提起挪威，很多人首先想到的是三文鱼和足球明星哈兰德。但挪威的“家底”远不止于此：2025年，挪威海产品出口额创下1,815亿挪威克朗的历史新高；挪威是欧盟最大的天然气供应国，2025年供应了欧盟约31%的进口天然气；在新能源领域，挪威2025年新车销量中纯电动车占比高达95.9%，位居全球首位。加之政局稳定、法治成熟，挪威一直是外国投资者关注的投资目的地。

Mention Norway, and most people think of salmon and Erling Haaland. But Norway has much more to offer. In 2025, its seafood exports reached a record NOK 181.5 billion; it was the EU’s largest supplier of natural gas, accounting for around 31% of EU gas imports; and fully electric cars made up 95.9% of new car sales, the highest share in the world. Combined with political stability and a mature legal system, this has long made Norway an attractive destination for foreign investors.

从外商投资存量来看，根据挪威统计局（SSB）的初步统计，截至2024年底，外国直接投资在挪威的存量约为1.84万亿挪威克朗。按最终投资者所在国划分，美国、瑞典和英国位居前三，分别约占18%、14%和9%；按行业划分，金融保险业吸收的外资最多，其次为制造业和信息通信业。中国企业投资挪威起步较早：2011年，中国化工集团旗下的蓝星集团以约20亿美元收购了挪威硅材料企业埃肯（Elkem）；近年来，比亚迪等中国汽车品牌也加速进入挪威市场，2025年中国品牌在挪威新车销量中的占比已升至13.7%。

In terms of FDI stock, preliminary figures from Statistics Norway (SSB) show that inward foreign direct investment in Norway amounted to approximately NOK 1,840 billion at the end of 2024. By ultimate investor country, the United States, Sweden and the United Kingdom ranked as the top three, accounting for approximately 18%, 14% and 9% respectively. By industry, finance and insurance attracted the most foreign investment, followed by manufacturing and information and communication. Chinese investment in Norway started relatively early: in 2011, China National Bluestar, a subsidiary of ChemChina, acquired the Norwegian silicon materials company Elkem for around USD 2 billion. More recently, Chinese car brands such as BYD have expanded rapidly in Norway, with their share of new car sales rising to 13.7% in 2025.

本文将介绍挪威外商投资安全审查的法律框架及政府介入交易的情形，包括挪威作为欧洲经济区（EEA）成员而非欧盟成员的特殊地位、现行审查规则及已通过但尚未生效的法律、欧盟新条例的影响，并结合劳斯莱斯旗下的卑尔根发动机公司（Bergen Engines）出售案提出实务建议。

This article outlines the legal framework for FDI screening in Norway and the circumstances in which the Norwegian Government may intervene in a transaction. It covers Norway’s position as an EEA State outside the EU, the current screening rules and the amendments that have been adopted but are not yet in force, and the impact of the new EU Regulation, and it offers practical recommendations with reference to the sale of Bergen Engines, then a Rolls-Royce subsidiary.

（一）欧盟层面

2.1 The EU level

外资审查通常需要在经济开放与国家安全、公共秩序之间取得平衡。欧盟多数成员国已建立本国的外资审查机制，但各国规则差异较大。在欧盟层面，（EU）2019/452号条例建立了成员国之间的合作与信息交换机制：成员国可就他国境内的投资交换信息、提出意见，欧盟委员会亦可发表意见，但审批决定权始终在投资所在国。该条例并未强制要求成员国建立审查机制。

FDI screening generally needs to strike a balance between economic openness and the protection of national security and public order. Most EU Member States have introduced their own screening mechanisms, but the rules differ considerably. At the EU level, Regulation (EU) 2019/452 established a framework for cooperation and information sharing: Member States may exchange information and comment on investments in other Member States, and the European Commission may issue opinions, but the final decision always remains with the Member State where the investment takes place. The Regulation did not require Member States to have a screening mechanism.

