外资并购安全审查 (M&A | China’s M&A security review regime)

外资并购安全制度审查是指家对可能危害国家安全的外资并购行为进行审查以规制外资的一种法律制度。《反垄断法》第31 条规定，对外资并购境内企业或者以其他方式参与经营者集中，涉及国家安全的，除依照本法规定进行经营者集中审查外，还应当按照国家有关规定进行国家安全审查。
目前，中国关于外资并购安全审查制度的主要政策依据还有国务院办公厅《关于建立外国投资者并购境内企业安全审查制度的通知》（6 号文）、《商务部实施外国投资者并购境内企业安全审查制度有关事项的暂行规定》、《商务部实施外国投资者并购境内企业安全审查制度的规定》等。
Part1.美国安全审查制度
许多国家在外资国家安全审查层面上的规制日益加大，美国在此领域走在前端。美国真正确立国家安全审查制度是在 1988年通过的《埃克森-弗罗里奥修正案》，负责审查所有可能威胁美国国家安全的外资并购行为的权力机构为美国外国投资委员会（CFIUS），其由财政部长、国务卿、国防部长、商业部长、国土安全部长、司法部长、能源部长、美国贸易代表、美国国家科技政策办公室主任九位成员组成。
CFIUS 适用自愿申报制度，交易方可自行决定是否启动审查，CFIUS 亦可主动对其认为存在安全风险的交易进行审查。美国的安全审查制度对于国家安全涵义的界定很宽泛，是否需向 CFIUS 申报，受到收购方的控股程度、被收购的科技和产品类型、在美交易的历史等因素影响，CFIUS 应根据每个交易的具体情况逐一核查和确定。
一旦 CFIUS 认为交易危害国家安全和社会公共利益，将有权阻止交易进行。以华为、三一重工、中海油为代表的许多中国企业都曾因为 CFIUS 的介入退出了对美国公司的投资收购。
Part2.中国安全审查制度
按照 6 号文的规定，外国投资者在中国并购境内企业具体分类为以下四种情形：
外国投资者购买境内非外商投资企业的股权或认购境内非外商投资企业增资，使该境内企业变更设立为外商投资企业；
外国投资者购买境内外商投资企业中方股东的股权，或认购境内外商投资企业增资；
外国投资者设立外商投资企业，并通过该外商投资企业协议购买境内企业资产并且运营该资产，或通过该外商投资企业购买境内企业股权；
外国投资者直接购买境内企业资产，并以该资产投资设立外商投资企业运营该资产。
审查范围
外资并购安全审查的范围包括，外国投资者并购境内军工及军工配套企业，重点、敏感军事设施周边企业，以及关系国防安全的其他单位；外国投资者并购境内关系国家安全的重要农产品、重要能源和资源、重要基础设施、重要运输服务、关键技术、重大装备制造等企业，且实际控制权可能被外国投资者取得。
审查机构
对外资并购安全审查负责的机构是部际联席会议（联席会议），联席会议在国务院领导下，由发展改革委、商务部牵头，根据外资并购所涉及的行业和领域，会同相关部门开展并购安全审查，其主要职责是：分析外国投资者并购境内企业对国家安全的影响；研究、协调外国投资者并购境内企业安全审查工作中的重大问题；对需要进行安全审查的外国投资者并购境内企业交易进行安全审查并作出决定。
审查程序
安全审查的启动可分为三种情形：一是外国投资者主动向商务部提出申报申请，这是目前国际上进行安全审查的普遍规则，如地方商务部门在进行并购审批时发现应申报安全审查的交易而未申报的，其可以要求外国投资者按要求提出申报；二是国务院有关部门、全国性行业协会、同业企业及上下游企业通过商务部提出进行并购安全审查的建议；三是联席会议对商务部提出的安全审查建议依职权决定进行安全审查。
审查阶段
安全审查分为一般性审查和特别审查两个阶段。 一般性审查采取联席会议向相关部门书面征求意见的方式进行，审查期限累计可达 30 个工作日，一般性审查中若有关部门认为影响国家安全的，方会启动特别审查。特别审查需在60 个工作日内完成，由联席会议组织相关安全评估并进行审查。如联席会议意见存在重大分歧的，则报请国务院决定。在安全审查过程中，外国投资者可向商务部申请修改交易方案或撤销并购交易。
（此文发表在《商法》2015年1月刊上。）
★English Reading★
Asecurity review system for mergers and acquisitions (M&A) of domestic enterprises by foreign investors is designed to regulate foreign investors by reviewing their M&A where there may be potential risks against national security.
