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Exploring the legal issues that could impact national security reviews

Exploring the legal issues that could impact national security reviews

A new report highlights several legal issues that could arise from proposals to “expand or create” new national security review mechanisms. Among them are due-process provisions that allow parties in a divestment order to see the information CFIUS used to make its decision. Details, report inside.

CFIUS head says more penalties are coming, as are changes to FIRRMA

CFIUS head says more penalties are coming, as are changes to FIRRMA

Last week, CFIUS head Paul Rosen said that the Committee has issued two civil monetary penalties in 2023, and has several more pending at various stages. He also implied that changes to FIRRMA were coming. “It’s time to refine some of those regulations.” Details, speeches and more inside.

The key takeaways from last week’s  second annual CFIUS conference

The key takeaways from last week’s second annual CFIUS conference

After CFIUS’s first annual conference in 2022, we crowdsourced “key takeaways” from nearly a dozen attendees. This year, we turned to Sidley’s Grigore Alexandru, who previously served as Deputy Director at the DoD’s Office of Foreign Investment Review. His key takeaways are inside.

House Select Committee gets active: Investigation, subpoena, letter, more

House Select Committee gets active: Investigation, subpoena, letter, more

The House Select Committee has been busy. Last week alone, they held a “field hearing” in New York; disclosed an investigation into Wall Street firms; issued a subpoena regarding an unlicensed California lab; and penned a letter to Treasury Secretary Yellen regarding Gotion. Details inside.

Many VCs may be underestimating the full impact of outbound rule

Many VCs may be underestimating the full impact of outbound rule

The vast majority of venture capital firms say they will not be impacted much by the Treasury’s proposed rule on outbound investment. That’s according to our latest survey; only 16 percent of respondents said they would be impacted “significantly” by the proposal. Details inside.

House Committee to host CFIUS hearing. Agriculture on the docket?

House Committee to host CFIUS hearing. Agriculture on the docket?

The House Financial Services Committee will host a hearing on CFIUS oversight this week. Part of the hearing will be classified, and it looks like several legislative proposals — including one that would put the Agriculture Secretary on CFIUS — may be on the agenda. Details, witnesses, more inside.

Talking export controls, sanctions with Dell global compliance director

Talking export controls, sanctions with Dell global compliance director

We recently sat down with Dell Technologies Legal Director for Global Compliance Ethan LeKate to discuss export controls, sanctions, artificial intelligence, and more. According to LeKate, cross-functional working groups were critical when responding to the Russia sanctions. Details inside.

Breaking down TikTok’s national security agreement with CFIUS

Breaking down TikTok’s national security agreement with CFIUS

Technology reporter Emily Baker-White published a great piece for Forbes last week that analyzed an alleged draft of TikTok’s NSA with CFIUS. The draft appears to give the government “extensive supervision” and “near unfettered access” to the company. Key provisions and details inside.

Experts say outbound rule could impact investments in the U.S.

Experts say outbound rule could impact investments in the U.S.

Much has been made of the fact that the Treasury Department’s proposed rule focuses exclusively on China. But that’s not the full story. In fact, the proposal could impact investments in any country, even the U.S., under certain circumstances. Details, examples of possible scenarios, and insights inside.

Clock ticking on effective date for some provisions of outbound rule

Clock ticking on effective date for some provisions of outbound rule

Okay, let’s not beat a dead horse. The E.O. has been released, and Treasury is seeking comment on their implementing rule, which likely won’t be finalized until next year. We know. But experts clarify that some of the provisions may be effective immediately. Details and insights are inside.

Treasury already seeking comments on the outbound investment regime

Treasury already seeking comments on the outbound investment regime

Just a few hours after President Biden issued the Executive Order on outbound investment in China, the Treasury Department unveiled its “Advanced Notice of Proposed Rulemaking,” and began soliciting feedback. Details, key questions, and instructions for commenting are inside.

Former CFIUS head: What’s “most notable” latest CFIUS report, E.O.

Former CFIUS head: What’s “most notable” latest CFIUS report, E.O.

In our latest edition of “Ten With Tom,” the former head of CFIUS provides his thoughts on the Committee’s 2022 report to Congress, and on the President’s Executive Order on outbound investment. Whatever you do: Don’t call it “reverse CFIUS.” Details and insights inside.

Outbound foreign investment E.O. finally unveiled; no real surprises

Outbound foreign investment E.O. finally unveiled; no real surprises

Last year, our readers predicted that the Biden administration would issue an Executive Order on outbound investment before summer 2023. Wow, were they close. The E.O. was released this afternoon, and, as anticipated, will ban investments in certain Chinese technologies. Detail, E.O. inside.

CFIUS reviewing fewer deals, taking longer, imposing more mitigation

CFIUS reviewing fewer deals, taking longer, imposing more mitigation

As we noted last week, the Committee published its latest report to Congress. In short: There are fewer transactions clearing in the declaration process, more notices proceeding to investigation, and more mitigation agreements. Details, report, and a downloadable spreadsheet of data inside.

Senate approves notification process for certain outbound investment

Senate approves notification process for certain outbound investment

Setting aside the new Executive Order on outbound foreign investment, the U.S. Senate has approved an amendment to the National Defense Authorization Act to add mandatory notification of certain investments in adversarial nations such as China. Details and the amendment are inside.

Four venture capital firms receive letters from China Select Committee

Four venture capital firms receive letters from China Select Committee

Last week, the House Select Committee on the Chinese Communist Party sent letters to four venture capital firms, demanding details about the firms’ investments in Chinese AI, semiconductors, and quantum computing. And this just the beginning. The letters and implications are inside.