（二）挪威：EEA成员，但不适用欧盟外资审查规则

2.2 Norway: an EEA State to which the EU screening rules do not apply

需说明的是，挪威并非欧盟成员国。挪威曾于1972年和1994年两次就加入欧洲共同体/欧盟举行全民公投，均未获通过。目前，挪威通过《欧洲经济区协议》（EEA协议）与冰岛、列支敦士登一同参与欧盟内部市场，适用货物、服务、人员和资本自由流动规则，但并不具有欧盟成员国的法律地位。欧盟外资审查规则不属于EEA协议的范围，因此不直接适用于挪威。

It should be noted that Norway is not a member of the EU: Norwegian voters rejected membership of the European Communities/EU in referendums in 1972 and 1994. Instead, through the EEA Agreement, Norway participates in the EU’s internal market together with Iceland and Liechtenstein and is bound by the free movement of goods, services, persons and capital, but it does not have the legal status of an EU Member State. The EU FDI screening rules are not part of the EEA Agreement and therefore do not apply directly in Norway.

挪威可以自行决定是否适用欧盟规则，但须遵守EEA协议下的资本自由流动原则，对外资的限制须有正当理由（如公共安全）并符合比例原则。目前挪威尚未引入欧盟的外资审查框架，而是依托本国立法开展审查。随着欧盟（EU）2026/1386号外资审查条例（下称“欧盟新条例”）将于2028年1月17日起适用，挪威国内也在积极讨论关于完善外资审查的立法。

Norway may decide for itself whether to apply the EU rules, but it must respect the EEA free movement of capital: any restriction on foreign investment must be justified, for example on public security grounds, and must be proportionate. Norway has so far not adopted the EU screening framework and relies on its own legislation. With Regulation (EU) 2026/1386 (the “new EU Regulation”) applying from 17 January 2028, reform of Norway’s own screening legislation is being actively discussed.

2022年，挪威政府成立投资控制委员会，评估是否需要建立更全面的外资审查制度。该委员会于2023年发布挪威官方报告（Norges offentlige utredninger，简称“NOU”）第2023:28号《投资控制》（Investeringskontroll，下称“NOU 2023:28报告”）。NOU是挪威政府委托专门委员会就立法或政策问题出具的研究报告，本身不具有法律约束力，但通常是后续修法的基础。该报告建议建立更全面、清晰、统一的外资审查制度，但该建议至今未获落实。另一方面，挪威议会于2023年6月通过了《国家安全法》（下称“《安全法》”）的修正案，但其核心条款至今仍未生效。立法层面的不确定性，给投资者和跨境投资律师的判断都造成了一定困难。

In 2022, the Norwegian Government appointed the Investment Control Committee to assess the need for a broader screening regime. In 2023 the Committee published Norwegian Official Report (Norges offentlige utredninger, “NOU”) 2023:28 Investeringskontroll (“NOU 2023:28”). An NOU is a study commissioned by the Government from an expert committee on a legislative or policy issue; it is not legally binding but usually forms the basis for later legislation. The report recommended a broader, clearer and more consistent screening regime, but the recommendations have not yet been implemented. Separately, Parliament adopted amendments to the Act relating to National Security (the “Security Act”) in June 2023, but the key provisions have still not entered into force. This legislative uncertainty causes difficulties for both investors and cross-border investment lawyers.

挪威目前没有专门的外资审查立法，外资审查主要依据上文提到的《安全法》。其中，第10章规定申报门槛和义务；第2-5条作为兜底条款，授权政府对可能危害国家安全的活动进行干预。

Norway has no dedicated FDI screening act. Screening is mainly based on the Security Act mentioned above. Chapter 10 sets out the notification thresholds and obligations, while section 2-5 is a safety valve that allows the Government to intervene against activities that may threaten national security.

（一）申报义务：三项条件同时满足即须申报

3.1 The duty to notify: three conditions

根据《安全法》第10-1条，针对同时满足以下三项条件的收购，收购方应向主管部门申报。

Under section 10-1 of the Security Act, the acquirer shall notify the competent ministry of any acquisition that meets all three of the following conditions.

