JVN”) can be beneficial at times, however for investors from countries of concern, or when the petition involves other complex issues, a JVN would be expected.
With respect to data security, cases involving sensitive personal data (“SPD”) should be analyzed not only for its current access to SPD, but also for how these data collecting practices would change in the future. Genetic and Medical data are now concerned as “high risk”. CFIUS stated that they will continue to share investment screening data with allies of the United States, and work with them on collecting intelligence on foreign acquirers.
The Consolidated Appropriations Act on March 8th, 2022 funded 12 staff positions in the “Industry and Analysis” unit of the Commerce department’s International Trade Administration, The CFIUS review would become more in-depth around the protection of American technology, and investors should expect increasing mitigation orders, and more post-review questions.
今年六月，美国外国投资委员会（"CFIUS"）举办了他们有史以来的第一次从业人员会议，该次会议讨论了许多重要议题。
首先，为适应不断变化的国家安全形势，CFIUS会建议投资者为缓解措施，以及后续的措施重新商讨环节做好准备。为准备CFIUS的审查，提交一份简短的声明取代完整的联合自愿通知（"JVN"）是有益的，但是对于来自“受关注国家”的投资者，或者当申请涉及其他复杂问题时，投资者需提交完整JVN。
其次，数据安全方面，涉及敏感个人数据（"SPD"）的案件，审查不仅包括其目前对SPD的访问情况，也需涵盖未来数据收集方式可能发生的变化。其中基因和医疗数据现在被视为 "高风险"。CFIUS表示，他们将继续与众多盟友国分享投资相关数据，并与他们合作收集有关外国投资者的情报。
最后，2022年3月8日的《综合拨款法案》为商务部国际贸易管理局的 "行业和分析 "部门提供了12个职位，CFIUS的审查将围绕防止技术外泄变得更加深入严谨，投资者预计会面临更多的缓解令，以及审查完结之后来自相关部门的后续跟进。
SEC published Sample Letter to China-Based Companies
美国证券交易委员会公司财务部发布《致中国公司函样本》
On Dec 20, 2021, Division of Corporation Finance of SEC publish Sample Letter to China-Based Companies. Recent events have highlighted the risks associated with investing in companies that are based in or that have the majority of their operations in the People’s Republic of China (China-based companies). The Division of Corporation Finance believes that more prominent, specific, and tailored disclosure about these risks, and companies’ use of the variable interest entity (VIE) structure specifically, is warranted to provide investors with the information they need to make informed investment decisions and for companies to comply with their disclosure obligations under the federal securities laws.
In light of these concerns, the Division is issuing comments to China-based companies seeking more specific and prominent disclosure about the legal and operational risks associated with China-based companies. The Division’s comments focus on the need for clear and prominent disclosure regarding the structure of the company, including the relationship between the entity conducting the offering and the entities conducting the operating activities, risks associated with a company’s use of the VIE structure, and the potential impact on the company’s operations and investors’ interests if such structure were disallowed or the contracts were determined to be unenforceable. The Division’s comments also focus on additional legal, regulatory, and enforcement risks that may apply to investments in China-based companies, such as the potential impact of the Holding Foreign Companies Accountable Act and related rules and any necessary PRC permissions a China-based company may need to operate its business or offer securities to foreign investors.
The illustrative sample letter contains sample comments that, depending on the particular facts and circumstances, the Division may issue to China-based companies. The Division urges companies to consider these sample comments and additional regulatory developments in this area as they prepare their disclosure documents.
