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Trump Administration Directs CFIUS to Tighten Restrictions on Investment From Certain Countries While Easing National Security...

On 21 February 2025, President Donald J. Trump signaled his administration’s approach to foreign investment policy with a presidential memorandum, “America First Investment Policy” (The Policy). Among the most significant...more

Final Rule on Outbound Investments: Implications for Limited Partner Investments

Introduction - On 28 October 2024, the US Treasury Department issued a Final Rule implementing the Outbound Investment Program (OIP) under Executive Order 14105, which safeguards US national security by limiting investments...more

US Finalizes Restrictions on Outbound Investments Into China’s Semiconductors, Quantum Technologies and AI – Implications on US LP...

On 28 October, US Treasury issued new rules that restrict investment in Chinese development of semiconductors, quantum computing and AI (Covered Activity). Taking effect on 2 January 2025, the new rules are based on findings...more

US Treasury Department Moves Closer to Implementing Outbound Investment Restrictions Through Latest Proposed Regulations

On 21 June 2024, the Office of Investment Security of the US Department of the Treasury (Treasury) issued proposed regulations to implement President Biden’s August 2023 Executive Order on Addressing United States Investments...more

The Committee on Foreign Investment in the United States Sharpens Its Enforcement Edge: Proposed Regulatory Revisions Expand...

On 15 April 2024, the Treasury Department’s Office of Investment Security published a Proposed Rule to revise the regulations governing the Committee on Foreign Investment in the United States (CFIUS or the Committee). The...more

CFIUS Proposal Underscores Risks in Foreign Real Estate Acquisitions in the United States

The Committee on Foreign Investment in the United States (CFIUS or the Committee) recently proposed expanding the scope of its jurisdiction to review real estate transactions to add over 200,000 square miles of land...more

Between a Rock and a Hard Place: The Sanctions Climate for Foreign Investment in Russia - Part I of II

Russia’s invasion of Ukraine and subsequent revelations of alleged atrocities in territories previously controlled by Russia have had a global impact. Dozens of foreign countries (States) have imposed a wide variety of...more

New U.S. Sanctions on Russia and Belarus Impose Trade and Investment Restrictions on Luxury Goods and Russia's Energy Sector

As an update to K&L Gates’ previous alerts of 24 February and 25 February, U.S. President Joe Biden issued two executive orders (EOs) last week imposing additional sanctions against Russia. The first order, EO 14066, issued...more

Doing Business in the United States

Companies operating in the United States encounter numerous legal and regulatory issues arising from doing business in the world’s largest economy. Anticipating and dealing appropriately with those issues can improve markedly...more

Treasury Issues Final Regulations Revamping CFIUS Authority

On January 13, 2020, the U.S. Department of the Treasury (“Treasury”) published two final rules (“Final Rules,” found here and here) that implement most of the remaining provisions of the Foreign Investment Risk Review...more

Treasury Proposes Regulations Implementing Nearly All of FIRRMA’s Provisions

On September 24, 2019, the U.S. Department of the Treasury (“Treasury”) published two proposed rules (together, the “Proposed Rules”) to implement the remaining provisions of the Foreign Investment Risk Review Modernization...more

U.S. International Trade and Investment Security Reviews: The Latest Developments

OVERVIEW - - Oversight of Foreign Investment & Tech Transfer - CFIUS Reforms – FIRRMA - Investment Strategies FOREIGN INVESTMENT & TECH OVERSIGHT - - The Committee on Foreign Investment in the United States...more

Prominent Divestiture Orders Demonstrate CFIUS’s Focus on Access to Sensitive Personal Data as a National Security Concern

Two major actions by the Committee on Foreign Investment in the United States (“CFIUS”) have recently come to light that underscore the significant risks of investments in U.S. businesses that have large volumes of sensitive...more

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