On July 23, 2024, the Committee on Foreign Investment in the United States (CFIUS or the “Committee”) released its Annual Report to Congress covering calendar year 2023. In a year that featured lower deal volume, CFIUS...more
On May 13, 2024, President Biden issued an Executive Order requiring MineOne Partners Limited and its affiliates (together, “MineOne”) to divest their interest in real property located less than one mile from Francis E....more
On April 11, 2024, the Committee on Foreign Investment in the United States (CFIUS) unveiled updates to its regulations that sharpen CFIUS’s processes and enforcement authorities. Together with remarks by U.S. government...more
M&A activity in 2023 was subdued, as dealmakers grappled with geopolitical tensions, inflation, rising interest rates, and increasing regulatory scrutiny, against a backdrop of general economic uncertainty. Challenges in the...more
1/4/2024
/ Antitrust Division ,
Artificial Intelligence ,
Big Tech ,
California Consumer Privacy Act (CCPA) ,
CFIUS ,
Data Security ,
Economic Sanctions ,
EU ,
Export Controls ,
Foreign Investment ,
Foreign Subsidies ,
Hart-Scott-Rodino Act ,
Horizontal Mergers ,
National Security ,
Popular ,
Shareholder Activism ,
State Administration for Market Regulation (SAMR) ,
UK ,
Vertical Mergers
As discussed in our September 2023 Lawfare article, the Biden administration’s first-of-its-kind outbound investment review program seeks to limit outbound investments by U.S. investors in Chinese developers of certain...more
12/15/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Artificial Intelligence ,
China ,
Due Diligence ,
Export Administration Regulations (EAR) ,
Foreign Investment ,
Foreign Nationals ,
Investment ,
Semiconductors ,
Technology ,
U.S. Treasury
Singapore has joined the trend of countries exercising greater oversight over investments in domestic entities in strategically important sectors. The Significant Investments Review Act (the “Bill”), introduced on November 3,...more
On August 9, 2023, President Biden issued a long-anticipated executive order (EO) to address investments by U.S. persons in companies that engage with certain categories of technology and products located in the People’s...more
8/11/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Artificial Intelligence ,
China ,
Executive Orders ,
Foreign Investment ,
Intelligence Services ,
Joe Biden ,
Microchip Technology ,
National Security ,
PRC ,
Screening Procedures ,
Semiconductors ,
Technology Sector
In July 2023, the Committee on Foreign Investment in the United States (CFIUS or the “Committee”) released its Annual Report to Congress covering calendar year 2022. Although the Report’s data lags a bit, given we are eight...more
On May 4, 2023, the Committee on Foreign Investment in the United States (“CFIUS”) published a proposed rule that would update CFIUS’s current real estate-specific regulations to add eight military installations. Broadly,...more
On May 4, 2023, the Committee on Foreign Investment in the United States (“CFIUS”) published a proposed rule that would update CFIUS’s current real estate-specific regulations to add eight military installations. Broadly,...more
As the UK’s investment screening regime starts to bed down following over a year of being in effect, we have been tracking the developments in the last quarter relevant to the operation of the regime. It has been a tumultuous...more
5/1/2023
/ Artificial Intelligence ,
BEIS ,
CFIUS ,
Collaboration ,
Cybersecurity ,
Foreign Investment ,
Investors ,
Minerals ,
National Security ,
Popular ,
Telecommunications ,
UK
After months of negotiations, Congress revealed the compromise version of the National Defense Authorization Act for Fiscal Year 2023 (NDAA) on December 6, 2022. The bill, viewed as a “must-pass” piece of legislation because...more
12/15/2022
/ Burma ,
China ,
Department of Defense (DOD) ,
Drug Trafficking ,
Economic Sanctions ,
Export Controls ,
Financial Institutions ,
Foreign Investment ,
Human Rights ,
Iran ,
NDAA ,
Popular ,
Russia ,
Semiconductors ,
Supply Chain
