欧盟国家外商直接投资审查法将对投资者及交易产生重要影响

The European Union (EU) has always been a popular destination for Chinese investors. According to the Business Environment of the European Union 2019/2020 released by the China Council for the Promotion of International Trade, by the end of 2018 more than 3,200 Chinese-invested firms had been established in the EU across all Member States employing almost 260,000 local employees.[1] But in recent years, the EU and its Member States have been calling for the adoption of FDI screening laws which are likely to have significant implications for Chinese investments in the EU. This article will briefly introduce some common elements of FDI screening laws adopted by EU Member States, and analyze the potential significant impact on investors, investments and transactions.

欧盟一向是中国投资者投资的热门目的地。中国贸促会研究院发布的《欧盟营商环境报告2019/2020》显示，截至2018年底，中国共在欧盟设立直接投资企业超过3200家，覆盖欧盟全部成员国，雇佣外方员工近26万人。[2]但近年来欧盟及其成员国均在呼吁通过外商直接投资审查法，这可能会给中国在欧盟的投资造成重要影响。本文将对欧盟成员国通过的外商审查法规的共性进行简要介绍，并就该法通过对投资者、投资项目及交易的潜在重要影响进行分析。

Background Information 背景信息

In recent months a number of EU countries have adopted FDI screening laws. Many invoked the coronavirus pandemic and the increased risk of acquisitions of health care capacities (for example for the productions of medical or protective equipment) and related industries such as research establishments (for instance developing vaccines) via FDI as the reason for their adoption.

在最近几个月，许多欧盟国家通过了外商直接投资审查法。很多国家以冠状病毒流行和通过外商直接投资收购医疗卫生相关企业（例如生产医疗产品或防护设备的企业）和研究机构（例如疫苗研发机构）等相关行业的风险增加作为通过该法律的理由。

However, the decision to introduce FDI screening laws in the EU predates Covid-19. Following a study conducted for the European Commission by E&A Law and Millieu from 2016 to June 2018[3], the EU adopted Regulation 2019/452 establishing a framework for the screening of FDI (“Regulation”) on 19 March 2019. This Regulation will enter into force on 11 October this year.

然而，欧盟引入外商直接投资审查法的决定实际上要早于新冠肺炎的流行。紧随E&A Law和Millieu自2016年至2018年8月为欧盟委员会进行的一项研究[4]，欧盟于2019年3月19日通过了为外商直接投资审查构建了框架的《第2019/452号欧盟条例》（以下简称《条例》）。《条例》将于今年10月11日正式生效。

In anticipation of the Regulation, albeit the Regulation does not oblige EU Member States to adopt foreign screening laws, a number of states have already adopted such laws. The first to do so was Germany, which introduced screening laws in December 2018, even before the Regulation was adopted. On 17 March 2020 Spain followed suit, followed by Hungary on 25 March and Slovenia on 1 June. Poland and France are expected to follow suit shortly.

尽管《条例》不强制欧盟成员国通过外商审查法规，但是基于对《条例》的期待，许多国家已经通过了该等外商审查法规。第一个通过该法的是德国，其于2018年12月引入了外商直接投资审查法，该时间甚至早于《条例》通过的时间。西班牙、匈牙利与斯洛文尼亚分别于2020年3月17日、3月25日和6月1日纷纷出台了外商直接投资审查法。波兰和法国预计也将在短时间内采取同样的做法。

Screening of investment on grounds of security and public order 基于安全和公共秩序的投资审查

Although there are differences between the screening laws adopted by the above-mentioned countries they share the following elements:

虽然前述各国通过的外商直接投资审查法存在差异，但是它们拥有以下相同要素：

They provide for the screening of foreign investments on the grounds of security and public order. Some countries have provided for screening also on public health grounds.它们规定以安全和公共秩序为由对外商投资进行审查。一些国家也规定基于公共卫生的理由对外商投资进行审查。
In determining whether a foreign investment is likely to affect security or public order its potential effects on:在确定一项外商投资是否可能对安全和公共秩序造成影响时，其对下列事项的潜在影响：

operating ‘critical infrastructure’, including energy, transport, water, health, communications, media, data processing or storage, aerospace, defence, electoral or financial infrastructure, and sensitive facilities, as well as land and real estate crucial for the use of such infrastructure;

