The UK government’s long-awaited National Security and Investment Bill (the Bill), which paves the way to significant changes in the UK’s regime for screening foreign investment, was laid before Parliament on 11 November...more
On September 15, 2020, the Treasury Department issued final regulations that define when it is mandatory to file with the Committee on Foreign Investment in the United States (CFIUS). This final rule builds on regulations...more
9/23/2020
/ CFIUS ,
Critical Infrastructure Sectors ,
Export Administration Regulations (EAR) ,
Export Controls ,
Filing Requirements ,
Final Rules ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
NAICS ,
Technology Sector ,
U.S. Treasury
On July 30, 2020, the Committee on Foreign Investment in the United States (CFIUS or the Committee) released its annual report to Congress for calendar year 2019. CFIUS, an interagency committee led by the U.S. Department of...more
In recent months, European states have raced to implement protections against opportunistic acquisitions of key local businesses by foreign buyers amid the economic disruption caused by the spread of COVID-19. ...more
In this month's edition of our Privacy & Cybersecurity Update, we examine the Seventh Circuit's ruling finding standing for an Illinois Biometric Information Privacy Act claim, the European Data Protection Board's updated...more
6/1/2020
/ Appeals ,
Biometric Information Privacy Act ,
Blocked Mergers ,
Bulk Electric System ,
Business Interruption ,
Consent ,
Cookies ,
Coronavirus/COVID-19 ,
Cyber Insurance ,
Cyber Threats ,
Cybersecurity ,
Data Protection Authority ,
Department of Energy (DOE) ,
Employee Privacy Rights ,
European Data Protection Board (EDPB) ,
Foreign Acquisitions ,
Foreign Adversaries ,
General Data Protection Regulation (GDPR) ,
National Security ,
Policy Exclusions ,
Popular ,
Privacy Laws ,
Remote Working ,
Standing ,
Trump Administration
On April 28, 2020, the Bureau of Industry and Security, U.S. Department of Commerce (BIS) published two final rules — both of which will take effect on June 29, 2020 — and one proposed rule — for which comments are due by...more
5/9/2020
/ Bureau of Industry and Security (BIS) ,
China ,
ECCNs ,
Export Controls ,
Exports ,
Final Rules ,
Foreign Acquisitions ,
Licensing Rules ,
Military End Use ,
Proposed Rules ,
Technology Sector
The January 13, 2020, regulations issued by the U.S. Department of the Treasury (Treasury), on behalf of the Committee on Foreign Investment in the United States (CFIUS or the Committee), to implement the Foreign Risk Review...more
On December 31, 2019, the French government issued decree nº 2019-1590 (the 2019 Decree), together with an administrative order of the same date (the Order), that comprehensively reshaped French foreign investment rules (as...more
With strengthened legislative mandates and significant regulatory reform in place, the U.S. government’s national security focus on protecting sensitive technology and data continues to gather steam. Although exactly what...more
3/11/2020
/ Bureau of Industry and Security (BIS) ,
CFIUS ,
China ,
Corporate Counsel ,
Covered Transactions ,
Data Collection ,
Digital Data ,
Divestiture ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Filing Fees ,
Foreign Acquisitions ,
Foreign Investment ,
Germany ,
Hotels ,
Huawei ,
Innovative Technology ,
NAICS ,
National Security ,
National Security Review Proceedings ,
OIRA ,
Semiconductors ,
Trump Administration ,
U.S. Treasury
Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more
1/30/2020
/ Acquisitions ,
Administrative Procedure Act ,
Anti-Discrimination Policies ,
Anti-Harassment Policies ,
Anti-Kickback Statute ,
Antitrust Investigations ,
Appeals ,
Arbitration Awards ,
Attorney General ,
Backstop Agreements ,
BEPS ,
BitLicense ,
Blockchain ,
Board of Directors ,
Bonds ,
Capital Markets ,
CFIUS ,
CFTC ,
Chapter 11 ,
Claim Preclusion ,
Class Action ,
Commercial Bankruptcy ,
Common Stock ,
Congressional Investigations & Hearings ,
Congressional Subpoenas ,
Consumer Financial Protection Bureau (CFPB) ,
Cooperation Agreement ,
Copyright ,
Corporate Governance ,
Corporate Restructuring ,
Corporate Social Responsibility ,
Corporate Taxes ,
Corwin Doctrine ,
Covenant Lite Deals ,
Creditors ,
Cross-Border Transactions ,
DACA ,
DE Supreme Court ,
Debt Financing ,
Debtors ,
Department of Justice (DOJ) ,
Dischargeable Debts ,
Disgorgement ,
Disparate Impact ,
Dodd-Frank ,
Down Rounds ,
Drug Pricing ,
EBITDA ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Employment Discrimination ,
Enforcement Actions ,
Enforcement of Foreign Judgments ,
Enterprise Act 2002 ,
Environmental Social & Governance (ESG) ,
EU ,
Fair Housing Act (FHA) ,
Federal Trade Commission (FTC) ,
FinTech ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Foreign Issuers ,
FRCP 23 ,
General Data Protection Regulation (GDPR) ,
General Elections ,
GILTI tax ,
High-Yield Markets ,
