As regulatory scrutiny intensifies and geopolitical developments reshape cross-border investment, understanding the evolving global foreign direct investment landscape has become increasingly important.
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The FY 2026 National Defense Authorization Act (NDAA), signed into law on December 18, 2025, represents more than a statutory vehicle for annual defense spending. With a topline authorization of $900.6 billion, the Act now...more
2/11/2026
/ Artificial Intelligence ,
CFIUS ,
Defense Sector ,
Department of Defense (DOD) ,
Energy Sector ,
Export Controls ,
Infrastructure ,
Investment ,
National Security ,
NDAA ,
New Legislation ,
Popular ,
Private Equity ,
Supply Chain
On December 18, 2025, President Trump signed the National Defense Authorization Act for Fiscal Year 2026 (“NDAA FY2026”) into law. As we outlined in a previous post, the NDAA FY2026 does not solely fund defense programs or...more
2/3/2026
/ Artificial Intelligence ,
CFIUS ,
China ,
Compliance ,
Export Controls ,
Foreign Investment ,
National Security ,
NDAA ,
New Legislation ,
Regulatory Reform ,
Reporting Requirements ,
Semiconductors ,
Technology Sector ,
U.S. Treasury
On January 8, 2026, the Federal Communications Commission (the “FCC”) announced a settlement with satellite and earth-station operator Marlink for violating national security and law enforcement commitments made to the U.S....more
1/14/2026
/ Compliance ,
Constitutional Challenges ,
Data Privacy ,
Department of Justice (DOJ) ,
Enforcement Actions ,
FCC ,
Foreign Investment ,
National Security ,
Penalties ,
Regulatory Oversight ,
SCOTUS ,
Settlement ,
Settlement Agreements ,
Team Telecom ,
Telecommunications
A US federal government shutdown looms as Congress struggles to pass appropriations legislation before October 1, 2025. The Department of Justice (DOJ) and the Federal Trade Commission (FTC) have prepared for a potential...more
The Committee on Foreign Investment in the United States (CFIUS or the Committee) recently published its Annual Report to Congress covering calendar year 2024 (the Report). In many respects, the data within the Report mirrors...more
8/11/2025
/ Acquisitions ,
CFIUS ,
Corporate Counsel ,
Due Diligence ,
Enforcement Actions ,
Executive Orders ,
FIRRMA ,
Foreign Investment ,
National Security ,
Real Estate Transactions ,
Risk Mitigation
Welcome to the latest edition of White & Case's biannual update regarding key developments in U.S. M&A.
Authored by industry leading lawyers in White & Case's Corporate/M&A, Private Equity, Public Company Advisory,...more
On February 21, President Trump issued the “America First Investment Policy” National Security Presidential Memorandum (“NSPM”) which outlines the Administration’s approach to foreign investment in the United States. The NSPM...more
The US federal government is at risk of a shutdown unless Congress can enact appropriations to fund certain federal operations by December 20, 2024. In September 2023, the Department of Justice (DOJ) issued plans for how a...more
12/23/2024
/ Acquisitions ,
Antitrust Division ,
CFIUS ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Foreign Investment ,
Funding ,
Government Shutdown ,
Investment ,
Merger Controls ,
Mergers ,
U.S. Treasury
The U.S. Department of the Treasury ("Treasury") has engaged in a flurry of rulemaking over the last year, most recently issuing a final rule to sharpen and enhance the Committee on Foreign Investment in the United States...more
For the first time since 2001, in an unanimous vote, the Federal Communications Commission (the "FCC") is proposing a major overhaul of its submarine cable licensing rules in its recently released Notice of Proposed...more
On October 28, 2024, the US Department of the Treasury issued a final rule (the “Rule”) to implement Executive Order 14105 (“EO”) establishing a new Outbound Investment Program ("OIP") to prohibit or require notification of...more
11/14/2024
/ Artificial Intelligence ,
China ,
Compliance ,
Foreign Investment ,
Hong Kong ,
Investment ,
Macau ,
Machine Learning ,
National Security ,
Outbound Transactions ,
Technology Sector ,
