Key Takeaways -

- On July 31, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to Congress on all notices filed with CFIUS in 2019, the most recent year for which data has been declassified, and all reviews or investigations completed during the year (“Annual Report”).

- The Annual Report also marks the second data set for reviews and investigations completed since the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) became law.

- Compared to 2018, CFIUS received slightly more filings (231 vs. 229) but conducted many fewer second-stage investigations (49% vs. 69%) and saw fewer abandoned deals.

- There was also a notable drop (over 50%) in filings involving Chinese investment and a new leading foreign acquirer – Japan....