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
Although the record-breaking deal activity of 2021 spilled over into 2022, headwinds in the first quarter developed into a significant slowdown during the rest of 2022, with an expectation of continued slowness as we enter...more
1/30/2023
/ Acquisitions ,
Buyers ,
Capital Markets ,
CFIUS ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Domestic Dealmaking ,
Environmental Social & Governance (ESG) ,
EU ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Global Dealmaking ,
Investment ,
Investors ,
Mergers ,
Pharmaceutical Industry ,
Private Equity ,
Publicly-Traded Companies ,
Real Estate Market ,
Securities and Exchange Commission (SEC) ,
Sellers ,
Special Purpose Acquisition Companies (SPACs) ,
Technology
In an unprecedented double-strike, the German government recently blocked two transactions pertaining to Chinese investments in German semiconductor facilities. Just two weeks before, the cabinet had already intervened...more
11/17/2022
/ Canada ,
CFIUS ,
China ,
EU ,
European Commission ,
Foreign Direct Investment ,
Germany ,
Investment ,
Investors ,
National Security ,
Prohibited Transactions ,
Semiconductors ,
UK
On October 20, 2022, the US Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released the first-ever CFIUS Enforcement and Penalty Guidelines (Guidelines). The...more
On September 15, President Biden signed an Executive Order (the "EO") identifying national security risks that the Committee on Foreign Investment in the United States ("CFIUS" or the "Committee") must consider when reviewing...more
9/20/2022
/ Biden Administration ,
CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Cybersecurity ,
Executive Orders ,
Foreign Investment ,
National Security ,
Supply Chain ,
Technology
In its Annual Report to Congress for calendar year 2021, CFIUS reported a nearly 40 percent increase in overall CFIUS filings in 2021 from 2020. Notwithstanding this substantial increase in volume, the metrics indicate that...more
This week the Committee on Foreign Investment in the United States (CFIUS) released its Annual Report to Congress for calendar year 2021 (the Report). The Report reflected a nearly 40% increase in overall CFIUS filings in...more
The event featured speakers from across the US Government who provided insights on CFIUS authorities, priorities, processes and recommended best practices. US Government officials also emphasized the United States’ commitment...more
6/22/2022
/ Best Practices ,
CFIUS ,
Enforcement ,
EU ,
FIRRMA ,
Foreign Direct Investment ,
Foreign Governments ,
Foreign Investment ,
Investment Funds ,
Mitigation ,
National Security ,
United States
This month marks two years since the formation of the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (see our previous client alert...). Informally known as Team...more
The signing of the Foreign Investment Risk Review Modernization Act (FIRRMA) into law in 2018 was the most significant update to CFIUS in more than a decade. For years leading up to the new legislation, there had been a...more
Two years ago, regulations implementing the Foreign Investment Risk Review Modernization Act (FIRRMA) went into effect, significantly expanding the jurisdiction of the Committee on Foreign Investment in the United States...more
Governments around the world are tightening their scrutiny of foreign direct investments -
Recent years have seen an upswing in foreign direct investment (FDI) reviews—a trend that has only accelerated sharply since the...more
2/9/2022
/ Acquisitions ,
CFIUS ,
Denmark ,
EU ,
FIRRMA ,
Foreign Investment ,
Investment ,
Investors ,
Mergers ,
Switzerland ,
UK
Expanded jurisdiction, mandatory filings and a substantially increased pursuit of non-notified transactions have changed the landscape -
The Committee on Foreign Investment in the United States (CFIUS), which is led by the...more