編者按：中國企業發展到兼併階段，併購之前需要考慮更多的因素。其中，達到特定標準的，還需要事先進行經營者集中申報，經過審批後才能進行經營者集中。未申報具有排除、限制競爭效果的經營者集中，有可能被強制恢復到集中前的狀態，也就是交易被禁止。在經營者集中審查中，國家安全被經常用於否決特定交易項目，而且關於國家安全審查的結論通常是終局性的。
Executive Orders
行政命令
Order Regarding the Acquisition of Musical.ly by ByteDance Ltd
關於ByteDance Ltd.公司收購Musical.ly公司的命令
National Security & Defense | Issued on: August 14, 2020
國家安全&國防 | 發布於2020年8月14日
By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 721 of the Defense Production Act of 1950, as amended (section 721), 50 U.S.C. 4,565, it is hereby ordered as follows:
作為總統，根據美利堅合眾國憲法和法律（包括1950年國防生產法第721節及其修正條款，具體參見《美國法典》第五十章「戰爭與國防」第4,565節）授予本人的權力，本人特此發布如下命令：
Section 1. Findings.(a) There is credible evidence that leads me to believe that ByteDance Ltd., an exempted company[1] with limited liability incorporated under the laws of the Cayman Islands(「ByteDance」), through acquiring all interests in Musical.ly, an exempted company with limited liability incorporated under the laws of the Cayman Islands (「Musical.ly」), might take action that threatens to impair the national security of the United States. As a result of the acquisition, ByteDance merged its TikTok application with Musical.ly’s social media application and created a single integrated social media application; and
第一節：認定的事實。(a)存在可信的證據令本人相信， ByteDance Ltd.（一家依據開曼群島法律註冊成立的有限責任的豁免公司，以下簡稱「字節跳動公司」），通過收購Musical.ly公司（一家依據開曼群島法律註冊成立的有限責任的豁免公司，以下簡稱「Musical.ly」）的全部所有者權益，可能會採取損害/削弱美國國家安全的威脅行為。通過該收購，字節跳動公司將其APP應用軟體「TikTok」與原來的Musical.ly社交媒體應用進行了融合，並創造出一個單一集成社交媒體應用。
(b) Provisions of law, other than section 721 and the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), do not, in my judgment, provide adequate and appropriate authority for me to protect the national security in this matter.
(b) 本人認為，現有法律規定，除1950年國防生產法第721節和國際緊急經濟權力法（具體參見《美國法典》第50章第1,701節等）以外，在這個問題上並沒有為本人提供充分、適當的權力來保護國家安全。
Sec.2. Actions Ordered and Authorized. On the basis of the findings set forth in section 1 of this order, considering the factors described in subsection (f) of section 721, as appropriate, and pursuant to my authority under applicable law, including section 721, I hereby order that:
第二節：命令及授權採取的行動。根據本命令第一節所闡明的事實，考慮到第721節第（f）小節所載明的因素，依據法律（包括第721節）所授予本人的權力以及本人的自由裁量，本人特此命令如下：
(a) The transaction resulting in the acquisition by ByteDance of Musical.ly, to the extent that Musical.ly or any of its assets is used in furtherance or support of, or relating to, Musical.ly’s activities in interstate commerce in the United States (「Musical.ly in the United States」), is hereby prohibited, and ownership by ByteDance of any interest in Musical.ly in the United States, whether effected directly or indirectly through ByteDance, or through ByteDance’s subsidiaries, affiliates, or Chinese shareholders, is also prohibited.
(a) 導致字節跳動公司收購Musical.ly公司的交易（包括Musical.ly或者其任何資產被用於促進或支持或與Musical.ly在美國各州之間相關的商務活動，以下簡稱「Musical.ly在美業務」）特此被禁止，同時，字節跳動公司對Musical.ly在美業務的任何所有者利益（無論直接或者間接通過字節跳動、或者通過字節跳動的子公司、關聯公司或者中國股東）也同樣被禁止。
(b) In order to effectuate this order, not later than 90 days after the date of this order, unless such date is extended for a period not to exceed 30 days, on such written conditions as the Committee on Foreign Investment in the United States (CFIUS) may impose, ByteDance, its subsidiaries, affiliates, and Chinese shareholders, shall divest all interests and rights in:
(b) 為了完成本命令，自本命令發布之日起90天內（特殊情況下可以延長不超過30天），美國外國投資委員會（CFIUS）根據下列條款所列書面條件，可以指令字節跳動公司及其子公司、關聯公司及中國股東撤回如下方面的投資：
any tangible or intangible assets or property, wherever located, used to enable or support ByteDance’s operation of the TikTok application in the United States, as determined by the Committee; and
CFIUS認定的任何有形資產或者無形資產或財產，無論位於何處，用於促使或支持字節跳動公司在美國運營TikTok應用程式；
any data obtained or derived from TikTok application or Musical.ly application users in the United States. Immediately upon divestment, ByteDance shall certify in writing to CFIUS that all steps necessary to fully and permanently effectuate the actions required under sections 2(a) and 2(b) have been completed.
