中国企业的国际化经营需求及能力不断提升，他们所面对的境外合规维度也日益多元、深度不断加剧。在此背景下，中国律师事务所正在持续提升境外合规领域的法律服务能力。
2023年以来，“出海”成为了中国企业在经营发展进程中最关心的话题。从早期简单的产品外销、境外资产并购，企业转为追求更深度的境外本地化运营，新一代“made-in-China”的全球化企业正在崛起。
任何企业在进入新市场时都不免遭遇审视，而在如今的地缘政治环境下，中国企业在境外面对的疑虑更为激烈，这对企业的境外合规能力提出了更大挑战。
君合律师事务所合伙人易芳律师指出，2018年“国家国资委发布关于央企的合规指引，紧随其后，七部委发布《企业境外经营合规管理指引》，在中国政府推动的背景下，“合规”话题开始进入企业视野，并很快便延展到了中国企业的境外经营领域。
“一方面，早期的‘一带一路’项目涉及大量央国企，尤其承接国际工程业务的大型建筑企业，他们在开展境外承包业务时面临了来自世界银行、亚洲开发银行等国际金融机构的合规调查所引发的合规整改需求；另一方面，近年中国企业加速出海，出海过程中需要符合东道国、目标市场的准入和各种合规要求，同时应对欧美国家海外执法的管辖，产生了另一类合规需求。”易律师介绍道。
中伦律师事务所合伙人刘相文律师指出，2017年美国前总统特朗普就任后，境外合规问题开始集中进入中国企业视野，并伴随着中美全方位开展大国博弈而延伸到不同行业和不同合规领域。
而近期，尤其是“2023年下半年以来，以新能源为代表的中国优势产业加速出海，给欧美同行带来了很大的产业竞争压力，欧美政府因此在经济制裁、出口管制、反海外腐败、国家安全审查、反补贴、数据合规等领域全面加强了有针对性的立法、调查及执法，中国企业的合规关切再度升级”。
“预计在未来5-10年，境外强监管将成为中国企业面对的常态化趋势，这对中国企业提出了更严格的境外合规要求。”刘律师坦言。
与此同时，合规概念延展到境外，维度变得更复杂起来。易芳律师解释道：“跨境合规是一个立体概念，合规维度至少包括以下方面：遵守母国的对外投资规定；东道国的法律规定；国际公约和标准化组织的规定；欧美运用“长臂管辖”开展的贸易海外执法规定；行业层面的行业准则、行业规范、行业惯例。企业内部层面的企业章程和规章制度，甚至人权、道德伦理规定等，内容非常复杂，且不同的合规要求之间还可能存在冲突。”
刘相文律师也表示，“境外合规实际上是一个全面大合规的概念”，需要律师从中国政府监管政策和规定、东道国法律法规、国际法规则和惯例等方面，为企业展开全面梳理。
正是基于这样的宽泛性和冲突性，易律师介绍道，每个企业搭建跨境合规体系必然有不同的 “合规场景“，即根据企业的业务经营需要搭建不同场景的合规管理体系，常见的包括ESG合规、供应链安全、出口海关管制、应对欧美贸易救济背景下的合规、跨境劳动用工、商业秘密和竞业禁止、知识产权、财务内控、境外投资反腐败合规、上市监管、数字合规等合规场景”。
“实践中，企业会根据自身所在行业、业务经营状况、业务模式等，选择上述3-5个领域搭建合规管理体系。”她说。
另一个热门的概念则是“合规水位”。通商律师事务所合伙人沈军律师解释道，近年中国企业在境外遭遇巨额监管处罚事件频发，例如小米集团在印度因涉嫌违反《外汇管理法》或被没收约48亿元人民币；TikTok三家公司因内容检查不充分被意大利反垄断机构处以1000万欧元罚款；拼多多子公司Temu因遭欧洲消费者组织控诉面临母公司全球年营业额6%的巨额罚款等，“无不说明中国企业出海要关心出海目的地的监管与执法力度‘水位’，以更好评估出海目的地的选择以及自身合规体系的完善”。
重点服务内容
易芳律师重点服务于国际承包商、能源及新能源上下游产业链企业，以及部分新能源汽车企业的出海业务，她指出，根据企业需求不同，律师提供的境外合规服务内容也有差异。
一类需求被她称为“主动合规”，指的是企业结合国际业务战略布局，主动搭建跨境合规管理体系，律师所做的，主要是根据上述提及的合规场景，同时保障覆盖企业国际业务开展的全部区域，“把合规管理体系搭建起来，并展开国际认证”。
最近几年，刘相文律师带领中伦全球合规业务团队，为金融、电力、石油化工、新能源、电信、航空航天、建设工程、国际贸易、食品等十分多元的产业客户提供合规服务，其中建立和完善境外合规管理体系是他和团队的重点服务内容。
他以近期负责的中电国际项目为例，“中电国际是国电投集团旗下的海外发展平台，我们协助公司在2022、2023年完成了境外合规管理体系建设工作，并且通过ISO37301和国标35770双认证，使之成为境外投资领域第一家获得境外合规管理体系双标认证的公司”。
刘律师特别提示了获得合规认证的重要性：“目前很多企业还不重视这一点。合规认证就像一张名片，能够清晰地展示企业对合规的重视程度，以及已经实现的合规高度。”
沈军律师也很赞同这点：“实践中已经形成了取得ISO 37301、GB/T 35770等合规认证可以促进、证明企业合规管理体系有效运行的共识。”沈律师指出，此前，企业更关注是否有落于纸面的合规体系设计，即“静态监管”，而认证能够一定程度帮助企业向“动态监管”转变，即“使搭建的合规体系融入动态管理，使合规成为企业开展业务的方式，形成从风险识别、风险分析、风险评价、风险应对到监督监察的程序闭环”。
与此同时，企业的另一类境外合规需求被易芳律师称为“被动合规”，其中重要的一类就是企业通过应对多边金融机构——主要是世界银行、亚洲开发银行等合规调查所展开的行动。
易律师解释道，以她服务的国际承包商为例，如果所参与的海外基建项目使用了世行、亚行的贷款援助或出资，就要面对非常严格的合规要求。“一旦多边金融机构认为企业在提交投标文件、项目进展等过程中存在不恰当行为，就会面临合规调查、要求企业整改，并可能受到制裁。在此情况下，律师要协助公司开展独立有效的内部合规调查，采取一系列合规补救措施，协助应对银行的多轮询问，其中的合规补救措施就是协助公司进一步完善已有合规管理制度体系，以达成和解、避免最终制裁，相当于在被动状态下完成和完善内部合规管理体系”。
