保護美國投資者免受中國公司重大風險影響的備忘錄(中英文對照)

PRESIDENTIAL MEMORANDA

Memorandum on Protecting United States Investors

 from Significant Risks from Chinese Companies

FOREIGN POLICY

Issued on: June 4, 2020

MEMORANDUM FOR THE SECRETARY OF THE TREASURY

THE ASSISTANT TO THE PRESIDENT FOR ECONOMIC POLICY

THE ASSISTANT TO THE PRESIDENT FOR NATIONAL SECURITY AFFAIRS

總統備忘錄

保護美國投資者免受中國公司重大風險影響的備忘錄

外交政策

頒布日期:2020年6月4日

緻美國財政部長、總統經濟政策助理、總統國家安全事務助理的備忘錄

SUBJECT:  Protecting United States Investors from Significant Risks from Chinese Companies

By the authority vested in me as President by the Constitution and the laws of the United States of America, and to ensure the integrity of United States financial markets, it is hereby ordered as follows:

主題:保護美國投資者免受來自中國公司的重大風險

根據美國憲法和美利堅合眾國法律賦予我的總統職權,為確保美國金融市場的完整性,現命令如下:

Section 1.  Purpose. 

United States capital markets have long been the driving engine of the global economy.  The combination of robust disclosure requirements, clear and effective regulation, fair enforcement, and a free market system have made the United States the premier jurisdiction in the world for raising capital.  Investors trust the financial information provided by United States public companies and know that fraudulent activities will promptly be addressed by United States financial regulators.  As a result, companies from around the world want to list on United States stock exchanges and raise money in the United States.

第1節 目的

長期以來,美國資本市場壹直是驅動全球經濟的引擎。 嚴格的信息披露要求、清晰有效的法規、公平的執法、以及自由的市場體系相結合,使美國成為全球籌集資金的主要司法管轄區。 投資者相信美國上市公司提供的財務信息,並且知道欺詐行為將受到美國金融監管機構的及時處理。 所以,世界各地的公司都希望在美國證券交易所上市,在美國籌集資金。

Chinese companies are no exception.  For decades, Chinese companies have availed themselves of the benefits of United States financial markets, and capital raised in the United States has helped fuel China’s rapid economic growth.  While China reaps advantages from American markets, however, the Chinese government has consistently prevented Chinese companies and companies with significant operations in China from abiding by the investor protections that apply to all companies listing on United States stock exchanges.  It is both wrong and dangerous for China to benefit from our capital markets without complying with critical protections that investors in those markets rightfully expect and deserve.  China’s actions to thwart our transparency laws raise significant risks for investors.  The time has come to take firm action in an orderly fashion to put an end to the practice that has tacitly permitted companies with significant Chinese operations to flout protections United States law requires for investors in United States markets.

中國公司也不例外。幾十年來,中國公司壹直受益於美國金融市場,在美國籌集的資金推動了中國經濟的快速增長。但在中國從美國市場中獲取好處的同時,中國政府壹直阻止中國公司、以及在中國開展重要業務的公司遵守美國的投資者保護措施,盡管這些法規本應適用於所有在美國證券交易所上市的公司。中國要從我們的資本市場中受益,卻不遵守市場投資者們合理期望且應得的重要保護措施,這既是錯誤的,也是危險的。中國這種擾亂我們法制透明的行為給投資者帶來了巨大的風險。我們是時候采取堅決有序的行動,來結束那些默許在中國有重要業務的公司無視美國對市場投資者法律保護的做法。

For example, the Chinese government refuses to allow audit firms registered with the Public Company Accounting Oversight Board (PCAOB) to provide audit working papers to the PCAOB so that it can fulfill its statutory obligation to inspect audit work and enforce audit standards.  Recently, the Chinese government enacted a statute that expressly prevents audit firms from providing this information without the prior consent of Chinese financial regulators.  Preventing the PCAOB from complying with its statutory mandate means that investors cannot have confidence in the financial reports of audited companies and creates significant risks to investors in the securities listed on United States stock exchanges.

例如,中国政府不允许在美国上市公司会计监督委员会(PCAOB,以下简称“会监委”)注册的审计公司向会监委提供审计工作文件,使会监委无法履行其检查审计工作和执行审计标准的法定义务。中国政府最近颁布了一项法规,明确规定审计公司未经中国金融监管机构的事先同意禁止提供此类信息。 阻止会监委履行其法定职责,意味着投资者无法信任审计公司的财务报告,给投资者在美国证交所的证券带来了巨大风险。

The Securities and Exchange Commission (SEC) and PCAOB have pressed China for years to allow companies to provide greater transparency in financial information, to no avail.  Concerns about China’s efforts to thwart transparency requirements suggest significant risks even for investors in Chinese companies listed on United States stock exchanges.  Such companies may not provide appropriate and safe investments for investors, including pension funds, which owe fiduciary duties to their beneficiaries.

