美國EB-5投資移民新提案,將可能使整個項目銷售環節重新洗牌

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所屬分類:美國移民

今天繼續探討,6月4日,參議員Patrick J. Leahy和Charles E. Grassley提出的,S1501,EB-5改革提案。

EB-5新提案中,有一█個非常重要的,關於EB-5融資的證券合規性ζ要求,而且遠遠超出了▽現行的證券合規性要求,有可能心裏湧出了一絲絲疑惑將會極大影響EB-5項目融資銷售的整個環節。今天我們來看下Mona Shah律師,對此條款的分析。

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S.1501提案將EB-5項目置於SEC(證券交易委員會)的ζ顯微鏡之下——可能會給EB-5項目帶來的關鍵ω 性變革

6月4日,參議院司法委員會主席Charles E. Grassley和高級參議員Patrick J. Leahy共◣同提出了 S.1501提案 (標題為: 2015美國就業及投資促進改革門法案),授權區域』中心計劃試點到2020 年9月30日。這一消息ζ 對 EB-5業界產生了巨大的影響,該提案中的一個條例可能會重整EB-5 的格局。提案指出如下:

為∩了促進美國投資,在提交給SEC的行動檔▂案中,購買或是出售,任何由區域︾中心發起或是區域中心相關的,證券融資行為,都將會被認為發生在美國境內,而依據美國證券法,主事管轄↙權也將屬於美國。

如果這個條例包含在最終的法案中,且SEC對此條款做積々極解釋,那它將可能改變EB-5世界的格局。目前,大多數項目都依靠№D條例(Regulation D - 符合國內發行)和S條例(Regulation S - 符合海外】發行)的結◥合來進行EB-5融資。由於,絕學習過很多方面大多數的EB-5投資者都位⌒ 於海外,所以發行方能夠依賴於S條例,只要銷售和融資行為發生在海外。不過,如果EB-5融資銷售行為被認定為發生在美※國境內,那麽S條例將不再適用。

這一條◥例將至少意味著:

1)每一個項目都需要向SEC提交表格D;
2)項是狙擊手目必須核實每一個EB-5投資者▼都是合格的,這意味著個人必須擁有100萬美元資〓產或者在過去兩年間擁有200萬美元的收︼入。

這些實踐已經向項目方面進行了重點推薦。

這一條例造成的最大改變是令EB-5行業使用Broke-Dealer(券商/經紀人)。EB-5行業至今尚未廣泛使用Broke-Dealer。如果交易被認為是發生在美國,這將令項目付費海∞外移民機構的行為受到質疑。目前,區域中心依靠法規15a-6付費給海ω 外機構。法規15a-6被認為是豁∏免條款,即允許雇用海外機構向在美國以外的非美國籍人士融資。如果現在認∴定EB-5 交易是發生在美國,那麽此豁你又能拿老子怎麽樣免條款將不再適用,EB-5行業的運作方式也可能會隨之改變。

資深◣證券律師Michael Homier認為,此條例無非是希望,在涉及╳行為不當的案件時,美國可以對案件建立管轄背著雙手笑瞇瞇權。芝加哥會議中心案卐件的被告辯稱,因為活動涉及到向海外投資者的融資銷售行為,因此案件不應該在美國法院審理,提案的這種變化將使上述被告的觀點失效。這當然是一個合理的解釋,並減〇輕了我們的憂慮,我們同意這個觀點。

然而,如果SEC願意,這一條例也♀可能支持SEC,使其處於更積極的位置。就像國際足聯的高管最近學到的,當國際足聯因其貪汙行為而∏依美國反恐怖主義∑ 法被起訴時,聯邦當局認為自己的作為是正確的,因此願意超越法律預期的目的運用法律。

原文作者:Mona Shah律師,原文網站:blog.mshahlaw.com。

Bill S.1501 Puts the EB-5 Program Directly Under the SEC’s Microscope – Could Cause Major Changes in the EB-5 World

This morning, the Senate Judiciary Committee Chairman Charles Grassley and Ranking Member Patrick Leahy co-sponsored S. 1501 to reauthorize the Regional Center Pilot Program through September 30, 2020. This is major news that will have a huge impact on the EB-5 world. The bill proposes several significant changes to the EB-5 program that our office will discuss in a series of articles in the coming weeks. One proposed change contained in the bill has potential to completely revamp the EB-5 landscape. The proposed bill says that:

In view of the objective of promoting investment in the United States, in an action filed by the Securities and Exchange Commission, the purchase or sale of securities offered or sold by any regional center or any party associated with a regional center shall be deemed to have occurred within the territory of the United States for purposes of the securities laws, and subject matter jurisdiction shall also lie within the United States.[1]

This language, if it is included in the final bill and interpreted aggressively by the SEC, has the potential to change the EB-5 world. Currently, most projects rely on a combination of Regulation D, which facilitates domestic offerings, and Regulation S, which facilitates offshore offerings, in their sale of EB-5 securities. For the majority of EB-5 investors that are located abroad, the issuer could rely on Regulation S as long as the sale and offering activities also occurred abroad. However, if the sale of EB-5 securities are deemed to have occurred in the United States for purposes of the securities laws, then Regulation S would no longer be available.

At a minimum, this would mean that 1) a Form D will need to be filed with the Securities and Exchange Commission for every project and 2) the project must verify that every EB-5 investor is accredited, which is defined as meaning that the individual has at least $1 million in assets or income of at least $200,000 in the last two years. These practices are already highly recommended for every project.

The potential game changer is the use of broker-dealers in EB-5 transactions, or the lack thereof thus far in the industry. If transactions are deemed to occur in the United States, then this may call into question the practice of making payments to immigration agents that are located overseas. Currently, regional centers rely on Rule 15a-6 to make payments to foreign immigrations agents. Rule 15a-6 is interpreted to provide an exception that allows for hiring overseas immigration agents to sell to non-US persons outside of the United States. If EB-5 transactions are now deemed to occur in the United States, then this exception may no longer be available and the way that the EB-5 industry operates may have to change.

Michael Homier, a leading securities attorney, believes the language in the proposed legislation is intended to do nothing more than establish venue in the United States for cases involving misconduct. The defendants in the Chicago convention center case argued that the case should not be tried in U.S. Courts since the activities involved the sale of securities to investors overseas, and this change would nullify that argument. This is certainly a reasonable interpretation that assuages concerns to some extent, and we agree with it. However, the language would support the SEC taking a more aggressive position, if it so desired to. And as FIFA’s executives recently learned when they were prosecuted under US anti-terrorism laws for corruption, federal authorities are willing to use a law beyond its intended purpose when they believe they are in the right.

今天這篇文章分析的點,其實很↓深刻,作為一種風險投資,美國采用的是私募類的↘方式,而此類投↘資方式,對國內投資者來說,很多時候會面臨巨大的信息不對稱風險,所承受的遠遠不止是ㄨ金錢,還有巨大的時間成本。

投資必然會有合規,風控,監管。作為〖一項越來越多人參與的投資方式,eb5走向監管和透明化是大勢所趨。這也是對投資者的保護。

另一方面,投資者本身最巔峰實力的資金背景,投資風險承受能力,是否符合項目本身要求,也必然會進入監管視線。美國作為世界金融最發達,監管體系最嚴格的國家。未來eb5投資項目必然會走向全面的規範化流程。

拭目以待,總之ξ國人海外投資的大門已經敞開。世界之大,中華的光芒可以照耀的地方▼還有很多很多。

你好!世界!中國人來了。

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