在此领域，刘相文律师也带领团队完成过十分出色的项目，例如，协助一家浙江的水利工程企业应对世行相关的调查及制裁。“世行对该企业及其境内外分子公司的基准制裁期最长为九年，通过我们的内部调查、抗辩、谈判和解，最终将制裁期缩减到两年，随后我们在两年内帮助企业及境内外分子公司建成了全面合规体系，并通过世行及其任命的监管人验收，最终帮助企业及境内分子公司实现制裁解禁。”
谈到深度服务的行业领域，沈军律师告诉ALB，他和团队近年特别关注于汽车产业出海服务，以及传统制造业、互联网、电商、消费品、医疗、教育、娱乐等产业客户的出海数据合规需求。由于中国上述产业的境外发展格外受到关注，他们也持续协助客户面对新挑战、精深自身服务能力。
“在汽车产业领域，我们尤其在俄罗斯和阿尔及利亚市场为众多知名汽车厂商提供了精准有效的合规支持。在近期一个知名汽车制造商出海项目中，我们通过详尽的尽职调查为客户量身定制了出海合规方案，随后的服务不仅涵盖境外审批手续的协助办理和项目交割的支持，还提供了企业运营相关的法律支持，帮助客户成功进入了海外市场。”他介绍道。
而在数据合规领域，“我们团队为一家互联网公司成功搭建了东南亚市场的数据合规体系，不仅确保产品从源头符合数据合规要求，还提供了营销合规的整体意见，为客户在东南亚市场的成功奠定了基础”，沈律师说。
值得关注的话题
下一步，在协助更多中国企业建立、巩固境外合规能力之外，律师们也指出了境外合规及相关服务领域值得关注的新趋势。
基于大国博弈形势的持续白热化，刘相文律师预判未来中国企业面临的新型境外合规问题会“层出不穷”，包括涉伊问题、人权问题等，“中国企业需要愈发谨慎，重视境外合规”。
他特别提醒到，海外交易中，原来只聘请交易、融资律师的做法不再可取，“一定要同时配备合规、风控律师。尤其是在涉及敏感国家（地区）的项目中，需要中国合规律师全面保驾护航，深入梳理交易和融资模式、产业链等，以保障海外交易项目稳健运行”。
易芳律师指出：“一方面，我们观察到欧美市场的跨境合规的颗粒度越来越细，一些出海热点区域，例如东南亚、一带一路沿线国家，其合规执法力度也在明显加大。”
另一方面，一些新合规议题的重要性不断上升，最典型的就是ESG合规。“例如我们协助新能源项目进入东道国，投资方对于东道国环境保护义务的遵守并不仅仅局限于项目前期阶段，而是贯穿于项目开发、建设、运营的全生命周期。同时新能源项目的环境合规治理方面关注议题也在不断拓宽中，这些重要议题不仅包括项目开发过程中对当地生态的影响、采取措施进行保护和恢复，例如对水资源和水环境的利用与保护、对土地资源的利用与保护，还包括对生物多样性和生态系统的保护、对当地原住民文化的关注等，在运营期也要确保运营过程中的排放和污染控制在当地法律法规允许的范围内等。
易律师说，目前境外合规服务的一大挑战在于，出海企业一旦在东道国落地运营、逐渐了解本地法律服务市场，便倾向于节省成本，后续选择当地法律顾问完成本地化经营中涉及的合规服务。但她提醒道：“本地化经营一定是全球化经营的组成部分，需要一家来自企业所在母国、全盘了解企业经营目标的律所提供一体化的贯穿企业整个投资生命周期的整合性服务，期间虽然需要当地法律顾问的专业协助，但整合性的法律服务一定要有，且应该由中国律师来完成这个整合，否则不同法域的法律顾问提供的合规建议可能是完全割裂的。我们期待市场能够愈发认同这一理念。”
易律师观察到，她所服务的一些企业虽然总部并非位于中国一线城市，但由于已经成长到其所在行业的全球市场龙头地位，“他们的国际视野、全球化布局意识是非常开阔的，内部从法务到商务人员的配备也在国际化层面实现了很大提升”。
“在目前的地缘政治情况下，中国企业出海的窗口期并不长，只有那些具备快速进行全球化布局和真正本土化经营能力的企业才能生存下来，而这些企业在境外合规能力等方面一定是走在前列的。”易律师说。
NAVIGATING COMPLIANCE COMPLEXITIES
The international business operations of Chinese enterprises are constantly evolving, and the scope of overseas compliance they must navigate is becoming more diverse and complex. In response, Chinese law firms are steadily enhancing their expertise and capabilities in providing legal services related to overseas compliance.
Since last year, "going global" has become the most discussed topic among Chinese companies in their business development. Companies have shifted from simple product exports and overseas asset mergers and acquisitions to pursuing more in-depth, localized operations overseas. A new generation of global companies that are "made-in-China" is emerging.
Any company attempting to enter a new market will inevitably face scrutiny. In today's geopolitical environment, Chinese companies are facing increased questioning abroad, posing a greater challenge to their overseas compliance capabilities.
According to Yi Fang, partner at JunHe, since its appearance in corporate lingo in 2018, "compliance" has quickly extended to the field of overseas operations.
