背景
2024年1月24日，欧盟委员会（European Commission，“EC”）发布“欧洲经济安全一揽子计划”（European Economic Security Package）相关立法草案，其中包括涉及（1）外商投资准入；（2）出口管制；（3）对外投资；（4）如何支持与两用科技相关的R&D；（5）提升科研安全性等五个问题的立法草案。[1]
其中针对外商投资准入的立法草案[2]即为对2020年10月11日正式生效的现行欧盟外商投资审查条例[3]（“现行欧盟外商投资审查条例”）的修订草案（“欧盟外商投资审查条例修订草案”或“本草案”）。仅时隔三年就推出本草案，可以看出欧盟旨在通过加大对进入欧盟的外商投资的审查力度，从而加强对所谓欧盟安全和公共秩序的保护的迫切诉求。这与当今全球投资保护主义急剧抬头的趋势不谋而合。
New initiatives to strengthen economic security (europa.eu)
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the screening of foreign investments in the Union and repealing Regulation (EU) 2019/452 of the European Parliament and of the Council.https://circabc.europa.eu/ui/group/aac710a0-4eb3-493e-a12a-e988b442a72a/library/f5091d46-475f-45d0-9813-7d2a7537bc1f/details?download=true
Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments into the Union.https://eur-lex.europa.eu/eli/reg/2019/452/oj
本文将重点围绕下述两个要点深度分析欧盟外商投资审查条例修订草案相较于现行欧盟外商投资审查条例的主要拟议修订：
1. 本草案明确要求各欧盟成员国必须设立较现行欧盟外商投资审查条例审查范围更广的外商投资审查制度；
2. 本草案通过细化和加强原有的各欧盟成员国及EC间的信息沟通与合作机制，以及新设（1）多辖区交易监管制度和（2）不同欧盟成员国之间的主动审查程序（Own Initiative Procedure），提升各欧盟成员国与EC之间针对外商投资审查的互联互通。
要点一：要求各欧盟成员国必须设立较现行欧盟外商投资审查条例审查范围更广的外商投资审查制度
一、要求各欧盟成员国必须设立外商投资审查制度
现行欧盟外商投资审查条例明确规定不限制欧盟成员国自主决定是否审查特定外商投资的权利，不强制要求各成员国设立外商投资审查制度，各成员国可以（may）依照其维护安全和公共秩序之需求设立外商投资审查制度。[4]截至2023年上半年，27个欧盟国家中18个国家已设立了本国的外商投资审查制度，但比利时、保加利亚、塞浦路斯、爱沙尼亚、克罗地亚、希腊、爱尔兰、卢森堡和瑞典目前尚未出台外商投资审查制度。
在与本草案一同发布的工作备忘录中明确提到：大量外商直接投资流向了没有设立外商投资审查制度的欧盟成员国，导致可能给欧盟带来不利影响的关键外商投资项目未能受到审查。因此在本草案中，第3条明确规定，各成员国应当（shall）在本草案通过之后15个月内设立符合本草案规定的外商投资审查制度。[5]
点评：目前尚无外商投资审查制度的欧盟成员国可能会加快其立法进程。此外，无论目前是否已有外商投资审查制度，所有欧盟成员国可能在新立法过程中或通过修法程序，加强和完善其本国外商投资审查制度，以满足欧盟外商投资审查条例修订草案（一旦正式通过）中的要求。
二、显著扩大审查范围并要求各欧盟成员国设立的外商投资审查制度必须满足本草案提出的“最低标准”
