• The U.S. Department of Treasury released proposed rules implementing the Foreign Investment Risk Review Modernization Act (FIRRMA) on September 17, 2019. Among other measures, these rules would establish how the Committee...more
9/23/2019
/ CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Export Control Reform Act (ECRA) ,
FIRRMA ,
Foreign Investment ,
Interstate Commerce ,
National Security ,
Proposed Regulation ,
Proposed Rules ,
Public Comment ,
Real Estate Transactions ,
U.S. Treasury
In this episode, Akin Gump international trade partners Tatman Savio and Christian Davis discuss the Committee on Foreign Investment in the U.S. (CFIUS) and how the new Foreign Investment Risk Review Modernization Act...more
12/13/2018
/ CFIUS ,
China ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Due Diligence ,
Emerging Technology Companies ,
Export Controls ,
Federal Pilot Programs ,
FIRRMA ,
Foreign Investment ,
National Security ,
Reporting Requirements ,
Technology Sector ,
Trump Administration ,
U.S. Treasury
• The Bureau of Industry and Security published a notice yesterday seeking public comments on how it should define and identify a wide variety of emerging technologies that are not now controlled for export, but should be...more
11/20/2018
/ Bureau of Industry and Security (BIS) ,
CFIUS ,
Comment Period ,
Cross-Border Transactions ,
Emerging Technology Companies ,
Export Controls ,
Exports ,
Filing Requirements ,
Foreign Investment ,
National Security ,
Public Comment ,
Technology Sector ,
U.S. Commerce Department
• On October 10, 2018, CFIUS announced a pilot program that implements significant provisions of FIRRMA. The program becomes effective November 10, 2018.
• Under the program, CFIUS jurisdiction will be expanded to cover...more
10/11/2018
/ CFIUS ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Emerging Technology Companies ,
Federal Pilot Programs ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Manufacturers ,
NAICS ,
National Security ,
Trump Administration
• FIRRMA broadens the scope of a CFIUS review beyond transactions that could result in a foreign person gaining the ability to control a U.S. business. Consequently, more energy deals could be captured through expanded...more
9/28/2018
/ CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Emerging Technology Companies ,
Energy Sector ,
Filing Requirements ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Investors ,
Jurisdiction ,
Material Nonpublic Information ,
National Security ,
Oil & Gas ,
Personal Data ,
Real Estate Transactions ,
Renewable Energy ,
Reporting Requirements ,
Risk Mitigation ,
Safe Harbors ,
Trump Administration ,
Utilities Sector
ANTICORRUPTION DEVELOPMENTS -
$34 Million SEC Settlement for Legg Mason -
On August 27, 2018, the Securities and Exchange Commission (SEC) announced that Legg Mason Inc. will pay more than $34 million to settle an...more
9/6/2018
/ 3-D Technology ,
Anti-Corruption ,
Appeals ,
Berry Amendment ,
Bribery ,
Bureau of Industry and Security (BIS) ,
CFIUS ,
Civil Monetary Penalty ,
Corruption ,
Criminal Conspiracy ,
Criminal Penalties ,
Criminal Prosecution ,
Critical Infrastructure Sectors ,
Customs and Border Protection ,
Declination ,
Department of Defense (DOD) ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Embezzlement ,
Enforcement Actions ,
Entity List ,
Executive Orders ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Filing Requirements ,
FIRRMA ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Foreign Policy ,
Former Employee ,
General Licenses ,
Guilty Pleas ,
Immigration and Customs Enforcement (ICE) ,
Imports ,
Insurance Contracts ,
Internal Investigations ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
Jurisdiction ,
Licensing Rules ,
Money Laundering ,
National Security ,
NDAA ,
New Legislation ,
Office of Foreign Assets Control (OFAC) ,
Personal Data ,
Preliminary Injunctions ,
Probationary Period ,
Racketeering ,
Sanction Violations ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
SFO ,
Suspensions & Debarments ,
The Wassenaar Arrangement ,
Trade Agreements Act ,
Trump Administration ,
Wire Fraud ,
World Bank
CFIUS will continue to have broad jurisdiction to conduct national security reviews of foreign investments that could result in foreign control of a U.S. business. When regulations implementing FIRRMA become effective within...more
8/13/2018
/ Annual Reports ,
Bankruptcy Court ,
CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Data Security ,
Declaration ,
Emerging Technology Companies ,
Export Control Reform (ECR) ,
Export Controls ,
Federal Pilot Programs ,
Filing Deadlines ,
Filing Fees ,
Filing Requirements ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Information Sharing ,
Investors ,
Judicial Review ,
Jurisdiction ,
Material Nonpublic Information ,
National Security ,
NDAA ,
New Legislation ,
Personally Identifiable Information ,
Reporting Requirements ,
