CFIUS continued to have a busy year in 2018, and CFIUS reveals first available data about the declaration process under the new Pilot Program.
On May 16, 2020, the Committee on Foreign Investment in the United States (CFIUS) published the public version of its Annual Report to Congress for Calendar Year 2018 (the Report). The time period covered by the Report encompasses the enactment of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) on August 13, 2018, the implementation of the CFIUS Pilot Program in November 2018, and the beginning of a US government shutdown. Because CFIUS publishes these required annual reports more than a full year after the covered period, the Report does not fully reflect more recent trends. The Report largely describes the pre-FIRRMA CFIUS process, although it does provide initial data on the CFIUS Pilot Program, and reflects the increase in the CFIUS Review Period from 30 to 45 days, which occurred post-FIRRMA.
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