美国《2018年外国投资风险审查现代化法案》介评

Introdnction and Comment on the U.S. 2018 Foreigh Inuestment Risk Review Modernization Act

《2018年外国投资风险审查现代化法案》是十几年来美国首次对其外资安全审查制度进行立法上的变革。与《2007年外商投资与国家安全法案》相比,新法案扩大了CFIUS的管辖范围,增加了新的安全审查考量因素,强化了审查程序,优化了资源配置。此次美国安全审查改革,既源于外部的安全威胁变化,也源于完善CFIUS本身的内部发展动机。此次改革并不具有颠覆性的影响,对投资者而言也并不全是负面影响,相反,新法案在一定程度上有助于美国安全审查质量的提升,增加投资者对安全审查风险的可控性。除一般性变化之外,新法案涉及的'特别关注国家'以及与中国有关的报告条款,尤其值得中国投资者关注。

The enactment of'2018 Foreign Investment Risk Review Modernization Act'represents the very first legislative reform on foreign investment review system in the U.S.for more than a decade.Compared with the'2007 Foreign Investment and National Security Act',the new Act expands CFIUS’s jurisdiction,adds new considerations of covered transactions,scrutinizes the review process,and optimizes resources distribution.It is the change of security threat landscape in the past decade and the internal development demand of CFIUS that spur this reform.Despite the general scrutinization,this reform does not radically reshape the system and does not blindly restrict on foreign investment.Instead,the new Act puts emphasis on the timeliness and predictability of the review process,which may aid investors on risk aversion.However,the newly-proposed concept of'country of special concern'and the reporting provision related to China in the new Act indicate the Congress’concern for Chinese investment,which should be carefully considered by Chinese investors.