On October 28, 2024, the U.S. Department of Treasury (Treasury Department) published a final rule (Final Rule) setting forth the regulations implementing Executive Order 14150 of August 9, 2023 (Outbound Investment Order), creating a scheme regulating U.S. persons’ investments in a country of concern involving semiconductors and microelectronics, quantum information technologies and artificial intelligence sectors[1]. According to the Annex to the Outbound Investment Order, China (including Hong Kong and Macau) is currently the only identified “Country of Concern”. The Final Rule went effective on January 2, 2025.
Who are the in-scope persons?
The Final Rule regulates the direct and indirect involvement of “U.S Persons”, which is broadly defined to include (i) any U.S. citizen, (ii) any lawful permanent resident, (iii) any entity organized under the laws of the United States or any jurisdiction within the United States, including any foreign branches of any such entity, and (iv) any person in the U.S.
The Final Rule requires a U.S. Person to take all reasonable steps to prohibit a “Controlled Foreign Entity”, a non-U.S. incorporated/organized entity, from making outbound investments that would be prohibited if undertaken by a U.S. Person. As such, the Final Rule extends its influence over any Controlled Foreign Entity of such U.S. Person.
The Final Rule also prohibits a U.S. Person from knowingly directing a transaction that would be prohibited by the Final Rule if engaged by a U.S. Person.
Which outbound investments are in-scope?
The “Covered Transactions” include investment, loan and debt financing conferring certain investor rights characteristic of equity investments, greenfield or brownfield investments and investment in a joint venture (“JV”) or fund, relating to a “Covered Foreign Person” (as discussed below), as described below:
- Equity investment: (i) acquisition of equity interest or contingent equity interest in a Covered Foreign Person; (ii) conversion of contingent equity interest (acquired after the effectiveness of the Final Rule) into equity interest in a Covered Foreign Person;
- Loan or debt financing: provision of loan or debt financing to a Covered Foreign Person, where the U.S. Person is afforded an interest in profits, the right to appoint a director (or equivalent) or other comparable financial or governance rights characteristic of an equity investment but not typical of a loan;
- Greenfield/brownfield investment: acquisition, leasing, development of operations, land, property, or other asset in China (including Hong Kong and Macau) that the U.S. Person knows will result in the establishment or engagement of a Covered Foreign Person; and
- JV/ fund investment: (i) entry into a JV with a Covered Foreign Person that the U.S. Person knows will or plan to engage in covered activities; (ii) acquisition of limited partner or equivalent interest in a non-U.S. Person venture capital fund, private equity fund, fund of funds, or other pooled investment fund that will engage in a transaction that would be a Covered Transaction if untaken by a U.S. Person.
What are in-scope transactions and carve-out transactions?
The Final Rule identifies three categories of Covered Transactions involving covered foreign persons – Notifiable Transactions, Prohibited Transactions, and Excepted Transactions.
A “Covered Foreign Person” includes the following persons engaging in “Covered Activities” (i.e. Notifiable or Prohibited Activities identified in the Final Rule) relating to a Country of Concern:
- A person of China, Hong Kong or Macau, including an individual who is a citizen or permanent resident of China (including Hong Kong and Macau and are not a U.S. citizen or permanent resident of the United States); an entity organized under the laws of China (including Hong Kong and Macau), or headquartered in, incorporated in, or with a principal place of business in China (including Hong Kong and Macau; the government of China (including Hong Kong and Macau); or an entity that is directly or indirectly owned 50% or more by any persons in any of the aforementioned categories.
- A person directly or indirectly holds a board, voting rights, equity interests, or contractual power to direct or cause the management or policies of any person that derives 50% or more of its revenue or net income or incur 50% or more its capital expenditure or its operating expenses (individually or as aggregated) from China (including Hong Kong and Macau) (subject to a $50,000 in minimum); and
- A person from China (including Hong Kong or Maca) who enters a JV that engages, plans to or will engage in a Covered Activity.
Notifiable and Prohibited Transactions
The Final Rule:
- Requires U.S. Persons to notify the Treasury Department regarding transactions involving covered foreign persons that fall within the scope of Notifiable Transactions, and
- Prohibits U.S. Persons from engaging in transactions involving Covered Foreign Persons that fall within the scope of Prohibited Transactions.
