On December 2, 2024, the Department of Commerce, Bureau of Industry and Security (BIS) issued a new set of regulations targeting semiconductors manufacturing equipment (SME) and high-bandwidth memory (HBM) chips. The updates...more
12/23/2024
/ Artificial Intelligence ,
Bureau of Industry and Security (BIS) ,
CFIUS ,
China ,
Commerce Control List ,
Export Controls ,
Exports ,
Foreign Direct Product Rule ,
Manufacturers ,
National Security ,
Semiconductors ,
Technology Sector
On October 28, 2024, the U.S. Department of Treasury released a pre-publication version of its final rule containing the outbound investment regulations.
The rule arrives a little over a year after Executive Order 14105,...more
10/31/2024
/ Artificial Intelligence ,
CFIUS ,
Enforcement ,
Final Rules ,
Financial Institutions ,
International Emergency Economic Powers Act (IEEPA) ,
Investment ,
National Security ,
New Regulations ,
Outbound Transactions ,
SAFE ,
Semiconductors ,
Technology Sector ,
U.S. Treasury ,
Voluntary Disclosure
The EU plans to step up controls on its home grown technology. That is the short version.
The longer version is a (pretty dry) recitation of the proposed legislation and whitepapers that were published last week as the...more
On August 9, 2023, President Biden issued an Executive Order (E.O.) ordering the issuance of outbound investment restrictions. This E.O. comes after nearly a year of anticipation (as we have documented on several occasions...more
8/14/2023
/ Artificial Intelligence ,
Biden Administration ,
CFIUS ,
Executive Orders ,
Foreign Direct Investment ,
Foreign Investment ,
Investment ,
National Security ,
Outbound Transactions ,
Semiconductors ,
Supply Chain ,
Technology Sector ,
U.S. Commerce Department ,
U.S. Treasury
On August 9, 2023, President Biden issued an Executive Order (E.O.) ordering the issuance of outbound investment restrictions. This E.O. comes after nearly a year of anticipation (as we have documented on several occasions...more
8/11/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Artificial Intelligence ,
Biden Administration ,
CFIUS ,
China ,
Cybersecurity ,
Executive Orders ,
Foreign Direct Investment ,
Foreign Investment ,
National Security ,
Popular ,
Semiconductors ,
Supply Chain ,
Technology Sector
The Moving Target -
We have been writing since last July about the proposed outbound investment measures that would review and possibly deny proposed outbound investments from the United States to China. Rumors swirled...more
Occasionally, on our blog, we allow ourselves to indulge in prognostication. Similarly, and also occasionally, we are wrong. Nevertheless, we hope to distinguish ourselves by our candor and admit our misses....more
1/19/2023
/ Artificial Intelligence ,
Batteries ,
Biotechnology ,
CFIUS ,
China ,
Critical Infrastructure Sectors ,
Executive Orders ,
Investment ,
Investment Controls ,
Semiconductors ,
Technology
As we close out a wild year for international trade regulation, after hearing much talk about outbound investment review mechanisms, we may see a final dramatic change before the ball drops...more
12/21/2022
/ Biden Administration ,
CFIUS ,
China ,
Executive Orders ,
International Emergency Economic Powers Act (IEEPA) ,
International Relations ,
International Trade ,
Investment ,
Investors ,
National Security ,
NDAA ,
Proposed Legislation ,
Technology ,
U.S. Treasury
On September 15, President Biden signed the first-ever Executive Order (E.O.) on CFIUS – the Committee on Foreign Investment in the United States. While the E.O. does not substantively change CFIUS’s jurisdiction or the legal...more
So you’d like to build a new fabrication facility in China, or just add some capabilities to your existing plant? Well, the U.S. Government may want to have a look at that transaction—and may soon have the authority to stop...more
This past month, the U.S. Senate debated a provision in the Innovation and Competition Act that would require the Committee on Foreign Investment in the United States (CFIUS) to review any proposed gifts and contracts of $1...more
6/15/2021
/ CFIUS ,
China ,
Export Controls ,
Foreign Investment ,
Higher Education Act ,
Information Technology ,
Information Technology Outsourcing ,
National Security ,
Research and Development ,
Technology ,
Universities
A new framework for foreign direct investments in the United Kingdom -
Takeaways -
• The United Kingdom Government has adopted a CFIUS-style National Security and Investment Act (“the Act”).
• The new law takes...more
Over the past few weeks, we have been speculating on the international trends and tides we expect to see in the next four years under a new U.S. presidential administration. So that you can enjoy our prognostications (before...more
12/17/2020
/ Asia ,
Biden Administration ,
CFIUS ,
China ,
Coronavirus/COVID-19 ,
Customs and Border Protection ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Policy ,
Iran Sanctions ,
Joint Comprehensive Plan of Action (JCPOA) ,
National Security ,
Recovery Plans ,
Russia ,
Trump Administration ,
UK
On November 11, 2020, the UK government proposed a much anticipated National Security and Investment Bill (the Bill or proposed Regulation) before Parliament.
