歐洲聯盟強化外資控管之新架構：外國補貼併購交易之審查新制

European Union Moves Toward New Framework for Strengthening Foreign Investment Control: New Screening Regime Targeting Foreign-Subsidized Merger and Acquisition Transactions

2021年5月5日，歐盟執委會公佈一項規則草案，旨在解決外國補貼對內部市場造成扭曲之問題，以確保歐盟市場公平競爭之環境。該項草案創建全新之工具，俾利執委會審查非歐盟國家對於位在歐盟境內從事商業活動之企業所提供之補貼。尤其是執委會得主動進行調查，並要求將相關事業之併購案通知執委會。在實務上將面臨之問題乃是新制如何適當融入歐盟現行法律制度與監管環境。新工具之實施得暫停甚至否決大型併購案，並進一步賦予執委會極大之裁量權，以解決在任何市場情況下外國補貼造成內部市場扭曲之問題。不過也由於執委會擁有極大之裁量權，不排除未來新制有可能成為一種相當具有政治色彩之工具。總而言之，外國投資人在歐盟本已面對複雜之監管環境，而規則草案將增添更多之不確定性。

On May 5, 2021, the European Commission published its proposed regulation to address potential distortive effects of foreign subsidies in the Internal Market, with the aim of ensuring a level playing field for all market players within the EU. The proposal creates a new instrument to allow the Commission scrutinize subsidies granted by non-EU countries to undertakings active in the EU. Specifically, the Commission will be able to conduct investigations on its own initiative and relevant mergers will have to be notified to the Commission. One crucial question in practice is how the proposed new tools fit into the existing EU legal and regulatory landscape. The tools proposed are capable to suspend and even block large concentrations. They would further give the Commission a large margin of discretion to address distortions in the internal market caused by foreign subsidies in any market situation. As there is a large degree of discretion for the Commission, this may become a very politicized instrument. In sum, the proposal would add considerable legal uncertainty to an already complex regulatory landscape for foreign investors in the EU.