Trump Administration ,
U.S. Commerce Department
Today, President Trump will sign the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). This bill expands the purview of CFIUS, which will now have jurisdiction over real estate transactions near sensitive...more
ANTICORRUPTION DEVELOPMENTS –
Dun & Bradstreet Agrees to Pay More than $9.2 Million to Resolve SEC FCPA Enforcement Action (But First to Receive Declination Under New DOJ Policy) –
On April 23, the Dun & Bradstreet...more
5/9/2018
/ Anti-Bribery ,
Anti-Corruption ,
Bribery ,
CAATSA ,
Corruption ,
Criminal Prosecution ,
Cryptocurrency ,
Customs and Border Protection ,
Department of Homeland Security (DHS) ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Government Officials ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Securities and Exchange Commission (SEC)
ANTICORRUPTION DEVELOPMENTS –
Dun & Bradstreet Agrees to Pay More than $9.2 Million to Resolve SEC FCPA Enforcement Action (But First to Receive Declination Under New DOJ Policy) –
On April 23, the Dun & Bradstreet...more
5/9/2018
/ Anti-Bribery ,
Anti-Corruption ,
Bribery ,
CAATSA ,
Corruption ,
Criminal Prosecution ,
Cryptocurrency ,
Customs and Border Protection ,
Department of Homeland Security (DHS) ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Government Officials ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Securities and Exchange Commission (SEC)
ANTICORRUPTION DEVELOPMENTS –
Dun & Bradstreet Agrees to Pay More than $9.2 Million to Resolve SEC FCPA Enforcement Action (But First to Receive Declination Under New DOJ Policy) –
On April 23, the Dun & Bradstreet...more
5/2/2018
/ Anti-Bribery ,
Anti-Corruption ,
Bribery ,
CAATSA ,
Corruption ,
Criminal Prosecution ,
Cryptocurrency ,
Customs and Border Protection ,
Department of Homeland Security (DHS) ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Government Officials ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Securities and Exchange Commission (SEC)
ANTICORRUPTION DEVELOPMENTS -
Mega International Commercial Bank Co. Ltd. Fined $29 Million -
On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more
2/13/2018
/ Anti-Corruption ,
Anti-Dumping Duty ,
Anti-Money Laundering ,
Bank Fraud ,
Banks ,
Bribery ,
Bureau of Industry and Security (BIS) ,
CAATSA ,
Cease and Desist ,
CFIUS ,
China ,
Civil Monetary Penalty ,
Class Action ,
Criminal Conspiracy ,
Customs ,
Customs and Border Protection ,
Department of Justice (DOJ) ,
Digital Currency ,
Economic Sanctions ,
Electronic Devices ,
EU ,
European Court of Justice (ECJ) ,
Exports ,
False Claims Act (FCA) ,
False Statements ,
Federal Civil Penalties Inflation Adjustment Act of 1990 ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Fines ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Former Employee ,
Furniture Industry ,
Imports ,
Intercompany Transactions ,
International Banks ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Joint Comprehensive Plan of Action (JCPOA) ,
Mail Fraud ,
NAFTA ,
Nuclear Power ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Russia ,
SDN List ,
Search & Seizure ,
Section 201 ,
Section 232 ,
Section 301 ,
Shareholders ,
Sovereign Debt ,
Trans-Pacific Partnership ,
Transfer Pricing ,
Trump Administration ,
U.S. Commerce Department ,
U.S. Treasury ,
US Department of State ,
Vendors ,
Venezuela ,
Wire Fraud ,
WTO
ANTICORRUPTION DEVELOPMENTS -
Mega International Commercial Bank Co. Ltd. Fined $29 Million -
On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more
2/13/2018
/ Anti-Corruption ,
Anti-Dumping Duty ,
Anti-Money Laundering ,
Bank Fraud ,
Banks ,
Bribery ,
Bureau of Industry and Security (BIS) ,
CAATSA ,
Cease and Desist Orders ,
CFIUS ,
China ,
Civil Monetary Penalty ,
Class Action ,
Criminal Conspiracy ,
Customs ,
Customs and Border Protection ,
Department of Justice (DOJ) ,
Digital Currency ,
Economic Sanctions ,
Electronic Devices ,
EU ,
European Court of Justice (ECJ) ,
Exports ,
False Claims Act (FCA) ,
False Statements ,
Federal Civil Penalties Inflation Adjustment Act of 1990 ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Fines ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Former Employee ,
Furniture Industry ,
Imports ,
Intercompany Transactions ,
International Banks ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Joint Comprehensive Plan of Action (JCPOA) ,
Mail Fraud ,
NAFTA ,
Nuclear Power ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Russia ,
SDN List ,
Search & Seizure ,
Section 201 ,
Section 232 ,
Section 301 ,
Shareholders ,
Sovereign Debt ,
Trans-Pacific Partnership ,
Transfer Pricing ,
Trump Administration ,
U.S. Commerce Department ,
U.S. Treasury ,
US Department of State ,
Vendors ,
Venezuela ,
Wire Fraud ,
WTO
ANTICORRUPTION DEVELOPMENTS -
Mega International Commercial Bank Co. Ltd. Fined $29 Million -
On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd....more
2/5/2018
/ Anti-Corruption ,
