美国技术出口管制对跨境并购交易的影响（中英双语）

在全球经济一体化和中国企业加快走出去的背景下，中国企业海外并购规模不断扩大。随着贸易保护主义抬头，中美贸易摩擦的不断加剧，美国出于遏制竞争对手、维持技术优势和经济利益考虑，通过技术出口管制对跨境并购进行限制，阻止外国企业通过商业途径获得美国领先技术及其知识产权的规制也日趋严格。
2018年8月13日，《美国出口管制改革法案》（Export Control Reform Act, ECRA）与《外国投资风险管理现代化法案》（Foreign Investment Risk Review Modernization Act, FIRRM） 作为2019财年《国防授权法案》的一部分正式生效以来，美国在技术出口路径上，从立法层面构筑起了技术出口和外国投资新的壁垒。尤其是在法案中增列14种“新兴和基础技术”（Emerging and Foundational Technologies，EFT）管制清单，内容涵盖了人工智能和机器学习、微处理器、先进计算、量子信息和传感、机器人、先进材料等。
两个主要监管机构
《美国出口管制改革法案》授权美国商务部负责和执行《出口管制条例》（Export Administration Regulation，EAR）,具体由美国商务部工业安全局根据EAR构建出口管制体系和管制措施。
《外国投资风险管理现代化法案》授权美国外资投资委员会（CFIUS）对外国投资进行审查和监管，审查外国对“关键技术”领域企业的投资。《外国投资风险管理现代化法案》规定，外国投资交易如符合以下三种情况之一，必须向CFIUS进行申报：
该投资由外国政府主导；
投资标的是掌握关键性基础设施、关键性技术或美国公民敏感信息的美国企业；
外国投资者将在投资标的中持有重大权益。
两个管制细则和实体清单
商品管制清单（Commerce Control List，CCL）, 即受《出口管制条例》管制的产品、技术和软件清单,并为每一个受限物项分配一个出口控制分类编码（Export Control Classification Number, ECCN）, ECCN 编码由三部分组成：
第一部分是受限技术领域，分为0-9共10类；第二部分是受限形式，分为A-E共五类；第三部分是受限原因，分为六类。商品管制清单将根据美国国家安全和外交需要不时更新。
商业国家列表（Commerce Country Chart，CCC），根据安全威胁程度，由低到高将196个国家和地区分为A-E共五级，中国与俄罗斯均处于D组，伊朗、朝鲜、古巴处于E组。美国政府会通过综合CCL和CCC来判断某物项是否需要及需要何种许可证。
实体清单（Entity List，EL），除非被列入实体清单的机构取得许可证，否则，美方机构不得与其进行进出口贸易及学术交流。
技术出口管辖范围
美国技术出口管制的管辖范围覆盖了所有能涉及到军用的产品或技术出口的美国公司，及其海外的子公司和关联公司。涉及美国技术出口协议的合同方，也有督促其客户遵守美国相关的法律的义务。根据美国商务部《出口管制条例》规定，凡在商品管制清单（CCL）内的产品或技术，出口都要事先向商务部申请出口许可证。
美国技术出口管制中的出口包括三种形式：
出口，以任何形式向美国境外传送物资（物品、软件、技术），包括转移和运输；
再出口，从非美国国家再次向另一个非美国国家传送物资；
视同出口，在美国境内向非美国人员转移或传送物资。其中技术包括有形的资料和无形的技术服务和技术交流，除常规的物资转移外，与非美国人进行技术交流、产品展示、会议沟通等都可能被视为《出口管制条例》项下的“出口”。
许可证管理制度
对于管制物品和技术的交易，美国政府实行许可证制度。理论上，并非所有的涉及到管制技术的交易都需要获得许可证。一般在判断涉及相关技术或知识产权转移的交易是否需要获得许可证时，相关技术的“最终用途”和“最终用户”都是重要的判断标准。任何涉及受管制技术的交易都有可能因为“最终用途”或“最终用户”标准的适用而需要获得批准才能进行交易。
出口许可的类型包括一般许可证、单项有效许可证（又称特种许可证）、多次有效许可证。一般来说，出口许可由出口商进行申请，出口许可的签发需要经过大量的环节，包括政府部门磋商 (Government-to-Government assurances) 、多方审查（Multilateral reviews）等。
跨境并购已经成为企业在全球范围内获取优势资源的重要途径，而目标企业所拥有的领先技术及其知识产权也越来越成为跨境并购的重要标的，但是在跨境并购交易中必须重视技术出口管制对于交易的影响，以规避由于外国政府监管所带来的跨境交易风险。
Impact of US tech export controls on cross-border M&A
Against the background of global economic integration and China’s speeding up “going global” , the scale of overseas M&A by Chinese enterprises has been expanding. With the rise of trade protectionism and the intensification of China-US trade frictions, the US has imposed restrictions on cross-border M&A to prevent foreign enterprises from obtaining leading technologies in the US and their IP rights through commercial channels, to contain competitors, and to maintain technological advantages and economic interests.