运营包括能源、运输、水、健康、通信、媒体、数据处理或存储、航空航天、国防、选举或金融基础设施及敏感设施，以及对使用该等基础设施至关重要的土地和不动产在内的“关键基础设施”；

using ‘critical technologies’ and dual use items including artificial intelligence, robotics, semiconductors, cybersecurity, aerospace, defence, energy storage, quantum and nuclear technologies as well as nanotechnologies and biotechnologies;

使用包括人工智能、机器人、半导体、网络安全、航空航天、国防、储能、量子及核技术以及纳米技术和生物技术在内的“关键技术”和两用物项；

supplying ‘critical inputs’, including energy or raw materials, as well as food security;

提供包括能源或原材料以及食品安全在内的“关键投入品”；

having access to sensitive information, including personal data, or the ability to control such information; or

能够访问包括个人数据在内的敏感信息，或能够取得控制该等信息的能力；或

affecting the freedom and pluralism of the media

影响媒体自由和多元化

will in particular be assessed.

将被重点评估。

Some countries have also provided that foreign investments will be screened if they affect projects or programmes of Union interest as defined in the Annex to the Regulation which include programmes concerning satellite navigation, space programme, trans-European transport energy infrastructure and telecommunication networks.

有些国家还规定，如果外商投资将影响《条例》附件中所定义的涉及欧盟利益的项目或计划（包括关于卫星导航、太空计划、跨欧盟运输、跨欧盟能源基础设施及跨欧盟通讯网络在内的计划），则该外商投资将会被审查。

Definition of foreign investor 外国投资者的定义

In all countries that have adopted screening laws, the term “foreign investor” is defined as natural or legal persons who is resident/ has its seat in a country (“third country”) which is outside of the European Union (“EU”), the European Economic Area (“EEA”) or Switzerland. Some countries, such as Slovenia, have adopted an even broader definition of foreign investor which includes all non-Slovenian natural and legal persons. In other countries like Hungary, EU, EEA and Swiss companies which are majority owned by third countries are also regarded as foreign investors. In Spain, EU, EEA and Swiss companies where investors from third countries own 25% of the company are also regarded as foreign investors.

在所有通过外商投资审查法的国家，“外国投资者”一词的定义是指在欧盟（“EU”）、欧洲经济区（“EEA”）或瑞士以外的国家（“第三国”）居住/拥有所在地的自然人或法人。有些国家，如斯洛文尼亚，甚至对外国投资者作出了更宽泛的定义，其规定，所有非斯洛文尼亚籍的自然人和法人均为外国投资者。在其他国家，如匈牙利，由第三国持有多数股权的欧盟、欧洲经济区和瑞士公司也被认定为外国投资者。如果西班牙、欧盟、欧洲经济区和瑞士的公司中第三国投资者所占股权达到25%，则该公司也被视为外国投资者。

Trigger for screening 审查的触发条件

The trigger for screening in most countries is low so that an acquisition of 10% or more of the voting rights in a company will trigger notification obligations. Additional triggers for screening are imposed including in Slovenia in case of the establishment of a new branch, the production of new products and the establishment of a new company in which foreign investor will have more than 10% voting rights. and in Hungary in case of the transfer of use or operational rights in infrastructure or assets that are indispensable for the operation of strategic companies.

大多数国家触发审查的门槛较低，以至于收购一家公司10%或更多的表决权就会触发告知义务。某些国家还采用了额外的审查触发机制，比如在斯洛文尼亚，成立一家外国投资者持有超过10%表决权的新公司、生产新的产品和设立新的分支机构将会触发审查机制；在匈牙利，转让战略型公司经营所必需的基础设施或资产的使用权或经营权也会触发审查机制。

Screening procedure 审查流程

The above-mentioned investments have to be notified to the relevant screening body (in some cases the Ministry in others the Competition Authority). A failure to notify in most countries can result in a fine for the company up to 1% of its annual turnover and imprisonment from 6 months to 5 years for persons responsible.

