欧洲及中东地区外商直接投资监管新动向(五)——西班牙

1. 西班牙外商直接投资监管法律现状
西班牙主要得益于其自由化的外商投资制度,是外商投资交易的最直接的全球参与者之一。在此方面,西班牙在外商直接投资信心指数的全球排名中位列第十五,在欧洲位列第六,并且被经济合作与发展组织视为对外商投资较为开放的第11大经济体。
(1)外商投资的一般性制度
西班牙的外商直接投资,受1999年4月23日颁布的关于外商投资法律制度的《664号皇家法令》(664/1999号法令)管辖。该664/1999号法令修改了西班牙国内法,使之与欧盟法规中关于资本流动自由的规则相符。
西班牙与外商直接投资最相关的法律规则包括:
完全出于行政、统计或经济目的的外商投资一旦落实,在事后必须向国际贸易与投资司司长报告;以及
唯一的例外情形是:(i) 来自避税港的投资通常需进行事先行政申报;并且 (ii) 外商房地产投资和非欧盟成员国外交使团投资,也应适用事先申报。
部长理事会,因投资影响或可能影响公共电力供应、公共秩序、国家安全或公共健康相关活动,可暂停这一自由化制度。在该等情况下,相关投资需要经部长理事会核准。
(2)某些活动及行业部门的具体限制
电信:2014年5月9日颁布的关于电信的第9号法律(9/2014号法律)对外商投资西班牙电信运营商并无限制。然而,9/2014号法律规定,电信活动可由欧盟企业或非欧盟企业开展,但前提是,对于非欧盟企业,其来源国应与西班牙签有国际协定。不过,西班牙政府可批准这一制度的例外情形。
电视广播:作为一项普遍规则,2010年3月31日颁布的关于视听通讯的第7号法律,并不限制外商对西班牙视听通讯服务行业企业的投资。但是,非欧洲经济区(EEA)投资者仅在其遵守对等原则的情况下,方有权投资西班牙视听通讯服务企业。此外,非欧洲经济区投资者直接或间接持有西班牙视听通讯持牌企业的权益不得超过其股本的25%,并且非欧洲经济区投资者在相关西班牙目标公司中持有的总权益不得超过其股本的50%。
能源:2013年6月4日颁布的第3号法律,创建了国家市场与竞争委员会(NCMC,“竞争委”),确立了开展受监管活动(比如电力或天然气输配)的企业或者能源资产拥有企业所涉及的收购,必须向能源、旅游及数字议程部(MINETAD,“能源部”)进行申报。
除上述限制外,如果由受监管能源企业或非欧洲经济区当地企业进行的收购,对开展受监管活动企业范围内的电力或天然气供应保障实际形成足够严重的威胁,能源部可能会对该等活动的开展施加若干条件。竞争委就此项职能,暂时代行能源部的职责。
第6/2000号皇家法令第34条,对电力和天然气系统主要运营商(生产和供应)的持股比例作出了限制,无论收购方在哪一个国家适用欧洲拆分规则(unbundling rules)。
金融:根据2014年6月26日颁布的第10号法律,对特定金融实体的(国内及外商)投资,比如信贷实体、保险公司及投资服务公司,必须分别面向欧洲中央银行(通过西班牙银行)、保险和职业养老金管理局或者西班牙国家证券市场委员会(CNMV,“证券委”),遵循授权或无异议程序。
触发事先授权要求的条件是表决权达到或超过10%或者表决权低于10%但能够对相关实体施加重大影响。
收购西班牙证券交易所控股公司的直接或间接权益,也需要证券委的事先批准。
国防相关活动:第664/1999号皇家法令第11条载明,对直接与国防有关的活动进行的外商投资,须取得国防部的事先行政授权。
西班牙国防部明确了“直接与国防有关的活动”的概念,包括2014年8月1日颁布的第679号皇家法令(第679/2014号法令)附件I列明的一切防务材料,该法令批准了关于防务材料、其他材料及军民两用产品和技术涉外商务管控的规定。第679/2014号法令附件I非常具体并很有技术性,包括了与军事活动有关的材料、软件甚至技术协助。
空运:1960年7月21日颁布的关于航空导航的第48号法律,连同欧洲议会和理事会2008年9月24日颁布的关于在欧洲共同体经营航空服务的共同规则的第1008号法规,载明:以营利为目的的乘客、货物或邮件的航空运输(或兼有)持牌经营企业,至少50%的股本及其有效控制必须由欧盟国民持有,但欧盟作为一方与第三国协定另做约定的情形除外。
2. 热点问题:预期变化/讨论
过去几年,西班牙对外商投资的限制和外汇管制,大多已遵从欧盟在该领域的去监管法律予以免除。
时至今日,当前西班牙政府并不掌控议会多数来实施重大改革计划,并且,我们理解,其主要目标在于保持西班牙的经济增长和管理好加泰罗尼亚的情况,努力避免可能阻止外商直接投资流入西班牙的各种不稳定因素。
本文摘自金杜出版的《进军欧洲及中东:外商直接投资监管注意事项》,查看完整出版物请识别二维码??。
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《进军欧洲及中东:外商直接投资监管注意事项》
English version
Winds of change in foreign direct investment control in Europe and the Middle East (5) — Spain
1. Status of foreign direct investment control law in Spain
Spain is one of the most relevant global players in foreign investment, thanks mainly to its liberalized foreign investment regime. In this regard, Spain is ranked 15th globally and 6th in the EU in the FDI Index and has been considered as the 11th economy more open to foreign investments by the Organisation for Economic Co-operation and Development.