2021年12月20日，美国证券交易委员会公司财务部发布《致中国公司函样本》。他们认为最近的事件凸显了投资于设在中国或大部分业务在中国的公司(中国公司)的相关风险。公司财务部认为，对于这些风险的更突出、更具体、更有针对性的披露，以及公司具体使用可变利益实体(VIE)结构，有权向投资者提供作出明智投资决策所需的信息，并使公司遵守联邦证券法规定的披露义务。
鉴于这些担忧，该部门正向中国公司发表意见，要求披露与中国公司有关的法律和经营风险的更具体和突出的信息。该部门的意见集中于明确和突出披露公司结构的必要性，包括进行发行的实体和进行经营活动的实体之间的关系，与公司使用VIE结构相关的风险，如果这种结构被禁止，或合同被确定为不可执行，将对公司的运营和投资者的利益产生潜在影响。该部门的评论还关注了在中国投资公司可能面临的额外法律、监管和执法风险，例如《外国控股公司问责法》(Holding Foreign Companies accountability Act)和相关规定的潜在影响，以及中国公司在经营其业务或向外国投资者提供证券时可能需要获得的任何必要的中国许可。
说明性样本信包括有样本意见，根据具体事实和情况，该部门可向中国公司发出样本意见。敦促各公司在拟备披露文件时，会考虑这些样本意见和在这些方面的相关监管情况。
Department of Treasury Releases CFIUS Enforcement and Penalty Guidelines
美财政部公布CFIUS执法与处罚指南
On October 25, 2022, the U.S. Department of Treasury released the CFIUS Enforcement and Penalty Guidelines (the “Guidelines”). Such Guidelines are a new step in the evolving development of CFIUS review procedures after the expansion of its staff and funding under the Consolidated Appropriations Act in March 2022, as our prior newsletter described.
The Guidelines clarify four issues: First, The Types of Conduct that may constitute a violation; Second, Sources of Information on which CFIUS Relies; third, Penalty Process; fourth, Aggravating and Mitigating Factors.
First, the Guidelines point out three potentially unlawful conducts: Failure to File, Non-Compliance with CFIUS Mitigation, and Material Misstatement, Omission, or False Certification. Second, regarding the sources of information on which CFIUS relies, the Guidelines note that the committee considers a wide range of sources but emphasize three sources in particular: Tips, Self-Disclosure, and Requests for Information. Third, the Guidelines address that a violation does not necessarily lead to a penalty but outline two important steps in the penalty process: Notice; Contest and Assessment. Fourth, in determining the appropriate response to a violation, the Guidelines point out that CFIUS considers a series of aggravating and mitigating factors. The Guidelines list six relevant factors: Accountability and Future Compliance; Harm; Negligence, Awareness, and Intent; Persistence and Timing; Response and Remediation; Sophistication and Record of Compliance.
This is the first time that CFIUS clarifies its otherwise obscure procedures. However, this Guideline is non-binding and CFIUS retains broad discretion with respect to its enforcement and penalty decisions. Indeed, listing those potentially unlawful conducts may forewarn investors. To be sure, investors should be cautious in making their filing/non-filing decisions and be especially careful to ensure the completeness and accuracy of information submitted to CFIUS during the review process.
2022年10月25日，美国财政部发布了《外国投资委员会执法和处罚指南》（以下简称《指南》）。正如我们之前的通讯消息所描述的那样，在2022年3月《综合拨款法》扩大商务部工作人员和资金后，该《指南》是外国投资委员会审查程序的深入发展。
该《指南》澄清了四个问题。第一，可能构成违法的行为类型；第二，外国投资委员会所依赖的信息来源；第三，处罚程序；第四，加重和减轻处罚的因素。
首先，准则指出了三种可能的非法行为。未提交审查，不遵守外国投资委员会的缓解措施，以及重大错报、漏报或虚假证明。第二，关于外国投资委员会所依赖的信息来源，《指南》指出，委员会将考虑广泛的信息来源，但特别强调了三个来源。线索、自我披露和信息请求。第三，《指南》提到，违规行为不一定会导致处罚，但概述了处罚过程中的两个重要步骤。通知；异议和评估。第四，在决定对违规行为如何处罚时，《指南》指出，美国外国投资委员会会考虑一系列的加重和减轻处罚因素。《指南》列出了六个相关因素。责任和未来的合规性；危害；过失、意识和意图；持续时间；回应和补救；对规则的了解程度和合规记录。
这是美国外国投资委员会首次澄清其原本并未公布的程序。然而，该《指南》不具有法律上的约束力，并且外国投资委员会对其执法和处罚决定保留了广泛的自由裁量权。事实上，列出这些潜在的非法行为可能会给投资者带来警示。可以肯定的是，投资者在做出申请/不申请的决定时应该谨慎，并特别注意在审查过程中确保提交给外国投资委员会的信息的完整性和准确性。
Department of Defense updated its Section 1260H list
美国防部更新其1260H中国企业名单
On October 5, 2022, U.S. Department of Defense releases a new list of People's Republic of China (PRC) Military Companies – as required under Section 1260H of the National Defense Authorization Act for Fiscal Year 2021 (NDAA 2021). The first list was released last year in June, 2021. The Department of Defense is required, under Section 1260H(b)(1) of NDAA 2021, to annually report “Chinese military company” until December 31, 2030.