经济合作与发展组织（OECD）在其2023年5月发布的报告中指出，各欧盟成员国外商投资审查制度标准不一。[6]本草案的一个重要目的是通过建立各欧盟成员国统一的外商投资审查制度促进欧盟共同安全目标的实现。
1. 受审查主体扩大
本草案将受审查主体从现行欧盟外商投资审查条例的“外国直接投资”（Foreign Direct Investment）扩展到了“外国投资”（Foreign Investment）。而“外国投资”又具体包括“外国直接投资”和“境外控制的欧盟投资”（Investment within the Union with Foreign Control）。具体如下：
点评：
（1）目前，绿地投资是否属于外商投资审查范围在不同欧盟成员国有不同的规定。但根据本草案的表述，其拟要求所有欧盟成员国将绿地投资（包括设立新设施或新企业）纳入外商投资审查范围，并且根据与本草案一起发布的工作备忘录中的说法，特别是当该等投资发生在与国家安全或公共秩序有关的行业，或当该等投资呈现出与国家安全或公共秩序相关的规模或本质属性等特征时。如果前述规定正式立法，预计将对中国投资人在欧洲的绿地投资热潮带来实质性挑战。
（2）本草案专门明确“境外控制的欧盟投资”亦属于受审查主体，可能是为了澄清（或者说矫正）欧洲法院（European Court of Justice）2023年7月在Xella案[9]中的判决，该判决中指出欧盟外商投资审查条例的适用范围仅限于依照非欧盟国家法律设立的企业，除非该企业最终由非欧盟国家的自然人或企业持有，并且其设立并无经济实质（do not reflect economic reality），而是旨在规避欧盟外商投资审查制度。
根据本草案规定，对于中国投资人（及其他非欧盟投资人）而言，即使在欧盟已有具备相对充分的经济实质的子公司且由该等子公司在欧盟从事投资活动，也仍然需要受制于欧盟成员国的外商投资审查制度。
2. 确定强制触发外商投资审查的“最低标准”
现行欧盟外商投资审查条例仅规定为安全和公共秩序，各欧盟成员国可以对外商投资进行审查，并未明确强制的审查触发情形。
本草案第4.4条[10]则明确规定，若相关外商投资指向的欧盟企业属于下述范围，则其所属的欧盟成员国应当（shall）针对该外商投资启动外商投资审查：
- 相关欧盟企业参与了本草案附件一所列的关乎欧盟利益的项目或计划；或者
- 相关欧盟企业从经济角度积极参与了本草案附件二所列的领域。
附件一和附件二的主要内容如下：
点评：以上清单的罗列与美国CFIUS审查的做法非常相似，这也充分反映了西方联盟国家的外商投资审查机构正在互相学习和协作各自的审查实践。根据上述清单，预计将对中国投资人在太阳能光伏技术、储能、电池、半导体、新材料等热点领域的投资进一步带来更大挑战。
3. 对“安全和公共秩序”的考量因素由软性建议改为强制要求，并明显拓宽了考量因素
在考量一项外商投资是否可能对欧盟的安全和公共秩序产生负面影响时，现行欧盟外商投资审查条例只是建议各欧盟成员国可以评估是否对下述各项产生负面影响：[11]
现行欧盟外商投资审查条例第1.3条：Nothing in this Regulation shall limit the right of each Member State to decide whether or not to screen a particular foreign direct investment within the framework of this Regulation.现行欧盟外商投资审查条例第3.1条：In accordance with this Regulation, Member States may maintain, amend or adopt mechanisms to screen foreign direct investments in their territory on the grounds of security or public order.
