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根據(jù)RCEP投資章節(jié)中對(duì)于實(shí)質(zhì)性損害投資者控制其投資的能力的限制性規(guī)定，RCEP原則上不禁止各締約方對(duì)董事會(huì)和委員會(huì)成員施加一定程度的國籍限定，但前提是不得實(shí)質(zhì)性損害投資者控制其投資的能力。
萬益涉外律師出品的“東盟律師說”系列文章正是基于上述RCEP規(guī)定，組織執(zhí)業(yè)經(jīng)驗(yàn)豐富的東盟國家律師圍繞以下兩個(gè)問題展開討論：1. 在本國法律是否存在對(duì)于高級(jí)管理人員或董事會(huì)的國籍限定規(guī)定；2. 是否存在影響投資者控制力的評(píng)價(jià)標(biāo)準(zhǔn)。 在本期推送中，我們特邀馬來西亞的楊瑪律師事務(wù)所(YEOH MAZLINA & PARTNER)合伙人律師許詩菱(KHOR SEE LIN)對(duì)馬來西亞現(xiàn)行國內(nèi)法有關(guān)國籍限定和外國投資者控制能力限制相關(guān)內(nèi)容進(jìn)行介紹。 許律師您好，非常高興今天能夠有幸邀請(qǐng)您就馬來西亞法律框架下有關(guān)國籍限定和外國投資者控制能力限制相關(guān)內(nèi)容進(jìn)行評(píng)論。首先我們想了解的是，馬來西亞國內(nèi)法中對(duì)于高級(jí)管理人員或董事會(huì)成員是否存在國籍或居民資格的限定性規(guī)定，如有，那么是否存在資格滿足與否的判斷標(biāo)準(zhǔn)？ Pursuant to the current Malaysia company law, at least 1 of the directors of a private company must be one who ordinarily resides in Malaysia by having a principal place of residence in Malaysia. For public company, it shall have a minimum of 2 resident directors. Residency of the “resident director” may be decided by examining few factors, such as:(a)the length of time spent by the said director in Malaysia(b)connection of the said director has in Malaysia(c)frequency of residence(d)element of regular occupation (whether past, present or intended for the future, even if intermittent)(e)some degree of permanency in the occupation of such residenceRequirement on nationality of shareholders and its percentage of local shareholdings depends on the type of business and industries that the company is undertaking. The relevant authority may also impose restrictions on foreign involvement at all levels (including management) and/or workforce.Generally, foreign and domestic private entities can establish and own business enterprises and engage in all forms of business activities, although exceptions may apply to specific sectors.The following are information in relation to some of the industries on equity requirements:(a)All distributive trade companies with foreign involvement must appoint 1 bumiputra/Malay director.(b)Hypermarket operators with foreign involvement must provide at least 30% bumiputra/Malay ownership in the company’s equity structure.(c)A company must have at least 30% bumiputra shareholding if acquisition of real property valued at more than RM20 million and involves dilution in the ownership and/or shares of real property held by bumiputra interest/government agency.Other sectors which have restrictions on foreign investments are oil and gas; financial services, capital market activities carried out by investment banks’ insurance and Islamic insurance; communications and multimedia; education, transportation services, water, energy supply, professional services, security and employment agencies.It is therefore important for investors who want to invest in Malaysia to understand that there are sector-specific regulations issued by the relevant ministry on the foreign ownership of equity in a company. Each state may also have different policy and criteria in addition to those set by the federal government or ministries. As such, it is strongly advisable for potential investors to seek legal advice prior to entering into any transactions in Malaysia.（中文翻譯為編者附）根據(jù)現(xiàn)行的《馬來西亞公司法》，私人公司至少要有一名董事是以馬來西亞境內(nèi)居所為經(jīng)常居住地。