近年来，中国私募股权投资基金在澳洲并购市场非常活跃。
澳大利亚外商投资法律9月最新修正提案的相关规定对持有多国政府或国有企业投资资金的私募股权基金的对澳投资是一重大利好消息。今天，耀时战略合作律所澳大利亚MistryFallahi律师事务所高级顾问Joyce Wang特为大家带来本次修正案的相关分享，供参考。
摘要
Summary
2020年9月，澳大利亚财政部提出了一份拟议修改草案，其中包括的重点提案摘要如下：
（1）2020年3月29日，外国投资审查委员会（FIRB）临时规定关于外商投资项目审批最低金额门槛降至零澳元，现提议恢复之前的正常门槛规定。
（2）当投资基金的有限合伙人中有来自两个或多个国家的政府或国有企业时，如果政府或国有企业仅为基金投资人、不参与基金的具体运作管理，那么该投资基金将不被视为外国政府投资人，仅作为一般外国投资人看待。
（3）财政部长将被赋予一项新的权力，以国家安全为由“召集”任何通常不需要通知的投资进行筛选。
On 29 March 2020, the Foreign Investment Review Board (FIRB) thresholds were temporarily reduced to $0.
On 18 September 2020, the Treasury introduced a draft of proposed changes, including:
• The previous monetary screening thresholds are proposed to be reinstated
• Passive investment funds with multiple foreign government investors may not be considered as foreign government investors
• The Treasurer is to be given a new power to ‘call-in’any investment for screening on national security grounds that would not ordinarily require notification
背景
Background
从2020年3月开始，根据《1975年外国收购和接管条例》，无论外国投资者的价值或性质如何，其对澳大利亚进行的的拟议外国投资均需要获得财政部长的批准。
2020年9月18日，财政部发布《2020年外资改革(保护澳大利亚国家安全)条例》和《2020年外资并购收费征收条例》(条例征求意见稿)征求公众意见。
From March 2020, proposed foreign investments into Australia subject to the Foreign Acquisitions and Takeovers Act 1975 have required approval from the Treasurer, regardless of value or the nature of the foreign investor.
On 18 September 2020, the Treasury released the exposure drafts of the Foreign Investment Reform (Protecting Australia’s National Security) Regulations 2020 and the Foreign Acquisitions and Takeovers Fees Imposition Regulations 2020 (Exposure Draft Regulations) for public consultation.
恢复投资门槛
Reinstating the monetary thresholds
《2020年外资并购收费征收条例》(条例征求意见稿)重要地建议恢复在采取COVID-19临时措施后已降至零的货币门槛。
关于是否恢复货币门槛的最终决定将取决于COVID-19对经济的持续影响，以及是否需要持续的保障措施来保护澳大利亚的国家利益。
The exposure draft regulations importantly propose reinstating the monetary thresholds which have been reduced to nil following the temporary COVID-19 measures.
A final decision as to whether the monetary thresholds will be reinstated will depend on the ongoing impact of COVID-19 on the economy and whether ongoing safeguards are required toprotect Australia’s national interest.
国有投资者投资基金
Investment Funds with State-Owned Investors
《2015年外国收购和接管条例》对“外国政府投资者”（FGI）的定义很宽泛，并延伸到管理多个外国政府基金（包括国有公司资金）的一些私人基金管理公司（如私募股权公司）。因此，这些私人投资基金对大多数投资都实行零澳元筛选门槛。
根据条例征求意见稿，如果这些基金管理公司经营的是被动投资基金，且基金中的多个FGI投资者无法影响任何个人投资决策，以及任何FGI投资者都无法获取有关投资基金项下投资的任何非公开和非财务敏感信息，则这些基金管理公司将不再被视为FGI。
如果投资者对广泛的投资策略有一定的影响力或在咨询委员会任职，但不参与具体投资的个别决策，基金可能仍然是被动的。此外，还要求FGI投资者不得在本基金中拥有任何其他权益，例如，持有的头寸可以让投资者控制哪些其他实体可以加入本基金。
这一变化对外国私募股权基金在澳大利亚的投资产生了很大的影响，特别是对于那些基金投资者是来自多个国家的国有企业的私募股权基金而言。可以预期，外国私募股权基金将更加活跃于澳大利亚的并购市场。
The current definition of ‘foreign government investor’ (FGI) under the Foreign Acquisitions and Takeovers Regulation 2015 (Cth) is broad and extends to some private fund management companies (eg, private equity firms) that manage multiple foreign governments’ funds (including funds from state-owned companies). Consequently, these private investment funds are subject to a zero-dollar screening threshold for most investments.
Under the exposure draft regulations, these fund management companies will no longer be considered a FGI if they operate a passive investment fund where multiple FGI investors in the fund are not able to influence any individual investment decisions and no FGI investor has access to any non-public and non-financial sensitive information about investments under the investment fund.
Funds may still be passive if investors have some influence over the broad investment strategy or serve on advisory committees, but are not involved in individual decisions about particular investments. It is also required that FGI investors do not have any other interests in the fund, for instance, holding a position that could allow the investor to control which other entities may join the fund.
This change has great implications for foreign private equity funds’ investment in Australia, especially for those private equity funds where some of the fund investors are state-owned companies from multiple countries. It can be expected that foreign private equity funds will be more active in Australian M&A market.
其他提案建议
Other Proposed Changes
《条例征求意见稿》如果成为法律，将对《2015年外国收购和接管条例》进行许多其他修订，包括但不限于：
（1）对于“应呈报的国家安全行动”，即对敏感的“国家安全业务”进行直接投资、开展此类业务以及对“国家安全土地”进行投资，必须发出强制性警示；
（2）当前的贷款豁免不适用于外国放债人根据放贷协议在“国家安全土地”或“国家安全业务”收购或实施的担保权益；
（3）“澳大利亚媒体业务”的定义将更新，以涵盖提供类似报纸、广播或电视广播内容的电子服务（包括通过互联网）的运营情况。
The exposure draft regulations, should they become law, will make a number of other amendments to the Foreign Acquisitions and Takeovers Regulation 2015 (Cth), including but not limited to:
• The Treasurer is to be given a new power to ‘call-in’ any investment for screening on national security grounds that would not ordinarily require notification;
• The mandatory notification is required in respect of ‘notifiable national security actions’ which are to take a direct investment in a sensitive ‘national security business’, starting such a business and an investment in ‘national security land’;
• The current moneylending exemption will not apply to acquisitions or enforcements of security interests in ‘national security land’ or ‘national security businesses’ by foreign moneylenders under a moneylending agreement.
• The definition of ‘Australian media business’ will be updated to capture the operation of electronic services (including via internet) which provide content similar to a newspaper or radio or television broadcast.
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