Although the text of the statute imposes an obligation to report annually, the Secretary of Defense is of the authority to decide additions or deletions to the list. The definitions provided in Section 1260H are broad and vague. The text of that statute does not exclude the possibility that any private Chinese company be labelled as “Chinese Military Company.” Indeed, Section 1260H(d)(1) to (3) of NDAA defines “Chinese military company” and “Military-civil fusion contributor” (MCFC) loosely. The definition of MCFC contains an all-encompassing definition under which an entity can be a “MCFC” whenever “the Secretary determines … appropriate.”
However, no trade restriction measures or any other forms of sanctions are stated in the list this time. Indeed, Section 1260H of NDAA only labels these companies as “CMC” without stating what sanctions or limitations to follow -- a scenario that is different from NS-CMIC list produced by the Biden administration and Section 1237 list produced by the Trump administration.
2022年10月5日，美国国防部宣布了第二批中国企业名单并宣称该名单上的企业为“中国军方企业”（CMC）。第一批1260H名单于去年6月公布。2021国防预算法案第1260H条b款1项要求美国防部从2021年起每年公布一批“中国军方企业”直到2030年。
尽管NDAA 2021法律条文赋予美国防部每年公布名单的义务，但是具体某一企业进入或脱离名单由美国防部决定。并且，2021国防预算法案中所规定的判断一家企业是否属于“中国军方企业”和“军民融合的贡献企业”的定义宽松。不能排除任何一家与军方并无关联的民营企业被美方划入该名单的可能。具体来说，第1260H条d款1项至3项提供了对于“中国军方企业”和“军民融合的贡献企业”的定义。其中，“军民融合的贡献企业”的定义中包含一兜底条款第1260H条d款2项H节：“其他任何由国防部部长决定符合的情形。”
但是，就目前为止，该法案和美国防部本次发布的名单并未明确指出采取何种惩罚或贸易限制措施。事实上，目前1260H名单仅仅是套口袋，而未决定采取任何措施——这不同于拜登政府的NS-CMIC名单或特朗普时期公布的1237名单。
CFIUS Conference 2022 – updates on case review principles
美国外国投资委员会会议重要内容概述
In June 2022, the Committee of Foreign Investments in the United States (“CFIUS”) hosted their first ever conference for practitioners, many important notices were addressed at the conference.
To adapt to the ever-evolving national security landscape, CFIUS suggested that it would be smart for investors to be prepared for mitigation and expect any future re-negotiation of mitigation measures. To prepare for a CFIUS review, filing a shortened declaration instead of a full Joint Voluntary Notice (“JVN”) can be beneficial at times, however for investors from countries of concern, or when the petition involves other complex issues, a JVN would be expected.
With respect to data security, cases involving sensitive personal data (“SPD”) should be analyzed not only for its current access to SPD, but also for how these data collecting practices would change in the future. Genetic and Medical data are now concerned as “high risk”. CFIUS stated that they will continue to share investment screening data with allies of the United States, and work with them on collecting intelligence on foreign acquirers.
The Consolidated Appropriations Act on March 8th, 2022 funded 12 staff positions in the “Industry and Analysis” unit of the Commerce department’s International Trade Administration, The CFIUS review would become more in-depth around the protection of American technology, and investors should expect increasing mitigation orders, and more post-review questions.
