Reid Whitten

Reid Whitten

Sheppard Mullin Richter & Hampton LLP

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CFIUS Update Issue — Well I Do Declare: Mandatory Declarations Everywhere

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

CFIUS Update Issue — CFIUS Scrutiny in Biotech: The Ekso Case and the Eye of the Terminator

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

6/1/2020  /  CFIUS , China , Department of Defense (DOD) , FIRRMA , Foreign Investment , Joint Venture , Robotics , Trump Administration

The CFIUS Book: Second Edition (Slight Delay)

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

5/7/2020  /  CFIUS , Declaration , FIRRMA , Foreign Investment , Investment , Investors , Private Equity , U.S. Treasury , Venture Capital

From CFIUS, With Love: The FIRRMA Regulations

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

Who’s the Boss? The CFIUS “Control” Definition for Global Venture Capital Funds

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

The Golden Ticket: Will Your Company be Excepted from New CFIUS Regulations?

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

Proposed Rule Expands CFIUS Jurisdiction to Real Estate Investments That Pose a National Security Risk; Could Have Major Impacts...

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

CFIUS Proposes Rules to Implement FIRRMA

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

The Little Regulation That Will Make a Big Change in How You Do Business: Department of Commerce to Establish New Export Controls...

Key Takeaways: • Emerging technology sectors will soon be subject to new export controls. • Affected sectors include biotech, computing, artificial intelligence, positioning and navigation, data analytics, additive...more

11/19/2018  /  BIS , CFIUS , Comment Period , Critical Infrastructure Sectors , Cross-Border Transactions , Emerging Technology Companies , Export Administration Regulations (EAR) , Export Controls , Exports , FIRRMA , Foreign Acquisitions , Foreign Investment , Foreign Nationals , Mergers , National Security , Public Comment , Technology Sector , U.S. Commerce Department

FIRRMA Takes Form as CFIUS Enacts a New Pilot Program Targeting “Critical Technologies”

• On October 10, 2018, the Committee on Foreign Investment in the United States put into effect the first mandatory filing requirement ever imposed by CFIUS. The Department of Treasury’s summary of the Pilot Program is...more

10/11/2018  /  CFIUS , Corporate Counsel , Covered Transactions , Critical Infrastructure Sectors , Cross-Border Transactions , Emerging Technology Companies , Federal Pilot Programs , FIRRMA , Foreign Investment , National Security

Expanding CFIUS: New Law Strengthens And Slows Investment Review

This week, you have likely heard about FIRRMA, the Foreign Investment Risk Review Modernization Act, the law that will expand CFIUS. We have written about a number of aspects of the new law as it was being made, including the...more

8/20/2018  /  CFIUS , Covered Transactions , Critical Infrastructure Sectors , Cross-Border Transactions , Filing Fees , Filing Requirements , FIRRMA , Foreign Acquisitions , Foreign Direct Investment , Foreign Investment , Information Sharing , National Security , New Legislation , Personal Data , Reporting Requirements , Trump Administration

Life in the Fast Lane: CFIUS-Free Investments, if You’re From the Right Country

All this past week, you have been hearing about FIRRMA, the new legislation that will increase the powers of the Committee on Foreign Investment in the United States that is expected to be signed into law in the coming weeks....more

8/8/2018  /  CFIUS , Critical Infrastructure Sectors , FIRRMA , Foreign Direct Investment , Foreign Investment , Legislative Agendas , National Security , NATO , Trump Administration

Reform of Foreign Investment in the U.S.: France and Other Allied Countries Might be Exempt

The U.S. House of Representatives passed a bill on Tuesday, July 10, expanding and increasing the powers of the Committee on Foreign Investment in the United States (CFIUS). The bill is called the Foreign Investment Risk...more

7/16/2018  /  CFIUS , Covered Transactions , Critical Infrastructure Sectors , Cross-Border Transactions , Exemptions , Export Controls , Exports , FIRRMA , Foreign Investment , National Security , NATO , Pending Legislation , Technology Sector , Trump Administration

On FIRRMA Ground: Congress to Restrict Foreign Investment and Expand Export Controls

This week, there were reports that the Trump Administration would use emergency powers to restrict Chinese investment in the United States. On Wednesday, the White House backed away from that position after the House of...more

6/29/2018  /  CFIUS , Covered Transactions , Exemptions , Export Controls , FIRRMA , Foreign Direct Investment , Investors , National Security , Pending Legislation , Trump Administration

The Great Wall Against China: Washington’s Barriers to a Wave of Capital from the Far East

Chinese investment in the United States plummeted in 2017 and is likely to continue to fall. According to the Wall Street Journal, Chinese foreign direct investment in the United States declined 36% last year, from $46.2...more

4/13/2018  /  CFIUS , China , Critical Infrastructure Sectors , Cross-Border Transactions , FIRRMA , Foreign Acquisitions , Foreign Investment , National Security , Trump Administration

Seeking foreign investors for your tech startup? Congress says, “not so fast.”

The U.S. Congress is currently considering legislation that would tap the brakes on foreign direct investment in the United States, particularly on investments in sensitive industries like artificial intelligence, robotics,...more

1/11/2018  /  Artificial Intelligence , CFIUS , China , FIRRMA , Foreign Direct Investment , Investors , Legislative Agendas , Robotics , Secretary of the Treasury , Semiconductors , Startups , Technology Sector
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