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法律實務

美國外資審查最新動態

來源:李大誠 金杜研究院 金杜研究院 作者:李大誠 發布時間:2018-03-23 18:10:39.0 點擊數:13953

HAIWAIZHITONGCHESHUMEIGUOWAIZISHENCHAZUIXINDONGTAI


海外直通車”欄目展現金杜作為立足亞太的國際律師事務所海外辦公室風采,由金杜海外辦公室合伙人提供不同國家的法律解析。

HAIWAIZHITONGCHE




ZAIZHEYANGYIGETESHUDELISHISHIQI,JINDUZUOWEIYIJIADUONIANSHENGENGYUMEIGUOZIBENJINRONGSHICHANG、ZAIKUAJINGBINGGOUTOUZIDENGLINGYUYONGYOUFENGFUJINGYANDEGUOJILVSHISHIWUSUO,XIWANGJIECIJIHUIDUIJINNIANLAIMEIGUOWAIZISHENCHAQINGKUANGZUOCHUZONGTIHUIGU,BINGZAICIJICHUSHANGZHONGDIANFENXI2017NIANYILAIMEIGUOJIUGAIWENTIDELIFAXINDONGTAI,CONGERWEIZHONGGUOZIBENFUMEIBINGGOUJITOUZITIGONGZUIJUSHIXIAOXINGHEQIANZHANXINGDEZHIYIN。


截至2017年美國外資審查數據


GENJUCFIUSGONGBUDEZUIXINBAOGAO(ZHENDUI2015NIAN,YU2017NIAN9YUEFABU)[1],XIAWENJIUGAIBAOGAOZHONGGUANJIANDESHUJU,BINGJIEHEWANGNIANJIJINLIANGNIANDESHUJUJINXINGLESHULIXINGZONGJIE:

1

美國外資投資交易的整體態勢

(1)近五年間CFIUS的受案量呈上升趨勢

CFIUSZAI2015NIANSHENCHADEANJIANZONGSHUJIBENYUQIANLIANGNIANCHIPING,2016NIANSHENCHALE173ZONGJIAOYI[2],YU2015NIANXIANGBI,ZENGJIALEYUE20%,YOUDISANFANGJIGOUXIANSHI,CFIUSZAI2017NIANNEISHENCHALECHAOGUO250ZONGJIAOYI。JIEHESHANGSHUSHUJU,YIJIYU2017NIAN11YUESONGJIAOGUOHUIDEFIRRMAFAAN, WOMENYUCE,RUOGAIFAANZUIZHONGLUODI,ZAIJINHOUDEJINIANJIAN,CFIUSDESHENCHALIANGJIANGCHUXIANJINGPENSHIDEZENGCHANG(JIANBIAOYI)。


(2)數項交易因CFIUS的審查而被放棄

ZAI2015NIAN,YIGONGYOU13ZONGJIAOYIDESHENCHASHENQINGBEICHEHUI。RUOANZHAOCHEHUIDEJIEDUANHUAFEN,ZHE13ZONGJIAOYIZHONGYOU3ZONGZAISHENCHAQIJIANBEICHEHUI,YUXIADE10ZONGZAIDIAOCHAJIEDUANBEICHEHUI(JIANBIAOER)。



(3)一項交易的審查申請被CFIUS拒絕接受

該申請被拒絕的原因在于,交易雙方提供的信息與CFIUS基于其他美

GUOZHENGFUBUMENSUOHUODEDEXINXIBUYIZHI。CFIUSJINERMEIYOUDUIZHEZONGJIAOYIJINXINGSHENCHA,YINCIJIAOYISHUANGFANGSUIHOUBUDEBUFANGQILEZHENGZONGJIAOYI。CFIUSZUOWEIYIGEZHENGFUJIANKUABUMENDESHENCHAZHUTI,YOUZHUDUOZHONGXINXILAIYUAN,BAOKUOMEIGUOQINGBAOBUMENDEXINXI,YINCIJIAOYISHUANGFANGBIXUQUEBAOSHENCHASHENQINGZHONGSUOPILUDEXINXIZHUNQUEWUWU。

