March 06, 2020

Proposed Rules for CFIUS Filing Fee by the Department of the Treasury


Following two amendments to the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) published on January 17, 2020, the Department of the Treasury released a proposed rule that would establish a filing fee for parties engaged in covered transactions under the Committee on Foreign Investment in the United States (CFIUS or the Committee).


The Department of the Treasury makes it a direct and easy way to calculate the filing fees, which is determined by the transaction’s value. Worrying about discouraging filing and negative impacts on small businesses, the Treasury Department sets the filing fee no more than 0.15% of the overall transaction value.


For transactions with values less than $500,000, there are no filing fees. For transactions with values equal to or exceeding $500,000, the filing fee is based on a tiered approach:

  • Where the value of transaction is equal to or greater than $500,000 but less than $5,000,000: $750;

  •  Where the value of transaction is equal to or greater than $5,000,000 but less than $50,000,000: $7,500;

  • Where the value of transaction is equal to or greater than $50,000,000 but less than $250,000,000: $75,000;

  • Where the value of transaction is equal to or greater than $250,00,000 but less than $750,000,000: $150,000;

  • Where the value of the transaction is equal to or greater than $750,000,000: $300,000.


The proposed regulation released by the Department of the Treasury, authorized by FIRRMA, finally terminates the era of free view—CFIUS reviewed transactions without any fee for the last 30 years. Although the Department of the Treasury believes that the coming filing fee is too little (no more than 0.15% of values of transactions) to discourage filing and to affect small business, foreign persons engaged in “covered transaction” or “covered real estate transaction” must pay extra expenses to the U.S. federal government. Under the proposed rule, only submitting voluntary written notice to the Committee is subject to the filing fee, filing declarations and unilateral review of a transaction based on agency notices are still free of charge. Unfortunately, filing fees are inevitable if Committee requests parties who issued declarations to submit a written notice where the Committee is unable to have a conclusion.






  • 交易金额等于或大于50万美元但小于500万美元的交易:申报费用为750美元;

  • 交易金额等于或大于500万美元但小于5千万美元的交易:申报费用为7500美元;

  • 交易金额等于或大于5千万美元但小于2亿5千万美元的交易:申报费用为 75000美元;

  • 交易金额等于或大于2亿5千万美元但小于7亿5千万美元的交易:申报费用为15万美元;

  • 交易金额等于或大于7亿5千万美元的交易:申报费用为30万美元。



*The Department of the Treasury is going to collect comments on this proposed rule from March 9, 2020, for 30 days. This filing fee rule may be amended after the reconsideration of the Treasury Department.


January 09, 2020

China General Chamber of Commerce (CGCC) – USA 15th Anniversary & Lunar New Year Gala successfully held, DeHeng conferred the Outstanding Contribution Award






















New York, January 09, 2020 – Xiaomin Chen and DeHeng (New York) has been invited to the China General Chamber of Commerce USA (“CGCC”) 2020 Lunar New Year Gala & 15th Anniversary Celebration at the New York Hilton Midtown in Manhattan, on January 8th, 2020. As general counsel for CGCC, DeHeng (New York) was conferred the Outstanding Contribution Award. The event welcomed more than 600 distinguished guests from the US-China business community gathered together to honor the contributions of the awardees towards building trust and cooperation between China and the United States. DeHeng (New York) has been dedicated to providing high quality legal services to CGCC since 2005 and has been highly rated. In the future, DeHeng (New York) will continue to contribute to the economic and trade activities between China and the United States through the platform of the CGCC.


December 23, 2019

Department of Justice Revises and Re-Issues Export Control and Sanctions Enforcement Policy for Business Organizations


The Department of Justice released of a revised policy for business organizations regarding voluntary disclosures of export control and sanctions violations (Voluntary Self-Disclosure Policy or VSD Policy). VSD policy will be formally incorporated into the Justice Manual. This revised VSD Policy signals the Department’s continued emphasis on corporate voluntary self-disclosure, rewarding cooperating companies with a presumption in favor of a non-prosecution agreement and significant reductions in penalties. The VSD Policy is effective today, December 13, 2019. It applies only to export control and sanctions matters brought by the National Division’s Counterintelligence and Export Control Section. It does not apply to any other section in the National Security Division, any other part of the Department of Justice, or any other agency.