上述提及的投资项目必须告知相关审查机构（在某些情况下为政府部门，在另一些情形下为反垄断机关）。在大多数国家不履行告知会导致对公司处以多达年营业额百分之一的罚款，并对责任人处以6个月到5年监禁。

Depending on the country a standstill period of between 45 and 120 days is required to enable the relevant bodies to undertake the screening. Most countries provide for a certification of non-objection to be deemed to have been given upon the expiry of this time period. However, the Slovenian and Hungarian law do not contain such a provision. In fact, Slovenia reserve itself the right to review all foreign investments for 5 years after they were made even the ones which it had previously reviewed and not objected to.

不同国家会要求45至120天的等待期，以便有关部门进行审查。多数国家规定，在等待期届满时应视为已出具无异议证明。然而斯洛文尼亚与匈牙利的法律没有类似规定。事实上，斯洛文尼亚保留了对所有外商投资进行审查的权利，该审查权在进行外商投资后的5年内均可行使，即使该投资之前已进行过审查且未被提出异议。

Potential significant impact on investors, investments and transactions 对投资者、投资项目及交易的潜在重要影响

The potential implications on investors, investments and transactions are significant.

对投资者、投资项目及交易的潜在影响是显著的。

Introduction of new condition precedents to completion.增加了新的交割先决条件。
Need to prepare more complex documentation and increased transactional costs.需要准备更为复杂的文件，增加了交易成本。
Simultaneous signing and completion of transactions is no longer possible.交易同时签署与完成已不再可能。
Already progressing or signed deals need to be reviewed and completion is likely to be delayed.已经在进行的交易或已签署的交易需要被审查，交割可能会被延迟。
Lack of deemed approval and reservation of right to review foreign investment for 5 years after completion generates significant uncertainty.缺少视为批准机制及对完成后的外商投资保留五年审查权会产生重大不确定性。
Uncertainty damages deal environment and may impact deal pricing.不确定性损害了交易环境，并有可能影响交易价格。
Creating and enforcing security may be not work (e.g. share pledge).可能无法设立与执行担保（如股权质押）。
Potential events of default may be triggered.可能会触发潜在的违约事件。
Typical shareholders’ agreements provisions may be impacted (e.g. provisions covering control rights, call options, anti-dilution etc.)典型的股东协议条款可能会受到影响（如包含控制权、购买选择权、反稀释等内容的条款）。

Conclusion 结论

The EU and its Member States, which are the important destinations for Chinese overseas investment, continue to tighten the FDI screening policy through the adoption of the FDI screening laws. As of 28 February 2020, 14 EU Member States had adopted FDI screening mechanisms.[5] These laws are likely to have adverse effects on existing and new investments by Chinese investors in the EU. Chinese investors should pay more attention to whether the transaction falls within the scope of the FDI screening laws of the investment destination country. In addition, the possible adverse effects of the FDI screening law on transactions should be considered before entering into a transaction and the transaction structure should be designed to minimise potential adverse effects.

作为中国重要境外投资目的地的欧盟及其成员国通过出台外商直接投资审查法的方式持续收紧外资安全审查政策，截止2020年2月28日，有14个欧盟成员国采取了外商投资审查机制。[6]这些立法可能对中国投资者在欧盟现有及新投资造成不利影响。中国投资者应当更加注意投资项目是否落入投资目的地国外商投资审查法的审查范围。除此之外，外商投资审查法对交易可能带来的种种不利影响需要在交易前考虑清楚，并对交易架构进行优化设计以将可能出现的不利影响降到最低。

[注]

[1] China Council for the Promotion of International Trade, European Union Investment Environment Report, P1.

[2] 中国贸促研究院，《欧盟营商环境报告2019/2020》，P1.

[3] http://www.ealaw.eu/static/pdf/final_report_on_study_on_national_rules_for_protection_of_infrastructure_relevant_for_security_of_supply.pdf

[4] http://www.ealaw.eu/static/pdf/final_report_on_study_on_national_rules_for_protection_of_infrastructure_relevant_for_security_of_supply.pdf

[5] Austria, Denmark, Finland, France, Germany, Hungary, Italy, Latvia, Lithuania, Netherlands, Poland, Portugal, Romania and Spain.

[6] 奥地利，丹麦，芬兰，法国，德国，匈牙利，意大利，拉脱维亚，立陶宛，荷兰，波兰，葡萄牙，罗马尼亚和西班牙。

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