Anti-Dumping Duty ,
Anti-Money Laundering ,
Bank Fraud ,
Banks ,
Bribery ,
Bureau of Industry and Security (BIS) ,
CAATSA ,
Cease and Desist Orders ,
CFIUS ,
China ,
Civil Monetary Penalty ,
Class Action ,
Criminal Conspiracy ,
Customs ,
Customs and Border Protection ,
Department of Justice (DOJ) ,
Digital Currency ,
Economic Sanctions ,
Electronic Devices ,
EU ,
European Court of Justice (ECJ) ,
Exports ,
False Claims Act (FCA) ,
False Statements ,
Federal Civil Penalties Inflation Adjustment Act of 1990 ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Fines ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Former Employee ,
Furniture Industry ,
Imports ,
Intercompany Transactions ,
International Banks ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Joint Comprehensive Plan of Action (JCPOA) ,
Mail Fraud ,
NAFTA ,
Nuclear Power ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Russia ,
SDN List ,
Search & Seizure ,
Section 201 ,
Section 232 ,
Section 301 ,
Shareholders ,
Sovereign Debt ,
Trans-Pacific Partnership ,
Transfer Pricing ,
Trump Administration ,
U.S. Commerce Department ,
U.S. Treasury ,
US Department of State ,
Vendors ,
Venezuela ,
Wire Fraud ,
WTO
ANTICORRUPTION DEVELOPMENTS –
SBM Offshore N.V. Agrees to Pay $238 Million to Resolve DOJ FCPA Enforcement Action -
On November 29, 2017, SBM Offshore N.V. (SBM), a Netherlands based company specializing in the...more
12/1/2017
/ Anti-Bribery ,
Anti-Corruption ,
Argentina ,
Blocked Entities ,
Bribery ,
CAATSA ,
Corruption ,
Credit Cards ,
Cuba ,
Customs and Border Protection ,
Decertification ,
Department of Justice (DOJ) ,
Department of the Interior ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Executive Orders ,
Export Controls ,
Exports ,
Extraction Payment Disclosure Rule ,
Extractive Industry Transparency Rule ,
FinCEN ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Iran Sanctions ,
Jones Act ,
National Security ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Presidential Memorandum ,
Proposed Legislation ,
Russia ,
Sanction Violations ,
Securities and Exchange Commission (SEC) ,
SFO ,
Trump Administration ,
UK ,
Ukraine ,
Venezuela ,
World Bank
• The House and Senate proposed companion bills that would expand the scope of CFIUS review by broadening the definition of covered transactions to include certain minority investments and joint ventures, among other...more
11/13/2017
/ CFIUS ,
Covered Transactions ,
Declaration ,
Filing Fees ,
Foreign Investment ,
Inbound Investments ,
Joint Venture ,
National Security ,
Proposed Legislation ,
Reporting Requirements ,
Time Extensions ,
Trump Administration
• The Department for Business, Energy and Industrial Strategy published a Green Paper consulting on amendments to UK merger control and public interest intervention legislation to cover gaps in the current framework for...more
On September 19, 2017, the Committee on Foreign Investment in the United States (CFIUS or the “Committee”) released its annual report (“Report”) to Congress. One day later, CFIUS also released more limited data on foreign...more
9/27/2017
/ Acquisitions ,
Annual Reports ,
CFIUS ,
China ,
Corporate Counsel ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Foreign Investment ,
Legislative Amendments ,
Mergers ,
Mitigation ,
National Security ,
Obama Administration ,
Trump Administration
• President Trump issued an order prohibiting the proposed $1.3 billion takeover of Lattice Semiconductor Corporation, a U.S. company, by Canyon Bridge Capital Partners, Inc., a private equity firm funded by Chinese...more
Cree Inc. (“Cree”), the U.S.-based LED lighting and semiconductor company, announced last month that it is terminating its agreement to sell its Wolfspeed Power & RF division (“Wolfspeed”) to Infineon Technologies AG of...more
Former CEO of Harris Corporation’s Chinese Subsidiary Pays $46,000 to Settle Alleged FCPA Violations; No Charges for Company -
On September 13, 2016, the Securities and Exchange Commission (SEC) issued a...more
10/5/2016
/ Airbus ,
Aviation Industry ,
Boeing ,
China ,
Export Controls ,
Film Industry ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
General Licenses ,
Iran Sanctions ,
Russia ,
South Korea ,
Subsidiaries
On February 26, 2015, the Committee on Foreign Investment in the United States (CFIUS) released its annual report to Congress summarizing its activities in 2013. CFIUS is an inter-agency committee that reviews the national...more
In recent years, the Committee on Foreign Investment in the United States (CFIUS) has acted to thwart or constrain various foreign investments in U.S. businesses. However, other similar investments have been permitted to...more
A recent decision by the D.C. Circuit has prompted much speculation about possible changes to the traditionally opaque and secretive national security review process administered by the Committee on Foreign Investment in the...more