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Bilingual – CFIUS Enforcement and Penalty Guidelines

Posted by on December 7, 2022

美国外国投资委员会执法和处罚指南（非正式中文译本）

Section 721 of the Defense Production Act of 1950, as amended (50 U.S.C. § 4565) (“Section 721”), authorizes the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) to impose monetary penalties and seek other remedies (e.g., directed notices, action plans) for violations of Section 721, the regulations promulgated thereunder, or mitigation orders, conditions, or agreements pursuant thereto (each of these referred to herein as a “Violation”).  The U.S. Department of the Treasury’s Office of Investment Security (“OIS”) administers the regulations that address the imposition of such penalties and other remedies under Section 721: 31 C.F.R. §§ 800.901, 800.902, 801.409, 802.901, and 802.902.  These Enforcement and Penalty Guidelines (the “Guidelines”) describe three categories of conduct that may constitute a Violation, the process the Committee generally follows in imposing penalties, and some of the factors it considers in determining whether a penalty is warranted and the scope of any such penalty.  These Guidelines also highlight the importance of prompt and complete self-disclosure of any conduct that may constitute a Violation.  In these Guidelines, we refer to the person (whether an individual or entity) who may be liable to the United States for a monetary penalty or otherwise be subject to one of the other remedies provided for in the CFIUS regulations as the “Subject Person.”

经修订的1950年《国防生产法》第721条（50 U.S.C. § 4565）（“第721条”）授权美国外国投资委员会（“CFIUS”或“委员会”）针对违反第721条的行为、违反根据该条颁布的法规或根据该条颁布的减少风险措施命令、减少风险措施条款或协议（统称为“违规行为”）处以罚款并寻求其他补救措施（例如，指令通知、行动计划）。美国财政部投资安全办公室(“OIS”)负责根据第721条实施此类处罚和其他补救措施的法规的实施：31 C.F.R. §§ 800.901, 800.902, 801.409, 802.901, 以及802.902。

本《执法和处罚指南》（“指南”）描述了可能构成违规的三类行为，委员会在实施处罚时通常遵循的程序，以及在确定是否有理由进行处罚和任何此类处罚的范围时所考虑的若干因素。本指南还强调了迅速、完整地自我披露任何可能构成违规的行为的重要性。 在本指南中，我们将可能对承担罚责或受美国外国投资委员会规定的其他补救措施管辖的人（无论是个人还是实体）称为“当事方”。

CFIUS penalties and other remedies under Section 721 are available without prejudice to civil or criminal penalties that may be applicable under other authorities, and CFIUS may refer conduct to other government enforcement authorities where appropriate. 

外国投资委员会根据第721条进行的处罚和其他补救措施不影响根据其他机构可采取的民事或刑事处罚，外国投资委员会可适时将行为提交给其他政府执法机构。

Types of Conduct That May Constitute a Violation 

可能构成违规的行为类型

These Guidelines address three categories of acts or omissions that may constitute a Violation:

本指南涉及可能构成违规行为的三类作为或不作为：

  • Failure to File.  Failure to timely submit a mandatory declaration or notice, as applicable.

未申报。 未及时提交必须申报的声明或通知（如适用）

  • Non-Compliance with CFIUS Mitigation.  Conduct that is prohibited by or otherwise fails to comply with CFIUS mitigation agreements, conditions, or orders (“CFIUS Mitigation”).

不遵守CFIUS要求的减少风险措施。 被美国外国投资委员会减少风险措施协议、条件或命令（“CFIUS减少风险措施”）所禁止或未能遵守CFIUS减少风险措施的行为。

  • Material Misstatement, Omission, or False Certification.  Material misstatements in or omissions from information filed with CFIUS, and false or materially incomplete certifications filed in connection with assessments, reviews, investigations, or CFIUS Mitigation, including information provided during informal consultations or in response to requests for information. 

重大虚假陈述、遗漏或虚假证明。 在提交给美国外国投资委员会的资料中存在重大误报或遗漏，以及在评估、审查、调查或美国外国投资委员会要求的减少风险措施方面提交虚假或重大不完整的证明，包括在非正式磋商期间或应要求提供的资料。

As described in further detail below, a Violation will not necessarily lead to a penalty or other remedy under Section 721.  CFIUS will exercise its discretion in determining when a penalty is appropriate, including by considering applicable aggravating and mitigating factors.

