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孟令星：中國政法大學(xué)商學(xué)院講師、MBA教育中心招生部主任、執(zhí)業(yè)律師、清華大學(xué)商法學(xué)博士、中國人民大學(xué)經(jīng)濟法學(xué)博士后、美國哈佛大學(xué)進修學(xué)者。

[重點詞匯]scrambling v. 攀登；快速移動China Securities Index 商中證指數(shù)exclusions n. 除外

全球指數(shù)提供商回應(yīng)特朗普針對中企的投資禁令I(lǐng)ndex providers react to Donald Trump’s Chinese investment bans

特朗普11月中旬的行政令導(dǎo)致全球指數(shù)提供商面臨壓力，已有幾家指數(shù)提供商決定將禁令中的中國企業(yè)從其指數(shù)中剔除。

President Donald Trump’s move to curb US investment in securities of Chinese companies with links to the military has put pressure on both global index providers and exchange traded fund providers who are scrambling to decide on their response within the tight deadline.

美國總統(tǒng)唐納德?特朗普(Donald Trump)限制美國投資中國與軍方有關(guān)聯(lián)的企業(yè)的證券，此舉導(dǎo)致全球指數(shù)提供商和交易所交易基金(ETF)提供商都面臨壓力，它們正爭先恐后地希望在緊迫的截止日期前決定好如何做出回應(yīng)。

Mr Trump signed the order in mid-November prohibiting “US persons” from “transactions” in securities of 31 Chinese companies that the Department of Defense identified as “Communist Chinese military companies”. The order takes effect on January 11, 2021.

特朗普于11月中旬簽署了一項行政令，禁止“美國個人”投資者“交易”被美國國防部認(rèn)定為“中共軍工企業(yè)”的31家中國企業(yè)的證券。該行政令將于2021年1月11日生效。

As fund companies in Asiaseeklegal advice about responding to the ban, most major global benchmark providers have rushed to consult with asset managers and clients, as well as with other index users, on whether to drop the relevant securities of the sanctioned companies.

在亞洲基金公司就如何應(yīng)對這一禁令而尋求法律建議之際，全球大多數(shù)主要的基準(zhǔn)指數(shù)提供商都紛紛與資產(chǎn)管理公司和客戶以及其他指數(shù)用戶進行磋商，討論是否要放棄受制裁企業(yè)的相關(guān)證券。

“The executive order set off a fire drill among many benchmark providers,” according to aMorningstarresearch report issued last week.

晨星(Morningstar)上周發(fā)布的一份研究報告顯示：“這項行政令在許多基準(zhǔn)指數(shù)提供商中掀起了一場消防演習(xí)?！?/p>

Index and ETF providers have been given a “very short period of time” to communicate with each other on how to respond, said Jackie Choy, Morningstar’s Hong Kong-based director of ETF research for Asia.

晨星駐香港的亞洲ETF研究負(fù)責(zé)人蔡俊杰(Jackie Choy)表示，指數(shù)提供商和ETF提供商共同探討如何應(yīng)對該行政令的“時間非常短暫”。

At least four major global benchmark providers have rolled out consultations on whether they should eliminate the blacklisted Chinese groups from their indices.

至少四家主要的全球基準(zhǔn)指數(shù)提供商已就是否應(yīng)將被列入黑名單的中國企業(yè)從其指數(shù)中剔除進行了磋商。

S&P Dow Jones Indices is the latest to announce exclusions from major indices as a result of the consultation.

在此次磋商后，標(biāo)普道瓊斯指數(shù)(S&P Dow Jones Indices)是最新一家宣布將這些中國企業(yè)排除在其主要指數(shù)之外的指數(shù)提供商。

FTSE Russellsaidlast Friday that it would remove companies named by the US government from some of its indices on December 21, including China Railway Construction Corporation, China Communications Construction Company and Hikvision.