Article 31 of the Anti-Monopoly Law provides that where a foreign investor participates in the concentration of undertakings by merging and acquiring a domestic enterprise, or by any other means that involve national security, the matter shall be subject to a review on national security as is required by the relevant state regulations, in addition to a review on the concentration of undertakings in accordance with the provisions of this law.
The main legal bases of the system also include: Notice on Establishment of the Security Review System on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (document No.6) issued by the General Office of the State Council; the Interim Provisions of the Ministry of Commerce (MOFCOM) on Issues Regarding Implementing Security Review System on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors; and the Provisions of the Ministry of Commerce on Implementing Security Review System on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors.
US security review
The US has led the way among jurisdictions that impose increasing restrictions on foreign investors in respect of national security review since the ExonFlorio Amendment was passed in 1988, which heralded the establishment of its national security review system. The Committee on Foreign Investment in the United States (CFIUS) acts as the regulatory authority in charge of reviewing all M&A by foreign investors with potential threats to its national security. CFIUS is composed of nine members: the Secretary of Treasury, the Secretary of State, the Secretary of Defence, the Secretary of Commerce, the Secretary of Homeland Security, the Attorney-General, the Secretary of Energy, the US Trade Representative and the Director of the Office of Science and Technology Policy.
CFIUS applies voluntary notification, by which it is open for transaction parties to decide whether a review should be initiated, and CFIUS may take initiatives to review transactions that it believes may contain a security risk. The security review system in the US has a wide definition of national security. CFIUS will examine and confirm whether a company should notify CFIUS according to specific circumstances of every transaction, including the level of control by acquirers, the types of the acquired technologies and products, and the foreign investor’s transactions track record in the US.
CFIUS has the power to stop a transaction that it believes may threaten national security and the public interest. Many Chinese investors – including Huawei Technologies, Sany Heavy Industry, and China National Offshore Oil Corporation – had to drop plans for investment or acquisitions in US enterprises after CFIUS stepped in.
PRC security review
Pursuant to document No. 6, the M&A of domestic enterprises by foreign investors falls into four categories:
(1) a foreign investor purchases the equity of a domestic non-foreign-invested enterprise or subscribes for increased capital, which makes such domestic enterprise become a foreign-invested enterprise;
(2) a foreign investor purchases the equity of the Chinese shareholder in a domestic foreign-invested enterprise or subscribes for increased capital;
(3) a foreign investor establishes a foreign-invested enterprise, through which it purchases and operates the assets, or purchases the equity of the domestic enterprise;
(4) a foreign investor purchases directly the assets of a domestic enterprise, by which it makes investment and sets up a foreign-investment enterprise.
Review scope
The scope of security review covers:
(1) foreign investors’ M&A of domestic military armament enterprises and suppliers, enterprises adjacent to key and sensitive military facilities, and other entities that are crucial to national defence and security;
(2) M&A of enterprises engaged in industries related to national security, such as important agricultural products, important energy and resources, important infrastructure, important transportation services, key technologies and major equipment manufacturing, the control of which may be obtained by the foreign investors.
The security review is performed by the State Council Inter-Ministerial Joint Committee, which is led by the National Development and Reform Commission and MOFCOM under the guidance of the State Council and undertakes a security review based on the industries and fields of the M&A by foreign investors.
Major obligations
The committee’s major obligations include the following: to analyse the influence imposed on national security by M&A by foreign investors; to research and co-ordinate on major issues arising in the process of reviews; and to undertake reviews and make decisions on M&A of domestic enterprises by foreign investors, where a security review is required.
The application of a security review has three scenarios:
(1) a foreign investor takes the initiative to notify MOFCOM of its application, which is a popular international practice currently, and local commerce authorities may require a foreign investor to submit an application for security review if it finds an M&A transaction requires one in its procedures;
(2) relevant authorities of the State Council, national industry associations, counterpart enterprises or downstream and upstream enterprises jointly file the application for a security review;
(3) the State Council’s joint committee undertakes a security review based on the committee members’ functions and powers, acting on suggestions put forward by MOFCOM.
Two stages
A security review has two stages: general review and specific review. For general review, the joint committee sends a written consultation to relevant authorities and the review lasts up to 30 working days. The special review will apply only when the relevant authorities consider that the transactions will affect national security.
A special review is required to be completed within 60 working days, during which time the joint committee performs a security evaluation and reviews. The decision is left to the State Council where the joint committee has serious differences in opinion. A foreign investor is entitled to change or revoke an M&A transaction during the process of a security review.（This article has been published on China Business Law January，2015. ）