基於TikTok應用程式或者Musical.ly應用程式從美國用戶處獲得或者提取的任何數據。撤資之後，字節跳動公司應當立即以書面形式向CFIUS提交聲明函，證明其依據本命令第2（a）節和第2（b）節所要求的所有行動已經完全且永久性地完成。
(c) Immediately upon divestment, ByteDance shall certify in writing to CFIUS that it has destroyed all data that it is required to divest pursuant to section 2(b)(ii), as well as all copies of such data wherever located, and CFIUS is authorized to require auditing of ByteDance on terms it deems appropriate in order to ensure that such destruction of data is complete.
(c) 撤資之後，字節跳動公司應當立即以書面形式向CFIUS提交聲明函，證明其已經銷毀本命令第2（b）(ii)節所要求的撤回投資有關的所有數據，以及這些數據的所有備份（無論存儲在何處）。同時，CFIUS被授權可以採取其認為必要的措施，對字節跳動公司進行審計，以確保數據銷毀已經完成。
(d) ByteDance shall not complete a sale or transfer under section 2(b) to any third party:
(d) 在下列情形下，字節跳動公司不得對本命令第2（b）節所規定的事項進行出售或者轉讓給任何第三方：
until ByteDance notifies CFIUS in writing of the intended recipient or buyer; and
在字節跳動公司書面通知CFIUS有意收購的接收人或者買家之前；
unless 10 business days have passed from the notification in section 2(d)(i) and CFIUS has not issued an objection to ByteDance. Among the factors CFIUS may consider in reviewing the proposed sale or transfer are whether the buyer or transferee: is a U.S. citizen or is owned by U.S. citizens; has or has had a direct or indirect contractual, financial, familial, employment, or other close and continuous relationship with ByteDance, or its officers, employees, or shareholders; and can demonstrate a willingness and ability to support compliance with this order. In addition, CFIUS may consider whether the proposed sale or transfer would threaten to impair the national security of the United States or undermine the purpose of this order, and whether the sale effectuates, to CFIUS’s satisfaction and in its discretion, a complete divestment of all tangible or intangible assets or property, wherever located, used to enable or support the operation of the TikTok application in the United States.
當字節跳動公司依據第2（d）(i)節的要求向CFIUS書面通知後，CFIUS在十個工作日內進行審查期間（提出反對意見，如有）。CFIUS在審查過程中，可以考慮潛在買家或者受讓人的如下因素：1）是否是美國公民或者為美國公民所擁有的實體；2）是否與字節跳動公司或者其管理人員、僱員或者股東存在或者已經存在直接或者間接的合同、財務、家族、僱傭或者其他密切或持續的關係；3）是否能證明其有意願、有能力支持遵守本命令。此外，CFIUS還可以考慮：1）擬採取的出售或轉讓是否構成可能損害/削弱美國國家安全的威脅行為或者削弱本命令效力的行為；2）根據CFIUS評估以及自由裁量，該出售行為是否屬於本命令第2（b）(i)節所規定的撤資行為。
(e) From the date of this order until ByteDance provides a certification of divestment to CFIUS pursuant to section2(b), ByteDance and TikTok Inc., a Delaware corporation, shall certify to CFIUS on a weekly basis that they are in compliance with this order and include a description of efforts to divest the interests and rights described in section 2(b) and a timeline for projected completion of remaining actions.
(e) 從本命令發布之日起至字節跳動公司依據第2（b ）節向CFIUS書面提交完成撤資聲明函，字節跳動公司和TikTok Inc.（一家在美國德拉瓦州註冊成立的股份公司）應當每周向CFIUS聲明其對本命令的遵守情況，同時提交其依據本命令第2（b）節要求進行撤資事宜的進展說明，以及預期完成撤資事宜剩餘步驟的具體時間表。
(f) Any transaction or other device entered into or employed for the purpose of, or with the effect of, evading or circumventing this order is prohibited.