美国司法部公布了针对商业组织发布有关自愿披露出口管制和违反制裁规定的修订政策(“自愿自我披露政策”或“VSD政策”)。 该项VSD政策将正式纳入《司法手册》。 修订后的VSD政策表明,美国司法部将继续重视企业自愿披露,向愿意合作的企业提供假定支持不起诉协议和大幅减少罚款作为奖励。VSD政策于2019年12月13日生效。该政策仅适用于国家反情报和出口管制科提起的出口管制和制裁事项。该政策不适用于国家安全部的任何其他部分,司法部其他任何部门,或任何其他机构。

December 23, 2019

DeHeng NY Assists the US Subsidiary of the Largest Chinese Telecommunication Corporation to Develop a Compliance Program


After successfully establishing compliance programs for the largest investment construction company in the world, one of the largest Chinese commercial banks, a reputable Chinese education foundation and other Chinese institutions in the United States, DeHeng Chen, LLC (DeHeng NY) has entered into an agreement with the US subsidiary of the largest Chinese telecommunication corporation to develop a compliance program for the subsidiary. The compliance team of DeHeng Chen, LLC will conduct assessment of risks, design compliance plans, draft employment handbook, and establish a reporting procedure and mechanism for the subsidiary to comply with all the applicable state laws and federal laws.


October 21, 2019

DeHeng NY provided training on cross-border M&A company management to lawyers from Shenzhen Bar Association


On October 21, 2019, DeHeng Chen, LLC (DeHeng NY) hosted a training session on cross-border M&A company management to 23 lawyers from Shenzhen Bar Association. The training was delivered by Mr. Xiaomin Chen, the managing partner of DeHeng NY, who is an expert in both American law and Chinese law, and has extensive experience in cross-border transactions. By using cases as examples, Mr. Chen mainly talked about and made suggestions on issues including how to cope with cultural differences and employment placement to ensure good performance during such a transition. The training provided a great opportunity for Chinese lawyers to learn more about cross-border company management and share thoughts on related issues.

2019年10月21日, 德恒(纽约)律师事务所(简称“德恒(纽约)”)为23名来自深圳律协的涉外律师进行了关于跨境并购企业管理问题的培训。该培训由德恒(纽约)主任及合伙人陈小敏律师主讲, 他通晓中美两国法律,并在跨境交易领域有丰富经验。陈小敏律师通过案例主要分析探讨了在并购后这一特殊时期如何妥善处理企业文化管理和人员安置问题,以确保企业持续发展。此次培训为中国律师提供了珍贵的学习经验和交流机会。

May 20, 2019

Xiaomin Chen Selected as a 2019 Super Lawyer


Xiaomin Chen, Managing Partner of DeHeng Chen, LLC has been selected as a 2019 Super Lawyer in Business/Corporate Law in New York. The list, published by Thompson Reuters, highlights outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement.  Mr. Chen has been selected as a Super Lawyer for 8 consecutive years. He is an expert on both Chinese law and American law, and is highly regarded by clients for legal services he provides in the areas of international trade, corporate, M&A, finance, and real estate law.


January 29, 2019

Managing Partner Xiaomin Chen attended DeHeng’s "Cross-Border Investment Key Issues Seminar" and "Cross-Border Investment Annual Reception"


On January 16, 2019, DeHeng’s "Cross-Border Investment Key Issues Seminar" and "Cross-Border Investment Annual Reception" were successfully held in Beijing Head Office. The Seminar focused on key legal practice issues relating to investment in the U.S., Europe and some other countries in Asia and Africa. Experienced lawyers at home and abroad shared high-profile cases and practical experiences in different jurisdictions with respect to key issues in compliance and cross-border investment such as export controls and sanctions, anti-bribery, financial and asset management, and investment in sensitive industries. The Reception provided an opportunity for relaxing and enjoyable dialogues between DeHeng lawyers and invited guests and clients.

