美国外资审查新动向

Core Insights - The article discusses significant changes in the review logic and enforcement methods of the Committee on Foreign Investment in the United States (CFIUS) following the implementation of the "America First Investment Policy" and the recent U.S. government transition [2][3]. Group 1: CFIUS Review Trends - CFIUS has expanded its jurisdiction to restrict foreign investments in critical sectors such as technology, infrastructure, personal data, healthcare, agriculture, energy, and raw materials [3]. - In 2023, CFIUS's enforcement actions reached a record high, with total fines amounting to nearly $88 million, and the highest single fine reaching $60 million [3]. - The number of investigations into non-notified transactions increased significantly, with 79 on-site inspections conducted [3][4]. Group 2: Investment Source Differentiation - CFIUS is expected to continue its trend of differentiated treatment of investment sources, with stricter controls on sensitive areas while introducing a "fast track" process for friendly nations [4]. - Any transactions involving sensitive factors such as semiconductors and supply chain security may face scrutiny regardless of their size or timing, increasing legal and policy uncertainties for investments in the U.S. [4][6]. Group 3: Integration with Domestic Policy - The review process is increasingly intertwined with U.S. domestic industrial policy, as seen in the case of Nippon Steel's acquisition of U.S. Steel, which involved considerations beyond traditional national security, including labor rights and industrial competition [4][5]. - The approval of the Nippon Steel case was significantly influenced by the "golden share" agreement, which granted the U.S. government veto power over key business decisions [5]. Group 4: Global Trends in Investment Regulation - The use of "golden shares" is emerging as a trend in international investment regulation, allowing governments to retain strategic control over sensitive entities [5][6]. - Countries like the UK and France have implemented similar measures, reflecting a broader shift in how governments view foreign investments, emphasizing the need for investors to consider these new regulatory risks [6][7].