Liu Xiangwen, partner at Zhong Lun Law Firm, says that overseas compliance issues began to appear on Chinese companies' radar after former U.S. President Trump took office in 2017. With China and the US engaged in an all-encompassing great power rivalry, these issues have now extended to various industries and compliance areas.
Since the latter half of 2023, China's advantageous industries, particularly in new energy, have accelerated their pace of overseas exports. This has created significant pressure on relevant industries within Europe and the US. In response, these regions have intensified regulatory investigations and law enforcement, further escalating corporate compliance concerns, says Liu.
"It is expected that in the next five to ten years, tightened overseas regulation will become the norm facing Chinese companies, which will raise higher overseas compliance requirements on them," Liu adds.
Meanwhile, with the concept of compliance extending overseas, its dimensions have become more complex. "Overseas compliance is a multifaceted concept, encompassing at least the following dimensions: adherence to the outbound investment regulations of the home country; compliance with the host country's legal requirements; observance of international conventions and standards set by standardization organizations; adherence to trade and overseas enforcement regulations enforced through ‘long-arm jurisdiction’ by the US and Europe; industry-specific guidelines, standards, and practices. Additionally, it includes internal corporate bylaws and regulations, and even human rights and ethical standards. The content is extremely complex, and there may be conflicts among different compliance requirements." explains Yi.
Based on this broad scope and potential conflicts, Yi explains that each company must establish a unique "compliance scenario" when building a cross-border compliance system. This means creating different compliance management systems tailored to the company's operational needs. Common compliance scenarios include ESG compliance, supply chain security, export customs control, compliance in the context of US and European trade remedies, cross-border labor management, protection of trade secrets and non-compete agreements, intellectual property, internal financial controls, anti-corruption compliance for overseas investments, regulatory compliance for listing, and digital compliance, among others.
"In practice, a company usually chooses three to five areas from the above to build its compliance management frameworks based on its industry, business operating conditions, business model, etc."
