CFIUS进一步明确试点项目中“投资基金”申报豁免的相关规定

​

Lulu Cheng/Qiaoli Xiao 程璐璐/肖巧丽

July 18, 2019

​

On August 1, 2018, U.S. Congress passed the Foreign Investment Risk Review Modernization Act (“FIRRMA”), which reformed the Committee on Foreign Investment in the United States (“CFIUS”) review process and significantly expanded CFIUS jurisdiction over foreign investments. On October 10, the U.S. Department of the Treasury issued an interim rule for a pilot program implementing certain provisions relating to critical technologies of FIRRMA that were not immediately effective upon enactment. The interim rule expands CFIUS jurisdiction over certain non-controlling foreign investments in critical technology companies in 27 pilot program industries, and requires mandatory declarations for such investments. Foreign investors will face a more stringent review process in the U.S.

​

However, FIRRMA provides an exemption for the foreign investments by or through an “investment fund”, which are not subject to the covered transactions if certain conditions are satisfied. The interim rule for the pilot program and the updated FAQs clarify the application of the FIRRMA “investment fund” exception to the pilot program, and reconfirm that the pilot program applies to the indirect investment of limited partners through investment funds.

​

First of all, FIRRMA limits the application of CFIUS authority over certain types of investments. An explicit exception is for investment involving air carriers. It is regulated that no investment involving an air carrier with an issued certificate shall be a pilot program covered transaction. The second exception clarifies that certain investment fund invested indirectly by foreign persons as a limited partner or equivalent on an advisory board or a committee of the fund shall not be covered for the purpose of FIRMMA if they satisfy the requirements at 31 CFR 801.304(a):

​

1. The fund is managed exclusively by a general partner, a managing member, or an equivalent;

2. The foreign person is not the general partner, managing member, or equivalent;

3. The advisory board or committee does not have the ability to approve, disapprove, or otherwise control:(i) Investment decisions of the investment fund; or (ii) Decisions made by the general partner, managing member, or equivalent related to entities in which the investment fund is invested;

4. The foreign person does not otherwise have the ability to control the investment fund, including the authority:(i) To approve, disapprove, or otherwise control investment decisions of the investment fund; (ii) To approve, disapprove, or otherwise control decisions made by the general partner, managing member, or equivalent related to entities in which the investment fund is invested; or (iii) To unilaterally dismiss, prevent the dismissal of, select, or determine the compensation of the general partner, managing member, or equivalent;

5. The foreign person does not have access to material nonpublic technical information as a result of its participation on the advisory board or committee; and

6. The investment otherwise meets the requirements of paragraph (4)(D) of subsection (a) of section 721 made effective by part 801.

That is to say, only when the foreign limited partner does not have the ability to make decisions and control the investment in a direct or indirect way, their investments shall not be considered a pilot covered transaction. In addition, if there are no extraordinary circumstances, a waiver of a potential conflict of interest, a waiver of an allocation limitation, or a similar activity, applicable to a transaction pursuant to the terms of an agreement governing an investment fund shall not be considered to constitute control of investment decisions of the investment fund or decisions relating to entities in which the investment fund is invested.

​

As it is clarified in FAQs on FIRMMA Critical Technology Pilot Program, if a foreign limited partner does not meet all of the criteria in 31 CFR 801.304(a), it is not necessarily subject to the pilot program. If a foreign limited partner is a member of the advisory board or committee of a fund, but all of the criteria set forth in 31 CFR 801.304(a) are not met, an analysis of the particular facts and circumstances will be required to determine if the indirect investment by the foreign person in a pilot program U.S. business through an investment fund is a pilot program covered transaction. The analysis would consider whether the investment could result in foreign control of a pilot program U.S. business or affords the foreign person any of the following:

​

1. access to any material nonpublic technical information in the possession of the pilot program U.S. business;

2. membership or observer rights on the board of directors or equivalent governing body of the pilot program U.S. business or the right to nominate an individual to a position on the board of directors or equivalent governing body of the pilot program U.S. business; or

3. any involvement, other than through voting of shares, in substantive decision making of the pilot program U.S. business regarding the use, development, acquisition, or release of critical technology.