1. 收购标的为“被指定企业”

(1) The target of the acquisition is a “designated undertaking”

即经政府主管部门依《安全法》第1-3条作出决定、纳入该法适用范围的企业（下称“被指定企业”）。作出决定的是对该企业所在领域负有主管职责的政府部门（如司法与公共安全部、国防部等），各部门在本部门职责范围内作出指定决定；企业不属于任何部门职责范围的，由挪威国家安全局（NSM）负责。被指定企业分为两类：

This means an undertaking that the competent ministry has made subject to the Act by an individual decision under section 1-3 (a “designated undertaking”). The decision is taken by the ministry responsible for the sector in which the undertaking operates (for example the Ministry of Justice and Public Security or the Ministry of Defence), each within its own area of responsibility; where the undertaking falls outside any ministry’s area of responsibility, the Norwegian National Security Authority (NSM) is responsible. There are two categories of designated undertakings:

（1）对基本国家职能具有决定性重要性的企业，可被指定全部或部分适用《安全法》，主要包括：处理涉密信息的企业；控制对基本国家职能至关重要的信息、信息系统、物体或基础设施的企业；以及从事对基本国家职能至关重要的活动的企业；

(a) undertakings of vital importance to fundamental national functions, which may be made wholly or partly subject to the Act, mainly undertakings that handle classified information, control information, information systems, objects or infrastructure of vital importance to fundamental national functions, or engage in activities of vital importance to such functions; and

（2）对基本国家职能具有重大重要性的企业。这类企业的重要性程度低于前一类，可仅被指定适用第10章的所有权控制规则，从而扩大了被指定企业的范围。

(b) undertakings of substantial importance to fundamental national functions. These are less critical than the first category and may be made subject only to the ownership control rules in Chapter 10, which widens the range of designated undertakings.

被指定企业的名单不对外公开。根据NOU 2023:28报告的估计，被指定企业约为55至65家。需要注意的是，名单范围较窄，只是就第10章的强制申报而言：

The list of designated undertakings is not public. NOU 2023:28 estimates that there are around 55–65 designated undertakings. It should be noted that the list is narrow only for the purposes of mandatory notification under Chapter 10:

（1）收购被指定企业的母公司或其他上层持股主体，从而间接取得合格持股的，同样须申报；但被指定企业的子公司、兄弟公司等关联方，并不因关联关系当然落入名单，除非其本身也被指定；

(a) acquiring the parent company or another upstream holding entity of a designated undertaking, and thereby indirectly obtaining a qualified ownership interest, also triggers notification; however, affiliates of a designated undertaking, such as its subsidiaries or sister companies, are not covered merely because of the affiliation unless they are designated themselves;

（2）对于标的不属于被指定企业的交易，现行《安全法》未设专门的自愿申报程序，但政府仍可依第2-5条介入（详见下文第（四）部分及Bergen Engines案）。对于涉及敏感领域的交易，实践中可考虑事先与相关主管部门沟通；以及

(b) for transactions where the target is not a designated undertaking, the current Security Act provides no specific voluntary notification procedure, but the Government may still intervene under section 2-5 (see part (4) below and the Bergen Engines case). For transactions in sensitive areas, early contact with the relevant ministry may be considered in practice; and

（3）油气、水电、渔业、金融等行业另有法律规定其准入审批规则。

(c) sectors such as petroleum, hydropower, fisheries and finance are subject to their own statutory approval rules.

因此，虽然强制申报的范围仅限于数十家被指定企业，但政府可介入的交易范围要宽得多。投资者仅凭公开信息，往往难以判断标的是否属于被指定企业。

In short, although mandatory notification is limited to a few dozen designated undertakings, the range of transactions in which the Government may intervene is much wider. From public information alone, it is often hard for an investor to tell whether the target is a designated undertaking.

2. 收购方取得“合格持股”

(2) The acquirer obtains a “qualified ownership interest”

根据第10-1条第2款，收购直接或间接使投资者取得下列任一权益的，即构成“合格持股”：

Under section 10-1 second paragraph, an acquisition constitutes a qualified ownership interest if it directly or indirectly gives the investor any of the following:

（1）三分之一以上的股本、所有权权益或表决权；

(a) at least one-third of the share capital, ownership interests or voting rights;

（2）取得三分之一以上股本或所有权权益的权利；

(b) the right to acquire at least one-third of the share capital or ownership interests; or

（3）以其他方式对企业经营管理施加重大影响。

(c) significant influence over the management of the undertaking by other means.