欧盟外商投资审查条例修订草案第3条：Establishment of screening mechanisms.第3.1条：Member States shall establish a screening mechanism in accordance with this Regulation.…第3.3条：Each Member State shall notify to the Commission the measures adopted pursuant to paragraph 1 no later than [date: 15 months after entry into force]. Member States shall thereafter notify the Commission of any amendment to their screening mechanism within 30 days of the adoption of the amendment
https://www.oecd.org/daf/inv/investment-policy/Investment-policy-monitoring-April-2023.pdf
现行欧盟外商投资审查条例第2条：Definitions‘foreign direct investment’ means an investment of any kind by a foreign investor aiming to establish or to maintain lasting and direct links between the foreign investor and the entrepreneur to whom or the undertaking to which the capital is made available in order to carry on an economic activity in a Member State, including investments which enable effective participation in the management or control of a company carrying out an economic activity;
欧盟外商投资审查条例修订草案第2条：Definitions(2) foreign direct investment’ means an investment of any kind by a foreign investor aiming to establish or to maintain lasting and direct links between the foreign investor and an existing or to be established Union target, and to which target the foreign investor makes capital available in order to carry out an economic activity in a Member State;(3) ‘investment within the Union with foreign control’ means an investment of any kind carried out by a foreign investor through the foreign investor’s subsidiary in the Union, that aims to establish or to maintain lasting and direct links between the foreign investor and a Union target that exists or is to be established, and to which target the foreign investor makes capital available in order to carry out an economic activity in a Member State;
在Xella案中，Xella（一家直接母公司设立在德国，间接母公司设立在卢森堡和百慕大的匈牙利公司）希望收购Janes（一家从事提取砾石、沙子和粘土等原材料业务的匈牙利公司），匈牙利创新与科技部依照匈牙利外商投资审查制度，以允许注册于百慕大的公司持有专业制造原材料的匈牙利公司将影响匈牙利国家利益为由，拒绝了Xella的外商投资申报。Xella对此通过司法途径提出异议，匈牙利法院将该案提交至欧洲法院请求初步裁定。
欧盟外商投资审查条例修订草案第4.4条：Member States shall ensure that their screening mechanisms impose an authorization requirement for foreign investments where the Union target established in their territory:(a) is part of or participates in one of the projects or programmes of Union interest listed in Annex I, including as a recipient of funds as defined in Article 2 paragraph 53 of Regulation 2018/1046 of the European Parliament and of the Council 19, or(b) is economically active in one of the areas listed in Annex II.
现行欧盟外商投资审查条例第4条：Factors that may be taken into consideration by Member States or the Commission.In determining whether a foreign direct investment is likely to affect security or public order, Member States and the Commission may consider its potential effects on, inter alia:(a) critical infrastructure, whether physical or virtual, 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;(b) critical technologies and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009 (15), including artificial intelligence, robotics, semiconductors, cybersecurity, aerospace, defence, energy storage, quantum and nuclear technologies as well as nanotechnologies and biotechnologies;(c) supply of critical inputs, including energy or raw materials, as well as food security;(d) access to sensitive information, including personal data, or the ability to control such information; or(e) the freedom and pluralism of the media
