美國需要什麼樣的外來投資審查機制

Last week John Cornyn, a Republican US senator, announced legislation that would change how the Committee on Foreign Investment in the United States (Cfius) works. The world and international finance have changed dramatically over the more than four decades since Cfius was established, and the time is ripe for lawmakers to review the process in order to make it work even better.

日前，共和黨參議員約翰?科寧(John Cornyn)宣佈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多年裏發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，這個鮮爲人知的跨部門委員會一直負責審查可能影響國家安全的交易。隨着時間的推移，隨着國家安全面臨的威脅改變，該委員會的任務也發生了變化。從冷戰時代到網絡戰爭，CFIUS一直反映了當代要務，比如上世紀90年代初日本對美投資增加，或者9/11事件之後關注保護關鍵基礎設施。

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).

快進到2017年的新環境。對國家安全構成的威脅來自不同方向和源頭。技術進步帶來更多的脆弱性。我們現在看到的世界以全球化和貿易摩擦爲特徵。同時應該指出的是，改變的不只是威脅，而且還有交易架構、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，匯聚成一場完美風暴，讓現在成爲重新評估CFIUS運作方式以及如何改進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當今時代的時候，重要的是要記住，要讓改革有效，它們必須達到一個平衡：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，規範CFIUS工作流程的法律是明確的：如果一筆交易可能導致美國企業被外國控制，CFIUS就可以審查這筆交易。當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就可以啓動審查。控制仍然是重要的。

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，新的立法正確地認識到，控制已經不是威脅國家安全的唯一途徑。有時，即便沒有控制——例如，通過少數股權獲得敏感的新興技術和訣竅——也會讓我們的國家安全面臨風險。此外，僅僅一項資產——例如，知識產權及相關技術訣竅——可能是一家企業的“皇冠上的珍珠”，因此，新的立法認識到，收購一項這樣的資產就可能給國家安全帶來風險，就像收購一整套製造業資產一樣。這些都是CFIUS肯定能夠做得更好的領域。

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必須繼續專注於國家安全這個狹窄而單一的焦點，並實行直截了當的流程以鼓勵投資，讓申請批准輕鬆便捷。就第一點來說，科寧的立法似乎成功地明確聚焦於國家安全。這項立法沒有設置經濟測試，也沒有點名具體國家。對針對性的幾個敏感領域（帶有某些豁免）進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.

但魔鬼存在於細節當中，監管和執行將至關重要。就第二個衡量標準而言，目前還難以評判。低風險且經常獲批的重複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，傳統的審查和調查過程將會更長，而且在得出結論的時間和結果兩方面都更加不可預測。現在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，不至於讓企業放棄申請。

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作出什麼改變，該委員會都需要有充足的資源來履行其職責。目前，該委員會的資源受到日益複雜且數量創紀錄的交易的挑戰。與此同時，CFIUS各機構的關鍵高級政策職位空缺，而專職的職業人員也達到極限，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致一些本來會自願申請的公司踟躇——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有充足的資金來執行任務。這項立法列入預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.

當今，我們面臨着新的國家安全威脅，公司交易結構千差萬別，同時外來投資流入激增。在這樣的世界裏，我們確實需要重新審查並更新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，使企業不敢申請，或者損害美國作爲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所Stroock & Stroock & Lavan的特別法律顧問。她曾在美國財政部擔任高級法律顧問，其間爲CFIUS主席提供法律建議