Takeaways -
Since 2018, the U.S. and several other countries have revised or installed national security-related screening of foreign direct investments.
Many jurisdictions now require filings for investments in the...more
Takeaways -
Chinese investments requiring CFIUS review have declined as the U.S. scrutinizes those transactions aggressively, and rules governing interactions with “Chinese military-industrial complex companies” have been...more
Takeaways -
As a national and economic security initiative, the Biden administration is developing policies to protect several critical supply chains.
The Commerce Department is expected to take further measures to...more
Three Key Takeaways -
There was, and remains, strong parliamentary consensus for reform to the UK’s foreign investment screening laws, stemming from sharpening geopolitical and strategic threats and the growing national...more
On November 12, 2020, President Trump signed Executive Order 13959 prohibiting U.S. persons from engaging in any transaction in publicly traded securities in “Communist Chinese military companies” (CCMCs), effective January...more
11/18/2020
/ Biden Administration ,
China ,
Department of Defense (DOD) ,
Executive Orders ,
Foreign Relations ,
National Security ,
NDAA ,
Office of Foreign Assets Control (OFAC) ,
Publicly-Traded Companies ,
Securities Transactions ,
Trump Administration
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 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 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
Since the beginning of 2020, the U.S. Department of the Treasury (Treasury) has issued numerous regulations to implement fully the Foreign Risk Review Modernization Act of 2018 (FIRRMA) on behalf of the Committee on Foreign...more
5/27/2020
/ Amended Rules ,
Annual Reports ,
Bulk Electric System ,
CFIUS ,
China ,
Critical Infrastructure Sectors ,
Department of Energy (DOE) ,
Export Administration Regulations (EAR) ,
Export Controls ,
FCC ,
Filing Fees ,
FIRRMA ,
Foreign Investment ,
Huawei ,
Imports ,
Investment Funds ,
ITAR ,
Mandatory Declarations ,
NAICS ,
National Security ,
Nuclear Regulatory Commission ,
Proposed Rules ,
Section 232 ,
Technology Sector ,
Telecommunications ,
Trump Administration
In response to the announcement on Friday by the U.S. Department of Commerce of new export-related restrictions targeting Huawei Technologies Co., Ltd. and several of its non-U.S. affiliates (collectively, Huawei), Sen. Ben...more
5/19/2020
/ Article of Manufacture ,
Bilateral Agreements ,
China ,
De Minimus Doctrine ,
Driver's Licenses ,
Entity List ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Foreign Direct Product Rule ,
Free Trade Agreements ,
Huawei ,
Interim Final Rules (IFR) ,
National Security ,
Sanction Violations ,
Semiconductors ,
Software ,
Technology ,
Trade Restrictions ,
Trade Retaliation ,
U.S. Commerce Department
On Friday, May 1, 2020, the Trump administration issued an executive order prohibiting the acquisition and installation of “bulk-power system electric equipment” (such as generators, circuit breakers, metering equipment,...more
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 April 4, 2020, President Donald Trump signed an executive order clarifying and formalizing the role of the ad hoc interagency body currently known as “Team Telecom.” Team Telecom, an executive branch group comprising the...more
4/9/2020
/ Administrative Authority ,
Department of Homeland Security (DHS) ,
Department of Justice (DOJ) ,
Executive Orders ,
FCC ,
Foreign Ownership ,
General Licenses ,
Modernization ,
National Security ,
Team Telecom ,
Telecommunications
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 January 13, 2020, the U.S. Department of the Treasury (Treasury), on behalf of the Committee on Foreign Investment in the United States (CFIUS or the Committee), issued two sets of final regulations implementing the...more
1/17/2020
/ CFIUS ,
Critical Infrastructure Sectors ,
Data Management ,
Declaration ,
Filing Requirements ,
Final Rules ,
FIRRMA ,
FOCI ,
Foreign Governments ,
Foreign Investment ,
Investors ,
National Security ,
Personal Data ,
Private Equity ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Requirements ,
REIT ,
U.S. Treasury ,
Venture Capital
Through the Export Control Reform Act of 2018 (ECRA), which was enacted in August 2018, Congress directed the U.S. Department of Commerce to conduct an interagency review process to identify “emerging and foundational...more
1/10/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Artificial Intelligence ,
Bureau of Industry and Security (BIS) ,
Comment Period ,
Defense Sector ,
ECCNs ,
Emerging Technologies ,
Export Control Reform Act (ECRA) ,
Export Controls ,
Exports ,
FIRRMA ,
Licensing Rules ,
Machine Learning ,
National Security ,
OIRA ,
OMB ,
Public Comment ,
U.S. Commerce Department
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
On September 17, 2019, the Department of the Treasury, on behalf of the Committee on Foreign Investment in the United States (CFIUS or Committee), issued two sets of proposed regulations seeking to further implement the...more
9/24/2019
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Data Management ,
Export Control Reform Act (ECRA) ,
Federal Pilot Programs ,
Financial Markets ,
FIRRMA ,
Foreign Investment ,
Investment ,
Limited Partnerships ,
National Security ,
Oil & Gas ,
Pipelines ,
Railways ,
Real Estate Transactions ,
Regulatory Reform ,
Satellites ,
Technology Sector ,
Telecommunications
On March 19, 2019, the European Union adopted a regulation for the screening of foreign direct investments into the EU (the Regulation). The Regulation sets forth national security factors that EU member states (Member...more
7/1/2019
/ CFIUS ,
Critical Infrastructure Sectors ,
EU ,
European Commission ,
Foreign Direct Investment ,
Member State ,
National Security ,
New Regulations ,
Screening Procedures ,
Sensitive Business Information ,
Transitional Arrangements ,
UK Brexit
On March 28, 2019, the Oversight Board of the United Kingdom’s Huawei Cyber Security Evaluation Centre (HCSEC) released a report identifying “serious and systematic defects in Huawei’s software engineering and cyber security...more
4/17/2019
/ Annual Reports ,
CFIUS ,
China ,
Corporate Counsel ,
Cyber Threats ,
Cybersecurity ,
Exports ,
HCSEC ,
National Security ,
Oversight Committee ,
Popular ,
Risk Assessment ,
Risk Mitigation ,
Software Developers ,
Telecommunications ,
UK
On January 29-30, 2019, Skadden and Han Kun Law Offices co-hosted two seminars — first in New York, then in Washington, D.C. — titled “Enforcement Focus on China: What Companies Should Do to Be Prepared.” Topics included the...more
2/11/2019
/ Anti-Corruption ,
China ,
Civil Liability ,
Compliance ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Discovery ,
Enforcement Actions ,
Extradition ,
Federal Rules of Criminal Procedure ,
Foreign Corporations ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Defendants ,
Foreign Policy ,
International Litigation ,
Multinationals ,
National Security ,
Trump Administration
Tariffs targeting Chinese imports into the United States garnered headlines throughout 2018. However, during the latter part of the year, the U.S. government more quietly initiated efforts that in 2019 and beyond could be...more
1/21/2019
/ Bureau of Industry and Security (BIS) ,
CFIUS ,
China ,
Critical Infrastructure Sectors ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Control Reform Act (ECRA) ,
Export Controls ,
Exports ,
FIRRMA ,
Foreign Corrupt Practices Act (FCPA) ,
National Security ,
NDAA ,
Notice of Proposed Rulemaking (NOPR) ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Burden ,
Tariffs ,
Technology Sector ,
Trade Policy ,
Trade Relations ,
Trump Administration ,
U.S. Commerce Department