i. 关键基础设施，包括能源、交通、水资源、健康、通讯、媒体、数据处理和存储、航空、国防等；
ii. 经定义的关键技术和两用产品，例如AI、机器人、半导体、网络安全等；
iii. 关键资源的供给，例如能源和原材料等；
iv. 保护敏感信息，例如个人数据等；
v. 媒体的自由和多元化。
但是，本草案摈弃了软性建议的方式，而是要求各欧盟成员国应当（shall）考虑这些因素。
此外，更重要的是，本草案在第13.4条[12]新增规定，明确要求各欧盟成员国应当考虑境外投资者的信息，包括（i）境外投资者本身、其实际控制人、受益人、任何子公司或任何受其所有、控制或指令的其他主体是否曾接受过任何欧盟成员国的外商投资审查且未获批准或获得附条件批准，或者是否可能为非欧盟国家之政策服务或协助非欧盟国家的军事活动；（ii）境外投资者或其任何子公司是否已经参与对欧盟成员国安全和公共秩序产生负面影响的活动，或者是否已经从事违法犯罪的活动。
与之相应的，本草案也扩大规定了申报者应当提供的信息范围。
点评：本草案明确提出对于境外投资者的实际控制人及所属集团要求提供各项信息，尤其是要求明确是否可能为非欧盟国家之政策服务或协助非欧盟国家的军事活动，预计这将对于广大的中国央国企投资人进一步带来挑战。
要点二、本草案提升了EC及各欧盟成员国对其他欧盟成员国外商投资的审查参与力度
一、本草案加强了各欧盟成员国和EC的外商投资审查信息沟通与合作
虽然现行欧盟外商投资审查条例已设立了各欧盟成员国和EC之间针对外商投资的信息共享与合作机制，但相较于本草案而言，现行欧盟外商投资审查条例对于各欧盟成员国和EC之间的沟通程序规定相对笼统和松散，例如，虽然各欧盟成员国有权利针对其他欧盟成员国境内的外商投资审查提出意见，但是现行欧盟外商投资审查条例仅规定收到意见的欧盟成员国应适当考虑（give due consideration）收到的意见，并且未规定收到意见的欧盟成员国的反馈时限，也未要求其向提供意见的其他欧盟成员国和EC具体澄清其对意见的考虑和处理情况。
然而，本草案设定了更加规范、严格的信息沟通与合作机制，如下图所示：
点评：本草案一经正式通过，中国投资人（包括其他非欧盟投资人）在任一欧盟成员国的外商投资审查有可能需要面临所有欧盟成员国和EC的“审查”，虽然其他欧盟成员国和EC不能直接对该等投资作出决定，但上述信息沟通的程序以及所谓给予“最高关注”的要求，很可能对外商投资审查的时间表和确定性进一步带来重大影响。
二、本草案拟建立多辖区交易监管制度
与本草案一并发布的EC工作备忘录提到，大约27%的交易都属于多辖区交易，即，应当在不止一个欧盟成员国进行正式外商投资审查的交易。立法者未能在制定现行欧盟外商投资审查条例时预期到这种现象，因此也未能提供足以有效应对的解决方案。
为了应对这一问题，本草案拟建立多辖区交易监管制度。本草案在第6.2条规定多辖区交易的申请人应当于同日在该多辖区交易所涉及的所有欧盟成员国提交申请；当收到关于多辖区交易的申请时，所涉及的欧盟成员国之间应当共同协作以决策是否对该多辖区交易进行外商审查。[15]
三、本草案拟建立不同欧盟成员国之间的主动审查程序（Own Initiative Procedure）
本草案第9条[16]拟建立不同欧盟成员国之间的主动审查程序具体而言：
- 若非目标投资国的其他欧盟成员国认为某一外商投资对其安全和公共秩序产生负面影响，或者
- 若EC认为某一外商投资对超过一个欧盟成员国或欧盟的安全和公共秩序产生负面影响，或EC有关于该外商投资的信息。
在事先确认该目标投资国尚未发起外商投资审查之后，其他欧盟成员国和EC可以在该外商投资完成后至少15个月内自行发起外商投资审查审查程序，在审查过程中目标投资国应当密切配合自主启动审查的其他欧盟国家或EC。
点评：本项规定如果正式立法，则对于现行欧盟外商投资审查条例将构成重大突破，因为这就意味着目标投资国以外的其他欧盟成员国和EC不仅享有信息权和提出意见的权利，更在一定情况下享有主动发起外商投资审查的职权，这对于未来欧盟外商投资交易的确定性可能带来重大的潜在影响。
草案后续进程和建议
本草案需要遵循欧盟常规立法程序。根据Consolidated version of the Treaty on the Functioning of the European Union（Article 294 TFEU），欧盟的立法流程主要如下：
EC有权向欧盟议会（European Parliament）和欧盟理事会（European Council）提交立法建议，立法建议经欧盟议会和欧盟理事会双方审议后就立场和具体修订意见（若有）达成一致合意后方可通过。其中，欧盟议会通常优先于欧盟理事会表明立场并发表修订意见。
若双方就立场始终无法达成合意，则法案草案可能在第二读被否决；若双方就立场达成合意，但就法案具体修订无法达成合意，则法案草案可能在第三读被否决。
根据相关数据显示，前述程序通常平均需要18至40个月。[17]此外，鉴于2024年6月预计将举行欧洲议会选举，或许将在通常流程的基础上推迟本草案的立法进程。
如上文所述，如果本草案正式通过，将对中国投资人在欧洲太阳能光伏技术、储能、电池、半导体、新材料等这些热点领域的投资（包括并购交易和绿地投资）的交易确定性、交易时间表和可能涉及提供的信息等进一步带来重大影响。我们将密切关注立法的动态，为中国企业提供进一步的深入解析。
感谢实习生杨伊晴对本文的贡献。
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欧盟外商投资审查条例修订草案第13.4条：Determination of likely negative impact on security and public order4. When determining whether an investment is likely to negatively affect security or public order, the Member States or the Commission shall also take into account information related to the foreign investor, including:(a) whether the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of the foreign investor was involved in a foreign investment previously screened by a Member State and that was not authorized or was only authorized with conditions…;…(c) whether the foreign investor or any of its subsidiaries has already been involved in activities negatively affecting the security or public order in a Member State;(d) whether the foreign investor or any of its subsidiaries has engaged in illegal or criminal activities;(e) whether the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of the foreign investor is likely to pursue a third country’s policy objectives, or facilitate the development of a third country’s military capabilities.