U.S. Treasury
The Committee on Foreign Investment in the United States (CFIUS or the Committee) has launched a new CFIUS Enforcement webpage, highlighting the Committee's heightened focus on "increasingly exercising its enforcement...more
The Committee on Foreign Investment in the United States (“CFIUS”) recently published its Annual Report to Congress covering calendar year 2023 (the “Report”). The Report indicates a number of notable trends—some new and...more
On June 21, 2024, the US Department of the Treasury issued a Notice of Proposed Rulemaking (“Proposed Rule”) to implement Executive Order 14105 (“EO”) establishing a new Outbound Investment Program ("OIP") to prohibit or...more
On April 11th, the US Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking (NPRM) to "enhance certain CFIUS procedures and sharpen...more
On February 28, 2024, President Biden signed Executive Order 14117 on "Preventing Access to Americans' Bulk Sensitive Data and United States Government-Related Data by Countries of Concern" (the EO).1 The EO calls for the...more
The US federal government is at risk of a partial shutdown unless Congress can enact appropriations to fund certain federal operations by September 30, 2023. Both the Department of Justice (DOJ) and Federal Trade Commission...more
On August 9, 2023, President Biden issued a long-awaited Executive Order ("the EO") establishing a new Outbound Investment Program ("OIP") to prohibit certain outbound US investments to China (including Hong Kong and Macau)...more
8/18/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Biden Administration ,
China ,
Executive Orders ,
Foreign Investment ,
National Security ,
Notice Requirements ,
Outbound Transactions ,
Popular ,
Prohibited Transactions ,
Semiconductors ,
Technology Sector ,
U.S. Treasury
The Committee on Foreign Investment in the United States ("CFIUS" or the "Committee") recently released its Annual Report to Congress for calendar year 2022 (the "Report"). Overall, the Report underscores an increasingly...more
In the world of shifting geopolitical tensions and supply chain vulnerabilities exacerbated by the COVID-19 pandemic, the push for mineral & metal security is changing the way governments, regulators, sector participants and...more
The Committee on Foreign Investment in the United States (CFIUS) recently issued a new Frequently Asked Question (FAQ) that updates CFIUS's interpretation of the "completion date" for a transaction, which represents a...more
The foreign ownership, control or influence ("FOCI") program administered by the Department of Defense's ("DoD") Defense Counterintelligence and Security Agency ("DCSA"), which is by far the largest US FOCI program, continues...more
Now in its seventh year of annual publication, White & Case's Foreign Direct Investment Reviews provides a comprehensive look into rapidly evolving foreign direct investment (FDI) laws and regulations in approximately 40...more
3/22/2023
/ Acquisitions ,
Anti-Monopoly ,
Asia Pacific ,
Australia ,
Austria ,
Belgium ,
Canada ,
CFIUS ,
China ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Cross-Border ,
Cybersecurity ,
Czech Republic ,
Denmark ,
EMEA ,
Estonia ,
EU ,
EU Screening Regulation ,
Finland ,
Foreign Direct Investment ,
Foreign Investment ,
France ,
Germany ,
Hungary ,
Iceland ,
India ,
Investment ,
Investors ,
Italy ,
Japan ,
Korea ,
Latvia ,
Legislative Agendas ,
Lithuania ,
Luxembourg ,
Malta ,
Member State ,
Mergers ,
Mexico ,
Middle East ,
National Security ,
Netherlands ,
New Legislation ,
New Zealand ,
Norway ,
Poland ,
Popular ,
Portugal ,
Romania ,
Slovakia ,
Slovenia ,
Spain ,
Sweden ,
Switzerland ,
Taiwan ,
Turkey ,
UK ,
United Arab Emirates (UAE) ,
United States
EO 14083 clearly articulates national security risks that the Committee must consider when reviewing covered transactions. The five areas of focus are: supply chain resilience; impact on US technological leadership;...more
2/7/2023
/ CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cybersecurity ,
Executive Orders ,
Foreign Investment ,
Joe Biden ,
National Security ,
Sensitive Personal Information ,
Supply Chain ,
U.S. Treasury