2

中國在美國的投資交易態勢

SUIRANDANGQIANDECFIUSZHANGCHENGBUZHENDUIRENHEJUTIGUOJIA,DANSHIZHONGGUOZUOWEIJIAOYIFANGDEANJIANSHULIANGCHIXUSINIANZAICFIUSSHOULIDEANJIANSHULIANGZHONGJUYUSHOUWEI。 ZAI2015NIANDE143GEBEISHENCHADEJIAOYIZHONG,YOU29GESHEJIDAOZHONGGUOTOUZIZHE,ZHANSHOUSHENCHADEJIAOYIZONGLIANGDE20.28%,XIANGBIYU2014NIAN147GEZHONGDE24GE,YOUWEIFUSHANGZHANG(JIANBIAOSAN)。

ZHAOCIQUSHI,WOMENYUCE,ZAIGUANFANGSHUJUSHANGWEIMINGLIAODE2016JI2017NIAN,YOUZHONGZICANYUDEJIAOYIJIYOUKENENGJIXUZAICFIUSSHENCHAANJIANZHONGZHANYOUZUIGAODEBIZHONG,QIEZHEYISHUJUJIANGHUICHAOGUOWANGNIAN。

3

CFIUS的審查與被收購資產行業的關系

BIAOER、SI、WU、LIUSHIGUOQUJINIANSHOUCFIUSSHENCHADEANJIANSHUJISUOSHUDEGUOJIAHEXINGYE,ZHANSHILEQIBIANHUAQUSHI。

CONGBIAOERLAIKAN,CHULESHOUJINRONGWEIJIYINGXIANGDENEIJINIANZHIWAI,BEISHENCHADEANJIANZONGSHUZAIZHENGTISHANGJIBENCHIPINGBINGCHENGXIANCHUWENBUZENGCHANGDEQUSHI。

CONGBIAOSIDEXINGYEFENLEILAIKAN,ZHIZAOYEHEJINRONGFUWUXINGYEDEZHANBICHIXUBAOCHIZAIJIAOGAOBILI,KUANGYEHELINGSHOUCIZHI。


表四


BIAOWUZHONG,KEYIMINGXIANDIKANCHUZHONGGUOZAIZHIZAOYEHEJINRONGFUWUYEJIAOYIZHONGSHOUDAODESHENCHAJIAODUO,BINGZAIZONGSHUSHANGYUANCHAODIERMINGDEJIANADA。


表五


BIAOLIUZHONGZHIDEZHUYIDESHI,ZHONGGUOTOUZIZHEZAIMEIGUODETOUZIJIAOYIJIAOSHAODISHEJIHEXINKEJILINGYU。YIBANRENRENWEIXIANGDUI“ANQUAN”DEZHIZAOYEFANERSHOUDAOZUIDUOSHENCHA。WOMENJIANYI,ZHONGGUOTOUZIZHEZAIJINXINGMEIGUOTOUZIJIAOYIQIAN,YIDINGYAOXIANZIXUNZHUANYEJIGOU,JIJILEJIEYUYINGDUIQIANZAIDEBEISHENCHAFENGXIAN,JIEYUESHIJIANCHENGBEN,CONGERJINKENENGDIHUOQUZUIDADESHANGYELIYI。


表六


美國外資審查領域的最新立法動態


JINJINIANLAI,MEIGUOYIZHICUNZAIZHUMAOYIBAOHUZHUYI,ZITELANGPUZHENGFUSHANGTAIHOU,TOUZIBAOHUZHUYIYECHUXIANMIAOTOU,WAIZISHENCHAZHENGTIQUYAN,TELANGPUYU2017NIAN9YUE13RILIYONGZONGTONGQUANLIFOUJUELEYOUZHONGZICANYUDEYIXIANGJIAOYIBIANSHIZHEYITAISHIDETIXIAN。ZONGTONGZHIJIEGANYUJINGJIJIAOYIDEXINGWEIZAIMEIGUOSHANGBUDUOJIAN,GUZHEYIXINGWEIZAIMEIGUOGUONEIYINFALEGUANYULIFAXIUSHANDETAOLUN。YOUGUANDIANRENWEIYINGDANGKUODACFIUSDESHENCHAFANWEI,BINGJIAQIANGQISHENCHAZHIQUAN,YUSHI,XINDEFAANBIANYINGYUNERSHENG。

2017NIAN11YUE8RI,CANYIYUANGONGHEDANGDANGBIAN、DANGNEIERHAORENWUJohn CornynTIJIAOLE《WAIZIANQUANSHENCHAXIANDAIHUAFAAN》(Foreign Investment Risk Review Modernization Act,FIRRMA)DEYIAN,TIYIDUIMEIGUOXIANYOUDEWAIZIANQUANSHENCHAZHIDUJINXINGDAFUDUDEGAIGE。ZHEXIANGTIANJIANGJIDADIGAIGECFIUSDEYUNZUOFANGSHIHEQUANZEFANWEI,CONGERDAFUZENGJIAXUJINGCFIUSSHENCHADEJIAOYISHULIANG。

