New rules proposed by the Committee on Foreign Investment in the United States (CFIUS), released on April 11, 2024, can be understood in two ways: the practical effects and signaling effects....more
One of the bigger surprises in the history of the Committee on Foreign Investment in the United States (CFIUS) began to unfold in May 2023, when CFIUS posted a new Q&A on the FAQ section of the CFIUS website. The FAQ...more
On October 20, 2022, the Committee on Foreign Investment in the United States (CFIUS or the Committee) issued its first-ever set of “Enforcement and Penalty Guidelines.” The Guidelines introduce for CFIUS participants a new...more
On September 15, 2022, President Biden signed an Executive Order (EO) detailing certain national security risks that the Committee on Foreign Investment in the United States (CFIUS or the Committee) should consider when...more
This year's version of the annual Committee on Foreign Investment in the United States (CFIUS) report, released on August 2, 2022, and covering calendar year 2021, has a Dickensian quality. As usual, it's a dense work. But...more
On October 15, 2020, the final rule implementing the baseline requirements of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) took effect. This final rule altered the mandatory filing rules of the...more
On August 6, 2020, the White House issued two executive orders purportedly intended to "address[] the threat posed by" TikTok and WeChat, considered by the White House to be Chinese-owned mobile applications. The broadly...more
On June 9, 2020, the U.S. Department of the Treasury (Treasury) announced via its Twitter account that it had launched a website dedicated to the monitoring and enforcement functions of the Committee on Foreign Investment in...more
On May 21, 2020, the Committee on Foreign Investment in the United States (CFIUS) published proposed rules (the Proposals) that fine-tune the recently implemented changes to the CFIUS rules. In particular, the Proposals...more
On April 28, 2020, the Treasury Department (Treasury) issued an interim final rule, effective May 1, regarding filing fees for submissions to the Committee on Foreign Investment in the United States (CFIUS). The rule makes...more
For an entity that has historically placed an emphasis on maintaining the secrecy of its proceedings, the Committee on Foreign Investment in the United States (CFIUS, or the Committee) has recently attracted quite a few...more
3/10/2020
/ Acquisitions ,
Blocked Mergers ,
CFIUS ,
Corporate Counsel ,
Covered Real Estate Transactions ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Divestiture ,
Executive Orders ,
Filing Fees ,
FIRRMA ,
Foreign Investment ,
National Security ,
Rulemaking Process ,
Statutory Authority ,
U.S. Treasury
A Summary and a Business Decision-Maker's Chart for the Path Forward -
On January 13, 2020, the U.S. Department of the Treasury issued final rules fully implementing the new powers granted to the Committee on Foreign...more
1/17/2020
/ CFIUS ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Cybersecurity ,
Federal Pilot Programs ,
Foreign Investment ,
Inbound Investments ,
Mandatory Declarations ,
National Security ,
New Rules ,
Popular ,
U.S. Treasury
Venture Fundraising and Investment in Healthcare -
U.S. healthcare venture fundraising reached a record $9.6 billion in 2018, continuing a four-year upward trend. This was driven by excellent returns in the sector,...more
3/15/2019
/ Acquisitions ,
Alternative Investment Markets (AIM) ,
Biosimilars ,
CFIUS ,
Digital Health ,
Emerging Technology Companies ,
Investment ,
Investment Opportunities ,
Life Sciences ,
Medical Devices ,
Mergers ,
Pharmaceutical Industry ,
Popular ,
Telehealth ,
Venture Capital
CFIUS Past, Present, and Future:
A 2018 CFIUS Carol -
The year 2018 was a turning point in the history of the Committee on Foreign Investment in the United States (CFIUS). CFIUS’s change in direction in 2017 suggested that a...more
12/21/2018
/ CFIUS ,
China ,
Corporate Counsel ,
Cross-Border Transactions ,
Emerging Technology Companies ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Governments ,
Foreign Investment ,
National Security ,
Trump Administration
On November 19, 2018, the U.S. Commerce Department's Bureau of Industry and Security (BIS) released its advance notice of proposed rulemaking (ANPRM) to control the export of emerging technologies. Comments on the ANPRM are...more
11/20/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bureau of Industry and Security (BIS) ,
CFIUS ,
ECCNs ,
Emerging Technology Companies ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Manufacturers ,
Public Comment ,
Robotics ,
Software ,
Technology ,
U.S. Commerce Department
As of November 10, 2018, foreign investors making acquisitions and equity investments into many U.S. businesses will be required to file their investments with the Committee on Foreign Investment in the United States (CFIUS)...more
10/19/2018
/ CFIUS ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Emerging Technology Companies ,
Export Controls ,
Federal Pilot Programs ,
Filing Requirements ,
FIRRMA ,
Foreign Investment ,
NAICS ,
National Security ,
Trump Administration ,
U.S. Commerce Department
So you've heard a lot about CFIUS reform and the changes that may result from FIRRMA, perhaps from our prior pieces. While the President just signed FIRRMA into law on August 13, you probably know that many key FIRRMA...more
On Tuesday, Congress released its final draft of the Foreign Investment Risk Review Modernization Act (FIRRMA)—a compromise bill which reconciles the differences between the versions previously passed by the House and Senate....more
On November 8, 2017, a bipartisan coalition in Congress introduced the Foreign Investment Risk Review Modernization Act (FIRRMA), which would greatly expand the reach and consequence of the Committee on Foreign Investment in...more