CFIUS Enforcement Guidelines & Impact on Transactions & Compliance Programs
Posted by Wang, Yi on December 7, 2022
美国外资国安审查执法指南及其对公司交易/合规影响
Editor’s Note 编者注
US Treasury Department released CFIUS enforcement and penalty guidelines, which presents a welcoming regulatory development for compliant, transparent MNCs. Meanwhile, it also presents compliance challenges to growing enterprises seeking or strengthening access to critical technology, infrastructure and data in international markets. Given the regulatory changes in trade and investment controls impactcross-border transactions and corporate compliance program in a directional manner, below please find our briefing,with unofficial transaction of the guidelines as reference.
美国财政部于2022年10月20日颁布了外国投资安全审查执法与处罚指南。该监管变化对于合规、透明的跨国企业而言的是积极的，但也给在国际市场寻求或加强获取关键技术、基础设施或数据的企业带来监管挑战。鉴于全球贸易与投资监管动态对跨境公司投资交易成败以及企业合规有效性的指引与影响，我们简要概括如下；该指南双语非正式译本作为附件，以资参考。
Takeaways 要旨
As a welcome development in national security and investment arena, U.S. Treasury Department announced CFIUS (Committee on Foreign Investment in United States) Enforcement and Penalty Guidelines (“these Guidelines”) on October 20, 2022.
作为涉外国家安全和投资监管领域的可喜进展，美国财政部于2022年10月20日颁布了美国外国投资委员会（CFIUS）执法和处罚指南（“《指南》”）。
These Guidelines improve the transparency regarding the criteria, at CFIUS’s discretion, to determine whether, in what penalty amount coupled with what mitigation remedies, and how (a structured process) against violation.
该《指南》改善了审查门槛与流程的透明度，尤其在CFIUS针对违规行为酌情决定是否、以什么样的处罚金额（附加何种减少风险措施，如适用）以及如何（制度化过程）运作处罚等方面提供了指引。
It targets three categories of conducts or omissions:
该《指南》聚焦如下三类作为或不作为：
- Failure to file for a covered transaction,
未申报：对涉监管交易未进行申报；
- Gaps between words and actions, i.e., failure to honor settlement agreement with US authorities, and
言行不一：即没有履行与美国监管部门的和解协议，及
- Pretense – material misstatement or falsification in information filed.
虚假陈述：重大虚假陈述、遗漏或虚假证明。
It also sheds the light on the level of standards international regulators expect from multinational corporations, with respect to the compliance programs and governance at both the acquiring and target companies, considering the following aspects:
该《指南》亦明确了监管机构期望跨国企业的合规制度和公司治理方面应达到的标准（对涉及收购方和目标企业的企业而言），尤其在以下方面：
- Accountability and Future Compliance (promoting compliance and cooperation),
内部归责与合规前瞻（促进合规以及与监管部门合作）；
- Harm – to what extent the conduct impaired or threatened to impair national security,
损害——对国家安全所造成损害或威胁造成该等损害；
- Negligence, Awareness, and Intent, e.g., any efforts to delay or conceal / destroy information as well as seniority of the instrumental persons with knowledge of the conduct at issue,
疏忽、知悉以及主观意图，例如任何拖延或隐瞒/销毁信息的伎俩，以及了解不当行为的核心人员的资历。
- Persistence and Timing,
持续程度及其时机
- Response and Remediation, and
响应与补救措施，及
- Sophistication and Record of Compliance (which includes internal and external resources (e.g., legal counsel, consultants, auditors, and monitors)
合规成熟度及其记录（包括内部和外部合规资源（律师、审计方和监察员）
Actionable Insights 执行参考
Open investment remains a cornerstone of US economic policy, as the Congress recognized in section 1702(b)(1) of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). Nevertheless, the current tenor is to protect the U.S. technological leadership, by addressing the risks posed by foreign persons who might take actions that threaten to impair the national security of the United States in a covered transaction.
