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
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 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
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
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
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
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
President Joe Biden's approach to the national security risks posed by foreign-backed M&A may differ in style from his predecessor, but not in substance -
Under the Biden administration, the Committee on Foreign Investment...more
Most deals are approved, but new rules covering more types of transactions and requiring mandatory filings in certain cases have changed the landscape -
The Committee on Foreign Investment in the United States (CFIUS),...more
11/18/2020
/ CFIUS ,
Critical Infrastructure Sectors ,
Export Control Reform Act (ECRA) ,
Export Controls ,
Filing Requirements ,
FIRRMA ,
Foreign Direct Investment ,
Foreign Investment ,
National Security ,
National Security Review Proceedings ,
Scope of Review
On September 30, 2020, the Federal Communications Commission (FCC) voted to adopt a Report and Order that provides for new rules and procedures to formalize the review process of the Committee for the Assessment of Foreign...more
11/2/2020
/ CALEA ,
CFIUS ,
Communications Act of 1934 ,
Executive Orders ,
FCC ,
Foreign Policy ,
Law Enforcement ,
National Security ,
New Rules ,
Public Interest ,
Request For Information ,
Telecommunications
There have been several recent developments related to the Committee on Foreign Investment in the United States (CFIUS). Most notably, CFIUS has released a proposed rule that would change the mandatory filing criteria for...more
5/29/2020
/ Case Management ,
CFIUS ,
Critical Infrastructure Sectors ,
Export Administration Regulations (EAR) ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
ITAR ,
Mandatory Declarations ,
NAICS ,
National Security ,
National Security Review Proceedings ,
Proposed Amendments ,
Technology Sector
On April 29, 2020, the US Treasury Department published an interim rule establishing fees for parties filing a formal written notice of a transaction for review by the Committee on Foreign Investment in the United States...more
On April 4, 2020, President Trump issued an Executive Order (EO) establishing the ‘Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector’ (the Committee). The Committee...more
The regulations implementing the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which significantly expanded the jurisdiction and authorities of the Committee on Foreign Investment in the United States...more
3/10/2020
/ Blocked Mergers ,
CFIUS ,
China ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Divestiture ,
Filing Fees ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
National Security ,
Real Estate Investments ,
Technology Sector ,
Trump Administration
Nearly a year and a half after the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) was enacted, authorizing the most substantial overhaul of the Committee on Foreign Investment in the United States (CFIUS)...more
1/22/2020
/ Amended Regulation ,
CFIUS ,
Corporate Counsel ,
Covered Real Estate Transactions ,
Critical Infrastructure Sectors ,
Data Collection ,
Excepted Investors ,
Final Rules ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Governments ,
Foreign Investment ,
Investment Funds ,
Jurisdiction ,
National Security ,
Non-Controlling Interests ,
Penalties ,
Principal Place of Business ,
Real Estate Investments ,
Real Estate Transactions ,
Sensitive Personal Information ,
State-Owned Enterprises ,
Technology Sector
Most deals are approved, but the landscape is becoming increasingly complex, as more types of transactions are subject to review and some filings are mandatory.
The Committee on Foreign Investment in the United States...more
12/28/2019
/ Best Practices ,
CFIUS ,
China ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Filing Requirements ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Mandatory Declarations ,
National Security ,
National Security Review Proceedings ,
Risk Assessment ,
Technology Sector ,
Trump Administration ,
United States
On September 17, the US Department of the Treasury issued comprehensive proposed regulations to implement the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). This alert describes key aspects of the proposed...more
10/3/2019
/ CFIUS ,
Critical Infrastructure Sectors ,
Exemptions ,
Filing Requirements ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Jurisdiction ,
National Security ,
Personal Data ,
Proposed Regulation ,
Public Comment ,
Real Estate Transactions ,
Technology Sector ,
U.S. Treasury
On May 15, 2019, President Trump issued an executive order (EO), "Executive Order on Securing the Information and Communications Technology and Services Supply Chain," prohibiting certain transactions involving...more
5/21/2019
/ Bureau of Industry and Security (BIS) ,
CFIUS ,
China ,
Cybersecurity ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Executive Orders ,
Export Controls ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Adversaries ,
Hackers ,
Indictments ,
Industrial Espionage ,
Information Technology ,
Intellectual Property Protection ,
National Security ,
Popular ,
Prohibited Transactions ,
Proposed Legislation ,
Supply Chain ,
Telecommunications ,
Trade Secrets ,
Transfer Restrictions ,
Trump Administration ,
U.S. Commerce Department