孟令星：中國政法大學商學院講師、MBA教育中心招生部主任、執業律師、清華大學商法學博士、中國人民大學經濟法學博士後、美國哈佛大學進修學者。
[重點詞彙]scrambling v. 攀登；快速移動China Securities Index 商中證指數exclusions n. 除外
全球指數提供商回應川普針對中企的投資禁令Index providers react to Donald Trump’s Chinese investment bans
川普11月中旬的行政令導致全球指數提供商面臨壓力，已有幾家指數提供商決定將禁令中的中國企業從其指數中剔除。
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.
美國總統唐納德•川普(Donald Trump)限制美國投資中國與軍方有關聯的企業的證券，此舉導致全球指數提供商和交易所交易基金(ETF)提供商都面臨壓力，它們正爭先恐後地希望在緊迫的截止日期前決定好如何做出回應。
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.
川普於11月中旬籤署了一項行政令，禁止「美國個人」投資者「交易」被美國國防部認定為「中共軍工企業」的31家中國企業的證券。該行政令將於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對這一禁令而尋求法律建議之際，全球大多數主要的基準指數提供商都紛紛與資產管理公司和客戶以及其他指數用戶進行磋商，討論是否要放棄受制裁企業的相關證券。
「The executive order set off a fire drill among many benchmark providers,」 according to aMorningstarresearch report issued last week.
晨星(Morningstar)上周發布的一份研究報告顯示：「這項行政令在許多基準指數提供商中掀起了一場消防演習。」
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研究負責人蔡俊傑(Jackie Choy)表示，指數提供商和ETF提供商共同探討如何應對該行政令的「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指數提供商已就是否應將被列入黑名單的中國企業從其指數中剔除進行了磋商。
S&P Dow Jones Indices is the latest to announce exclusions from major indices as a result of the consultation.
在此次磋商後，標普道瓊指數(S&P Dow Jones Indices)是最新一家宣布將這些中國企業排除在其主要指數之外的指數提供商。
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從其部分指數中剔除，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.
對於那些已經制定規則以應對全球不同市場出現的制裁的指數公司來說，採取行動相對容易些。
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行，禁止美國、英國或歐盟的自然人或法人投資於特定國家、行業、指定公司或與受制裁個人有關聯的公司，它將把受制裁的證券從富時羅素指數中剔除。
Both US index provider MSCI and S&P Dow Jones have concluded consultations with their index users.
美國指數提供商MSCI和標普道瓊均已結束與各自指數用戶的磋商。
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.
一家運作規模可觀的ETF業務的全球資產管理公司駐香港高管表示，這些在宣布之前進行的磋商對於資產管理公司和機構而言「至關重要」，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.」
「我認為這對於指數提供商而言主要是一個商業決策，而不是合規決策。」這位高管表示，「基準指數提供商希望讓它們的用戶滿意，但如果大多數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(Primia Partners)的創始人兼執行長蔡瑞怡(Rebecca Chua)表示，儘管她的公司對黑名單中的企業的敞口很小，但她和她的團隊一直與她的指數提供商中證指數(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，雙方一致認為，ETF提供商最好採取更謹慎的做法，至少要觀望該行政命令是否會繼續執行。
「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，在新政府上臺後可能會變得截然不同。我們只需要繼續監控事態發展。」
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劉紀鵬：中國政法大學商學院院長、MBA教育中心主任、二級教授、博士生導師、高級研究員、高級經濟師、註冊會計師。
孟令星：中國政法大學商學院講師、MBA教育中心招生部主任、清華大學商法學博士、中國人民大學經濟法學博士後、美國哈佛大學進修學者。
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