正如美国立法部门在《2018年外国投资风险审查现代化法案》（FIRRMA）第1702(b)(1)条中承认的那样，开放外资仍然是美国经济政策的基石。 然而，目前的主旨是在受监管交易中，通过防范可能采取威胁美国国家安全的举措的外国人员/组织的相关风险，从而保护美国的技术领先地位。
These Guidelines follow with the Executive Order 14083 of September 15, 2022 (and Executive Order 14034 of June 9, 2021 (Protecting Americans’ Sensitive Data From Foreign Adversaries)) to further elaborate the factors reviewing foreign investment. In addition to traditional information requests and encouraged self-disclosure with full cooperation, as well as the active and impactful role of civil societies. For example, these Guidelines stress the “tip from the public” (instead of termed and prescribed as “whistleblowing”) as one of the legitimate sources to substantiate these discretionary factors.
该《指南》延续了2022年9月15日的第14083号行政命令（以及2021年6月9日的第14034号行政命令（保护美国人的敏感数据不受外国势力侵害）的方针，进一步阐述了审查外国投资的因素。除了传统的信息请求和鼓励充分合作的自我披露外，该《指南》认可了公民社会（民间力量）积极的影响力与角色。例如，该《指南》强调“公众提供的线索”（而不是措辞为“举报”并受相应的监管旨趣所约束）作为具体评估这些自由裁量因素的合法来源。
This reinforces the “whole of government” approach coined by the previous administration under the John McCain National Defense Authorization Act for Fiscal Year 2019 (“NDAA”) in the area of trade and investment controls.
该《指南》体现了美国监管部门加强了落实上届政府根据《约翰-麦凯恩2019财政年度国防授权法案》（”NDAA”）在投资与贸易监管领域“举国体制”的监管策略。
Targeting China-outbound investment and technology acquisition, it commands a more sophisticated degree of and prioritized focuses in due diligence and deal review. A thorough and well-documented deal screening, review and execution throughout the deal lifecycle must cover at both the target and reversely the acquiring entities and its stakeholders, associates and third parties, in cross-border / overseas operations of multinationals with operations and stakeholders in sensitive sectors.
针对源于中国的对外投资和技术采购，该《指南》对企业在公司并购交易尽职调查与项目评估（对于目标和收购方及其利益相关方、合作伙伴以及第三方）专业性和侧重点提出了更高的要求，尤其对于业务包含敏感领域并拥有中国境和海外业务以及利益相关者 的企业而言。
Outlook 展望
Factors to be reviewed in clearance process are under a broad array of national security considerations. These factors include both traditional and novel on data access, covering not only the deal as documented but also “third-party ties” and “use of commercial or other means” to exploit sensitive information to the detriment of national security.
在对交易做出行政审批的过程中，CFIUS审查风险指标涵盖了广泛的国家安全因素。 这些指标既包括传统因素，也涵盖新颖的监管考量，例如获得数据准入，不仅考察法律文件纸面上的交易，还考察所涉“产业生态联系”、所使用的“商业手段或其他手段”等可能用于利用敏感信息以损害国家安全的因素。
Assistant Secretary of the Treasury for Investment Security Paul Rosen stressed that the “announcement sends a clear message: Compliance with CFIUS mitigation agreements is not optional, and the Committee will not hesitate to use all of its tools and take enforcement action to ensure prompt compliance and remediation, including through the use of civil monetary penalties and other remedies.” [1]
美国财政部负责投资安全的助理部长保罗∙罗森在颁布该《指南》时强调：“《指南》发出明确信号：遵守美国外国投资委员会的减少风险（和解）协议不是可有可无的，该委员会将毫不犹豫地使用其所有监管工具并采取执法措施，以确保迅速遵守监管要求并采取补救措施，包括民事罚款和其他补救措施。”
These Guidelines indicate that compliant, transparent international corporations headquartered in US and allies and equipped with robust compliance infrastructure and oversight will enjoy competitive advantage, in terms of market access and investment clearance.
该《指南》表明在市场准入和投资审批方面，那些合规、透明的跨国企业（总部（已）设在美国及其盟国并已建立并维护强大的合规基础设施和公司治理）将享有竞争优势。
However, the contemplated, aggressive exercise of CFIUS authorities and enforcement brings risky exposure for companies seeking or strengthening access to US critical technology, infrastructure, or data, but without a robust compliance mindset, values, and infrastructure.
然而，针对那些还没有建立并维护强大的合规价值观和制度的企业而言，美国外国投资委员会的积极行使自由裁量权力和进取的执法动向，也给寻求或加强获得关键技术、基础设施或数据的企业带来了高风险敞口。
Exhibit 1 contains the courtesy bilingual transaction of these Guidelines for ease of reference by business and legal professionals.
