美國《外國投資風險評估現代化法案》下的監管變革：立法與應對

Regulatory Changes under the Foreign Investment Risk Review Modernization Act of 2018: Legislation and Response

作為世界上最大的外國直接投資流入國，在“美國優先”戰略引導下美國國內的經濟保護主義持續升溫，此次FIRRMA法案下美國外資審查機制的現代化改革為實施強硬監管提供了法理基礎，在權力配置、評估方法和流程設計方面的制度構建和發展趨勢將會在全球主要經濟體中間產生示範效應，對全球外資監管格局和跨境併購交易帶來深遠影響。赴美投資者在更為嚴格的監管規制路徑下應充分利用CFIUS審查程序中的投資者保障措施和東道國國內的司法救濟與立法監督，同時積極尋求雙邊投資協定中的爭端解決機制來搭建風險管控體系。 As the world's biggest recipients of foreign direct investment, the US domestic economic protectionism led by the “America first” strategy is on the rise. The 2018 FIRRMA act under the foreign investment review mechanism reform of modernization for the implementation of tougher regulation provides a legal basis, and its system-building and the development trends in the power allocation, assessment methodology and process design will bring about demonstration effect among world's major economies and have a far-reaching impact on the global foreign regulatory patterns and cross-border M &A transactions. Investors in the United States should make full use of the investor safeguard measures in the CFIUS review process and the judicial relief and legislative supervision in the host country under the stricter regulatory path, and actively seek the dispute settlement mechanism in the bilateral investment agreement to establish the risk control system.