DeHeng New York’s Managing Partner Xiaomin Chen, jointly with Mr. Michael A. Curto from Squire Patton Boggs LLP, delivered a speech on US economic sanctions and export controls, which covered OFAC, countrywide embargoes, regulated targets, and secondary sanctions. They also highlighted some cases involving targeted companies in China, Iran, and North Korea and offered deep insights into the practical and political considerations behind the US sanctions.

More than 170 invitees attended the event. This event is well-organized and warmly received by guests, including Professor Yuejiao Zhang (former member of the WTO Appellate Body), Jianxin Chi (Secretary General of the National Federation of Industry and Commerce International Cooperation Committee), Counsellor of the French Embassy in China, Counsellor of the Kazakhstan Embassy in China, legal counsels from dozens of foreign-related Chinese companies, foreign-invested enterprises and foreign institutions, partners of international law firms, Chambers of Commerce representatives, and lawyers from DeHeng offices around the world.


德恒(纽约)律师事务所主任陈小敏律师与来自美国Squire Patton Boggs LLP律所的Michael A. Curto律师,结合中国、伊朗、朝鲜等国企业受到美国经济制裁和出口管制的具体案例,围绕美国的监管机构——海外资产控制办公室(OFAC)、禁运地区、受管制对象、二级制裁等话题及其背后的现实与政治考量展开了分析与交流。


June 01, 2018

CGCC, DeHeng and SPB hosted Seminar on the Threat of the US Sanctions Regime for Chinese Companies


On May 30, 2018, the China General Chamber of Commerce (“CGCC”), DeHeng Chen, LLC (“DeHeng NY”) and Squire Patton Boggs (“SPB”) co-hosted a seminar on the Threat of the US Sanctions Regime for Chinese Companies. Attorneys from SPB and directors from Navigant discussed U.S. Congressional and administration sanctions priorities and risks, sanctions risks and strategies for Chinese financial institutions, emerging enforcement issues and sanctions-related civil litigation risks. Using the sanctions against North Korea and Iran as examples, the panel discussed the sanctions risks including sanction designations and enforcement actions, explained the expansion of sanctioning powers, and made detailed suggestions for Chinese financial institutions on risk management.  Participants from law firms and financial institutions joined the post-panel discussion and shared thoughts on potential future risks and relevant measures.

2018年5月30日,由美国中国总商会、德恒(纽约)律师事务所(简称“德恒纽约”)及Squire Patton Boggs律师事务所(简称“SPB”)联合主办的讲座在中国银行大楼举行。SPB的律师们分享了美国国会及行政制裁的侧重点和政策风险、中国金融机构的制裁模式和制裁风险、新出现的执行问题以及与制裁相关的民事诉讼风险。 讲座以美国对朝鲜及伊朗曾采取的制裁措施为例,阐述了中国公司可能面临的多种制裁风险,详细探讨了金融制裁适用范围逐渐扩大至第三方交易公司的现状,并为中国金融机构的风险管理提出具体建议。来自各律所及金融机构的近五十名观众热烈参与了讨论。

May 18, 2018

DeHeng NY Assists a Chinese Bank NY Branch on Signing of $75 Million Loan Project


DeHeng Chen, LLC ("DeHeng NY") acted as legal counsel on behalf of a Chinese bank New York branch in the refinancing of a $75 million loan for hotel development that closed in May 2018.DeHeng Chen, LLC provided legal assistance on the successful signing of the Transaction documents.


Xiaomin Chen, Managing Partner of DeHeng NY, assisted by Attorney Deborah Yang, led a team of DeHeng NY lawyers in advising CITIC on this transaction.