Hong Kong ,
Hong Kong Stock Exchange ,
Individual Accountability ,
Initial Public Offering (IPO) ,
Intellectual Property Litigation ,
Intercreditor Agreements ,
International Arbitration ,
International Litigation ,
IRS ,
Issue Preclusion ,
Japan ,
Joint Venture ,
Legislative Agendas ,
Life Sciences ,
Listing Rules ,
Litigation Strategies ,
Make-Whole Premium ,
Mergers ,
MFW ,
Multinationals ,
National Security ,
PCAOB ,
Pharmaceutical Industry ,
Political Parties ,
Preferred Shares ,
Private Offerings ,
Privately Held Corporations ,
Proxy Advisory Firms ,
Publicly-Traded Companies ,
Refinancing ,
Regulatory Agenda ,
Reporting Requirements ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Separation of Powers ,
Shareholder Activism ,
Shareholder Proposals ,
Shareholders ,
Split of Authority ,
State Labor Laws ,
Stock Drop Litigation ,
Tax Cuts and Jobs Act ,
Tax Litigation ,
Technology Sector ,
Third-Party Release Agrements ,
Transparency ,
UK ,
UK Brexit ,
Valuation ,
White Collar Crimes
The achievement of legislative consensus in 2018 around a preferred approach to safeguarding U.S. technology and information from national security threats via foreign investment resulted in passage of the Foreign Investment...more
1/22/2020
/ CFIUS ,
China ,
Covered Real Estate Transactions ,
Critical Infrastructure Sectors ,
Excepted Investors ,
Export Controls ,
Federal Pilot Programs ,
Final Rules ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
National Security ,
Technology Sector ,
Technology Transfer Agreements ,
Trump Administration
On November 27, 2019, the U.S. Department of Commerce (Commerce) published a proposed rule that would establish a new and especially broad power for the U.S. government to review and potentially block or unwind transactions...more
12/13/2019
/ Department of Defense (DOD) ,
Executive Orders ,
FCC ,
Foreign Acquisitions ,
Foreign Adversaries ,
Information and Communication Technology (ICT) ,
National Security ,
NDAA ,
Proposed Rules ,
Public Comment ,
Secretary of Commerce ,
Technology Sector ,
Telecommunications ,
Trump Administration ,
U.S. Commerce Department
As has been widely reported, the U.S. federal government partially shut down at midnight on December 22, 2018. While the shutdown continues to impact numerous government agencies and related constituencies, a key shutdown for...more
1/15/2019
/ CFIUS ,
Corporate Counsel ,
Cross-Border Transactions ,
Delays ,
Department of Justice (DOJ) ,
Federal Pilot Programs ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Government Shutdown ,
Mandatory Declarations ,
National Security ,
National Security Review Proceedings ,
Time Extensions ,
Trump Administration ,
U.S. Treasury
In August 2018, President Donald Trump signed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which significantly reformed national security reviews by the Committee on Foreign Investment in the United...more
11/1/2018
/ Advisory Board ,
CFIUS ,
Exemptions ,
Federal Pilot Programs ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Fund Managers ,
General Partner ,
Indirect Investors ,
Investment Companies ,
Mandatory Declarations ,
National Security ,
Non-Controlling Interests ,
Trump Administration
On October 10, 2018, the Department of the Treasury, as the chair of the Committee on Foreign Investment in the United States (CFIUS), issued two sets of interim regulations implementing certain provisions of the Foreign...more
10/11/2018
/ CFIUS ,
Critical Infrastructure Sectors ,
Declaration ,
Federal Pilot Programs ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Governments ,
Foreign Investment ,
Jurisdiction ,
Mandatory Requirements ,
National Security ,
Non-Controlling Interests ,
Passive Investments ,
Technology Sector ,
Voting Securities
After significant deliberation and discussion, Congress passed and the president is expected to shortly sign the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), the first legislation in over a decade to...more
8/7/2018
/ Acquisitions ,
Administrative Procedure ,
CFIUS ,
Declaration ,
Filing Fees ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Jurisdiction ,
Mergers ,
National Security ,
National Security Review Proceedings ,
New Rules ,
Personally Identifiable Information ,
Real Estate Investments ,
Short-Form Mergers ,
Transparency ,
Trump Administration
Over the past year, a bipartisan group of legislators in Congress has been drafting and soliciting support for a new statute that, if passed, would dramatically reform national security reviews performed by the Committee on...more
1/24/2018
/ CFIUS ,
Critical Infrastructure Sectors ,
Export Controls ,
Filing Fees ,
FIRRMA ,
Foreign Acquisitions ,
Joint Venture ,
Jurisdiction ,
License Agreements ,
National Security ,
National Security Review Proceedings ,
Notice Requirements ,
Partnerships ,
Proposed Legislation ,
Risk Mitigation ,
Technology Sector ,
Trump Administration