Introduction to the Singapore’s Significant Investments Review Bill《新加坡重大投资审查法案》之简介
On 6 November 2023, the first reading of the Singapore’s Significant Investments Review Bill (“SIRB”) took place in the Singapore Parliament. The second reading of the bill is expected to be in mid-January 2024.
2023 年 11 月 6 日，新加坡国会对《新加坡重大投资审查法案》（“SIRB”）进行了初读。该法案的二读预计将于 2024 年 1 月中旬进行。
The aim of the SIRB is to regulate significant investments into Singapore entities that are important to Singapore’s national security interests. More specifically, for entities that are identified as “designated entities”, the approval of the Singapore government must be sought if there is any change in ownership or control of the company. Currently, there are several sectoral legislations in Singapore which impose legislative restrictions on foreign ownership in certain sectors, such as telecommunications, utilities, and banking. The new bill seeks to complement existing legislation by monitoring entities which are not adequately covered under the current regime.
SIRB 的目的是规范管理对新加坡商业实体的重大投资，特别是对新加坡的国家安全利益至关重要的投资。具体而言，对于被确定为 “指定实体” 的商业实体，如果该实体的所有权或控制权发生任何变化，必须寻求新加坡政府的批准。目前，新加坡有几项对电信、公用事业和银行等行业的类似相关立法，主要是针对外资所有权施加限制。新法案旨在对目前未被覆盖的商业实体进行的补充立法。
Highlights of the SIRB
SIRB的亮点
The SIRB sets out a new investment management regime in Singapore. The regime applies to both local and foreign investors. Only entities that are critical to Singapore’s national security interests will be designated under this regime and will be regulated. Entities which have acted against Singapore’s national security interests may also have their transactions reviewed under certain circumstances, even if they have not been designated.
SIRB制定了新加坡的新一套的投资管理制度。该制度适用于新加坡本地投资人以及外国投资人。只有对新加坡国家安全利益至关重要的商业实体才会被受到监管。在某些情况下，即使一些企业不在“指定实体”的名单中，但若其行为违反了新加坡国家安全利益，这些企业的的交易也有可能被新加坡政府审查。
Under the SIRB, the designated entities will be subject to various ownership and control requirements. For example, certain notification or approval obligations for specified changes in ownership or control of the designated entities will be imposed on buyers, sellers and the designated entities.
根据SIRB的规定，被指认的商业实体将受到各种所有权和控制权要求的约束。当指定实体的所有权或控制权发生变更时，买方、卖方和指定实体均有义务通知新加坡政府或请求其批准。
Further, the SIRB will also empower the relevant Singapore authority to review ownership or control transactions involving an entity that has acted against Singapore’s national security interests even if the entity has not been designated. Targeted actions can be taken, such as directing the transacting party to dispose his equity interest in the relevant entity.
此外，SIRB 还将授权新加坡有关当局审查涉及违反新加坡国家安全利益的商业实体的所有权或控制权交易，即使该实体尚未被纳入”指定实体”的名单中。新加坡有关当局可以进行针对性的行动，例如特别指示交易方处置其在相关商业实体中的股权。
As most critical entities in Singapore are already adequately covered by existing sectoral legislation, it is expected that only a handful of critical entities will be designated under the new regime. The list of the designated entities might be finalized if the SIRB is passed. It is expected that the majority of the companies in Singapore will remain open to foreign investment.
由于新加坡的多数关键商业实体已经被现有的部门立法充分涵盖，预计只有少数关键实体将在新的投资管理制度下被指定。如果 SIRB 获得通过，指定实体的名单将会被最终确定。预计新加坡的大多数公司将继续对外国者投资开放。
Concluding Marks
我们的观察
Enforcing a more tightened investment screening measures is a general trend. Globally, countries such as China, Japan, United Kingdom, and United States have passed similar laws to safeguard national security interests. The SIRB is the Singapore’s move to achieve a balance between economic benefits and its national security.
实施更严格的投资审查措施是全球性趋势。在全球范围内，中国、日本、英国和美国等国家也相继通过了类似的法律来维护国家安全利益。SIRB 是新加坡在经济利益和国家安全之间取得平衡的一项举措。
References
- Significant Investments Review Bill – Singapore Statutes Online (agc.gov.sg)
- Introduction of the Significant Investments Review Bill (mti.gov.sg)
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