美國需要什么樣的外來投資審查機制？
日前，共和黨參議員約翰•科寧(John Cornyn)宣布了改革美國外國投資委員會(CFIUS)工作方式的立法。世界和國際金融在CFIUS成立以來的40多年里發(fā)生了翻天覆地的變化，是時候由立法者審議該委員會的工作流程，以使其更好地發(fā)揮作用。
This little known inter-agency committee has been tasked with vetting transactions for national security risks since 1975. Over time, the task has changed as the threats to national security have changed. From the cold war era to cyber warfare, Cfius has always reflected contemporary preoccupations, such as increased Japanese investment in the US in the early 1990s or the post-9/11 concerns with protecting critical infrastructure.
自1975年以來，這個鮮為人知的跨部門委員會一直負(fù)責(zé)審查可能影響國家安全的交易。隨著時間的推移，隨著國家安全面臨的威脅改變，該委員會的任務(wù)也發(fā)生了變化。從冷戰(zhàn)時代到網(wǎng)絡(luò)戰(zhàn)爭，CFIUS一直反映了當(dāng)代要務(wù)，比如上世紀(jì)90年代初日本對美投資增加，或者9/11事件之后關(guān)注保護(hù)關(guān)鍵基礎(chǔ)設(shè)施。
Fast forward to a changed environment in 2017. National security threats come from different directions and sources. Vulnerabilities are increased via technology. We now have a world characterised by globalisation and trade friction. And, to be clear, it is not just the threats that have changed, but also the structure of deals, the players involved (think private equity), and the kinds of investments that reflect increasing globalisation (think co-investment).
快進(jìn)到2017年的新環(huán)境。對國家安全構(gòu)成的威脅來自不同方向和源頭。技術(shù)進(jìn)步帶來更多的脆弱性。我們現(xiàn)在看到的世界以全球化和貿(mào)易摩擦為特征。同時應(yīng)該指出的是，改變的不只是威脅，而且還有交易架構(gòu)、參與者 (想想私人股本)，以及反映全球化程度提高的投資類型(想想聯(lián)合投資)。
These factors, along with the recent upsurge in Chinese investment, have come together in a perfect storm, making this the ideal time to re-evaluate how Cfius works and how it could be improved.
這些因素，加上近年中國投資激增，匯聚成一場完美風(fēng)暴，讓現(xiàn)在成為重新評估CFIUS運作方式以及如何改進(jìn)這種方式的理想時機。
While considering changes that are intended to better suit our times, it is important to remember that for the changes to be effective, they must strike a balance between ensuring that the US remains one of the most attractive destinations in the world for foreign investment, and protecting the safety and security of our citizens.
在考慮改革以更好適應(yīng)當(dāng)今時代的時候，重要的是要記住，要讓改革有效，它們必須達(dá)到一個平衡：一方面確保美國仍然是世界上最有吸引力的外國投資目的地之一，另一方面要確保我國公民的安全。
First, the laws that govern how the Cfius process works are clear: Cfius can review a transaction when it could result in foreign control of a US business. When a foreign company or its government could “control” a US company — that’s when the Cfius process can kick in. And control still is important.
首先，規(guī)范CFIUS工作流程的法律是明確的：如果一筆交易可能導(dǎo)致美國企業(yè)被外國控制，CFIUS就可以審查這筆交易。當(dāng)一家外國公司或其所在國家的政府可能“控制”一家美國公司的時候，CFIUS就可以啟動審查?？刂迫匀皇侵匾?。
But what the new legislation appropriately recognises is that control is not the only way in which threats to national security can be made real. Something short of control — for example, access through minority stakes to sensitive emerging technologies and know-how — can also put our national security at risk. Moreover, recognising that a single asset — for example, intellectual property with associated know-how — can be the crown jewel of a business, the legislation recognises that its acquisition can present a risk to national security in the same manner as the acquisition of a collection of manufacturing assets. These are areas where Cfius could certainly step up its game.
但是，新的立法正確地認(rèn)識到，控制已經(jīng)不是威脅國家安全的唯一途徑。有時，即便沒有控制——例如，通過少數(shù)股權(quán)獲得敏感的新興技術(shù)和訣竅——也會讓我們的國家安全面臨風(fēng)險。此外，僅僅一項資產(chǎn)——例如，知識產(chǎn)權(quán)及相關(guān)技術(shù)訣竅——可能是一家企業(yè)的“皇冠上的珍珠”，因此，新的立法認(rèn)識到，收購一項這樣的資產(chǎn)就可能給國家安全帶來風(fēng)險，就像收購一整套制造業(yè)資產(chǎn)一樣。這些都是CFIUS肯定能夠做得更好的領(lǐng)域。
Second, Cfius must maintain its narrow singular focus on national security and have a straightforward process that encourages investment and that makes filing for review easy and accessible. On the first count, Mr Cornyn’s legislation appears to succeed with a clear focus on national security. The legislation does not have any economic tests, nor does it name specific countries. Mandatory reviews in targeted sensitive areas with certain exemptions make sense.
