美国SEC新规对中国发行人指出投资风险（中英版）

Ⅰ. New Rules Addresses Investment Risks Linked to China-Based Issuers

April 5, 2021, the Securities and Exchange Commission (SEC) adopted interim final amendments to several forms to implement the disclosure and submission requirements of the Holding Foreign Companies Accountable Act (“HFCA”), a new rule designed to address the investment risks associated with China-based issuers. The rule, effective May 5, 2021, mandated under the HFCA requires certain foreign issuers (“Commission-Identified Issuers”) to make mandatory disclosures or risk delisting in the U.S.

2021年4月5日，美国SEC采纳了多项相关表格的“临时最终修订案”来执行《外国公司问责法》的相关披露与呈递的要求，此次新规被视为用于探讨解决相关中企的投资风险。按照《外国公司问责法》的要求，新规将于2021年5月5日起施行，此后企业须强制进行一部分信息披露，否则将面临在美被摘牌的风险。

U.S. regulators have increased oversight over China-based issuers as U.S. investors exposures to companies based in or with the majority of their operations in China over the past several years have also increased. While other non-U.S. issuers feature additional risks, Issuers based in China can be particularly risky because the SEC has faced challenges in enforcing its disclosure requirements establishing that Issuers are not owned or controlled by a governmental entity.

过去几年，美国立法机构开始加大对相关中国发行人的监管，并提高了对美国投资人投资中企的风险提示。同其他非美国发行人一样具有额外风险之外，中方发行人被认为可能具有更高风险——美国证监会在过去几年中，在实施其披露规定要求审查相关企业是否为政府控股企业时，遭遇了一定的挫折。

Ⅱ. Risks of Investing in Chinese Issuers

As highlighted by the SEC's new rule, there are additional risks in distributing, trading, or investing in Chinese issuers because the PCAOB has been unable to inspect or investigate accounting- or audit reports. In a report issued in November 2020, the SEC highlighted some of the potential risks associated with investments in China-based Issuers, including:

根据SEC最新规定指出，在发行、交易或投资中企时将产生更多风险，因“公众公司会计监督委员会”(PCAOB)无法在过程中检查、调查或者审计相关报告。在2020年11月美国证监会一则报道中^[注1]，美国证监会指出一些与中企有关的潜在风险：

◎ Risks Related to High-Quality and Reliable Financial Reporting: The SEC emphasized that one of the most significant risks results from current restrictions on the Public Company Accounting Oversight Board's (PCAOB) ability to inspect audit work and practices of PCAOB-registered public accounting firms in China and on the PCAOB's ability to inspect audit work with respect to China-based Issuer audits by PCAOB-registered public accounting firms in Hong Kong.

◎ 提供高质量或具有可信度的财务报告的风险：美证监会强调，在所有风险中，最显著的风险来自于目前“公众公司会计监督委员会”（PCAOB）无法检查或审计其在中国注册的会计师事务所提供的报告或操作，以及PCAOB无法实际检查或审计相关由在香港注册的会计师事务所为有关中企提供的审计报告。

◎ Risks Related to Access to Information and Regulatory Oversight: China has often restricted U.S. regulators'access to information and limited regulators'ability to investigate or pursue remedies with respect to China-based Issuers, generally citing state secrecy and national security laws, blocking statutes, or other laws or regulations. In addition, according to Article 177 of the PRC Securities Law, which became effective in March 2020, no overseas securities regulator can directly conduct investigations or evidence collection activities within the PRC and no entity or individual in China may provide documents and information relating to securities business activities to overseas regulators without Chinese government approval.

◎ 信息透明度及监管力度的风险：美证监会认为中方经常通过援引相关国家机密或保密条例等相关法律法规，来限制美国的监管部门获取信息并且相关监管部门无法调查或针对中企进行追偿。此外，根据2020年3月生效的《中华人民共和国证券法》第177条规定，境外证券监管机构不得在中国境内进行调查取证，且对境内主体向境外提供证券业务活动提供相关文件和资料也设置了进一步的管理和限制。

◎ Risks Related to the Regulatory Environment: China's legal system also raises risks and uncertainties concerning the intent, effect, and enforcement of its laws, rules, and regulations, including those that restrict the inflow and outflow of foreign capital or provide the Chinese government with significant authority to exert influence on a China-based Issuer's ability to conduct business or raise capital. This lack of certainty may result in the inconsistent and unpredictable interpretation and enforcement of laws, rules, and regulations, which may change quickly.

◎ 监管环境的风险：美证监会也认为中国的法律体系也引发了关于执法目标、效果和执行的相关风险与不确定性，包括中国政府对于海外资产的流入与流出的相关监管可能会对海外中企进行交易或增发产生影响。美证监会认为这部分未知性可能导致不可预测的法律执行与法律解释的快速变化。

◎ Risks Related to a Chinese Holding Company Organizational Structure: Because current regulations in China limit or prohibit foreign investment in Chinese companies operating in certain industries, many China-based Issuers form non-Chinese holding companies that enter into contractual arrangements, intended to mimic direct ownership, with Chinese operating companies. Through these contractual arrangements, the China-based Issuer is generally able to consolidate the Chinese operating company, commonly referred to as a variable interest entity or VIE, in its financial statements, although whether the China-based Issuer maintains legal control of the Chinese operating company is a matter of Chinese law. According to the SEC, these China-based Issuer VIE structures pose risks to U.S. investors that are not present in other organizational structures; for instance, exerting control through contractual arrangements may be less effective than direct equity ownership, and a company may incur substantial costs to enforce the terms of the arrangement. 