The underlying consideration for the delineation between a Notifiable Transactions and Prohibited Transactions hinges on how impactful it is as a threat to the national security of the United States — a Notifiable Transaction contributes to national security threats, while a Prohibited Transaction poses a particularly acute national security threat because of its potential to significantly advance the military intelligence, surveillance, or cyber-enabled capabilities of a Country of Concern.
Specifically, a Notifiable Transaction necessarily involves the following Notifiable Activities, while a Prohibited Transaction necessarily involves the following Prohibited Activities:
Excepted Transactions
The Final Rule sets forth the categories of Excepted Transactions, which are determined by the Treasury Department to present a lower likelihood of transfering tangible benefits to a Covered Foreign Person or otherwise unlikely to present national security concerns. These include:
- Investment in publicly traded securities: an investment in a publicly traded security (as defined under the Securities Act of 1934) denominated in any currency and traded on any securities exchange or OTC in any jurisdiction;[7]
- Investment in a security issued by a registered investment company: an investment by a U.S. Person in the security issued by an investment company or by a business development company (as defined under the Investment Company Act of 1940), such as an index fund, mutual fund, or ETF;
- Derivative investment: derivative investments that do not confer the right to acquire equity, right, or assets of a Covered Foreign Person;
- Small-size limited partnership investment: limited partnership or its equivalent investment (at or below two million USD) in a venture capital fund, private equity fund, fund of funds, or other pooled investment fund where the U.S. Person has secured a contractual assurance that the fund will not be used to engage in a Covered Transaction;
- Full Buyout: acquisition by a U.S. Person of all equity or other interests held by a China-linked person, in an entity that ceases to be a Covered Foreign Person post-acquisition;
- Intracompany transaction: a transaction between a U.S. Person and a Controlled Foreign Entity (subsidiary) to support ongoing operations or other activities are not Covered Activities;
- Pre-existing binding commitment: a transaction for binding, uncalled capital commitment entered into before January 2, 2025;
- Syndicated loan default: acquisition of a voting interest in a Covered Foreign Person by a U.S. Person upon default of a syndicated loan made by the lending syndicate and with passive U.S. Person participation; and
- Equity-based compensation: receipt of employment compensation by a U.S. Person in the form of equity or option incentives and the exercising of such incentives.
What is the knowledge standard?
The Final Rule provides that certain provisions will only apply if a U.S. Person has Knowledge of the relevant facts or circumstances at the time of a transaction. “Knowledge” under the Final Rule includes (a) actual knowledge of the existence or the substantial certainty of occurrence of a fact or circumstance, (b) awareness of high probability of the existence of a fact, circumstance or future occurrence, or (c) reason to know of the existence of a fact or circumstance.
The determination of Knowledge will be made based on information a U.S. Person had or could have had through a reasonable and diligent inquiry, which should be based on the totality of relevant facts and circumstances, including without limitation, (a) whether a proper inquiry has been made, (b) whether contractual representations or warranties have been obtained, (c) whether efforts have been made to obtain and assess non-public and public information; (d) whether there is any warning sign; and (e) whether there is purposeful avoidance of efforts to learn and seek information.
Key points relating to the notification filing procedures
A U.S. person’s obligation to notify the Treasury Department is triggered when they know relevant facts or circumstances related to a Notifiable Transaction entered into by itself or its Controlled Foreign Entity. U.S. Person shall follow the electronic filing instructions to submit the electronic filing at https://home.treasury.gov/policy-issues/international/outbound-investment-program.
The filing of the notification is time-sensitive. The filing deadline is no later than 30 days following the completion of a Notifiable Transaction or otherwise no later than 30 days after acquiring such knowledge if a U.S. Person becomes aware of the transaction after its completion. If a filing is made prior to the completion of a transaction and there are material changes to the information in the original filing, the notifying U.S. Person shall update the notification no later than 30 days following the completion of the transaction.
In addition to the detailed information requested under the Final Rule, a certification by the CEO or other designees of the U.S. Person is required to certify the accuracy and completeness in material respects of the information submitted.
What are the consequences of non-compliance?
