{"data":{"id":"us/31-cfr-800.249","jurisdiction":"us","citation":"31 CFR 800.249","heading":"Transaction.","body":"The term transaction means any of the following, whether proposed or completed:\n(a) A merger, acquisition, or takeover, including:\n(1) The acquisition of an ownership interest in an entity;\n(2) The acquisition of proxies from holders of a voting interest in an entity;\n(3) A merger or consolidation;\n(4) The formation of a joint venture; or\n(5) A long-term lease or concession arrangement under which a lessee (or equivalent) makes substantially all business decisions concerning the operation of a leased entity (or equivalent), as if it were the owner;\n(b) An investment; or\n(c) The conversion of a contingent equity interest.\n(d) Example: Corporation A, a foreign person, signs a concession agreement to operate the toll road business of Corporation B, a U.S. business, for 99 years. Corporation B, however, is required under the agreement to perform safety and security functions with respect to the business and to monitor compliance by Corporation A with the operating requirements of the agreement on an ongoing basis. Corporation B may terminate the agreement or impose other penalties for breach of these operating requirements. Assuming no other relevant facts, this is not a transaction.\nNote 1 to § 800.249:\nSee § 800.308 regarding factors the Committee will consider in determining whether to include the access, rights, or involvement to be acquired by a foreign person upon the conversion of contingent equity interests as part of the Committee's analysis of whether a transaction that involves such interests is a covered transaction.","path":["Title 31—Money and Finance: Treasury","Subtitle B—Regulations Relating to Money and Finance","CHAPTER VIII—OFFICE OF INVESTMENT SECURITY, DEPARTMENT OF THE TREASURY","PART 800—REGULATIONS PERTAINING TO CERTAIN INVESTMENTS IN THE UNITED STATES BY FOREIGN PERSONS","Subpart B—Definitions"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-31.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:25Z","sha256":"e3b278405652bdb31e304dca16d65386ae2b85ec8b4b026231d58ff2756ea34c","source_id":"us-cfr","stale":true,"prev":"us/31-cfr-800.248","next":"us/31-cfr-800.250"},"notice":"GroundRules: Original legal text. Not legal advice."}