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2018年美国外国投资委员会审查趋势

作者:奥尔加托雷斯,管理成员,Jonathan Creek,副总裁
日期:02/20/2018

The Committee on Foreign Investment in the United States (“外国投资委员会”) is an interagency body which has the authority to assess the 国家安全 implications of transactions that could result in control of U.S. 外国人经营的生意. 美国外国投资委员会的主席是美国联邦投资委员会.S. 包括来自16个美国代表团的代表.S. 部门和机构.[1] 在过去三十年里, 美国外国投资委员会就外国投资向总统提出了建议, 特别是在交易方面, 由于这样或那样的原因, the 外国投资委员会 believes the president should review in the interest of 国家安全. 在美国外国投资委员会的指导下,美国国务院和美国联邦投资委员会(u.s..S. 总统们总共只阻止了五笔交易, 其中两起发生在特朗普总统执政的过去六个月里. This article provides a brief summary regarding recent cases and proposed legislation that will impact foreign investment in the United States.

 

[1] 外国投资委员会的成员包括财政部的主管, 律政司, 国土安全部, 商务部, 国防部, 国务院, 能源部, 美国国务院办公厅.S. 贸易代表和科技政策办公室.

 

Canyon Bridge Capital Partners和速汇金的案例

On September 13, 2017, President Trump blocked Canyon Bridge Capital Partners Inc., 一家由中国投资者支持的投资公司, 收购莱迪思半导体公司, 一家位于俄勒冈州的上市半导体公司. 通常, the 外国投资委员会 review process begins when the parties to a transaction make a voluntary filing to 外国投资委员会. 经常, 双方将向美国外国投资委员会提交一份联合自愿通知, which will be updated and resubmitted as a final voluntary notice upon receipt of feedback from 外国投资委员会.  在这种情况下, the parties updated their voluntary notice two separate times based on feedback from 外国投资委员会. 最终这个案子被阻止了. 在阻止交易的过程中,美国政府.S. 政府 cited 国家安全 risks including: the potential for the transfer of intellectual property to a foreign party; the Chinese 政府’s role in the transaction; the importance of the semi-conductors in the U.S. 政府; and the use of Lattice products by the U.S. 政府.

类似的, 1月2日, 2018, 蚂蚁金融, 阿里巴巴旗下的一家中国公司, announced its proposed acquisition of MoneyGram International was being blocked by the 外国投资委员会. 速汇金在世界各地提供金融服务. The fact that this transaction was blocked was surprising because Alibaba and 蚂蚁金融 had received 外国投资委员会 clearance in previous transactions and MoneyGram arguably does not deal with particularly sensitive information from a 国家安全 perspective. 不像峡谷大桥的案例, MoneyGram does not operate in the defense sector nor does it deal with critical infrastructure, 如半导体. 另外, both MoneyGram and 蚂蚁金融 offered several amended proposals to help mitigate the concerns of 外国投资委员会. 最终, the proposed transaction was denied because the Chinese 政府 holds a 15% stake in 蚂蚁金融, and it was feared the data held by MoneyGram could be used by the Chinese 政府 to target activists, 记者, 和其他人.

美国外国投资委员会立法的新进展

11月8日, 2017, Congress introduced the Foreign Investment Risk Review Modernization Act of 2017 (“FIRRMA”). The FIRRMA is designed to modernize and strengthen the 外国投资委员会 to more effectively guard against the risk to 国家安全 of the United States posed by certain types of foreign investment. The FIRRMA will allow 外国投资委员会 to more closely vet foreign acquisitions; grant a broader definition of “国家安全”; and expand 外国投资委员会 investigations to include minority investments in “critical technology,”“关键基础设施,和合资企业. 另外, while 外国投资委员会 reviews are usually voluntary, the legislation would 需要 foreign investors that are 25% or more owned or controlled by foreign 政府s to go through 外国投资委员会 review when acquiring a 25% or more stake in a U.S. 业务. 而持有美国航空公司25%的股份.S. 商业可能导致“控制”,“如果那是最大的一笔股份, 它也可能是少数股权, 这代表着外国投资委员会影响力的重要扩大. The 外国投资委员会 would also block the deal if the transaction would give foreign 政府s the capability to engage in cyber-attacks against the U.S. 另外, the legislation focuses on 外国投资委员会’s ability to review investments in “emerging technologies,连同其他的发展, 会严重影响中国的投资.

1月18日, 2018, 在最新发展中, firma听证会由银行业委员会举行, 住房, 和城市事务. 这些听证会更广泛地关注了外国投资委员会. 这些听证会的重点是:(1)外国投资委员会在美国的作用.S. 国家安全 structure; (2) the changing nature of 国家安全 threats to the U.S.; and (3) opportunities for 外国投资委员会 to address those threats. 另外, these hearings touched on China’s efforts to compete with the U.S. 经济上,军事上,政治上. 最后, 会议还关注了中国在关键领域的政策, 包括半导体, 以及这些政策给美国带来的挑战.S. 国家安全. FIRRMA目前的可能性很低[1] of being enacted in its entirety; however, 某些条款可以自己颁布,这是可能的.[2]

对未来投资的影响

Following the blocking of the Lattice and MoneyGram acquisitions and subsequent proposed legislative reforms, industry experts expect foreign investment deals to be more closely scrutinized by the 外国投资委员会. While 外国投资委员会 does not release data related to its filings until more than a year after the covered period, 预计外国投资委员会在2017年审查了200多笔交易, 超过了2016年设定的172个基准点.[3] The mark set in 2016 was a 20% increase from the 143 notices submitted to the Committee in 2013.[4] Similar to 2016, most of the 2017 transactions likely involved Chinese investment. 然而, historically 外国投资委员会 has also been concerned with investments from other countries such as France, 加拿大, 联合王国, 和荷兰. While most of the problematic transactions have historically occurred in the manufacturing sector, the 外国投资委员会 will also continue to focus its attention on any transaction potentially impacting 国家安全 and involving 业务es that maintain or have access to potentially sensitive data. 其他行业, 比如人工智能, 军事技术创新, 半导体, 以及任何可能帮助外国政府对美国进行网络攻击的东西.S., will continue to face higher scrutiny when reviewed by the 外国投资委员会 in 2018.

If you are concerned about how a future investment will be affected by the new 外国投资委员会 proposals, 或者只是查询有关外国投资委员会备案的更多信息, 我们鼓励您与我们联系. 我们将在以后的文章中继续报道外国投资委员会的发展.

 

[1] According to Skopos Labs, FIRRMA has a 26 percent chance of being enacted. GovTrack, 2017年《亚虎娱乐注册平台》 http://www.govtrack.us/congress/bills/115/s2098 (最后一次访问是2018年2月15日).

[2] 在最近的发展, the scope of the bill was under review due to concerns the changes would be too expansive.

[3] U.S. 财政部,资源中心, 涵盖交易、取款和总统决定2014-2016年, http://www.treasury.gov/resource-center/international/foreign-investment/Documents/CFIUS_Stats_2014-2016.pdf (最后一次访问是2018年1月22日).

[4] U.S. 财政部,资源中心, Committee on Foreign Investments in the United States: Annual Report to Congress, http://www.treasury.gov/resource-center/international/foreign-investment/Documents/Unclassified%20CFIUS%20Annual%20Report%20-%20(report%20period%20CY%202015).pdf (最后一次访问是2018年1月22日).

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