美國證券交易委員會(SEC,以下簡稱“證監會”)和美國會監委多年來壹直向中國施壓,要求其允許公司提高財務信息的透明度,但毫無進展。 中國對信息透明度要求的阻撓,讓人擔心即使是投資在美國證交所上市的中國公司也會存在巨大風險。 這些公司可能無法為投資者提供適當的、安全的投資,包括養老基金在內,因為他們未盡到對受益人的信托責任。

For these reasons, we must take firm, orderly action to end the Chinese practice of flouting American transparency requirements without negatively affecting American investors and financial markets.  We must ensure that laws providing protections for investors in American financial markets are fully enforced for companies listed on United States stock exchanges.

由於這些原因,我們必須采取有力、有序的行動,結束中國對美國信息透明度要求的漠視,同時避免對美國投資者和金融市場帶來負面影響。我們需要確保為所有在美國證券交易所上市的公司、保護美國金融市場投資者的法律能夠得到充分執行。

Sec. 2.  President’s Working Group on Financial Markets. 

Executive Order 12631 of March 18, 1988 (Working Group on Financial Markets), established the President’s Working Group on Financial Markets (PWG), which is chaired by the Secretary of the Treasury, or his designee, and includes the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the SEC, and the Chairman of the Commodity Futures Trading Commission, or their designees.  The Secretary of the Treasury shall convene the PWG to discuss the risks to investors described in section 1 of this memorandum and other risks to American investors and financial markets posed by the Chinese government’s failure to uphold its international commitments to transparency and accountability and its refusal to permit companies to comply with United States law.

第2節 總統金融市場工作組

 1988年3月18日的第12631號行政命令(金融市場工作組)建立了總統金融市場工作組(PWG),該工作組由財政部長或其指定人主管,組員包括美國聯邦儲備委員會(Board of Governors of the Federal Reserve System)主席、美國證券交易委員會(SEC)主席、美國商品期貨交易委員會(Commodity Futures Trading Commission)主席、或者他們指定的人員。 財政部長應召集PWG工作組會議,討論本備忘錄第1節所述的投資者面臨的風險,以及中國政府未履行對信息透明度和問責制的國際承諾、阻止公司遵守美國法律,而對美國投資者和金融市場造成的其他風險。

Sec. 3.  Report. 

Within 60 days of the date of this memorandum, the PWG shall submit to the President, through the Assistant to the President for National Security Affairs and the Assistant to the President for Economic Policy, a report that includes:

(a)  Recommendations for actions the executive branch may take to protect investors in United States financial markets from the failure of the Chinese government to allow PCAOB-registered audit firms to comply with United States securities laws and investor protections;

(b)  Recommendations for actions the SEC or PCAOB should take, including inspection or enforcement actions, with respect to PCAOB-registered audit firms that fail to provide requested audit working papers or otherwise fail to comply with United States securities laws; and

(c)  Recommendations for additional actions the SEC or any other Federal agency or department should take as a means to protect investors in Chinese companies, or companies from other countries that do not comply with United States securities laws and investor protections, including initiating a notice of proposed rulemaking that would set new listing rules or governance safeguards.  Any such actions should take into account the impact on investors and ensure the continued fair and orderly operation of United States financial markets.

第3節 報告

本備忘錄公布起60天內,PWG工作組應通過總統國家安全事務助理和總統經濟政策助理向總統提交報告,其中應包括:

(a)     向行政部門提出行動建議:保護美國金融市場的投資者,對中國政府不允許在美國會監委註冊的審計公司遵守美國證券法和投資者保護措施的行為,可采取的措施;

(b)    向美國證監會或會監委提出行動建議:針對在美國會監委註冊的審計公司未按要求提供審計工作文件、或不遵守美國證券法的行為,進行檢查或強制執行等; 以及

(c)     向美國證監會、或任何其他聯邦機構或部門提出其它行動建議:保護投資在中國公司、或其他不符合美國證券法和投資者保護規定的國家/地區公司的投資人,包括發起法規起草通知,以擬定新的上市規則或監管保障等。 任何此類行動都應考慮到對投資者的影響,並確保美國金融市場持續公平、有序地運作。

Sec. 4.  General Provisions. 

(a)  Nothing in this memorandum shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department or agency, or the head thereof; or

(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b)  This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c)  This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d)  The Secretary of the Treasury is authorized and directed to publish this memorandum in the Federal Register.

第4節 壹般規定

(a)     本備忘錄中的任何內容均不得被理解為有損或以其他方式影響到:

(i)法律賦予執行部門、機構或其負責人的權力; 或

(ii)美國行政管理和預算局(Office of Management and Budget)局長有關預算、行政或立法提案的職能。

(b)    本備忘錄應根據適用法律並在獲得撥款的前提下執行。

(c)     本備忘錄無意且沒有賦予任何壹方,對於美國及其各部門機構或實體、其官員雇員或代理或任何其他人的,任何根據普通法或衡平法可強制執行的實體或程序性的權利利益。

(d)    財政部長被授權和指示在聯邦公報(Federal Register)中發布本備忘錄。

閱讀原文:https://www.whitehouse.gov/presidential-actions/memorandum-protecting-united-states-investors-significant-risks-chinese-companies/

翻譯:【致敬香港! 】校對:【Hart文雙】

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