On December 7, 2022, François-Philippe Champagne, the Minister of Innovation, Science and Industry (the Minister), announced several proposed amendments to the national security regime under the Investment Canada Act (ICA)...more
On 4 January 2022, the UK National Security and Investment Act 2021 (NSI Act) came into full force. As we previously noted, the NSI Act grants the UK government wide new powers to scrutinise and intervene in acquisitions and...more
Takeaways - Although deal flow continues to be strong, stricter antitrust and national security reviews may pose obstacles for some mergers. Financial sponsors remain very active, and with more corporate divestitures...more
The United Kingdom's National Security and Investment Act (the NSI Act) is now fully in force. First proposed in 2016, the NSI Act creates a stand-alone regime that authorizes the UK government to consider and address the...more
The United Kingdom's National Security and Investment Act (NSI Act) is scheduled to come fully into force on January 4, 2022. The NSI Act will create a new framework for the UK government to review so-called "trigger events,"...more
The Situation: The Australian government has introduced significant changes to its foreign investment review framework. The centrepiece of the changes is an enhanced review of acquisitions of property or businesses which are...more
On 11 November 2020, the government announced the details of its proposals for national security-based review of investments in the UK, in the form of the National Security and Investment Bill ("NSIB"). Protectionism is a...more
Since COVID-19, deals involving foreign state-owned enterprises or enterprises related to public health or the supply of critical goods and services are increasingly subject to review - The Investment Review Division...more
In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment - While there is still no standalone foreign direct investment (FDI) screening at...more
The EU Foreign Direct Investment Regulation will be in full force from October 11, 2020. We expect it will radically alter the dynamics of foreign investment review in Europe. Any non-EU investor and any EU target company...more
The coronavirus pandemic has weakened European economies and companies. EU and national governments have expressed concern that foreign investors may opportunistically take advantage of the crisis to acquire domestic...more
Australia requires a wide variety of investments by foreign businesses to be reviewed and approved before completion. The decision to approve or deny a foreign investment application is ultimately made by the Treasurer of...more
The Russian government clarified requirements to disclosure of information about foreign investors' beneficiaries, beneficial owners and controlling persons. The Government Commission on Control over Foreign Investments in...more
While few deals are challenged in Canada, national security reviews are becoming more common and complex. The Investment Review Division (IRD), which is part of the Ministry of Innovation, Science and Economic Development...more
The US M&A market delivered another year of strong performance in 2018. Though deal volume dipped 2 percent year-on-year to 5,682 deals, deal value was up by 15 percent over the period, to US$1.5 trillion - A number of...more
Despite the opportunities available in the market, the changing face of global politics is exerting an increasing influence over deals. Almost half of respondents (47 percent) point to trade wars and rising protectionism as...more
After significant deliberation and discussion, Congress passed and the president is expected to shortly sign the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), the first legislation in over a decade to...more
The Foreign Investment Risk Review Modernization Act (FIRRMA), included in the reconciled Conference Report of the FY19 National Defense Authorization Act, substantially expands the jurisdiction of the Committee on Foreign...more
Hundreds of American companies may have inadvertently become “foreign persons” for CFIUS purposes, at risk of being caught up in the Trump Administration’s restrictions on foreign investment. Many people know that the...more
As the United States Congress debates new legislation to strengthen reviews of cross-border transactions for potential national security concerns, the Committee on Foreign Investment in the United States (CFIUS or the...more
The Committee on Foreign Investment in the United States (CFIUS, commonly pronounced “syphius”) reviews M&A transactions that may pose a risk to national security through foreign control of a US business. (See our recent...more