如下文详述，违规行为不一定会导致根据第721条项下的处罚或其他补救措施。 美国外国投资委员会将行使其自由裁量权，以确定何时进行处罚是适当的，包括酌定适用的加重和减轻处罚的因素。

Sources of Information on which CFIUS Relies

美国外国投资委员会所依赖的信息来源

In determining whether a Violation has occurred, CFIUS considers information from a variety of sources, including from across the U.S. government, publicly available information, third-party service providers (e.g., auditors and monitors), tips, transaction parties, and filing parties.  

在确定是否发生违规行为时，美国外国投资委员会会考虑各种来源的信息，包括来自美国政府各部门、公开信息、第三方服务供应商（如审计机构和监察员）、公众提供线索（tips）、交易方和申报方。

  • Requests for Information.  CFIUS often requests information to support its monitoring of compliance with CFIUS Mitigation, as well as to investigate whether a Violation has occurred and what enforcement action, if any, should be taken.  As noted below, if CFIUS determines that a Violation has occurred, it will consider the Subject Person’s cooperation in response to requests for information in determining what action, if any, to take.  In addition to providing the requested information, parties may choose to provide any exculpatory evidence, as well as any defense, justification, mitigating factors, or explanation for the conduct at issue.

要求提供信息。 美国外国投资委员会经常要求提供信息，以协助其对遵守CFIUS减少风险措施的情况进行监督，或调查是否发生了违规行为以及应采取何种执法行动（如有）。 如下所述，如果美国外国投资委员会确定发生了违规行为，在决定采取何种行动（如果有的话）时，它将考虑当事方在回应信息请求方面的合作。 除了提供所要求的信息外，各方可以选择提供任何可证明无罪的证据，以及任何辩护、辩解、减免处罚因素，或对有关行为的解释。

  • Self-Disclosures.  The Committee strongly encourages any person who engaged in conduct that may constitute a Violation to submit a timely self-disclosure, even if not explicitly required by any applicable CFIUS Mitigation or any other law or regulation.  A self-disclosure should take the form of a written notification describing all of the conduct that may constitute a Violation and all of the persons involved.  As noted below, CFIUS will consider the timeliness of any self-disclosure in determining the appropriate response to a Violation.  In assessing timeliness, CFIUS will consider whether discovery of the conduct at issue by CFIUS or other government officials has already occurred or was imminent prior to the self-disclosure.  CFIUS will also consider whether the reporting party or parties complied with any applicable CFIUS Mitigation requiring the disclosure of the conduct.  For the avoidance of doubt, these Guidelines do not replace or modify any reporting or notification requirements provided for under any applicable CFIUS Mitigation or any other law or regulation.  Where discovery of conduct that may constitute a Violation requires further investigation, the Subject Person may submit an initial self-disclosure and follow it up with a more detailed self-disclosure.  

自我披露。 委员会强烈鼓励任何从事可能构成违规的行为的人及时提交自我披露，即使任何适用的CFIUS减少风险措施或任何其他法律或法规没有明确要求。 自我披露应采取书面通知的形式，描述所有可能构成违规为的行为和所有相关人员。 如下所述，美国外国投资委员会在确定对违规行为的适当响应时，将考虑任何自我披露的及时性。 在评估及时性时，美国外国投资委员会将考虑系争行为是否已为其本身或其他公职人员所发现，或该等发现在自我披露之前即将发生。 美国外国投资委员会还将考虑申报方是否遵守了要求披露该行为的任何适用的CFIUS减少风险措施。 为避免疑义，本指南不取代或修改任何适用的CFIUS减少风险措施或任何其他法律或法规所规定的任何申报或通知要求。 如果发现可能构成违规的行为应当进一步调查，当事方可以提交初步的自我披露，并在之后提交更详细的自我披露。

  • Tips.  If anyone believes that a Violation may have occurred, CFIUS encourages them to submit tips, referrals, or other relevant information to the CFIUS tips line found on the CFIUS Monitoring & Enforcement page at https://home.treasury.gov/policy-issues/international/the-committee-on-foreign-investment-in-the-united-states-cfius/cfius-monitoring-and-enforcement. 

