Money managers, lobbyists and members of Congress had hoped U.S. President Joe Biden’s long-awaited restrictions on investment in China would make clear what was allowed and what was out of bounds.

Instead, they got more questions than answers.

"There’s a lot left to be worked out,” said Jeremy Zucker, head of the national security practice at law firm Dechert LLP. "It’s not clear where the government will draw the line between what’s prohibited and what will merely require notification. That will result in a certain amount of agony in the interim.”