今年六月，美国外国投资委员会（"CFIUS"）举办了他们有史以来的第一次从业人员会议，该次会议讨论了许多重要议题。
首先，为适应不断变化的国家安全形势，CFIUS会建议投资者为缓解措施，以及后续的措施重新商讨环节做好准备。为准备CFIUS的审查，提交一份简短的声明取代完整的联合自愿通知（"JVN"）是有益的，但是对于来自“受关注国家”的投资者，或者当申请涉及其他复杂问题时，投资者需提交完整JVN。
其次，数据安全方面，涉及敏感个人数据（"SPD"）的案件，审查不仅包括其目前对SPD的访问情况，也需涵盖未来数据收集方式可能发生的变化。其中基因和医疗数据现在被视为 "高风险"。CFIUS表示，他们将继续与众多盟友国分享投资相关数据，并与他们合作收集有关外国投资者的情报。
最后，2022年3月8日的《综合拨款法案》为商务部国际贸易管理局的 "行业和分析 "部门提供了12个职位，CFIUS的审查将围绕防止技术外泄变得更加深入严谨，投资者预计会面临更多的缓解令，以及审查完结之后来自相关部门的后续跟进。
SEC published Sample Letter to China-Based Companies
美国证券交易委员会公司财务部发布《致中国公司函样本》
On Dec 20, 2021, Division of Corporation Finance of SEC publish Sample Letter to China-Based Companies. Recent events have highlighted the risks associated with investing in companies that are based in or that have the majority of their operations in the People’s Republic of China (China-based companies). The Division of Corporation Finance believes that more prominent, specific, and tailored disclosure about these risks, and companies’ use of the variable interest entity (VIE) structure specifically, is warranted to provide investors with the information they need to make informed investment decisions and for companies to comply with their disclosure obligations under the federal securities laws.
In light of these concerns, the Division is issuing comments to China-based companies seeking more specific and prominent disclosure about the legal and operational risks associated with China-based companies. The Division’s comments focus on the need for clear and prominent disclosure regarding the structure of the company, including the relationship between the entity conducting the offering and the entities conducting the operating activities, risks associated with a company’s use of the VIE structure, and the potential impact on the company’s operations and investors’ interests if such structure were disallowed or the contracts were determined to be unenforceable. The Division’s comments also focus on additional legal, regulatory, and enforcement risks that may apply to investments in China-based companies, such as the potential impact of the Holding Foreign Companies Accountable Act and related rules and any necessary PRC permissions a China-based company may need to operate its business or offer securities to foreign investors.
The illustrative sample letter contains sample comments that, depending on the particular facts and circumstances, the Division may issue to China-based companies. The Division urges companies to consider these sample comments and additional regulatory developments in this area as they prepare their disclosure documents.
2021年12月20日，美国证券交易委员会公司财务部发布《致中国公司函样本》。他们认为最近的事件凸显了投资于设在中国或大部分业务在中国的公司(中国公司)的相关风险。公司财务部认为，对于这些风险的更突出、更具体、更有针对性的披露，以及公司具体使用可变利益实体(VIE)结构，有权向投资者提供作出明智投资决策所需的信息，并使公司遵守联邦证券法规定的披露义务。
鉴于这些担忧，该部门正向中国公司发表意见，要求披露与中国公司有关的法律和经营风险的更具体和突出的信息。该部门的意见集中于明确和突出披露公司结构的必要性，包括进行发行的实体和进行经营活动的实体之间的关系，与公司使用VIE结构相关的风险，如果这种结构被禁止，或合同被确定为不可执行，将对公司的运营和投资者的利益产生潜在影响。该部门的评论还关注了在中国投资公司可能面临的额外法律、监管和执法风险，例如《外国控股公司问责法》(Holding Foreign Companies accountability Act)和相关规定的潜在影响，以及中国公司在经营其业务或向外国投资者提供证券时可能需要获得的任何必要的中国许可。
说明性样本信包括有样本意见，根据具体事实和情况，该部门可向中国公司发出样本意见。敦促各公司在拟备披露文件时，会考虑这些样本意见和在这些方面的相关监管情况。
Get In Touch
All information displayed on this website is informational and shall not be deemed as legal advice. If you are currently dealing with a legal situation, you are invited to contact us through email or by phone. Until an attorney-client relationship has been established, we urge that you avoid sharing any confidential information.
In Affiliation with Beijing DeHeng Law Offices
©2024 by DeHeng Chen LLC.
Get In Touch
All information displayed on this website is informational and shall not be deemed as legal advice. If you are currently dealing with a legal situation, you are invited to contact us through email or by phone. Until an attorney-client relationship has been established, we urge that you avoid sharing any confidential information.
In Affiliation with Beijing DeHeng Law Offices
©2024 by DeHeng Chen LLC.
Get In Touch
All information displayed on this website is informational and shall not be deemed as legal advice. If you are currently dealing with a legal situation, you are invited to contact us through email or by phone. Until an attorney-client relationship has been established, we urge that you avoid sharing any confidential information.
In Affiliation with Beijing DeHeng Law Offices
©2024 by DeHeng Chen LLC.