其次，CFIUS必須繼續(xù)專注于國家安全這個狹窄而單一的焦點，并實行直截了當(dāng)?shù)牧鞒桃怨膭钔顿Y，讓申請批準(zhǔn)輕松便捷。就第一點來說，科寧的立法似乎成功地明確聚焦于國家安全。這項立法沒有設(shè)置經(jīng)濟(jì)測試，也沒有點名具體國家。對針對性的幾個敏感領(lǐng)域(帶有某些豁免)進(jìn)行強制審查是有道理的。
But the devil is in the detail, and the regulations and implementation will be important. On the second measure, the jury is still out. Repeat filers who are low risk and routinely approved will welcome the possibility of a quicker decision through the new “lite” filing process.
但魔鬼存在于細(xì)節(jié)當(dāng)中，監(jiān)管和執(zhí)行將至關(guān)重要。就第二個衡量標(biāo)準(zhǔn)而言，目前還難以評判。低風(fēng)險且經(jīng)常獲批的重復(fù)申請者將會歡迎新的“簡潔版”申報流程，這樣他們有可能更快獲得審批決定。
But, on the other hand, the traditional review and investigation process will be longer and less predictable both in terms of timing and finality of outcome. A process that now takes 75 days will run to 90 days, with the potential for an additional 30 days under “extraordinary circumstances.” We all know that “time is money” and that is especially true when a $1bn deal hangs in the balance. We need to make sure that with these potential new obstacles and uncertainties, the law does not discourage companies from filing.
但是話說回來，傳統(tǒng)的審查和調(diào)查過程將會更長，而且在得出結(jié)論的時間和結(jié)果兩方面都更加不可預(yù)測。現(xiàn)在75天的流程將增加到90天，在“特殊情況下”還可能再增加30天。我們都知道“時間就是金錢”，當(dāng)10億美元的交易懸而未決時，情況更是如此。我們需要確保，帶有這些潛在新障礙和不確定性的新法律，不至于讓企業(yè)放棄申請。
Third, no matter what changes are ultimately made to Cfius by Congress, Cfius needs to be fully equipped to do its job. Right now, the committee’s resources are challenged with a record number of transactions that are increasingly complicated. At the same time, key senior-level policy jobs at Cfius agencies are vacant and the dedicated career staff is at its limit — which slows down important decisions. Getting it right takes time, resources and qualified staff.
第三，無論國會最終對CFIUS作出什么改變，該委員會都需要有充足的資源來履行其職責(zé)。目前，該委員會的資源受到日益復(fù)雜且數(shù)量創(chuàng)紀(jì)錄的交易的挑戰(zhàn)。與此同時，CFIUS各機構(gòu)的關(guān)鍵高級政策職位空缺，而專職的職業(yè)人員也達(dá)到極限，這減慢了重要決策的速度。解決這些問題需要時間、資源和合格的員工。
Equally unfortunate, uncertainties and delays are causing some companies that might otherwise undergo the voluntary process to think twice about filing — just what we cannot afford where national security is at issue. As Congress changes the process, it must make sure that Cfius is well-funded to carry out the task. Whether the additional resources budgeted in this legislation are enough to handle Cfius’s new mandate will bear monitoring.
同樣令人遺憾的是，不確定因素和拖延導(dǎo)致一些本來會自愿申請的公司踟躇——這是美國在國家安全方面無法承受的。在國會改變流程之際，它必須確保CFIUS有充足的資金來執(zhí)行任務(wù)。這項立法列入預(yù)算的額外資源是否足以讓CFIUS履行新使命，將是一件值得觀察的事情。
In a world where we are facing new national security threats, seeing different structures in corporate deals, and are on the receiving end of an explosion in foreign investment, we do need to re-examine Cfius and update it to reflect the world we live in. But as we do that, we need to make sure that, by intent or by accident, the changes to Cfius do not put up unnecessary new hurdles to foreign investment, deter companies from filing, or undermine the US’s standing as the premier global destination for foreign investment.
當(dāng)今，我們面臨著新的國家安全威脅，公司交易結(jié)構(gòu)千差萬別，同時外來投資流入激增。在這樣的世界里，我們確實需要重新審查并更新CFIUS，以反映我們所處的世界。但是，我們在這樣做的時候需要確保，無論是有意還是無意，CFIUS的改變不會給外國投資帶來不必要的新障礙，使企業(yè)不敢申請，或者損害美國作為全球首屈一指的外國投資目的地的地位。
As lawmakers consider ways to update Cfius, they not only need to keep our national security in mind, but also need to make sure that the US is still open for business.
當(dāng)立法者考慮如何更新CFIUS的時候，他們不僅需要牢記我們的國家安全， 而且還需要確保美國仍向商業(yè)開放。
Anne Salladin is special counsel at Stroock & Stroock & Lavan LLP in Washington DC. She was formerly senior counsel at the US Department of the Treasury, where she provided legal advice to the chair of the Committee on Foreign Investment in the United States (Cfius).
本文作者是華盛頓律師事務(wù)所Stroock & Stroock & Lavan的特別法律顧問。她曾在美國財政部擔(dān)任高級法律顧問，其間為CFIUS主席提供法律建議