Since the US Export Control Reform Act (ECRA) and the Foreign Investment Risk Review Modernisation Act (FIRRMA), as part of the National Defence Authorisation Act for Fiscal Year 2019, took effect on 13 August 2018, the US has put up trade barriers to technology exports and foreign investment legislatively through the technology export path.
In particular, the US has added 14 new emerging and foundational technology (EFT) control lists in the act, covering artificial intelligence (AI), machine learning, microprocessor technology, advanced computing, quantum information and sensing technology, robotics and advanced materials.
Two major regulatory authorities
The ECRA Has authorised the US Department of Commerce to be responsible for and enforce the Export Administration Regulation (EAR), specifically the Bureau of Industry and Security of the Department of Commerce, to structure the export control system and control measures under the EAR.
The FIRRMA authorised the Committee on Foreign Investment in the US (CFIUS) to review and regulate foreign investments involving critical technology. Under the FIRRMA, a foreign investment transaction must be filed with the CFIUS if:
the investment is led by a foreign government;
the target of the investment is a US business owning critical infrastructure, critical technologies or sensitive personal data of US citizens; and
foreign investors will hold a material interest in the target of the investment.
Two regulations and entity list
Commerce control list (CCL)
This is a list of products, technologies and software controlled by the EAR, with an export control classification number assigned to each restricted item. This number consists of three parts: (1)restricted technology fields, divided into 10 categories (0-9); (2) restricted formats, divided into five categories (A-E); and (3) reasons for the restriction, divided into six categories. The CCL will be updated from time to time according to US national security and diplomatic needs.
Commerce country chart (CCC)
There are 196 countries and regions arranged into five categories (A-E) according to the security threat level, from lowest to highest. Among these categories, China and Russia are categorised as group D, while Iran, North Korea, and Cuba are in group E. The US government will determine whether an item needs a licence, and which licence is needed using both the CCL and CCC.
Entity list
US organisations are not allowed to import or export, trade or make academic exchanges with entities in this list unless they obtain a licence.
Technology export control
The technology export control covers all US companies, and their subsidiaries and affiliates abroad, which can be involved in product or technology export for military use. The contract parties involved in the US technology export agreement also should alert their clients to comply with relevant US laws. Under the US Department of Commerce’s EAR, exports of products or technologies listed on the CCL require an export licence from the Department of Commerce.
Exports under US technology export controls come in three forms:
Export. The transmission of materials (goods, software and technology) in any form outside the US, including their transfer and transportation;
Re-export. The retransmission of materials from a non-US country to another non-US country; and
Deemed export. The transfer or transmission of materials within the US to non-US persons. Technology includes tangible information and intangible technical services and technical exchanges. Besides the conventional transfers of materials, technical exchanges, product demonstrations, meetings and communications with non-US persons may be deemed “exports” under the EAR.
System for licences
The US government operates a licensing system for transactions in controlled items and technologies. Theoretically, not all transactions involving controlled technology require a licence. Generally, the “end use” and “end user” of the technology are significant in determining whether a licence is required for a transaction relating to the transfer of technology or IP.
Types of export licences include general licences, single validity licences (also known as special licences), and multiple validity licences. Generally, export licences should be applied for by exporters. The issuance of an export licence requires a number of steps, including government-to-government assurances and multilateral reviews.
Cross-border M&A has become an important way for companies to acquire quality resources globally, and the leading technologies and IP owned by a target company have become increasingly significant in cross-border M&A. Thus, in such cross-border M&A transactions, the parties should pay attention to technology export control to avoid risks caused by foreign government regulations.