现行欧盟外商投资审查条例第9条：Information requirements2. …(a) the ownership structure of the foreign investor and of the undertaking in which the foreign direct investment is planned or has been completed, including information on the ultimate investor and participation in the capital;(b) the approximate value of the foreign direct investment;(c) the products, services and business operations of the foreign investor and of the undertaking in which the foreign direct investment is planned or has been completed;(d) the Member States in which the foreign investor and the undertaking in which the foreign direct investment is planned or has been completed conduct relevant business operations;(e) the funding of the investment and its source, on the basis of the best information available to the Member State;(f) the date when the foreign direct investment is planned to be completed or has been completed.4. The Member State where the foreign direct investment is planned or has been completed may request the foreign investor or the undertaking in which the foreign direct investment is planned or has been completed to provide the information referred to in paragraph 2. The foreign investor or the undertaking concerned shall provide the information requested without undue delay.
欧盟外商投资审查条例修订草案第10条：Information requirements.Member States shall ensure that information provided in the notification referred to in Article 5 and to the request of information referred to in 9(5) include:(a) the name of the investor, the global ultimate owner of the investor and the Union target, the ownership structure of the investor and, where applicable, of the corporate group to which the investor is a part;(b) a comprehensive description of the investment, its value and information on the ownership of the Union target, before and after the foreign investment, on the funding of the investment and its source, on the basis of the best information available to the Member State;(c) name and address of the Union target, its activities and alternative providers, the ownership structure of the Union target and, where applicable, of the corporate group to which the Union target is a part;(d) if applicable, information about the other legal entities of the same corporate group as the Union target that are located in other Member States;(e) activities of the foreign investor, its name and address; and(f) the date when the foreign investment is planned to be completed or has been completed.
欧盟外商投资审查条例修订草案第6条：Content and procedures for notification of foreign investments.2. The following procedures shall apply to multi-country transactions:(a) applicants requesting an authorisation shall file their requests for authorisation in all relevant Member States on the same day, and each request for authorisation shall make reference to the other requests;(b) where a Member State receives a request for authorisation that meets the conditions set out in point (a), it shall coordinate with the other Member States concerned, inter alia, to determine whether point (c) or (d) of this paragraph is applicable; the Commission may participate in such coordination upon request from one or more Member States;(c) if the requests for authorisation concern a foreign investment meeting any of the conditions set out in Article 5(1), the respective Member States shall send their notifications to the cooperation mechanism on the same day and within the deadline laid down in point (a) of paragraph 1 of this Article;(d) if the requests for authorisation concern a foreign investment meeting the conditions set out in Article 5(2), the respective Member States shall endeavour to send their notifications to the cooperation mechanism on the same day.
欧盟外商投资审查条例修订草案第9条：Own Initiative Procedure.1. A Member State that considers that a foreign investment in the territory of another Member State which has not been notified to the cooperation mechanism is likely to negatively affect its security or public order, it may open an own initiative procedure in relation to that foreign investment. Before opening the procedure, the Member State shall check that the Member State where the investment is planned or completed does not intend to notify the foreign investment to the cooperation mechanism.2. Member States shall be granted at least 15 months, after the foreign investment has been completed, the right to open the procedure set out in paragraph 1, provided the respective foreign investment has not been notified to the cooperation mechanism in the meantime.3. The Commission may open an own initiative procedure when it considers that a foreign investment in the territory of a Member State which has not been notified to the cooperation mechanism falls under Article 7(2). Before opening the procedure, the Commission shall check that the Member State where the investment is planned or completed does not intend to notify the foreign investment to the cooperation mechanism.4. The Commission shall be granted at least 15 months, after the foreign investment has been completed, to open the procedure set out in paragraph 3, provided the respective foreign investment has not been notified to the cooperation mechanism in the meantime.