其中第（3）项没有持股比例要求。即使持股未达到三分之一，如通过协议安排等方式取得重大影响，也可能触发申报，具体由主管部门结合个案情况综合判断。

Item (c) has no percentage threshold. Even below one-third, an investor that obtains significant influence, for example through contractual arrangements, may have to notify. The ministry decides this based on an overall assessment of the circumstances.

3. 申报主体为收购方，不区分国籍

(3) The acquirer must notify, regardless of nationality

第10-1条规定“任何人”均负有申报义务，挪威本国投资者亦不例外；根据立法准备文件，收购方是否来自欧盟或EEA国家，也不影响申报义务。但投资者的国籍、股权结构及其与外国政府的关联，会影响主管部门的安全评估。现行规则下仅收购方负有申报义务，卖方即使知道标的属于被指定企业，也没有法定义务告知买方或向主管部门申报。

Section 10-1 applies to “any person”, including Norwegian investors, and according to the preparatory works it makes no difference whether the acquirer is from another EU or EEA country. However, the investor’s nationality, ownership structure and links to foreign states may affect the competent ministry’s security assessment. Under the current rules only the acquirer must notify; even if the seller knows that the target is a designated undertaking, it has no statutory duty to inform the buyer or the competent ministry.

实务中，我们建议投资者要求卖方和标的公司书面确认标的是否为被指定企业（即是否收到过主管部门的指定决定），并将该确认作为陈述与保证写入交易文件。

In practice, we recommend that investors ask the seller and the target to confirm in writing whether the target is a designated undertaking (i.e. whether it has received a designation decision from the competent ministry), and include this confirmation as a warranty in the transaction documents.

（二）审查程序与时限

3.2 Review procedure and timeline

主管部门应在收到申报后60个工作日内，告知申报人是否批准收购，或将案件提交国王会同内阁（King in Council，即挪威政府）决定；主管部门要求补充材料的，期限中止计算。案件提交国王会同内阁后，没有法定的决定期限。

Within 60 working days of receiving the notification, the ministry must inform the notifying party whether the acquisition is approved, or refer the case to the King in Council (the Government) for a decision. The deadline is suspended if the ministry requests further information. Once a case has been referred to the King in Council, there is no fixed deadline for the decision.

根据第10-3条，即使交易协议已经签署，挪威政府仍可禁止收购或附加条件。现行法虽未明确规定交割前等待义务，但买方在获批前交割，须自行承担交易被叫停的风险。

Under section 10-3, the Government may block the acquisition or impose conditions even if the agreement has already been signed. The current rules contain no express standstill obligation, but a buyer who completes before clearance bears the risk of the transaction being blocked.

（三）不动产收购

3.3 Acquisitions of real property

现行法下，投资者直接购买不动产无需申报。《安全法》第7-6条仅要求受保护设施的运营方识别周边可能被用于危害安全活动的不动产，并在自身安全措施无法充分降低风险时向主管机关报告。该条并未建立针对不动产交易的审查程序，但相关交易如对国家安全利益构成“并非微不足道的风险”，政府可依《安全法》第2-5条介入。

Under the current rules, direct acquisitions of real property by investors need not be notified. Section 7-6 only requires the undertaking responsible for a protected object or infrastructure to identify nearby properties that could facilitate security-threatening activities, and to notify the competent authority where the risk cannot be mitigated through its own security measures. It does not create a screening procedure for property transactions, but the Government may intervene under section 2-5 of the Security Act where a transaction entails a not insignificant risk to national security interests.

（四）第二章第2-5条：兜底条款

3.4 Section 2-5 (Chapter 2): the safety valve

《安全法》第二章第2-5条授权国王会同内阁采取必要措施，防止危害安全的活动，或可能对国家安全利益构成“并非微不足道风险”的已计划或正在进行的活动，即使该活动根据其他法律或决定是被允许的。与第10章不同，第2-5条的适用不以标的属于被指定企业为前提，即无论标的是否在名单之内，政府均可介入；同时，第2-5条也没有申报程序和固定期限，属于例外性的保障措施，而非常规审查机制。

Section 2-5 in Chapter 2 of the Security Act authorises the King in Council to take the measures needed to prevent security-threatening activities, or other planned or ongoing activities that may entail a not insignificant risk to national security interests, even if the activity is permitted under other laws or decisions. Unlike Chapter 10, section 2-5 does not require the target to be a designated undertaking: the Government may intervene whether or not the target is on the list. It also has no notification procedure or fixed deadlines, and is an exceptional safeguard rather than an ordinary screening mechanism.

