After over a year of preview, the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) has finally published information on its most recent enforcement actions.
The actions were announced on...more
9/4/2024
/ Bureau of Industry and Security (BIS) ,
CFIUS ,
Compliance ,
Corporate Counsel ,
Data Security ,
Divestment ,
Enforcement ,
Failure to Comply ,
Foreign Investment ,
National Security ,
National Security Agency (NSA) ,
Penalties ,
Transparency
The U.S. Department of the Treasury’s Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) has published its Annual Report to Congress for 2023 (the “Annual Report”), which provides important data...more
8/8/2024
/ Acquisitions ,
Annual Reports ,
CFIUS ,
China ,
Compliance ,
Declaration ,
Enforcement Actions ,
Foreign Investment ,
Investigations ,
Investment ,
Investors ,
Mergers ,
Mitigation ,
National Security ,
Notice Requirements ,
Proposed Rules ,
U.S. Treasury
The U.S. Department of the Treasury (“Treasury”), the Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), has released a Notice of Proposed Rulemaking (“NPRM”) to expand CFIUS’...more
Almost a year after President Biden signed an Executive Order to establish a U.S. outbound investment regime, the U.S. Department of the Treasury has published a Notice of Proposed Rulemaking (“NPRM”) on U.S. outbound...more
6/27/2024
/ Acquisitions ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Biden Administration ,
Capital Investments ,
CFIUS ,
Covered Transactions ,
Executive Orders ,
Foreign Entities ,
Foreign Investment ,
Investment ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Jurisdiction ,
National Security ,
Notice of Proposed Rulemaking (NOPR) ,
Notification Requirements ,
Parent Corporation ,
Popular ,
Securities Exchange Act of 1934 ,
Semiconductors ,
Technology Sector ,
U.S. Treasury
The Biden Administration recently issued a historic Executive Order (the “Order,” available here) unwinding the purchase by an entity backed by Chinese nationals of U.S. real estate in close proximity to a strategic missile...more
5/22/2024
/ Acquisitions ,
Biden Administration ,
CFIUS ,
China ,
Cryptocurrency ,
Executive Orders ,
FIRRMA ,
Foreign Investment ,
Infrastructure ,
National Security ,
Proposed Rules ,
Real Estate Investments
Key Takeaways -
- As FDI regimes proliferate and mature around the globe, governments are taking an ever-more expansive view of the concept of “national security” to include more than military and defense interests, which...more
5/14/2024
/ Australia ,
Belgium ,
China ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
EU ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Germany ,
Investment ,
Investors ,
Ireland ,
Legislative Agendas ,
National Security ,
Regulatory Agenda ,
Russia ,
Singapore ,
UK ,
United States
The U.S. Department of Treasury (“Treasury”), which is Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), released a Notice of Proposed Rulemaking on April 11, 2024 (“NPRM”) meant...more
The U.S. Department of Defense (“DoD”) updated its list of “Chinese military companies” operating “directly or indirectly” in the United States on January 31, 2024, adding 17 new entities and removing three. The list was...more
Congress continues to put pressure on the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), increasingly informing the context in which the Committee conducts its work.
Last week, for...more
12/22/2023
/ Acquisitions ,
CFIUS ,
China ,
Cross-Border ,
Department of Justice (DOJ) ,
FIRRMA ,
Foreign Investment ,
Investigations ,
Investors ,
Jurisdiction ,
National Security ,
U.S. Commerce Department ,
U.S. Treasury ,
Whistleblowers
On September 14, 2023, the U.S. Department of Treasury (“Treasury”) hosted its Second Annual CFIUS Conference (the “Conference”) regarding the Committee on Foreign Investment in the United States (“CFIUS” or the...more
In brief. On August 9, 2023, President Biden signed a highly anticipated Executive Order (the “Outbound E.O.”) to establish a U.S. outbound investment regime. The U.S. Department of Treasury (“Treasury”) concurrently...more
8/14/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Artificial Intelligence ,
Asset Management ,
Biden Administration ,
CFIUS ,
China ,
Covered Transactions ,
Executive Orders ,
FIRRMA ,
Foreign Investment ,
National Security ,
Penalties ,
Popular ,
Securities ,
Semiconductors
Since February 2022, the United States, United Kingdom, and European Union have imposed unprecedented economic sanctions on Russia and various Russian entities and individuals in response to the war in Ukraine.
Actions have...more
12/19/2022
/ Asset Freeze ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement ,
EU ,
Export Controls ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Good Faith ,
Imports ,
Maritime Transport ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Popular ,
Russia ,
Safe Harbors ,
SDN List ,
U.S. Treasury ,
UK ,
Ukraine
On September 15, 2022, President Biden issued an Executive Order (the “CFIUS EO”) that provides clear signals to dealmakers regarding areas of heightened interest to the Committee on Foreign Investment in the United States...more
9/19/2022
/ Artificial Intelligence ,
CFIUS ,
China ,
Clean Energy ,
Cybersecurity ,
Due Diligence ,
Executive Orders ,
FIRRMA ,
Foreign Investment ,
National Security ,
Semiconductors ,
Supply Chain
Background CFIUS is an interagency committee, principally comprising of nine members and chaired by the Secretary of the Treasury, which has broad powers to review foreign investments in and acquisitions of U.S. businesses to...more
The national security and foreign direct investment (“FDI”) review landscape around the world is evolving rapidly. A pre-pandemic trend of active FDI reviews in countries around the world has gained momentum and resulted in...more
Background -
CFIUS is an interagency committee, principally comprising nine members and chaired by the Secretary of the Treasury, which has broad powers to review foreign investments in and acquisitions of U.S. businesses...more
Key Takeaways -
Historically, the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) did not provide country-wide exemptions from applicable regulations governing national security reviews...more
Key Takeaways -
On July 26, 2021, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to Congress on key activities,...more
President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) on August 13, 2018. FIRRMA made several substantial changes to the CFIUS process and expanded the scope of the...more
9/22/2020
/ Amended Regulation ,
CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Exports ,
Final Rules ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Mandatory Declarations ,
NAICS ,
Non-US Entities ,
Technology Sector ,
Trump Administration
Key Takeaways -
- On July 31, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to Congress on all notices...more
8/7/2020
/ Annual Reports ,
CFIUS ,
China ,
Congressional Reports ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Global Dealmaking ,
Japan ,
National Security ,
National Security Review Proceedings
Key Takeaways -
On July 28, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), released the final rule to establish filing fees for CFIUS...more
Key Takeaways
- On May 19, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to Congress on all notices filed...more
President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) on August 13, 2018, which made several substantial changes to the CFIUS process and expanded the scope of the Committee’s...more
5/28/2020
/ CFIUS ,
Critical Infrastructure Sectors ,
Export Administration Regulations (EAR) ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
ITAR ,
Mandatory Declarations ,
NAICS ,
Proposed Rules ,
Public Comment ,
Substantial Interest Test ,
Technology Sector ,
Trump Administration
This Interim Rule follows the Proposed Rule on filing fees published by the Committee on March 9, 2020...The Interim Rule also implements one of the last remaining changes to the CFIUS process initiated by the Foreign...more
5/6/2020
/ CFIUS ,
Covered Transactions ,
Filing Fees ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Interim Rule ,
Joint Venture ,
Minority Equity Investments ,
National Security ,
Threshold Requirements ,
Voluntary Transaction Notices
On March 4, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), released a proposed rule to establish for the first time filing fees for CFIUS...more
3/11/2020
/ CFIUS ,
Covered Real Estate Transactions ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Declaration ,
Filing Fees ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
National Security ,
Notice Requirements ,
Proposed Rules ,
U.S. Treasury