附录一包含该《指南》非正式中文译本（双语），以便商业和法律人士参考。
(By Yi Wang)
[1] Treasury Releases CFIUS Enforcement and Penalty Guidelines, Press Release (Oct. 20, 2022), available at https://home.treasury.gov/news/press-releases/jy1037
Exhibit 1: Unofficial Bilingual Reference of the CFIUS Enforcement and Penalty Guidelines
附录一：美国外资国安审查执法与处罚指南
CFIUS Enforcement Guideline & Impact on Corporate Transactions & Compliance Programs 美国外资国安审查执法指南及其对公司交易/合规影响
Posted by Wang, Yi on December 7, 2022
Takeaways
As a welcome development in national security and investment arena, U.S. Treasury Department announced CFIUS (Committee on Foreign Investment in United States) Enforcement and Penalty Guidelines (“these Guidelines”) on October 20, 2022.
作为涉外国家安全和投资监管领域的可喜进展，美国财政部于2022年10月20日颁布了美国外国投资委员会（CFIUS）执法和处罚指南（“《指南》”）。
These guidelines improve the transparency regarding the criteria, at CFIUS’s discretion, to determine whether, in what penalty amount coupled with what mitigation remedies, and how (a structured process) against violation.
该《指南》改善了审查门槛与流程的透明度，尤其在CFIUS针对违规行为酌情决定是否、以什么样的处罚金额（附加何种减少风险措施，如适用）以及如何（制度化过程）运作处罚等方面提供了指引。
It targets three categories of conducts or omissions:
该《指南》聚焦如下三类作为或不作为：
- Failure to file for a covered transaction,
未申报：对涉监管交易未进行申报；
- Gaps between words and actions, i.e., failure to honor settlement agreement with US authorities, and
言行不一：即没有履行与美国监管部门的和解协议，及
- Pretense – material misstatement or falsification in information filed.
虚假陈述：重大虚假陈述、遗漏或虚假证明。
It also sheds the light on the level of standards international regulators expect from multinational corporations, with respect to the compliance programs and governance at both the acquiring and target companies, considering the following aspects:
该《指南》亦明确了监管机构期望跨国企业的合规制度和公司治理方面应达到的标准（对涉及收购方和目标企业的企业而言），尤其在以下方面：
- Accountability and Future Compliance (promoting compliance and cooperation),
内部归责与合规前瞻（促进合规以及与监管部门合作）；
- Harm – to what extent the conduct impaired or threatened to impair national security,
损害——对国家安全所造成损害或威胁造成该等损害；
- Negligence, Awareness, and Intent, e.g., any efforts to delay or conceal / destroy information as well as seniority of the instrumental persons with knowledge of the conduct at issue,
疏忽、知悉以及主观意图，例如任何拖延或隐瞒/销毁信息的伎俩，以及了解不当行为的核心人员的资历。
- Persistence and Timing,
持续程度及其时机
- Response and Remediation, and
响应与补救措施，及
- Sophistication and Record of Compliance (which includes internal and external resources (e.g., legal counsel, consultants, auditors, and monitors)
合规成熟度及其记录（包括内部和外部合规资源（律师、审计方和监察员）
Actionable Insights 执行参考
Open investment remains a cornerstone of US economic policy, as the Congress recognized in section 1702(b)(1) of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). Nevertheless, the current tenor is to protect the U.S. technological leadership, by addressing the risks posed by foreign persons who might take actions that threaten to impair the national security of the United States in a covered transaction.
正如美国立法部门在《2018年外国投资风险审查现代化法案》（FIRRMA）第1702(b)(1)条中承认的那样，开放外资仍然是美国经济政策的基石。 然而，目前的主旨是在受监管交易中，通过防范可能采取威胁美国国家安全的举措的外国人员/组织的相关风险，从而保护美国的技术领先地位。
These Guidelines follow with the Executive Order 14083 of September 15, 2022 (and Executive Order 14034 of June 9, 2021 (Protecting Americans’ Sensitive Data From Foreign Adversaries)) to further elaborate the factors reviewing foreign investment. In addition to traditional information requests and encouraged self-disclosure with full cooperation, as well as the active and impactful role of civil societies. For example, these Guidelines stress the “tip from the public” (instead of termed and prescribed as “whistleblowing”) as of the legitimate source to substantiate these discretionary factors.