GAIFAANDUIQIANZHANMEIGUOXIANGGUANLIFAFANGXIANGJUYOUZHIDAOYIYI,QINEIRONGZHUYAOBAOKUOYIXIAJIDIAN:

·?KUODACFIUSDEGUANXIAQUAN。MUQIANCFIUSKEYIJIANYIZONGTONGZUZHIWAIGUOSHITISHOUGOUMEIGUOGONGSIDEDUOSHUGUQUAN,RUOGAIFAANBEITONGGUO,CFIUSBUJINKEYIHEFAGUANXIAKENENGDAOZHIMEIGUOGONGSIBEIWAIZIZHUTISHIJIKONGZHIDEANJIAN,DUIZHISHEJISHAOSHUGUQUANHEHEZIGONGSIDEJIAOYIHEBEICFIUSRENDINGWEISHEJI“XINXINGJISHU”DEJIAOYIYEJIANGJUYOUHEFADESHENCHAQUANLI。LIRU,CFIUSJIANGYOUQUANSHENCHASUOYOUSHEJIMEIGUOGUANJIANJISHUHEJICHUSHESHIDEWAIZIZHUTIFEIXIAOJITOUZIDEANLI。GAIFAANDUI“XIAOJITOUZI”ZUOCHULEJIAOWEIXIAZHAIDEXIANZHIXINGJIESHI,LIRU,TABAOCHULEKESHOUYUDONGSHIHUOJIANSHIQUANLIDETOUZI,YIJIKEHUODEFEIGONGKAIXINXIHECANYUYOUGUANMEIGUOYEWUDESHIZHIXINGJUECEDETOUZI,CONGERKUODALEBEINARUJIANGUANDEJIAOYISHULIANG。

·?TICHUXINDEBEIANYAOQIU。GAIFAANXINSHELEYIGEBEICHENGWEI“SHENBAO”DEJIANYIBEIANCHENGXU,SHIDECFIUSKEYIJIYUGAIJIANYIBEIANZUOCHUSHIFOUXUYAOYIGEGENGWANZHENGDEBEIANDEXIAYIBUJUEDING。FAANYAOQIUCFIUSJINLIZAI30TIANNEIDUIZHEYIJIANYIBEIANZUOCHUHUIYING。DUIYUJUEDADUOSHUJIAOYIERYAN,WANBEIXINGDEBEIANSHIZIYUANDE,DANYUCIBUTONG,SHANGSHUDEJIANYIBEIANDUIMOUXIEJIAOYILEIXINGERYANZESHIQIANGZHIXINGDE。LIRU,YIGEYOUWAIGUOZHENGFUZHIJIEHUOJIANJIEDICHIYOUZHISHAO25%DEBIAOJUEQUANDEWAIZIZHUTIDUIMEIGUOGONGSIJINXINGDEZHIZAIHUODEZHISHAO25%BIAOJUEQUANDESHOUGOUXINGWEIJIANGKENENGBEIYAOQIUJINXINGQIANGZHIXINGJIANYIBEIAN。

·?ZHONGDIANGUANZHUTEDINGGUOJIA。GAIFAANSHOUYUCFIUSGENGGAODEJIANGUANQUANLI,YONGYUJIANGUANWAIZICANYUDE、KENENGDUIMEIGUOGUOJIAANQUANLIYIGOUCHENGJIDAWEIXIEDERENHEJIAOYI,DANGAIFAANBINGWEILIEJUZHEXIEGUOJIAHUOYAOQIUCFIUSFABUFUHESHANGSHUDINGYIDEGUOJIAMINGDAN。

·?DIAOZHENGLESHENCHAQIXIAN。SHENCHAQIXIANCONGZHIQIANDE30TIANBEIYANCHANGDAOLE45TIAN,DANMUQIANDIERJIEDUAN45TIANDESHENCHAQIBEIJIXUBAOLIU,QIECFIUSHUOXUEWAIYANCHANG30TIANDIAOCHAQIXIAN。