對(duì)于上市公司，至少應(yīng)有2名常駐董事。 “常駐董事”的居留權(quán)可以通過以下幾個(gè)因素來決定，例如： （a）該名董事在馬來西亞停留的時(shí)長(zhǎng)； （b）該名董事在馬來西亞的關(guān)系； （c）居留的頻次； （d）定期職業(yè)因素（無論是過去，現(xiàn)在或?qū)淼拇蛩?，即便是斷斷續(xù)續(xù)的）； （e）占用的上述居所在某種程度上具有永久性。 對(duì)股東國籍及其在當(dāng)?shù)爻止杀壤囊笾饕Q于公司業(yè)務(wù)和所屬行業(yè)類型。有關(guān)當(dāng)局也可能對(duì)涉外各層級(jí)（包括管理層）和/或勞動(dòng)力施加一定限制。 盡管特定行業(yè)可能有例外，但一般來說，外國和本國私人實(shí)體可以建立和擁有商事企業(yè)并從事各種形式的商業(yè)活動(dòng)。 以下是某些行業(yè)有關(guān)股權(quán)要求的信息： （a）所有涉外經(jīng)銷貿(mào)易公司必須任命1名土著/馬來董事。 （b）涉外大型超市經(jīng)營者必須在公司的股權(quán)結(jié)構(gòu)中為土著/馬來股東提供至少30％的所有權(quán)。 （c）如果收購的不動(dòng)產(chǎn)價(jià)值超過2,000萬令吉，并且涉及稀釋由土著人民利益/政府機(jī)構(gòu)持有的不動(dòng)產(chǎn)的所有權(quán)和/或股份，該公司中必須擁有至少30％的土著股東股權(quán)。 其他限制外國投資的部門有石油和天然氣；由投資銀行保險(xiǎn)和伊斯蘭保險(xiǎn)進(jìn)行的資本市場(chǎng)活動(dòng)；通信和多媒體；教育；運(yùn)輸服務(wù)；水；能源供應(yīng)；專業(yè)服務(wù)；安全和就業(yè)機(jī)構(gòu)。 因此，對(duì)于希望在馬來西亞進(jìn)行投資的投資者而言，了解相關(guān)部門發(fā)布的有關(guān)公司外資股本的特別規(guī)定是十分重要的。除聯(lián)邦政府或政府部門制定的政策和標(biāo)準(zhǔn)外，每個(gè)州還可能有不同的政策和標(biāo)準(zhǔn)。因此，強(qiáng)烈建議潛在投資者在馬來西亞進(jìn)行交易之前尋求法律意見。 好的，了解，那么現(xiàn)行法律中有關(guān)國籍限定和外國投資者控制權(quán)限制的特別規(guī)定，是否會(huì)構(gòu)成對(duì)投資者控制其投資的能力的實(shí)質(zhì)性損害？ Although there is no guidelines or laws defining what would be considered as “materially impair the ability of the investor to exercise control over its investment” at this juncture, it is common that a majority shareholder would be entitled to nominate or dictate the majority of the board of directors, and be able to 'control’ the operation of the company. It would be seen that a minority (foreign) shareholder would have little control over its investments in such instance. But the element of 'control’ can always be discussed and agreed upon between parties in a formal agreement. A prudent investor is therefore always encouraged to enter into a shareholder agreement which shall define the duties and obligations of each party (director, shareholder and investor), so as to state clearly the extent of control a foreign shareholder can have in the operation and management of the company as far as permitted by law. 目前沒有指導(dǎo)方針或法律來定義“嚴(yán)重?fù)p害了投資者對(duì)其投資行使控制權(quán)的能力”的情形，但大股東通常有權(quán)提名或支配多數(shù)董事會(huì)股東 ，并能夠“控制”公司的運(yùn)營， 在該種情況下，少數(shù)（外國）股東對(duì)其投資幾乎沒有控制權(quán)。但是，各方可以以正式協(xié)議形式就“控制”的要素進(jìn)行討論和達(dá)成共識(shí)。因此，鼓勵(lì)謹(jǐn)慎投資者簽訂明確各方（董事，股東和投資者）職責(zé)和義務(wù)的股東協(xié)議，以便明確在法律允許的范圍內(nèi)，外國股東在公司經(jīng)營和管理中能夠享有和行使的控制權(quán)。 基于許律師對(duì)馬來西亞法律框架下相關(guān)規(guī)定的解讀和評(píng)價(jià)，我們可以了解到，由于馬來西亞立法的多樣性和靈活性，目前馬來西亞在上文提及的諸多行業(yè)和不同領(lǐng)域存在著對(duì)于公司高級(jí)管理人員結(jié)構(gòu)或公司股權(quán)結(jié)構(gòu)方面的國籍或居民資格限定性規(guī)定。因此，對(duì)于希望在馬來西亞進(jìn)行投資的外國投資者而言，十分有必要對(duì)馬來西亞有關(guān)公司涉外資本管理的特別規(guī)定進(jìn)行了解和研究，外國投資者在馬來西亞進(jìn)行投資交易之前應(yīng)當(dāng)做好法律盡職調(diào)查，積極尋求法律意見，在合規(guī)層面完善股權(quán)結(jié)構(gòu)設(shè)計(jì)和管理層人員構(gòu)成，以確保能夠享有和行使對(duì)投資的預(yù)期控制能力。
許詩菱律師及楊瑪律師事務(wù)所簡(jiǎn)介 許詩菱律師(KHOR SEE LIN)，13年執(zhí)業(yè)經(jīng)驗(yàn)，具有馬來西亞律師資格和伊斯蘭金融副學(xué)士資格，擅長(zhǎng)公司法律顧問、銀行融資領(lǐng)域法律服務(wù)。 楊瑪律師事務(wù)所(YEOH MAZLINA & PARTNER)由拿督斯里楊振崇律師（Dato' Seri Matthew Yeoh Chin Chong）于 1992 年創(chuàng)立，目前在馬來西亞共設(shè)有八家分所，分布在吉隆坡、雪蘭莪、馬六甲，柔佛及檳城。主要服務(wù)領(lǐng)域有：商業(yè)和公司事務(wù)；產(chǎn)權(quán)轉(zhuǎn)讓；銀行借貸文件事務(wù)；民事和商業(yè)訴訟；拍賣程序；跨國交易；替代性爭(zhēng)議解決平臺(tái)，如仲裁與調(diào)解；移民相關(guān)事宜；公司秘書相關(guān)事宜；人力資源和訴訟相關(guān)事宜。
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