The Treasury Department may impose civil and administrative penalties for any Final Rule violations, including engaging in Prohibited Transactions, failure to report Notifiable Transactions, making false representation or omissions, or engaging in evasive actions or conspiracies to violate the Final Rule. The Treasury Department may impose fines, require divestments, or refer for criminal prosecutions to the U.S. Department of Justice for violations of the Final Rule.
U.S. Persons may submit a voluntary self-disclosure if they believe their conduct may have violated any part of the Final Rule. Such self-disclosure will be taken into consideration during the Treasury Department’s determination of the appropriate response to the self-disclosed activity.
美国对外投资限制行政法规正式生效
作者：惠卓瑶律师和陈天歌律师
2024年10月28日，美国财政部正式发布行政法规（“《最终规定》”），以付诸执行在2023年8月9日颁布的的第14150号总统行政命令（“对外投资限制命令”）。《最终规定》旨在限制美国个人和实体在受限制国家投资涉及半导体和微电子、量子计算技术和人工智能行业（“敏感行业”）的相关行为。根据《最终规定》，美国政府目前仅将中国（包括香港和澳门地区）确定为唯一的为受限制国家。该《最终规定》已于2025年1月2日生效。
那些个人或实体属于管辖范围内
《最终规定》明确适用于任何“美国个人和实体” 的直接和间接投资行为。“美国个人和实体”被广义定义为 （i）任何美国公民；（ii）任何永久居民；（iii）任何根据美国法律在美国境内任何司法管辖区内成立的实体，以及任何此类实体的外国分支机构；以及（iv）美国境内的任何个人和实体。
《最终规定》还要求美国个人和实体采取一切合理措施避免“被控制境外实体”，即受美国个人和实体控制的境外注册实体，参与任何受《最终规定》限制的交易。换而言之，《最终规定》除适用于任何美国个人和实体，还适用于任何受美国个人和实体控制的外国实体。
《最终规定》还禁止美国个人和实体故意指使其他个人或实体参与其知晓为属于《最终规定》限制范围内的交易。
哪些对外投资行为属于管辖范围内
《最终规定》明确，“受限制交易”包括任何涉及受限境外实体（具体解释见下文）股权投资交易；赋予与股权投资类似的投资人权益的贷款和债务融资交易；绿地或棕地投资交易；合资企业（”JV”）或基金投资交易，具体解释如下：
（a) 股权投资交易：（i）收购受限境外实体的股权和或有股权； （ii）将或有股权 （在《最终规定》生效后获得）转换为受限制境外实体的股权；
（b) 贷款或债务融资交易：向受限境外实体提供贷款或债务融资，并使美国个人和实体在交易中对任何企业利润产生权益、或使美国个人和实体拥有任命董事（或同等人员）的权利或其他非典型贷款的其他类似于财务或公司治理权力；
（c) 绿地/棕地投资：美国个人和实体在知晓的情况下在中国（包括香港和澳门）收购、租赁、开发业务、土地、财产或其他资产以造成受限境外实体被成立或参与合作；
（d) 合资企业/基金投资：（i） 美国个人和实体与明确知晓正在或计划从事受限制行为（具体解释见下文）的受限境外实体合作成立合资企业（“受限合资企业“） ;（ii）收购境外风险投资基金、私募股权基金、组合型基金（FOF）或其他募集型投资基金中的有限合伙或同等权益，且这些基金在如有美国个人和实体参与的情况下属于受限制交易范围内的投资行为。