In what likely portends enforcement actions in the near future, the U.S. Department of the Treasury published its first ever CFIUS Enforcement and Penalty Guidelines (the “Guidelines”)....more
Last month, the Committee on Foreign Investment in the United States (CFIUS) released its Annual Report to Congress covering 2021. The key takeaway is that CFIUS is more active than ever, subjecting a record number of...more
9/15/2022
/ CFIUS ,
China ,
Corporate Counsel ,
FIRRMA ,
Foreign Agents Registration Act (FARA) ,
Foreign Direct Investment ,
Foreign Investment ,
Jurisdiction ,
Mitigation ,
National Security ,
Written Notice
Revised draft legislation circulated June 13th is the most recent salvo in a long-running effort that is increasingly likely to create an unprecedented outbound investment review mechanism in the United States. ...more
6/17/2022
/ CFIUS ,
China ,
Critical Infrastructure Sectors ,
Department of Agriculture ,
Department of Health and Human Services (HHS) ,
Department of Homeland Security (DHS) ,
Foreign Entities ,
Foreign Investment ,
National Security ,
Russia ,
Trade Representatives ,
Written Notice
This alert considers the recent updates and guidance published by the UK’s Department for Business, Energy and Industrial Strategy (BEIS) regarding the UK’s National Security and Investment Act 2021 (the “Act”).
These...more
On July 26, 2021, the Committee on Foreign Investment in the United States (CFIUS) released its unclassified Annual Report to Congress for the 2020 calendar year. The Annual Report provides statistics and insights into the...more
On April 8, 2021, the Senate Foreign Relations Committee Chairman, Senator Robert Menendez (D-New Jersey), and the Committee’s ranking member, Jim Risch (R-Idaho), introduced the Strategic Competition Act of 2021 (the “Act”...more
On March 22, 2021, the Department of Commerce (“Commerce”) interim final rule to implement provisions of Executive Order 13873 on Securing the Information and Communications Technology and Services (ICTS) Supply Chain became...more
4/2/2021
/ Biden Administration ,
CFIUS ,
China ,
Critical Infrastructure Sectors ,
Electronic Communications ,
Executive Orders ,
Federal Acquisition Regulations (FAR) ,
Foreign Investment ,
Imports ,
Interim Final Rules (IFR) ,
Internet ,
Market-Sharing ,
NDAA ,
Networks ,
Notice of Proposed Rulemaking (NOPR) ,
Software ,
Supply Chain ,
Technology Sector ,
Trump Administration ,
U.S. Commerce Department
Parties to investment transactions involving U.S. businesses engaged in “critical technologies” activities will soon be subject to modified requirements for mandatory filings to the Committee on Foreign Investment in the...more
9/18/2020
/ CFIUS ,
Corporate Counsel ,
Critical Infrastructure Sectors ,
Export Administration Regulations (EAR) ,
Export Controls ,
Final Rules ,
FIRRMA ,
Foreign Investment ,
ITAR ,
NAICS ,
National Security ,
U.S. Commerce Department ,
U.S. Treasury
When the Committee on Foreign Investment in the United States (CFIUS) introduced the critical technologies “pilot program” in 2018, many foreign investors and U.S. companies gained an appreciation for the pivotal role U.S....more
Heightened U.S. national security concerns and trade tensions with China have resulted in new and expanded U.S. regulations that have created barriers for Chinese buyers seeking to acquire assets in the U.S. A number of years...more
The U.S. Department of the Treasury (“Treasury”) announced that on Friday, May 1, 2020, the first-ever filing fees will become effective for joint voluntary notices submitted to the Committee on Foreign Investment in the...more
On March 4, 2020, the U.S. Department of the Treasury (Treasury) issued a proposed rule to establish–for the first time–filing fees for parties submitting jointly voluntary notices to the Committee on Foreign Investment in...more
It seems there’s never a dull moment in the U.S.-China bilateral relationship. Public markets relaxed following easing tensions in the trade war with China with the announcement of the parties’ Phase I trade agreement, signed...more