The pilot program requires the submission of mandatory declarations, but FIRRMA includes an exception to the mandatory declaration requirement for investments by investment funds meeting certain criteria. FAOs points out that FIRRMA’s exception to the mandatory declaration requirement applies in the context of the pilot program. FIRRMA includes an exception to the mandatory declaration requirement for investments by an investment fund if：

​

1. the fund is managed exclusively by a general partner, a managing member, or an equivalent;

2. the general partner, managing member, or equivalent is not a foreign person; and

3. the investment fund satisfies, with respect to any foreign person with membership as a limited partner on an advisory board or a committee of the fund, the criteria specified in FIRRMA’s general clarification for investment funds (sections 721(a)(4)(D)(iv)(cc) and (dd) of the DPA).

If the same foreign person is making both an indirect investment in a pilot program U.S. business through an investment fund, as well as a direct investment in the pilot program U.S. business, CFIUS will consider the totality of the particular facts and circumstances of the transaction in determining whether a transaction is subject to its jurisdiction.

​

Accordingly, if a foreign investor wants to invest in the U.S. business by investing though an “investment fund” as a limited partner or equivalent on an advisory board or committee of the fund, the criteria of the exceptions in the interim rule should be satisfied. The foreign limited partner should participate in the investment fund passively to avoid triggering the CFIUS jurisdiction. In addition, in the FAQs, CFIUS further clarified that if a foreign limited partner does not meet all of the criteria in the interim rule of the pilot program, CFIUS will consider the totality of the particular facts and circumstances to determine whether the investment could result in foreign control and subject to CFIUS review. This exception provides a potential channel for foreign investors to invest in the U.S. business.

​

Under the background of the trade war between China and the U.S., FIRRMA and the implementation of the pilot program have increased the difficulty and uncertainty of foreign investors investing in the U.S. The foreign investments related to critical technologies may face more complicated procedures and stricter review process. Chinese investors need to conduct a compliance assessment of the investment in advance, and prepare themselves to encounter a more rigorous and time-consuming review process. On the other hand, FIRRMA did not overly extend CFIUS jurisdiction over non-control investments through “investment fund”. Chinese investors can reasonably take advantage of the exception clause of CFIUS to legally and effectively plan and promote transactions under the framework set by FIRRMA and the interim rule of the pilot program. If the investors want to invest through “investment fund” as a limited partner or equivalent on an advisory board or committee, they should plan the transaction structure and strategy as early as possible, and fully assess the relevant terms of the agreement, so as to ensure the compliance with the above provisions of the pilot program and avoid control of the investment fund decisions or access of any material nonpublic technical information. Therefore, the risks of CFIUS review and unnecessary burdens on costs and time can be reduced and the success rate of the investment can be improved.

​

2018年8月1日，美国国会通过了《外国投资风险审查现代化法案》 （“FIRRMA”）， 大幅度扩大了美国外国投资委员会（“CFIUS”） 对外国投资审查的权限范围，同时也改革了CFIUS对外国投资的审查程序。10月10日，美国财政部针对FIRRMA中尚未生效的条款中涉及“关键技术”的部分，发布了试点项目暂行规定，CFIUS现有权对27个试点项目行业中的关键技术公司的某些非控制性外国投资进行审查，参与此类投资的各方需向CFIUS提交强制声明，赴美投资的外国投资者将面临更严峻的审查环境。

​

但是，FIRRMA中专门对外国投资者通过“投资基金”在美国进行的投资规定了申报豁免条款，满足一定条件的此类投资将不被视作“受辖交易”。试点项目暂行规定以及CFIUS出台的常见问题解答对于此投资基金豁免条款的适用进行了界定，再次确认试点项目适用于有限合伙人在投资基金中的间接投资。