本项目由德恒(纽约)陈小敏主任负责,经办人员Deborah Yang律师及德恒(纽约)律师团队。

May 15, 2018

Xiaomin Chen Selected as a 2018 Super Lawyer


Xiaomin Chen, Managing Partner of DeHeng Chen, LLC has been selected as a 2018 Super Lawyer in Business/Corporate Law in New York. The list, published by Thompson Reuters, highlights outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement.  Mr. Chen has been selected as a Super Lawyer for 7 consecutive years. He is an expert on both Chinese law and American law, and is highly regarded by clients for legal services he provides in the areas of international trade, corporate, M&A, finance, and real estate law.


January 02, 2018

DeHeng NY Advises on Shanghai Hongxiao’s Acquisition of miVIP


DeHeng Chen, LLC (“DeHeng NY”) has advised Shanghai Hongxiao Science and Technology Co., Ltd (“Shanghai Hongxiao”), a shareholding company of listed company Shanghai Hongda Mining Co., Ltd. (“Shanghai Hongda”) on its $300 million acquisition of an 80% equity interest in miVIP Healthcare Holdings, LLC (“miVIP”), a healthcare management company.  The deal closed on January 1, 2018.

2018年1月1日,在德恒(纽约)律师事务所(“德恒纽约”)协助下,上海宏达矿业股份有限公告(“上海宏达”,600532.SH)的参股公司——上海宏啸科技有限公司(“宏啸科技”)完成了对美国医疗管理企业miVIP Healthcare Holdings, LLC(“miVIP”)80%股权的收购交割工作。交易对价约为3亿美元。


As the U.S. counsel to Shanghai Hongda and Shanghai Hongxiao for this acquisition, DeHeng NY advised on pre-closing legal due diligence, healthcare regulatory compliance, negotiation and drafting of transactional documents, CFIUS review and HSR filings, and deal closing.



Xiaomin Chen, Managing Partner of DeHeng NY, led a team of lawyers comprising Shang Jiang, Deborah Yang, Adam Eilenberg, Ted Chastain, James Shorter and other counsel.

本项目由德恒纽约陈小敏主任律师负责,经办律师为姜尚律师、Deborah Yang律师,团队成员还包括Adam Eilenberg律师、Ted Chastain律师、James Shorter律师等。

September 18, 2017

DeHeng Hosts Seminar on U.S. Investment and Tobacco Compliance


On September 18, 2017, Chinese Tobacco Delegation, which was made of employees in Chinese State Tobacco Monopoly Administration and Tobacco Monopoly Administrations (Corporations) of 18 provinces, arrived Chinese General Chamber of Commerce (CGCC) which located in New York to attend learning and communication activities regarding overseas investment. In the morning, Attorney Xiaomin Chen, who is also the Managing Partner of DeHeng Chen, LLC in New York City and global partner of DeHeng Law Offices, one of the largest law firms in China, Attorney Shang Jiang, and Attorney Deborah Yang discussed laws, regulations and legal practices relating to tobacco industry’s investment in U.S.


2017年9月18日,由中国国家烟草专卖局及18个省及直辖市的烟草专卖局(公司)人员组成的中国烟草代表团一行抵达纽约,与德恒(纽约)律师事务所(简称“德恒纽约”)的律师们举行座谈,探讨了在美投资的法律法规以及烟草行业的法律风险防控。座谈会由德恒纽约的陈小敏主任主持,姜尚律师和Deborah Yang律师进行了主题发言。

June 13, 2017

DeHeng Assisted with Technology Cooperation between Yangquan Coal and GTI


DeHeng Chen, LLC, acting as legal counsel, assisted Yangquan Coal Industry (Group) Co., Ltd with signing of a Technical Development Cooperation Agreement with the Gas Technology Institute in Taiyuan, China.


2017年6月13日,德恒(纽约)律师事务所作为阳泉煤业(集团)有限责任公司集团法律顾问,协助其与Gas Technology Institute在太原签署了技术开发合作协议,希望借此实现煤气化技术的升级和改造。

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