该《指南》延续了2022年9月15日的第14083号行政命令（以及2021年6月9日的第14034号行政命令（保护美国人的敏感数据不受外国势力侵害）的方针，进一步阐述了审查外国投资的因素。除了传统的信息请求和鼓励充分合作的自我披露外，该《指南》认可了公民社会（民间力量）积极的影响力与角色。例如，该《指南》强调“公众提供的线索”（而不是措辞为“举报”并受相应的监管旨趣所约束）作为具体评估这些自由裁量因素的合法来源。
This reinforces the “whole of government” approach coined by the previous administration under the John McCain National Defense Authorization Act for Fiscal Year 2019 (“NDAA”) in the area of trade and investment controls.
该《指南》体现了美国监管部门加强了落实上届政府根据《约翰-麦凯恩2019财政年度国防授权法案》（”NDAA”）在投资与贸易监管领域“举国体制”的监管策略。
Targeting China-outbound investment and technology acquisition, it commands a more sophisticated degree of and prioritized focuses in due diligence and deal review at both the target and the reversely the acquiring entities and its stakeholders, associates and third parties, in cross-border / overseas operations of multinationals with operations and stakeholders in sensitive sectors.
针对源于中国的对外投资和技术采购，该《指南》对企业在公司并购交易尽职调查与项目评估（对于目标和收购方及其利益相关方、合作伙伴以及第三方）专业性和侧重点提出了更高的要求，尤其对于业务包含敏感领域并拥有中国境和海外业务以及利益相关者 的企业而言。
Outlook
Factors to be reviewed in clearance process are under a broad array of national security considerations. These factors include both traditional and novel on data access, covering not only the deal as documented but also “third-party ties” and “use of commercial or other means” to exploit sensitive information to the detriment of national security.
在对交易做出行政审批的过程中，CFIUS审查风险指标涵盖了广泛的国家安全因素。 这些指标既包括传统因素，也涵盖新颖的监管考量，例如获得数据准入，不仅考察法律文件纸面上的交易，还考察所涉“产业生态联系”、所使用的“商业手段或其他手段”等可能用于利用敏感信息以损害国家安全的因素。
Assistant Secretary of the Treasury for Investment Security Paul Rosen stressed that the “announcement sends a clear message: Compliance with CFIUS mitigation agreements is not optional, and the Committee will not hesitate to use all of its tools and take enforcement action to ensure prompt compliance and remediation, including through the use of civil monetary penalties and other remedies.” [1]
美国财政部负责投资安全的助理部长保罗∙罗森在颁布该《指南》时强调：“《指南》发出明确信号：遵守美国外国投资委员会的减少风险（和解）协议不是可有可无的，该委员会将毫不犹豫地使用其所有监管工具并采取执法措施，以确保迅速遵守监管要求并采取补救措施，包括民事罚款和其他补救措施。”
These Guidelines indicate that compliant, transparent international corporations headquartered in US and allies and equipped with robust compliance infrastructure and oversight will enjoy competitive advantage, in terms of market access and investment clearance.
该《指南》表明在市场准入和投资审批方面，那些合规、透明的跨国企业（总部（已）设在美国及其盟国并已建立并维护强大的合规基础设施和公司治理）将享有竞争优势。
However, the contemplated, aggressive exercise of CFIUS authorities and enforcement brings risky exposure for companies seeking or strengthening access to US critical technology, infrastructure, or data, but without a robust compliance mindset, values, and infrastructure.
然而，针对那些还没有建立并维护强大的合规价值观和制度的企业而言，美国外国投资委员会的积极行使自由裁量权力和进取的执法动向也给寻求或加强获得关键技术、基础设施或数据的企业带来了高风险敞口。
Exhibit 1 contains the courtesy bilingual transaction of these Guidelines for ease of reference by business and legal professionals.
附录一包含该《指南》非正式中文译本（双语），以便商业和法律人士参考。
[1] Treasury Releases CFIUS Enforcement and Penalty Guidelines, Press Release (Oct. 20, 2022), available at https://home.treasury.gov/news/press-releases/jy1037
Exhibit 1: Unofficial Bilingual Reference of the CFIUS Enforcement and Penalty Guidelines
附录一：美国外资国安审查执法与处罚指南