限制内交易和非限制内交易
《最终规定》确定了三类涉及受监管外国人的受监管交易 – 需申报交易、违禁交易和豁免交易。
“受限境外实体”包括任何从事“受限制行为”（即任何下文所述违禁行为和需申报行为）的下述个人和实体：
(a) 中国（包括香港和澳门）的个人或实体，包括中国（包括香港和澳门）的公民或永久居民（且并非美国公民或美国永久居民）；根据中国（包括香港和澳门）法律建立，或总部位于中国（包括香港和澳门），或在中国 （包括香港和澳门）注册成立，或主要经营地点位于中国（包括香港和澳门）的实体； 中国 （包括香港和澳门）政府；或由任何上述类别的任何个人或实体直接或间接持有50%或以上股权的实体。
(b) 对一家50% 或以上的收入、净利润、资本支出或运营成本（最低金额为50,000美元）源自中国（包括香港和澳门）的实体直接或间接持有董事会席位、或可根据投票权、股权或合同权益控制该实体的管理或运营的个人或实体。
(c) 一家从事或计划从事受限制行为的合资企业中的中国 （包括香港和澳门）的个人或实体。
需申报交易和违禁交易
《最终规定》：
（a）要求美国个人和实体向美国财政部申报任何涉及受制境外实体的需申报交易；
（b）禁止美国个人和实体参与属于任何涉及受限境外实体的违禁交易。
《最终规定》在界定需申报交易和违禁交易时主要考虑交易对美国国家安全的威胁大小 --- 财政部认定，需申报交易会加剧对国家安全的威胁，而违禁交易则可能显著提升受限制国家的军事情报、监视或网络安全能力从而对美国构成特别严重的国家安全威胁。
具体而言，任何需申报交易需要涉及以下的需申报行为，而任何违禁交易需要涉及以下的违禁行为:
豁免交易
《最终规定》明确，美国财政部认定的一些对受限境外实体产生的实质价值较低或不太可能引起国家安全担忧的豁免交易不受规定限制，其中包括：
a) 对公开交易证券的投资：投资以任何货币计价并在任何司法管辖区内的任何证券交易所或场外交易市场公开交易的证券（定义见《1934年美国证券法》）；
b) 对注册投资公司发行的证券投资：美国个人或实体投资在美国注册的投资管理公司或业务发展公司（定义见《1940年美国投资公司管理法》）发行的债券，例如指数基金、信托投资基金或交易所交易基金（ETF）；
c) 金融衍生品投资：不赋予受限境外实体的股权、公司权益或资产权益的金融衍生品投资；
d) 小型有限合作制企业投资：对风险投资基金、私募股权基金、或其他集合投资基金进行有限合作企业或同等类型的投资（等于或低于2百万美元），且该等基金对美国个人或实体通过合同等形式保证该基金不会用于从事需申报交易或违禁交易；
e) 完全收购：美国个人或实体收购中国相关人士或实体在第三方实体中持有的所有股权或其他权益，使得第三方实体在收购后不再是受限境外实体；
f) 公司内部交易： 美国个人或实体与其被控制境外实体（子公司）之间为支持持续运营或其他不属于受限制行为为目的进行的交易；
g) 已存在的约定：在2025年1月2日之前签订的具有约束力、未兑现的资本约定；
h) 银团贷款违约： 美国个人或实体在其被动参与的银团贷款违约后获得了受限境外实体的投票权；以及
i) 股权报酬：美国个人或实体以股权或期权形式获得工作报酬或其他激励措施。
“知晓“标准是什么
《最终规定》规定， 只有当美国个人或实体明确知晓交易时的相关事实或情况下某些条款才适用。《最终规则》中的“知晓”的定义包括：(a) 实际知晓某一事实、情况，或实际知晓该等事实或情况有较大可能性会发生， (b) 意识到某一事实、情况或未来事件有很大纪律可能性，（c）有理由获悉某一事实或情况的存在。
对“明确知晓“标准的评估将因情况而定，主要考虑涉及的美国个人或实体是否通过合理调查能获得相关信息，并考虑其他因素，例如 （a）相关个人或实体是否进行了适当的调查、(b) 是否获得书面承诺或保证、(c) 是否尽力获得公开和非公开的信息、 (d) 有无警告性信息、（e）是否有意回避信息。
申报程序的要点有哪些
当美国个人或实体明确了解了受限交易相关的事实和情况，相关个人或实体有义务向美国财政部通报自身或其被控制境外实体所涉及的交易信息。美国人士应该按照申报说明在以下网站提交电子申报。
https://home.treasury.gov/policy-issues/international/outbound-investment-program.