·?YUANZESHANGJINZHICFIUSSUIYIYUJIAOYIZHUTIDACHENGHEJIEXIEYIHUOTIAOJIAN,CHUFEICFIUSRENWEIGAIXIEYIHUOTIAOJIANSHIKEJIANYANQIENENGYOUXIAOBANGZHUJIANCEDE。QISHICFIUSYIZHIZAIJILITUIXINGZHEYIGUIDING,DANGAIFAANSHOUCIMINGQUEDIZUOCHUGUIDING。

·?FUYUXINDEZHONGZHIQUANLI。CFIUSHUOXUZAISHENCHAHUODIAOCHAQIJIANZHONGZHIYIXIANGNIYIDEHUOZHENGZAIJINXINGDEJIAOYI。

·?XIANXINGFALVYUNXUCFIUSZAIJIAOYIYIFANGGUYIHUOSHIZHIXINGDIWEIFANLEHEJIEXIEYIHUOTIAOJIANDEQINGKUANGXIA,ZHONGXINQIDONGDUIYUYIXIANGXIANQIANYIBEIPIZHUNDEJIAOYIDESHENCHA。DANGAIFAANQUXIAOLESHANGSHUGUYIXINGDEYAOQIU。

·?HUOMIANSIFASHENCHA。CFIUSZUOCHUDEZHONGZHIHUOJINZHIYIXIANGJIAOYIDEJUEDINGKEYIBUSHOUSIFASHENCHA(CHUFEIDANGSHIRENXIANGGELUNBIYATEQUXUNHUISHANGSUFAYUANTIJIAOWEIXIANSHENCHADESIFAQINGQIU)。

·?SHOUQUANCFIUSSHOUQUBEIANFEIYONG。GAIFEIYONGBUDEGAOYUJIAOYIJIAZHIDE1%HUO300,000MEIYUANLIANGZHEZHONGJIAODIZHE。


對未來形勢的預估


DUINISHOUGOUMEIGUOGONGSIDEWAIGUOZIBENERYAN,WAIZISHENCHASHIWUFAKUAYUEDEYIDAOGUANKA。MEIGUOGUOHUICICIGUANYUCFIUSDEGAIGEYIANYIDANLUODI,JIANGDUIYEJIEZAOCHENGZHONGDADESHIZHIXINGYINGXIANG。DAOMUQIANWEIZHI,ZHENDUICFIUSDEGAIGERENGRANMEIYOUPIANLIMEIGUOGUOJIAANQUANZHEYIZHONGXINWENTI,ZHONGDUOXINTIAOKUANYUZHIDUYEDOUYUBAOZHANGGUOJIAANQUANZHEYIMUDEZHIJIEXIANGGUAN。RANERWOMENYUCE,WEILAIDECFIUSGAIGEJIANGHUISHEJIDAOGENGDUOFANGMIAN,XIANJINZHEZHONGDANYIQIANGDIAOMEIGUOGUOJIAANQUANDEJUSHIJIANGBEIDAPO,ZHENGXIANGGAIGEJIANGCHAOZHUQUANMIANYUDUOFANGWEIKAOLIANGDEFANGXIANGFAZHAN。

RUCIYILAI,HENDUOMEIGUOGONGSIDEHEZIGONGSIJIHUAJIUBIXUHUODECFIUSDEPIZHUN,ZHEXIEHEZIGONGSIYOUDEZAIMEIGUO,YOUDEZAIHAIWAI,DOUSHEJIGONGXIANGMEIGUOJISHU。JULILAISHUO,IBM Corp.QUNIANYUZHONGGUOWANDAWANGLUOKEJIJITUAN(Wanda Internet Technology)DACHENGXIEYI,GONGXIANGQIANZHEWatsonRENGONGZHINENGXITONGDEYUNJISUANJISHU。ZHEXIANGJIHUADEMUDESHIYAOBAIBMJISHUQIANRUZHONGGUODESHANGYEJICHUSHESHI,CONGERYINDAOZHONGGUOKEHUZAIXUNQIUWEILAIZENGCHANGSHIZHUANXIANGIBM。IBMDENGGONGSIBIAOSHI,FIRRMAJIANGSUNHAIMEIGUOGONGSIDEQUANQIUJINGZHENGLI,ERWUXUMIANDUILEISIJIANGUANXIANZHIDEWAIGUOJINGZHENGDUISHOUHUIZHUAZHUQUANQIUSHICHANGSHANGDEJIHUI。

