Research On The Rules Of The US Foreign Investment Risk Review Modernization Act

In 2018,the United States introduced the “Foreign Investment Risk Review Modernization Act”(FIRRMA),which is the first comprehensive reform of the national security review system in the United States since the adoption of the“Foreign Investment and National Security Act” in 2007.In view of the significance of this reform,this paper discusses and analyzes the rules of American“Foreign Investment Risk Review Modernization Act”.In the first part of this paper,it combs the historical evolution of the national security review system in the United States.Secondly,it analyzes the background of FIRRMA and the main principles it abides by.In the second part,the main contents of FIRRMA are discussed from four dimensions: review object,review procedure,review subject and review standard.Then the main characteristics of its rules are analyzed.Finally,by comparing with the relevant laws before the promulgation of FIRRMA,this paper interprets the "past and present" of the main rules in FIRRMA.The third part summarizes and sorts out the key contents of FIRRMA implementation regulations,and then discuss the application of FIRRMA rules in two cases.The fourth part,Firstly,this paper analyzes the impact of FIRRMA on Chinese enterprises,and then puts forward targeted suggestions from the perspective of government and enterprises.This paper holds that the promulgation and implementation of FIRRMA reflects the urgent need of the United States to reform its national security review system.And FIRRMA has indeed promoted the modernization of the security review system to a certain extent.But at the same time,there are some imperfections,such as increasing the burden on investors,unclear definition of key concepts,and lack of judicial remedies.In addition,the requirement of paying special attention to countries and submitting Chinese investment reports in the United States makes FIRRMA show strong investment protectionism.