通报提交具有时效性。提交此类文件的截止日期不得晚于完成交易后的30天。如果相关个人或实体在完成交易后才得知消息，应在获得消息后的30天内要提交申报。如果在交易完成之前相关个人或实体已经完成了备案，且原始备案信息发生重大变更，则应在交易完成后30天内更新申报内容。
除了根据《最终规定》要求在备案中包含详细信息外，相关个人或实体还需要委派首席执行官或其他指定人员出具证明，对其所提交信息的准确和完整性宣誓。
不遵守该规定的后果
美国财政部可对任何违反《最终规定》的行为进行民事和行政处罚，包括涉及参与违禁交易、未对需申报交易进行申报、做出虚假陈述或遗漏信息、参与规避行为、或参与谋划违反规定的行为等。对于违反《最终规定》的行为，美国财政部可能会处以罚款、要求解除交易或提请美国司法部提起刑事诉讼等。
如果美国个人或实体认为自己的行为可能违反《最终规定》的任何部分，可以提交自愿披露书。自愿披露书或将影响最终决策。
ENDNOTES
1. See https://www.federalregister.gov/documents/2024/11/15/2024-25422/provisions-pertaining-to-us-investments-in-certain-national-security-technologies-and-products-in. The Final Rules are codified at 31 C.F.R. Part 850.
https://www.federalregister.gov/documents/2024/11/15/2024-25422/provisions-pertaining-to-us-investments-in-certain-national-security-technologies-and-products-in. 《最终规定》将编入31 C.F.R.第850部分。
2. See Export Control Classification Number 3A090.a in Supplement No.1 to 14 C.F.R. Part 774.
请参阅14 C.F.R.补编第一号出口管制 3A090.a 第774部分。
3.Specifically, (i) logic integrated circuits using a non-planar transistor architecture or with a production technology node of 16/14 nanometers or less, including fully depleted silicon-on-insulator (FDSOI) integrated circuits; (ii) NOT-AND (NAND) memory integrated circuits with 128 layers or more; (iii) dynamic random-access memory (DRAM) integrated circuits using a technology node of 18 nanometer half-pitch or less; (iv) integrated circuits manufactured from a gallium-based compound semiconductor; (v) integrated circuits using graphene transistors or carbon nanotubes; or (v) integrated circuits designed for operation at or below 4.5 Kelvin.
具体来说，(i) 采用非平面晶体管架构或生产节点为16/14纳米或更小的集成电路，包括全耗尽型绝缘体上硅（FDSOI）集成电路 (ii) 128层或以上的与非（NAND）存储器集成电路；(iii) 使用18纳米节距或更小的技术节点的动态随机存取存储器（DRAM）集成电路 (iv) 由镓基化合物半导体制造的集成电路；(v) 使用石墨烯晶体管或碳纳米管的集成电路；(v) 设计用于4.5开尔文或以下运行的集成电路。
4. 100 or more double-precision (64-bit) petaflops or 200 or more single-precision (32-bit) petaflops of processing power within a 41,600 cubic foot or smaller envelope.
41600立方英尺或更小的机壳内具有100或更多双精度（64为）petaflops或200或更多单精度（32位）petaflops 处理能力。
5. E.g., a dilution refrigerator or two-stage pulse tube cryocooler.
例如，稀释制冷机或两级脉冲管制冷机。
6. This may include: (a) networking to scale up the capabilities of quantum computers, such as for the purposes of breaking or compromising encryption; (b) secure communications, such as quantum key distribution; or (c) any other application that has any military, government intelligence, or mass-surveillance end use.
这可能包括：(a) 联网以扩展量子计算机的能力，例如用于破解或破坏加密 (b) 安全通信，例如量子密钥分发 (c) 具有任何军事，政府情报或大规模监视用途的任何应用程序。
7. According to the Adopting Release, the Treasury Department believes “that a U.S. person’s acquisition of an equity interest in a covered foreign person that is not yet publicly traded for the purpose of facilitating an [initial public offering], such as a purchase with the intent to create a market for the security or to resell the security on a secondary market (e.g., as part of an underwriting arrangement), is a covered transaction.” Therefore, it expressly declined to create an exception for initial public offerings of a covered foreign persons.
根据发布的新闻稿，财政部认为“美国人士为为促进{首次公开募股}而收购尚未公开交易的受监管外国人的股权，例如旨在为证券创建市场或二级市场上转售证券（例如，作为承销的一部分）的购买，属于受监管交易。”因此明确拒绝为受监管外国人的首次公开募股指定例外。