(1) General regime for foreign investments
FDI in Spain is governed by the Royal Decree 664/1999, 23 April, on the legal regime of foreign investments (“RD 664/1999”). This RD 664/1999 adapted Spanish domestic law to the rules on the freedom of movement of capital contained in the EU regulations.
The most relevant aspects relating to FDI in Spain are:
For purely administrative, statistical or economic purposes, foreign investments must be reported ex post to the Directorate-General for International Trade and Investments, once the investment has been made; and
The only exceptions would be: (i) investments from tax havens, which in general would be subject to ex ante administrative notification; and (ii) foreign investments in real estate, investments for diplomatic missions by non-EU Member States, which would also require ex ante notification.
The Council of Ministers can suspend this liberalized system on an ad hoc basis for investments that affect, or might affect, public powers, public order, national security or public health-related activities. In such case the relevant investments would need the clearance by the Council of Ministers.
(2) Specific restrictions for some activities and sectors
Telecommunications: Law 9/2014 of 9 May on Telecommunications (“Law 9/2014”) does not contain restrictions to foreign investments in Spanish telecommunications operators. However, the Law 9/2014 provides that telecommunication activities can be rendered by EU companies and by non-EU companies provided that, for non-EU companies, there is an international treaty signed between Spain and the country of the relevant company. However, the Spanish Government can authorise exceptions to this regime.
Television and radio: As a general rule, Law 7/2010 of 31 March, on Audiovisual Communication, does not set out any restrictions for the foreign investments in Spanish companies belonging to the audiovisual communication services sector. However, non-European Economic Area (“EEA”) investors would only be entitled to invest in Spanish audiovisual communication services company if they fulfil the principle of reciprocity. In addition, the stake held, directly or indirectly, by a non-EEA investor in a Spanish audiovisual communication license holder shall not exceed 25% of its share capital, and the total stake held by Non-EEA Investors in the relevant Spanish target must not exceed 50% of its share capital.
Energy: Law 3/2013 of 4 June, creating the National Commission on Markets and Competition (“NCMC”), establishes that the acquisition of or by companies that carry out regulated activities (such as transmission or distribution of electricity or gas) or owners of energy assets, must be notified to the Ministry of Energy, Tourism and Digital Agenda (“MINETAD”).
In addition to the above, in the scenario in which the acquisition is made by a regulated energy company or a non-EEA resident company and the relevant transaction implies a real and sufficiently serious threat to the guaranteed supply of electricity or gas within the scope of the companies with regulated activities, conditions related to the exercise of such activities may be imposed by the MINETAD. The National Commission on Markets and Competition NCMC has temporarily taken responsibility for this function of the MINETAD.
Article 34 of Royal Decree Law 6/2000 establishes limits on the holding of stakes in the main operators (production and supply) of the electricity and gas system, regardless of the nationality of the acquirer by application of European unbundling rules.
Financial: According to Law 10/2014 of 26 June, investments (both national and foreign) in certain financial entities, such as credit entities, insurance companies and investment service companies, must follow an authorisation or nonopposition process, respectively, before the European Central Bank (through the Bank of Spain), the General Directorate of Insurance and Pension Funds or the Stock Market National Commission (“CNMV”).
The thresholds triggering the prior authorisation requirement is 10% or more of the voting rights or a lower percentage if it allows the exercise of a significant influence in the relevant entity.
Prior approval from the CNMV is also required for the acquisition of a direct or indirect interests in the holding company of the Spanish stock exchanges.
National defence-related activities: Article 11 of RD 664/1999 states that a foreign investment in activities directly related to national defence is subject to a prior administrative authorisation from the Ministry of Defence.
The Spanish Ministry of Defence establishes that the concept of “activities directly related to the national defence” includes all defence material set forth in Annex I of Royal Decree 679/2014, 1 August, approving the regulations on control over the foreign commerce of defence material, other materials and products and technologies of double use (“RD 679/2014”). Annex I of RD 679/2014 is quite specific and technical and includes materials, software and even technical assistance related to military activities.
Air transportation: Law 48/1960 of 21 July on air navigation, with Regulation (EC) No. 1008/2008 of the European Parliament and of the Council of 24 September on common rules for the operation of air services in the European Community, states that at least 50% of the share capital of the companies holders of operating licences for air transportation of passengers, cargo or mail, or both, for remuneration, as well as their effective control, must be held by EU nationals, except otherwise provided in agreements entered into with a third country to which the EU is a party.
2. Hot topics: intended changes / discussions
Over the years, foreign investment restrictions and exchange controls in Spain have been mostly eliminated in line with the EU legislation on deregulation in this area.
As of today, the current Spanish Government does not have parliamentary majority to implement major reform programmes, and we understand that its main purpose is to sustain the growth in the Spanish economy and to manage the situation in Catalonia, trying to avoid any kind of instability that may inhibit FDI in Spain.
This article is excerpted from “Accessing Europe and the Middle East: Foreign Direct Investment Control Considerations”. For the full publication, please scan QR code to read??.
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Accessing Europe and the Middle East: Foreign Direct Investment Control Considerations
相关文章
《进军欧洲及中东:外商直接投资监管注意事项》(英文版)发布
《进军欧洲及中东:外商直接投资监管注意事项》(中文版)发布
欧洲及中东地区外商直接投资监管新动向(一)——导读
欧洲及中东地区外商直接投资监管新动向(二)——欧盟
欧洲及中东地区外商直接投资监管新动向(三)——德国
欧洲及中东地区外商直接投资监管新动向(四)——英国
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