公众提供线索。 任何人认为违规行为可能已经发生的情况下，美国外国投资委员会鼓励他们向美国外国投资委员会建议线索、推荐、或提交其他相关信息，举报电话可在美国外国投资委员会监督与执法网页https://home.treasury.gov/policy-issues/international/the-committee-on-foreign-investment-in-the-united-states-cfius/cfius-monitoring-and-enforcement。

To report conduct related to a transaction that is under review by CFIUS, the appropriate points of contact are those notified to the filing parties by OIS.  To report conduct related to CFIUS Mitigation, the appropriate points of contact are the CFIUS Monitoring Agencies.  To report other failures to comply with Section 721, such as failing to submit a mandatory declaration or notice, the appropriate point of contact is the CFIUS tips line.  For other points of contact, see the CFIUS Contact Information page at https://home.treasury.gov/policy-issues/international/the-committee-on-foreign-investment-in-the-united-states-cfius/cfius-contact-information.

要报告与美国外国投资委员会正在审查的交易有关的行为，适当的联络方是OIS通知申请方的联络方。 如要报告与美国外国投资委员会减少风险措施有关的行为，适当的联络方是美国外国投资委员会执法机构（指国家安全协议签署方的政府机构，例如财政部、司法部和国防部（译者注））。 要报告例如未提交强制性声明或通知等其他未遵守第721条的行为，适当的联络方是外国投资委员会的公众建议热线。 关于其他联络方，请参见美国外国投资委员会的联络信息页面。

When necessary and appropriate to gather information, CFIUS may use the subpoena authority provided for in the Defense Production Act, as amended. See 50 U.S.C. § 4555(a). 

在收集信息为必要和适当的情况下，美国外国投资委员会可以使用经修订的《国防生产法》中规定的传票权力来收集信息。见50 U.S.C. § 4555(a)。

In certain circumstances, CFIUS may communicate with Subject Persons prior to initiating the formal penalty process described in the next section.  These initial communications are purely for informational purposes and never constitute any form of waiver of any penalty, remedy, or other authorities by the government or any defense or excuse for the Subject Person. 

在若干情形下，美国外国投资委员会可在启动如下所述的正式处罚程序之前，与当事方进行沟通。 该等初步沟通纯粹旨在取得信息，绝不构成美国政府对任何处罚、补救措施或其他权力的任何形式的弃权，也不构成当事方的任何辩护或托辞。

Penalty Process

处罚程序

The process for considering and imposing penalties is described in 31 C.F.R. §§ 800.901 and 802.901, or, for certain older transactions, in earlier regulations, as applicable.  The key steps in the penalty process are:

31 C.F.R. §§ 800.901和802.901中描述了评估和实施处罚的流程（对于若干较早的交易，适用此前规定）。 处罚程序的关键步骤如下：

  • CFIUS sends the Subject Person a notice of penalty, including a written explanation of the conduct to be penalized and the amount of any monetary penalty to be imposed.  The notice will state the legal basis for concluding that the conduct constitutes a Violation and may set forth any aggravating and mitigating factors that the Committee considered.

美国外国投资委员会向当事方发出处罚通知，包括对拟处罚行为的书面解释和任何罚金数额。 该通知将说明得出该行为构成违规行为的法律依据，并可列出委员会考虑的任何加重和减轻处罚的因素。

  • The Subject Person may, within 15 business days of receipt of a notice of penalty, submit a petition for reconsideration to the CFIUS Staff Chairperson, including any defense, justification, mitigating factors, or explanation.  Upon a showing of good cause, this period may be extended by written agreement between the Staff Chairperson and the Subject Person.