（五）《安全法》2023年修正案：已通过，核心条款尚未生效

3.5 The 2023 amendments to the Security Act: adopted, but key provisions not yet in force

2023年6月，挪威议会通过《安全法》修正案（2023年6月20日第77号法律），将大幅收紧申报门槛。目前仅部分条款已于2023年7月1日生效，即主管部门可将对基本国家职能具有重大重要性的企业指定为仅适用第10章的被指定企业，从而扩大了需要申报的标的范围；其余核心条款尚未生效，生效时间也未确定。修正案生效前后的主要变化如下：

In June 2023, Parliament adopted amendments to the Security Act (Act of 20 June 2023 No. 77) that will significantly tighten the notification thresholds. Only some provisions entered into force on 1 July 2023, namely the power of the ministries to designate undertakings of substantial importance to fundamental national functions for the purposes of Chapter 10 only, which widens the range of targets that must be notified. The key provisions have not yet entered into force, and no date has been set. The main changes are as follows:

目前而言，收购交易仍适用三分之一控制权的申报门槛、仅由收购方申报，但投资者应在签约前核实修正案的最新进展，并在后续交易安排和计划中做好预案。

For now, acquisitions are still subject to the one-third control threshold and acquirer-only notification. However, investors should check the latest status of the amendments before signing and prepare contingency plans for future transactions.

欧盟新条例已于2026年6月26日在《欧盟官方公报》公布，2026年7月16日生效，将于2028年1月17日起全面适用。欧盟新条例要求所有成员国建立外资审查机制，并设定统一的最低标准，但审批决定权仍在各成员国。欧盟新条例反映了欧盟对供应链依赖、战略技术和关键原材料的关注，各国可以在最低标准之上从严规定，形成“协调一致，但并非完全统一”的格局。

The new EU Regulation was published in the Official Journal on 26 June 2026, entered into force on 16 July 2026 and will apply in full from 17 January 2028. It requires all Member States to have a screening mechanism and sets common minimum standards, while the decision on each transaction remains with the Member State. It reflects growing concern about dependence on foreign suppliers, strategic technologies and critical raw materials. Member States may go beyond the minimum standards, resulting in a system that is “harmonised, but not uniform”.

欧盟新条例不适用于挪威，挪威也不参与欧盟的审查合作机制。但欧盟新条例仍可能间接影响挪威交易：例如标的公司在欧盟成员国设有子公司或资产的，可能需要在相关成员国申报；非欧盟投资者通过欧盟控股公司进行收购的，也在欧盟新条例的覆盖范围之内。

The new EU Regulation does not apply in Norway, and Norway does not take part in the EU cooperation mechanism. It may nevertheless affect Norwegian deals: for example, where the target has subsidiaries or assets in EU Member States, filings may be required there; and acquisitions by non-EU investors through an EU holding company are also covered by the new EU Regulation.

（一）尽早分析申报义务和政府介入风险

5.1 Analyse the duty to notify and the risk of intervention early

投资者应在交易初期评估交易是否触发现行规则下的申报义务，以及政府依职权介入的可能性。是否需要申报，卖方通常更清楚，买方应通过尽职调查和卖方书面确认，降低信息不对称带来的风险。

Investors should assess at an early stage whether the transaction triggers a duty to notify under the current rules and whether the Government may intervene on its own initiative. The seller usually knows better whether notification is required, so the buyer should reduce the information gap through due diligence and written confirmation from the seller.