​

首先，FIRRMA法案对CFIUS的管辖权一般规则规定了两个例外：第一项例外是外国人对航空公司以及其他航空承运人的非控制性投资。第二项例外是外国人对向关键基础设施或关键技术进行投资的基金进行非控制性投资。如果外国人作为美国“投资基金”的有限合伙人或咨询委员会的成员，且满足以下条件，则该外国人的该项投资属于CFIUS管辖的例外情形。

​

1. 该基金完全由普通合伙人（或同等资格）管理；

2. 普通合伙人（或同等资格）不是外国人士；

3. 基金咨询委员会无法控制基金的投资决定，或无法控制由普通合伙人（或同等资格）做出的决定；

4. 外国人士无法控制基金的投资决定，或无法控制由普通合伙人（或同等资格）做出的决定，或无法单方解雇普通合伙人（或同等资格）及其报酬；和

5. 外国人士参加基金咨询委员会，无法接触有关基金投资“重大非公开技术信息”。

换言之，只有在有限合伙人对基金的投资没有直接或间接的决策权与控制权的前提下，才可免于申报CFIUS审查。其中，除特殊情形外，根据投资基金管理协议，约定在交易中放弃潜在利益冲突、分配限制等，不被认定为“控制投资基金的决定”，即不具有控制性。

同时，CFIUS在常见问题中说明，如果外国有限合伙人无法满足第二个例外的所有要求，将会结合以下三个方面分析该投资是否构成试点项目中的“外国控制”。

​

1. 能否获取美国企业试点项目所拥有的任何重大非公开技术信息；

2. 是否有美国企业试点项目的董事会或同等管理机构的成员资格或观察员权利，或提名个人担任美国企业试点项目的董事会或同等管理机构职位的权利； 或者

3. 除了通过投票表决之外，是否能参与美国企业试点项目关键技术的使用、开发、获取或发布的实质性决策。

试点项目将涉及关键技术的27个行业纳入强行申报的范围，CFIUS明确指出，FIRRMA中规定的强行申报豁免也可以适用于试点项目，只要满足以下条件：

​

1. 该基金完全由普通合伙人，管理成员或具有同等资格的人管理；

2. 普通合伙人，管理成员或具有同等资格的人不是外国人；和

3. 对于在咨询委员会或基金委员会中作为有限合伙人的任何外国人，该投资基金满足FIRRMA的一般规定标准。（《外国投资和国家安全法》721(a)(4)(D)(iv)(cc) & (dd)）。

如果出现同一个外国人士通过投资基金间接投资和直接投资试点项目中约束的交易，CFIUS将综合考量来决定是否管辖。

​

由此可见，如果外国投资人希望通过以有限合伙人或咨询委员会成员的身份投资美国的“投资基金”以达到投资美国企业的目的，需要满足试点项目暂行规定中的例外条件，作为被动的有限合伙人参与投资基金，防止触发CFIUS的管辖权。在常见问题的解答中，CFIUS进一步澄清外国投资人如果无法满足试点项目暂行规定的有关“投资基金”的例外条件，需由CFIUS结合实际情况，综合考量是否构成“外国控制”，确认是否可免于受到CFIUS的审查。这一规定对于外国投资者来说可作为投资美国业务的一个潜在渠道。

​

在当前中美贸易战的大背景下，FIRRMA的出台以及试点项目的实行增加了外国投资者对美投资的难度和不确定性，新兴高科技领域的投资可能面临更为繁琐的程序和更加严格的审查。中国投资者事先需对投资交易进行合规评估，做好面临审查程序更为严格、耗时更长的心理预期。但是，FIRRMA并未过度扩展CFIUS对于基金非控制性投资的管辖范围。外国投资者可合理利用CFIUS审查的例外条款，在FIRRMA及当前试点项目暂行规定所设定的框架下合法有效地筹划和推进交易，如果希望以有限合伙人或咨询委员会成员身份投资美国的“投资基金”，应当尽早对交易结构与策略进行统筹与规划，注意对相关协议安排进行充分评估，确保符合试点项目的上述规定，以避免形成对基金的投资决策或任何重大非公开技术信息的控制，带来 CFIUS 审查程序和成本上不必要的负担以及结果的不确定性，从而尽可能提高投资的成功率。