◎ 中方控股公司的企业架构风险：由于当前中国相关法律法规限制或禁止海外公司在中国特定领域的投资，许多中国发行人设立非中国控股公司来进行合同安排，从而实现中方经营公司的实际直接控股。通过此类合同安排，中国发行人通常可以在财报中实现中方实际经营公司的利益一体化（通常被称为“可变利益实体”或称VIE），当然相关中国发行人是否由中方实际经营公司管理则为中国法的问题。根据美证监会所言，此类中国的可变利益实体为美国投资人带来了其他组织架构中没有的风险；例如，通过合同安排获得对公司的控制可能没有直接控股来的有效，且公司可能会为实现合同安排的内容产生大量合规成本。

◎ Risks Related to U.S. Enforcement:  As noted by the SEC, federal securities law claims against China-based issuers, including their officers, directors, and agents, may be challenging for investors to pursue in U.S. courts. Even if an investor secures a judgment, the investor may still be unable to enforce it in China.

◎ 执行美国法律的风险：据美国证监会，美国投资人若依据美国证券法向中企提出，包括对其高级管理人员，董事，及代理人在美国法院提起诉讼，可能颇具挑战性。即便投资人获得了有利判决结果，仍有可能无法在中国执行相关判决。

Ⅲ. Holding Foreign Companies Accountable Act Disclosure Requirements

The SEC's new Interim Rule aims to hold Commission-Identified Issuers accountable if they flout the disclosure requirements. Section 2 of the HFCA Act amended Section 104 of the Sarbanes-Oxley Act of 2002 to require the SEC to identify each “covered issuer” that has retained a registered public accounting firm to issue an audit report where that firm has a branch or office located in a foreign jurisdiction, and the PCAOB has determined that it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction. 

美证监会“临时最终修订案”^[注2]要求被认定的发行人执行新规中的披露要求，否则将承当相应后果。《外国公司问责法》修改了2002年萨班斯·奥克斯利法案中要求美证监会指定的发行人如果聘用在美国以外有分所或分公司的注册会计师事务所，则该会计师事务所必须提供年度审计报告。目前PCAOB决议表示由于境外当局所采取的态度，其可能无法完全调查或检查相关报告。

Section 3 of the HFCA Act provides that these Commission-Identified Issuers that are foreign issuers, as defined in Exchange Act Rule 3b-4, are subject to additional specified disclosure requirements, which include the percentage of shares owned by governmental entities in the foreign jurisdiction in which the issuer is incorporated or otherwise organized; whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the issuer; the name of each official of the Chinese Communist Party who is a member of the board of directors of the issuer or the operating entity with respect to the issuer; and whether the articles of incorporation (or equivalent organizing document) contains a charter of the CCP.

《外国公司问责法》第三章提出境外的被认定的发行人，依据美国证券交易法第3b-4条规定，将面临更严格的披露要求，包括政府实体在其所在国的主体企业中的持股比例；政府实体在其所在国的主体企业中是否具有控制性的经济利益；董事会成员中所有中共党员的成员名单；以及公司章程中是否包含中共党章相关规范。

Registrants are required to make disclosures for each year during which the SEC has identified it as a Commission-Identified Issuer-s.  Section 3 of the HFCA identifies Form 10-K and Form 20-F, as well as transition reports filed on these forms.  

如果成为美证监会认定的发行人，则在此期间应当每年提供相关内容给的披露。《外国公司问责法》第三章要求提交Form10-K（年报）和Form20-F（海外发行人年报）及过渡报告等。

The interim final amendments become effective May 5, 2021, will apply to registrants that the Commission identifies as having filed an annual report on Forms 10-K, 20-F, 40-F or N-CSR with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB has determined it is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction. Before any registrant will have to comply with the interim final amendments, the Commission must implement a process for identifying such a registrant.Consistent with the HFCA Act, the amendments will require any such identified registrant to submit documentation to the SEC (i) establishing that the registrant is not owned or controlled by a governmental entity in that foreign jurisdiction, and (ii) requires disclosure in a foreign issuer's annual report regarding the audit arrangements of, and governmental influence on, such a registrant.

“临时最终修订案”将于2021年5月5日生效，将适用于已经被美证监会要求提交Form10-K（年报），Form 20-F（海外发行人年报），Form40-F（非美国注册公司的年报），FormN-CSR（股东信息报告）并被要求提供由具有资质的经由注册的会计师事务所出具的审计报告的，且由PCAOB认定其由于境外当局所持立场导致无法完全检查或调查财报信息的相关公司。美证监会将采取一系列措施来认定相关上市公司。与《外国公司问责法》相关，修正案也将要求这些被认定的上市公司向美证监会提供：(1) 证据证明该上市公司不是由境外政府实体实际控制的公司；(2) 要求披露境外发行人年报中审计安排及其是否收到政府的干预。

Ⅳ. Key Takeaway

The HCFA has set a “marker” for investors that due to the lack of transparency regarding financial disclosures, investments in certain China-based issuers involve unique risks. More broadly, investors should be able to recognize the dangers inherent in investing in any company that is not current in their reporting filings and/or does not have financials certified by established reputable accounting firms. Transparency is essential when conducting due diligence, and investors should be wary of any investment opportunity that is not supported by sufficient disclosures, especially those relating to an Issuer's financial condition and control factors. 

《外国公司问责法》针对一些由于信息透明度、财务披露等问题导致的有关中国相关发行人而产生的风险，为投资人提出了提醒。广义上来说，投资人应了解在任何公司中进行投资时，如果无法从其现有年报中获得相关信息的披露或年报若未经有声誉的会计师事务所背书，则有可能面临的风险。信息透明度在尽职调查中具有重要意义，而投资人则必须了解对于没有提供充足披露信息的公司的投资，尤其是对于其财务情况和控制因素没有适当披露的公司的风险。

*原文链接：https://scarincihollenbeck.com/mandarin/investment-risks-linked-to-china-based-issuers-mandarin

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