当事方可在收到处罚通知的15个工作日内，向美国外国投资委员会工作人员主席（Staff Chairperson，指美国财政部投资审查与调查司司长（Director of the Office of Investment Review and Investigation））提交复议申请，包括任何辩护、辩解、减轻处罚的因素或解释。 如果有充分的理由，该期限可以通过工作人员主席和当事人之间的书面协议延长。

  • If a petition for reconsideration is timely received, CFIUS will consider it before issuing a final penalty determination within 15 business days of receipt of the petition, which may be extended by written agreement between the Staff Chairperson and the Subject Person.

如果及时收到复议申请，美国外国投资委员会将在收到申请后的15个工作日内进行审议，然后发布最终的处罚裁定；工作人员主席和当事人之间可以通过书面协议延长这一期限。

  • If no petition for reconsideration is timely received, CFIUS ordinarily will issue a final penalty determination in the form of a notice to the Subject Person.

如果没有及时收到复议申请，美国外国投资委员会通常会以通知的形式向当事方做出处罚的最终裁定。

Aggravating and Mitigating Factors

加重处罚和减轻处罚的因素

When determining any appropriate penalty in response to a Violation – including determining the appropriate amount for the penalty – CFIUS engages in a fact-based analysis in which it weighs aggravating and mitigating factors.  The weight CFIUS gives to any factor will necessarily vary depending on the particular facts and circumstances surrounding the conduct giving rise to the Violation.  Factors that are relevant in the context of one Violation will not necessarily be relevant in the context of another.  Some factors that CFIUS may consider aggravating or mitigating in determining an appropriate response to a Violation include this non-exhaustive list (presented in alphabetical order): 

在确定对违规行为的任何适当处罚时——包括确定适当的处罚金额——美国外国投资委员会进行基于事实的分析，权衡加重和减轻处罚的因素。 美国外国投资委员会对任何因素所给予的酌定权重而有所不同，这取决于引起违规行为的特定事实和情况。 在某一违规行为中相关的因素不一定与另一违规行为相关。 如下非详尽的清单列举美国外国投资委员会在决定对某一违规行为作出适当响应时可考虑加重或减轻处罚的因素（按字母顺序排列）：

  • Accountability and Future Compliance

内部归责和合规前瞻

  • The impact of the enforcement action on protecting national security and ensuring that Subject Persons are held accountable for their conduct and incentivized to ensure compliance, including promoting compliance and cooperation with Section 721, such as through self-disclosures, where appropriate.[1]

执法行动对保护国家安全的影响，确保当事方对其行为负责，并就确保合规获得激励，包括促进对第721条的遵守和合作，例如适时通过自我披露。

  • Harm

（对国家安全）损害

该行为损害或威胁损害美国国家安全的程度。

  • Negligence, Awareness, and Intent

疏忽、知悉以及主观意图

  • The extent to which the conduct was the result of simple negligence, gross negligence, intentional action, or willfulness.

该行为在多大程度上是简单疏忽、严重疏忽、故意行为或蓄意的结果。

  • Effort to conceal or delay the sharing of relevant information with CFIUS.

是否存在隐瞒或拖延与美国外国投资委员会分享相关信息。

  • The seniority of personnel within the entity that knew or should have known about the conduct.

组织内部知道或应该知道该行为的内部人员的资历。

  • Persistence and Timing

持续程度以及时机

  • The length of time that elapsed after the Subject Person became aware, or had reason to become aware, of the conduct, and before CFIUS became aware of the conduct and/or its remediation.

在当事方意识到或有理由意识到该行为之后，美国外国投资委员会知晓该行为和/或其补救措施之前，所经历的时间长度。

  • The frequency and duration of the conduct.

该行为的频率和持续时间。

  • In the case of a Violation of CFIUS Mitigation, the length of time since the CFIUS Mitigation was issued or became effective.

如属于违反CFIUS减少风险措施的情形，自CFIUS减少风险措施出具或生效起的时间长度。

  • In the case of a Failure to File, the date of the transaction at issue.

如果属于未申报的情形，则是系争交易日期。

  • Response and Remediation

响应和补救

  • Whether the Subject Person submitted a self-disclosure, including the timeliness, nature, and scope of information reported to CFIUS.

当事方是否向美国外国投资委员会提交了包括信息的及时性、性质和范围的自我披露。

  • Whether the Subject Person cooperated completely in the investigation of the matter (e.g., providing timely and detailed responses).

