孟令星：中国政法大学商学院讲师、MBA教育中心招生部主任、执业律师、清华大学商法学博士、中国人民大学经济法学博士后、美国哈佛大学进修学者。

[重点词汇]scrambling v. 攀登；快速移动China Securities Index 商中证指数exclusions n. 除外

全球指数提供商回应特朗普针对中企的投资禁令Index providers react to Donald Trump’s Chinese investment bans

特朗普11月中旬的行政令导致全球指数提供商面临压力，已有几家指数提供商决定将禁令中的中国企业从其指数中剔除。

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.

美国总统唐纳德•特朗普(Donald Trump)限制美国投资中国与军方有关联的企业的证券，此举导致全球指数提供商和交易所交易基金(ETF)提供商都面临压力，它们正争先恐后地希望在紧迫的截止日期前决定好如何做出回应。

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月中旬签署了一项行政令，禁止“美国个人”投资者“交易”被美国国防部认定为“中共军工企业”的31家中国企业的证券。该行政令将于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.

在亚洲基金公司就如何应对这一禁令而寻求法律建议之际，全球大多数主要的基准指数提供商都纷纷与资产管理公司和客户以及其他指数用户进行磋商，讨论是否要放弃受制裁企业的相关证券。

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

晨星(Morningstar)上周发布的一份研究报告显示：“这项行政令在许多基准指数提供商中掀起了一场消防演习。”

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.

晨星驻香港的亚洲ETF研究负责人蔡俊杰(Jackie Choy)表示，指数提供商和ETF提供商共同探讨如何应对该行政令的“时间非常短暂”。

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准指数提供商已就是否应将被列入黑名单的中国企业从其指数中剔除进行了磋商。

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，标普道琼斯指数(S&P Dow Jones Indices)是最新一家宣布将这些中国企业排除在其主要指数之外的指数提供商。

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.

富时罗素(FTSE Russell)上周五表示，将自12月21日起把美国政府点名的中国企业从其部分指数中剔除，包括中国铁建(China Railway Construction Corporation)、中国交建(China Communications Construction Company)和海康威视(Hikvision)。

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

对于那些已经制定规则以应对全球不同市场出现的制裁的指数公司来说，采取行动相对容易些。

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，富时引用其政策中的一项条款，即假如有初级或次级制裁被执行，禁止美国、英国或欧盟的自然人或法人投资于特定国家、行业、指定公司或与受制裁个人有关联的公司，它将把受制裁的证券从富时罗素指数中剔除。

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

美国指数提供商MSCI和标普道琼斯均已结束与各自指数用户的磋商。

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.

一家运作规模可观的ETF业务的全球资产管理公司驻香港高管表示，这些在宣布之前进行的磋商对于资产管理公司和机构而言“至关重要”，因为它们必须决定自己在剔除公司的问题上站在哪一边。

“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.”

“我认为这对于指数提供商而言主要是一个商业决策，而不是合规决策。”这位高管表示，“基准指数提供商希望让它们的用户满意，但如果大多数最终投资者来自美国，唯一的办法就是把这些公司剔除，因为用户无法投资这些公司。”

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提供商睿亚资产(Primia Partners)的创始人兼首席执行官蔡瑞怡(Rebecca Chua)表示，尽管她的公司对黑名单中的企业的敞口很小，但她和她的团队一直与她的指数提供商中证指数(China Securities Index)定期讨论该制裁令。

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，双方一致认为，ETF提供商最好采取更谨慎的做法，至少要观望该行政命令是否会继续执行。

“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.

她说：“美中紧张局势每天都在演变，在*府上台后可能会变得截然不同。我们只需要继续监控事态发展。”

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刘纪鹏：中国政法大学商学院院长、MBA教育中心主任、二级教授、博士生导师、高级研究员、高级经济师、注册会计师。

孟令星：中国政法大学商学院讲师、MBA教育中心招生部主任、清华大学商法学博士、中国人民大学经济法学博士后、美国哈佛大学进修学者。

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