Setting the Stage for Future Regulation
An executive order created a framework for the Treasury to develop regulations concerning certain U.S. investments in China-related technologies. The Treasury will play a crucial role in determining these investments’ coverage, prohibition, or notification requirements.
Regulation is Yet to Be Fully Established
At present, the executive order does not directly regulate investments. Instead, it paves the way for a regulatory process led by the Treasury to define the specifics of the regulations.
Statement of Policy
The executive order highlights the exploitation of U.S. investments in sensitive technologies by certain countries, particularly China. Introducing regulation is seen as a necessary step to address this issue.
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Advance Notice of Proposed Rulemaking (ANPRM)
The Treasury has taken a proactive step by issuing an ANPRM that outlines the key aspects of the impending regulations. The public is encouraged to provide feedback on the ANPRM until September 28, 2023.
Applying to Covered Foreign Persons
The Treasury’s proposal involves the regulation of investments made by U.S. persons in “covered foreign persons” engaged in activities related to covered technologies. This category includes entities associated with China.
Inclusion of Various Investment Types
The proposed regulations encompass a range of direct or indirect investments in covered foreign persons. This includes equity interests, convertible debt financing, greenfield investments, and joint ventures.
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Exemptions for Specific Transactions
Certain transactions, such as collaborations for university research, intellectual property licensing agreements, and banking services, will be excluded from regulation. These exemptions are designed to offer flexibility in particular domains.
A Forward-Looking Approach
The regulations will be applicable to transactions occurring after the executive order’s issuance. The primary focus is on governing future investments, rather than implementing retroactive measures.
Transaction Exceptions
There will be exceptions for specific types of transactions, including those involving publicly traded securities, index funds, and venture capital funds. Conditions must be met for these exceptions to be applicable.
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Covered Technologies
The initial technologies subject to regulation in China involve semiconductors/microelectronics, quantum information, and artificial intelligence. The scope of coverage may expand over time.
An Ongoing Process
While the executive order provides a framework, Congress could still take action regarding outbound investments, as bills have been introduced and passed in both houses. The regulatory process will continue to evolve based on public input and potential legislative developments.
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