KEY SERVICES
Yi focuses primarily on serving international contractors, companies in the upstream and downstream sectors of the energy and new energy industries, as well as certain electric vehicle enterprises expanding abroad. She notes that the content of overseas compliance services provided by lawyers varies according to the specific needs of the enterprises.
One type of demand, referred to by her as "proactive compliance," involves companies actively building a cross-border compliance management system in line with their international business strategic layout. The role of the lawyer is primarily to ensure that the compliance scenarios mentioned above are addressed, while also covering all regions where the company conducts international business. This includes establishing the compliance management system and pursuing international certification.
Over the past few years, Liu has led Zhong Lun's global compliance team to provide compliance services for clients in a wide range of industries. Specifically, building overseas compliance management frameworks for enterprises is also a key service provided by him and his team.
Liu gives the example of the China Power International Development project which he has recently advised on. "We assisted the company to complete the development of its overseas compliance management framework in 2022 and 2023 and pass ISO37301 and GB 35770 dual certification."
Liu highlights the importance of obtaining compliance certification. "Compliance certification is like a name card which can clearly show the level of compliance a company has already achieved."
Meanwhile, another type of overseas compliance needs is what Yi calls "passive compliance", which mainly refers to the responses taken by enterprises to compliance investigations launched by multilateral financial institutions.
Yi explains that, for example, international contractors she serves must meet very stringent compliance requirements if their overseas infrastructure projects are funded by loans or aid from the World Bank or the Asian Development Bank. "If multilateral financial institutions believe that a company has engaged in inappropriate behavior during the submission of bid documents or project progress, it will face a compliance investigation, be required to make corrections, and possibly face sanctions. In such cases, lawyers must assist the company in conducting an independent and effective internal compliance investigation, implement a series of remedial compliance measures, and help respond to multiple inquiries from the bank. These remedial compliance measures include assisting the company in further improving its existing compliance management system to achieve a settlement and avoid final sanctions. This effectively means completing and perfecting the internal compliance management system in a passive state."
Liu has also led his team to successfully complete projects in this regard, such as assisting a Zhejiang-based company in water conservancy engineering to respond to relevant sanction investigations. "The World Bank originally planned to impose a nine-year sanction on the company. However, through our work of response, negotiation, investigation and communication, the sanction period was reduced to two years. Thereafter, we helped the company establish a comprehensive compliance framework within two years and pass the World Bank's inspection, and the ban was completely lifted."
AREAS TO WATCH
Given the continued intensification of great power rivalry, Liu predicts that new overseas compliance issues faced by Chinese companies are likely to "emerge one after another", including issues related to Iran, human rights issues, etc. "Chinese companies need to be more alert and attach more importance to overseas compliance".
In particular, he says that in overseas transactions, the old approach of merely hiring transactional and financing lawyers is no longer advisable. "Clients must have compliance and risk control lawyers at the same time. Especially in projects involving sensitive countries, Chinese lawyers are needed to provide support throughout the project cycle, and to reorganize transaction and financing models, industrial chains, etc. so as to ensure the smooth running of the projects."
"On the one hand, we have observed that the granularity of cross-border compliance in the European and US markets is becoming increasingly detailed. Additionally, some key regions for overseas expansion, such as Southeast Asia and BRI countries, are also significantly intensifying their compliance enforcement efforts. ," says Yi.
On the other hand, the importance of some new compliance issues continues to rise, the most typical being ESG compliance.
Yi notes that one major challenge in providing overseas compliance services is that once companies begin operations in host countries and gradually become familiar with the local legal market, they tend to reduce costs by choosing local legal advisors for compliance services related to localized operations. However, she emphasizes, "Localized operations must be part of a global strategy, requiring a law firm from the company's home country that fully understands the company's business goals to provide integrated services throughout the entire investment lifecycle. While local legal advisors' expertise is necessary during this process, integrated legal services must be in place and should be handled by Chinese lawyers. Otherwise, the compliance advice provided by legal advisors from different jurisdictions might be completely disconnected. We hope the market will increasingly recognize this approach."
Yi observes that some of the companies she serves, even though their headquarters are not located in China's first-tier cities, have grown to become global market leaders in their respective industries. "Their international perspective and awareness of global strategic layout are very broad, and their internal staffing, from legal to business personnel, has seen significant improvements on an international level," she notes.
"Given the current geopolitical situation, the window of opportunity for Chinese companies to expand abroad is limited. Only those companies capable of quickly establishing a global presence and achieving genuine localized operations will survive. These companies are certainly at the forefront in terms of overseas compliance capabilities," says Yi.