(f) 逃避或者規避本命令的任何交易或者進行、試圖或者具有逃避、規避本命令效果的其他設備均被禁止。
(g) Without limitation on the exercise of authority by any agency under other provisions of law, and until such time as the divestment is completed and verified to the satisfaction of CFIUS, CFIUS is authorized to implement measures it deems necessary and appropriate to verify compliance with this order and to ensure that the operations of the TikTok application are carried out in such a manner as to ensure protection of the national security interests of the United States. Such measures may include the following: on reasonable notice to ByteDance and TikTok Inc., employees of the United States Government, as designated by CFIUS, shall be permitted access, for purposes of verifying compliance with this order, to all premises and facilities of ByteDance and TikTok Inc., and any of their respective subsidiaries, operated in furtherance of the TikTok application located in the United States:
(g) 在不妨礙其他行政機關依據其他法律規定履行職責的前提下，截至撤資已經完成並被CFIUS審核、證實之日止，CFIUS被授權可以採取其認為必須、適當的措施來核實本命令的遵守情況，並確保TikTok應用程式的運行按照保證美國國家安全利益的方式進行。前述措施可以包括如下方面：在合理通知字節跳動公司和TikTok Inc.的前提下，CFIUS指定的美國政府僱員應當被允許進入字節跳動公司和TikTok Inc.（以及其各自的涉及促進TikTok應用程式在美國業務運營的子公司）的任何在美國住所和設施，以便核實本命令的遵守情況：
to inspect and copy any books, ledgers, accounts, correspondence, memoranda, and other records and documents in the possession or under the control of ByteDance or TikTok Inc., or any of their respective subsidiaries, that concern any matter relating to this order;
檢查並複製任何會計帳簿、分類帳本、帳戶、通信、備忘錄，以及由字節跳動公司或者TikTok Inc.（或者其各自的涉及到本命令任何事項的子公司）所佔有或者控制的其他記錄和文件。
to inspect or audit any information systems, networks, hardware, software, data, communications, or property in the possession or under the control of ByteDance or TikTok Inc., or any of their respective subsidiaries; and
檢查或者審計由字節跳動公司或者TikTokInc.（或者其各自的子公司）所佔有或者控制的任何信息系統、網絡、硬體、軟體、數據、通信工具或者財產。
to interview officers, employees, or agents of ByteDance or TikTok Inc., or any of their respective subsidiaries, concerning any matter relating to this order. CFIUS shall conclude its verification procedures within 90 days after the certification of divestment is provided to CFIUS pursuant to subsection (b) of this section.
對字節跳動公司或者TikTokInc.（或者其各自的子公司）的管理人員、僱員或者代理人就本命令所涉及的任何事項進行訪談。CFIUS應當自收到本命令第2（b）節所規定的撤資聲明函之日起90天內完成其核查程序。
(h) If any provision of this order, or the application of any provision to any person or circumstances, is held to be invalid, the remainder of this order and the application of its other provisions to any other persons or circumstances shall not be affected thereby. If any provision of this order, or the application of any provision to any person of circumstances, is held to be invalid because of the lack of certain procedural requirements, the relevant executive branch officials shall implement those procedural requirements.
(h) 如果本命令的任何條款被認定無效，或者本命令的任何條款對某些人、某些場景並不適用，那麼本命令的其他剩餘條款以及對其他人、其他場景的適用不應受到影響。如果本命令的任何條款被認定無效，或者本命令的任何條款對某些人、某些場景不適用是由於欠缺相關程序要求所造成的，那麼相關的行政機構工作人員應當履行這些程序要求。
The Attorney General is authorized to take any steps necessary to enforce this order.
美國司法部長被授權採取任何需要的步驟來實施本命令。
Sec.3. Reservation. I hereby reserve my authority to issue further orders with respect to ByteDance, Musical.ly, Musical.ly in the United States, and TikTok Inc. as shall in my judgment be necessary to protect the national security.
第三節：權力保留。本人特此保留進一步發布關於字節跳動公司、Musical.ly、Musical.ly在美業務、TikTok Inc.的命令的權力。當需要保護美國國家安全的時候，本人將繼續發布更多的命令。
Sec.4. Publication and Transmittal. (a) This order shall be published in the Federal Register.
第四節：公告及傳送。（a）本命令應當在《聯邦紀事》上予以公告。
(b) I hereby direct the Secretary of the Treasury to transmit a copy of this order to the appropriate parties named in section 1 of this order.
(b) 本人特此命令美國財政部長將本命令的副本傳送給第一節中提到的各相關利害關係方。
[1]根據《開曼群島公司法》Cayman Islands Companies Law，公司類型包括五種：
居 民 公 司 Ordinary company
非居民公司 Ordinary Non-resident Company
豁 免 公 司 Exempted company
(豁免)有限期公司 (Exempted) Limited duration company
外 國 公 司 Foreign company