富時羅素(FTSE Russell)上周五表示，將自12月21日起把美國政府點名的中國企業(yè)從其部分指數(shù)中剔除，包括中國鐵建(China Railway Construction Corporation)、中國交建(China Communications Construction Company)和海康威視(Hikvision)。

For indexing firms that have established rules for dealing with sanctions applied in different global markets, it has been somewhat easier to proceed.

對于那些已經(jīng)制定規(guī)則以應(yīng)對全球不同市場出現(xiàn)的制裁的指數(shù)公司來說，采取行動相對容易些。

For instance, the FTSE cited a clause of its own policies that should sanctions, either primary or secondary, be imposed that prohibit US, UK or European Union natural or legal persons from investing in particular countries, industries, named companies or companies linked to sanctioned individuals, it would delete the sanctioned securities from the FTSE Russell indices.

例如，富時引用其政策中的一項條款，即假如有初級或次級制裁被執(zhí)行，禁止美國、英國或歐盟的自然人或法人投資于特定國家、行業(yè)、指定公司或與受制裁個人有關(guān)聯(lián)的公司，它將把受制裁的證券從富時羅素指數(shù)中剔除。

Both US index provider MSCI and S&P Dow Jones have concluded consultations with their index users.

美國指數(shù)提供商MSCI和標(biāo)普道瓊斯均已結(jié)束與各自指數(shù)用戶的磋商。

These pre-announcement consultations are “crucial” to asset managers and institutions, as they will have to decide which side they are on regarding the exclusions, said a Hong Kong-based senior executive with a global manager, running a sizeable ETF business.

一家運作規(guī)模可觀的ETF業(yè)務(wù)的全球資產(chǎn)管理公司駐香港高管表示，這些在宣布之前進行的磋商對于資產(chǎn)管理公司和機構(gòu)而言“至關(guān)重要”，因為它們必須決定自己在剔除公司的問題上站在哪一邊。

“I’d say it’s mostly a business decision rather than a compliance decision for index providers,” the executive said. “Benchmark providers want to keep their users happy but if most of the end investors are from the US, the only way is to get rid of the companies because they are not investible to them.”

“我認(rèn)為這對于指數(shù)提供商而言主要是一個商業(yè)決策，而不是合規(guī)決策。”這位高管表示，“基準(zhǔn)指數(shù)提供商希望讓它們的用戶滿意，但如果大多數(shù)最終投資者來自美國，唯一的辦法就是把這些公司剔除，因為用戶無法投資這些公司。”

Rebecca Chua, Hong Kong-based founder and chief executive of ETF providerPremia Partners, said that although her company had very little exposure to the blacklisted companies, she and her team had been in regular discussions with her index providerChina Securities Indexabout the order.

香港ETF提供商睿亞資產(chǎn)(Primia Partners)的創(chuàng)始人兼首席執(zhí)行官蔡瑞怡(Rebecca Chua)表示，盡管她的公司對黑名單中的企業(yè)的敞口很小，但她和她的團隊一直與她的指數(shù)提供商中證指數(shù)(China Securities Index)定期討論該制裁令。

Ms Chua said both parties agreed that it would be better for ETF providers to take a more prudent approach, and at least wait and see whether this executive order would remain in place.

蔡瑞怡表示，雙方一致認(rèn)為，ETF提供商最好采取更謹(jǐn)慎的做法，至少要觀望該行政命令是否會繼續(xù)執(zhí)行。

“US-China tensions evolve every day, and could become quite different under the new administration. We just have to keep on monitoring what is going on,” she said.

她說：“美中緊張局勢每天都在演變，在*府上臺后可能會變得截然不同。我們只需要繼續(xù)監(jiān)控事態(tài)發(fā)展。”

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孟令星：中國政法大學(xué)商學(xué)院講師、MBA教育中心招生部主任、清華大學(xué)商法學(xué)博士、中國人民大學(xué)經(jīng)濟法學(xué)博士后、美國哈佛大學(xué)進修學(xué)者。

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