The Bill is the result of a series of government papers and legal...more
On October 15, 2020, CFIUS will officially tie mandatory filings to U.S. export control regimes, including the Export Administration Regulations (EAR) and the International Traffic in Arms Regulations (ITAR). While that...more
The UK government has now made a show of force in its foreign direct investment (FDI) reviews.
For the first time, the UK Secretary of State issued an order to prevent a transaction for raising public interest...more
On August 28, 2020, China took its own swing in the fight over TikTok. The blow, however, may land right in the middle of U.S.-China technology research, collaboration, and innovation. New export regulations may require...more
9/3/2020
/ 3D Printing ,
Artificial Intelligence ,
CFIUS ,
China ,
Drones ,
Export Administration Regulations (EAR) ,
Export Controls ,
MInistry of Commerce ,
MOFCOM ,
National Security ,
Personal Data ,
Software ,
Technology ,
Technology Sector ,
TikTok
On May 21, 2020, a proposed rule change brought the threat of a mandatory CFIUS filing to investments across all U.S. industries. The U.S. Department of Treasury proposed a rule that removes a restriction formerly in the...more
6/1/2020
/ CFIUS ,
Exceptions ,
Filing Requirements ,
FIRRMA ,
Foreign Investment ,
licences ,
NAICS ,
Pilot Programs ,
Private Equity ,
Proposed Regulation ,
Proposed Rules ,
Trump Administration ,
U.S. Treasury
Robotic exoskeletons may augment human strength, endurance, and mobility. The latest CFIUS action has all the makings of a Terminator movie.
This month, the Committee on Foreign Investment in the United States (“CFIUS”)...more
The pandemic that has put our world a bit sideways has, as you might expect, set back our publication date. We should have paper copies of the (much anticipated) CFIUS Book: Second Edition available by mid-May 2020. However,...more
The most pressing question around the new FIRRMA regulations is “Will my transaction be covered?” To provide a bit of guidance on that point, we present an illustration from our upcoming Second Edition of The CFIUS Book due...more
1/29/2020
/ Australia ,
Canada ,
CFIUS ,
Covered Transactions ,
Cross-Border Transactions ,
Encryption ,
Exceptions ,
Exports ,
Federal Pilot Programs ,
Filing Requirements ,
Final Rules ,
FIRRMA ,
Foreign Investment ,
Investment Funds ,
National Security ,
Private Equity ,
Proposed Regulation ,
Real Estate Transactions ,
Software ,
Technology ,
Technology Sector ,
UK
My VC Fund has U.S. and non-U.S. General Partners, will I need to file CFIUS declarations for every investment I want to make in tech, in infrastructure, or in a company with customers’ personal data?
This is a critical...more
11/13/2019
/ Board of Directors ,
CFIUS ,
Controlled Foreign Corporations ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Declaration ,
FIRRMA ,
Foreign Investment ,
Foreign Nationals ,
General Partner ,
Investment Funds ,
Investment Management ,
Investors ,
National Security ,
Personal Data ,
Proposed Rules ,
Technology Sector ,
Venture Capital
By now, you have skimmed through the proposed FIRRMA regulations issued on September 17 2019, and you have very likely read a dozen summaries of those regulations (with titles like “New Proposed CFIUS Regulations Published”...more
10/18/2019
/ CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
FIRRMA ,
Foreign Governments ,
Foreign Investment ,
Foreign Nationals ,
Investors ,
NATO ,
Non-Controlling Interests ,
Proposed Regulation ,
Proposed Rules
What is CFIUS? The Committee on Foreign Investment in the United States, or CFIUS, is an interagency committee chaired by the Secretary of the Treasury which is authorized to review and approve transactions involving foreign...more
9/26/2019
/ CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
FIRRMA ,
Foreign Investment ,
Global Dealmaking ,
National Security ,
Proposed Regulation ,
Proposed Rules ,
Public Comment ,
Real Estate Transactions ,
U.S. Treasury
Key Takeaways:
• Technology Infrastructure and Data. CFIUS will focus its review on investments in critical Technology, critical Infrastructure, and sensitive personal Data (“TID Businesses”).
• Critical technologies is...more
9/23/2019
/ CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Defense Production Act ,
Exon-Florio ,
Export Control Reform Act (ECRA) ,
FIRRMA ,
Foreign Investment ,
Interstate Commerce ,
National Security ,
Proposed Regulation ,
Proposed Rules ,
Real Estate Transactions