（二）关注投资者自身背景

5.2 Consider the investor’s own profile

《安全法》同时适用于直接和间接收购，主管部门可能穿透审查投资者的股权和控制结构，直至最终受益所有人（UBO）。具有国资背景或与政府存在关联的投资者，应提前准备应对主管部门问询。

The Security Act applies to both direct and indirect acquisitions, and the competent ministry may look through the investor’s ownership and control structure to the ultimate beneficial owner (UBO). Investors with state ownership or other links to governments should prepare early for questions from the competent ministry.

（三）同步核查行业准入规则

5.3 Check sector-specific rules in parallel

除《安全法》外，部分行业另有审批或持股限制，例如石油许可证权益转让、水电资源（《工业许可法》）、渔船所有权（《渔业参与法》）、养殖许可证以及金融机构的合格持股等，均需要关注特定行业的准入规则。上述规则应与《安全法》同步核查。

In addition to the Security Act, several sectors have their own approval or ownership restrictions, for example transfers of petroleum licence interests, hydropower resources (Industrial Licensing Act), ownership of fishing vessels (Participation Act), aquaculture licences and qualifying holdings in financial institutions. In each case, the sector-specific entry rules must be considered. These rules should be checked alongside the Security Act.

（四）在交易文件中做好安排

5.4 Address FDI risk in the transaction documents

建议将必要的外资审批设为交割先决条件，最后期限（long-stop date）应为审查预留充足时间，并在股权购买协议中明确主管部门或国王会同内阁附加条件、延长审查时的风险责任分担原则。

Any required FDI approval should be a condition precedent to closing, the long-stop date should leave enough time for the review, and the share purchase agreement should set out the principles for allocating the risk of the competent ministry or the King in Council imposing conditions or extending the review.

2021年，Rolls-Royce plc拟将挪威发动机制造商Bergen Engines AS出售给TMH International AG。后者为瑞士注册公司，但穿透后由俄罗斯TMH集团全资持有。挪威政府担心该交易可能使俄罗斯获得具有军事和战略意义的技术，并被用于规避制裁和出口管制，Bergen Engines所在地产的战略位置也是考量因素之一。2021年3月26日，挪威政府依据《安全法》第2-5条叫停了该交易。

In 2021, Rolls-Royce plc agreed to sell the Norwegian engine manufacturer Bergen Engines AS to TMH International AG, a Swiss-registered company that, on a look-through basis, was wholly owned by the Russian TMH Group. The Government was concerned that the deal could give Russia access to technology of military and strategic importance and could be used to circumvent sanctions and export controls; the strategic location of Bergen Engines’ property was also relevant. On 26 March 2021, the Norwegian Government blocked the sale under section 2-5 of the Security Act.

Bergen Engines并非被指定企业，交易本身并不触发第10章的申报义务。该案说明，即使标的不在被指定名单之内、交易无需申报，政府仍可基于国家安全理由介入。评估监管风险，不能只看是否触发申报。

Bergen Engines was not a designated undertaking, so the transaction did not trigger the notification duty under Chapter 10. The case shows that the Government may intervene on national security grounds even where the target is not on the designated list and no notification is required. Regulatory risk cannot be assessed only by asking whether a filing is triggered.

挪威确有外资安全审查机制，但与欧盟多数成员国相比，其范围更窄、针对性更强：《安全法》第10章的强制申报仅针对数十家被指定企业，但是第2-5条为政府保留了更宽泛的干预权，部分特殊行业也有自身的准入规则。

Norway does have an FDI screening mechanism, but it is narrower and more targeted than those of most EU Member States: mandatory notification under Chapter 10 of the Security Act covers only a few dozen designated undertakings, but section 2-5 preserves a broader power for the Government to intervene, and certain special sectors also have their own approval rules.

2023年修正案的核心条款尚未生效，挪威政府仍在研究建立更全面的投资审查制度，欧盟层面的审查也在持续扩张。对中国投资者而言，在尽职调查和交易设计阶段即将外资审查纳入考量，有助于降低监管不确定性和交易风险。

The key 2023 amendments have not yet entered into force, the Government is still considering a broader investment control regime, and FDI screening in the EU continues to expand. For Chinese investors, addressing FDI screening already at the due diligence and transaction-planning stages can help reduce regulatory uncertainty and transaction risk.

作者之一Herman Saksvik 系挪威卑尔根大学（The University of Bergen ）研究生