当事方是否在调查过程中充分合作（例如，提供及时和详细的答复）。

  • The promptness of complete and appropriate remediation of the conduct, including the remedial steps taken upon learning of a Violation.

对行为进行完整和适当的补救的及时性，包括在得知违规行为后采取的补救措施。

  • Whether there was an internal review of the nature, extent, origins, and consequences of the conduct to prevent its reoccurrence.

是否对该行为的性质、程度、起源和后果进行了内部审查，以防止其再次发生。

  • Sophistication and Record of Compliance

合规成熟度及其记录

  • The Subject Person’s history and familiarity with CFIUS and, if applicable, past compliance with CFIUS Mitigation.

当事方的历史及其对美国外国投资委员会的熟悉程度，以及（如果适用）当事方过去对CFIUS减少风险措施的遵守情况。

专门用于遵守适用法律义务的内部和外部资源配置（例如，法律顾问、顾问、审计方和监察员）

  • Policies, training, and procedures in place to prevent the conduct and the reason for the failure of such measures.

为防止该行为而制定的政策、培训和流程以及这些措施失败的原因。

  • Variation in the consistency of compliance, both horizontally across the entity, and vertically from directors and officers to supporting staff.

在整个组织的横向上以及纵向上（从董事、经理到辅助人员）合规的一致性存在变动。

  • The compliance culture that exists within the company (e.g., demonstrated commitment to compliance with applicable legal obligations).

公司内部存在的合规文化（例如，对遵守适用法律义务的承诺）。

  • The experience of other federal, state, local, or foreign authorities with knowledge of the Subject Person in the assessment of the quality and sufficiency of compliance with applicable legal obligations.

了解当事方的其他联邦、州、地方或外国监管部门在评估该当事方遵守适用法律义务的质量和充分性方面的经历。

  • In the case of a Violation of CFIUS Mitigation, the extent to which written compliance policies or training on the terms of the relevant CFIUS Mitigation were communicated and implemented across the entity.

在违反CFIUS减少风险措施的情形下，有关CFIUS减少风险措施要求的书面合规政策或培训在整个组织中的传达和落实的程度。

  • In the case of a Violation of CFIUS Mitigation, the extent to which the authority, role, access and independence of any security officer were sufficient and in compliance with the terms of the CFIUS Mitigation.

在违反CFIUS减少风险措施的情形下，任何安全官员的权威、角色、权限和独立性在多大程度上是充分的，并遵守CFIUS减少风险措施要求。

*    *    *

These Guidelines are non-binding and are not intended to, do not, and may not be relied upon to create any right or benefit, substantive or procedural, enforceable at law by any party in any administrative, civil, or criminal matter.  They can and will be updated as circumstances require.

本指南不具约束力，不寻求、也不得依照本指南创造任何一方在任何行政、民事或刑事事宜中可依法执行的任何权利或利益（无论是实质性的还是程序性的）。 本指南可以并将适时更新。

The applicable statutes and regulations govern all CFIUS activities, and in the event of any inconsistency between these Guidelines and the applicable statutes and regulations, the applicable statutes and regulations shall prevail.  For additional information, please see 50 U.S.C. § 4565, 31 C.F.R. §§ 800.901, 800.902, 801.409, 802.901, and 802.902.

美国外国投资委员会的所有活动都受适用的法律法规约束，如果本指南与适用的法规法规之间有任何不一致，应以适用的法律法规为准。 有关其他信息，请参见50 U.S.C. § 4565, 31 C.F.R. §§ 800.901, 800.902, 801.409, 802.901和802.902。

[1] Consistent with the goal of promoting compliance and cooperation with Section 721, CFIUS will continue its practice of publishing on its website information related to specific enforcement actions, but without disclosing information that is subject to confidentiality under section 721(c) of the Defense Production Act of 1950 as amended (50 U.S.C. § 4565(c)).

与促进对第721条的遵守和合作的目标，美国外国投资委员会将继续在其网站上公布与具体执法行动有关的信息，但不披露根据经修订的《1950年国防生产法》第721(c)条（50 U.S.C. § 4565(c)）应予保密的信息。