ERFIRRMADEZHICHIZHEBIAOSHI,IBM、WEIRUANHETONGYONGDIANQIDEYEWUMOSHIYIJINGDAOZHIYIXIEJUNSHIYINGYONGJISHUZHUANRANGGEIZHONGGUO,ZHEXIEJISHUCUJINLEZHONGGUOJUNDUIHEQINGBAOJIGOUDEXIANDAIHUA,FIRRMADUICHUKOUJIANGUANQIDAOBUCHONGHEQIANGHUAZUOYONG,ERBUSHIZHONGFU。

SHISHISHANG,YUELAIYUEDUODEZHONGZIQIYEZAICFIUSDESHENCHAHUANJIEZHONGZAOYU“HUATIELU”。ZUIXINDEANLISHIYU2018NIAN1YUE2RI,ALIBABAQIXIADEMAYIJINFUBEIPOFANGQIYI12YIMEIYUANSHOUGOUWEIYUDALASIDESUHUIJIN(MoneyGram)。GAIJIAOYIBEICFIUSYIGUOJIAANQUANWEIYOUFOUJUE。SHUJUXIANSHI,JINJIN2017NIANYINIANLI,ZHONGGUOQIYEDUIMEIGUOXIANGMUBINGGOUDEGUIMOZOUJIANGLE8CHENG。

ZHEYIYIANSUOKAIQIDEGAIGESHIYIYISHENYUANDE。ZHENGYINRUCI,WOMENRENWEIFIRRMAZHIDETOUZIYEJIERENSHIJIQITASHANGJIERENSHIDEGAODUGUANZHU,WOMENYEJIANGCHIXUGENJINZHEYIGAIGEDEHOUXUFAZHAN。JIANERYANZHI,CICIGAIGEJIYOUKENENGZAILIFASHANGQUELIQIYANGEDEWAIZISHENCHAZHIDU。RANER,JIYUYUTIAOZHANSHIBINGCUNDE,MEIGUOCICIWAIZISHENCHAGAIGEZAIGEIGETOUZIFANGTICHUTIAOZHANDETONGSHI,YEGEIYULEGEFANGXINDEJIYU。RUHEZHUAZHUBENCIGAIGEDETEDIANYUMOLUO,XIANGYINGDIZUOCHUPEITAODEYINGDUICUOSHI,QUEDINGYUGAIGEXIANGFUDETOUZISHIJIAN、JIAOYIJIAGOUDENGZHANLVEBUSHU,CONGERTISHENGZAIMEITOUZIDECHENGGONGLV,JIUXIANDEYOUWEIZHONGYAO。

LEJIEFENGXIAN,CAINENGGENGHAODIGUIBIFENGXIAN。JIANYUZHONGGUOZIBENFUMEITOUZISHIYIXIANGJIJUSHANGYETIAOZHAN、FALVYAOQIUJIWEIYANGEDEHUODONG,WOMENJIANYISUOYOUXIWANGZAIMEIGUOCHENGGONGJINXINGTOUZIJIAOYIDERENSHIYINGYUYOUFENGFUJINGYANDEFALVZHUANYERENSHICHONGFENZIXUNYUGOUTONG,YIQUEBAOQISHANGYEFANGANNENGGOUHUODECHENGGONG。


[1] ZHU:CFIUSDEGUANFANGBAOGAOYIBANZAIBAOGAOSUOZHENDUINIANFENDECINIANNIANMOHUOZHEDISANNIANNIANCHUGONGBU,DANCICIGONGBUSHIJIANBIWANGCHANGXIANGBICHIYANLEYUEBANNIANZHIJIU。YOUGUANDIANRENWEIZHECEMIANFANYINGLECFIUSDANGXIAZHENGZAICHULIDESHENCHAANJIANSHUZHONGDUO、ANJIANNANDUJIAOGAODEQINGKUANG。LINGWAI,ZITELANGPUSHANGTAIZHIHOU,YUCFIUSSHENCHACHENGXUXIANGGUANDEJIGEZHUYAOGUANYUANZHIWEICHUYUKONGQUEZHUANGTAIYEZAIYIDINGCHENGDUSHANGYANHUANLECICICFIUSFABUBAOGAODESHIJIAN。

[2] ZHEYISHUZISHIGENJUMEIGUOCAIZHENGBUTOUZIANQUANJUZHULIMISHUAimen MirZAIMEIGUOHUIYIYANJIUSUOYU2017NIAN2YUE1RIJUBANDEMEIGUOGUOJIAWAIGUOTOUZIWEIYUANHUIHEDIANXINDAHUILUNTANSHANGSUOZUODE


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