双语简评 | 英国《国家安全投资法》拟出台背景下中方投资者应对措施

Brief Review：The National Security and Investment Bill 2020

2020年11月11日，英国议会公布了《国家安全与投资法案》（National Security and Investment Bill）（简称“法案”），该法案预计于2021年春获准为法律。通读全篇，可发现该法案将“国家安全”审查从英国现行企业法的审查制度中单独分离，取消了公共利益审查中标的公司最低营业额要求和市场份额门槛。同时，值得我们高度关注的是，该法案赋予英国政府通过出具《介入通知》 (“call-in notice”)审查境内一切可能威胁国家安全的特定类型外商投资交易。

On November 11, 2020, the UK Parliament published the National Security and Investment Bill (the "Bill"), which is expected to become law in the spring of 2021. The bill separates "national security" vetting from the public interest vetting system under the UK's current Enterprise Act and removes the minimum turnover and market share thresholds for companies winning public interest vetting.At the same time, it is bring our attention that the act gives the UK government a’ call-in notice’ to examine all specific types of foreign investment transactions within its borders that may pose a threat to the national security.

根据该法案，纳入英国国家安全审查范畴可能“触发”国家安全审查的外商投资交易包含以下两种：其一是投资者获得标的公司特定程度的控制权的交易；其二是投资者获得标的公司资产特定程度控制权的交易。另一个方面，法案按照行业划分为强制性审查申报的交易和自愿性申报的交易。强制申报的行业包括人工智能、通讯、生物工程、尖端材料、交通、量子科技、数据基础设施、高端机器人等共17类，但政府对这一分类仍有变更权。所谓自愿申报，是指如果交易可能涉及国家安全，政府鼓励进行主动申报，但仍留有例外：对于属于自愿申报类型的交易，政府仍有权在交易完成后5年内提起主动审查。

Under  the bill, foreign-invested transactions that fall under the UK's national security review which could trigger the national security review consist of two types: the investor acquires a specific degree of control over the underlying company and the investors obtain a specific degree of control of the underlying company's assets.On the other hand, the Act divided into mandatory review of declared transactions and voluntary declared transactions.The mandatory declared industries include artificial intelligence, communications,bioengineering, cutting-edge materials, transportation, quantum technology, data infrastructure and intelligence robots, etc.The industries are not the final and the British government may update and adjust further at any time.The so-called voluntary declaration means that if the transaction may involve national security, the government encourages an active declaration, but there is an exception that the government still has the right to initiate an active review within five years after the completion of the transaction under the voluntary declaration .

具体来说，英国政府有权在知晓触发事件后6个月内出具《介入通知》(“call-in notice”)。如触发事件已经发生，英国政府有权追溯性“介入”审核；有权在触发事件发生后5年内，其知晓该事件后6个月内决定进行审核。要特别注意的是，英国政府对发生在法案公布之日（即2020年11月11日）后至法案生效前发生的触发事件也可追溯性“介入”审查。

一旦触发事件发生，以下三种风险将会被评估：

Once a trigger event occurs, the following three risks are carefully assessed: （A）. Target risk: mainly considering the nature of the acquired target and whether it is located in an economic area where the government considers the risk more likely; （B）. Trigger event risk: mainly considering the type and level of control acquired by the acquirer and how the acquirer will use its control; （C）. The acquirer risk: mainly considering the extent of the national security risk caused by the acquirer.After issuing a notice ( call-in notice) the British government shall review and decide within 30-75 working days whether to reject the transaction, approve the approval or pass on conditions. If the transaction is complex, the review period may be extended with the written consent of the investor.

 Chinese Investors Responses Measures

鉴于该种情形，中国投资者方需要进行谨慎风险评估，并在交易中妥善把控风险。根据上述分析，我们可以从以下几个层面综合考量：首先判断交易是否构成触发事件，如不构成触发事件，则无需在交易文件中就英国国家安全审查作特殊约定。其次，综合分析公司所属行业，进一步明确是否有强制申报义务。

In view of this situation, Chinese investors need to conduct careful risk assessment and properly control the risk. Based on the above analysis, we can consider from the following aspects:First , investors should determine whether the transaction constitutes a trigger event. If it does not , there is no need to make special agreement on national security review in transaction document. Secondly, comprehensive analysis of the company's industry is necessary,we should make it clear that whether there are mandatory reporting obligations;

在实践中，可以约定将英国政府国家安全审批作为交割的先决条件，或将标的公司积极配合英国政府提供相关信息资料作为交割前义务。如该审核结果受到与国家安全审查有关的措施导致价值波动，收购方可以考虑争取选择权，及时调整价格，减少收购方损失。如政府介入审查风险较大，中国收购方可要求卖方在交割前进行自愿申报，并将英国政府国家安全审批或无需审查的情形作为交割的先决条件。

In practice, it can be agreed that the national security approval of the government should be regarded as a prerequisite for delivery or that the underlying company should actively cooperate with the British government to provide relevant information and information as pre-delivery obligation. If the audit results will be subject to measures related to the national security review resulting in value fluctuations, the acquirer may consider seeking options to adjust the price to reduce the buyer's losses. If the risk of government intervention in such review is high, the Chinese acquirers may require the sellers to make voluntary declaration before delivery, and regard the the absence of review of the national security approval of the British government as a prerequisite for delivery.

虽然，英国政府强调该立法仅意在解决合理的国家安全问题，但国家安全概念宽泛，是否带有“政治化”考量，还需法案落地后继续观察。

Although the British government stressed that the legislation was intended only to solve reasonable national security problems, the concept of national security was broad, whether such bill is politicized " still need to be observed after landed.