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Compliance reminder: New CFIUS and EU rules are now in effect
Just a friendly reminder that the new CFIUS critical technology mandatory filing requirement took effect this week, as did EU’s new screening mechanism for foreign direct investments. Key details are inside, as are complete frameworks, fact sheets, FAQs, and more.
Bill would enable UK to unwind deals over national security
According to reports, a new plan being written in London would give the British government the power to unravel foreign investments in UK companies if national security is at risk. Details, related coverage, the draft of the proposal, and more are inside.
Commerce Dept. implements controls on emerging technologies
As anticipated, the Bureau of Industry and Security at Commerce issued its final rule regarding multilateral controls on emerging technologies. The U.S. and other nations had agreed to implement these controls last year. Details, the final rule, contacts and more are inside.
Head of CFIUS provides intel on non-notified transactions, more
During an Oct. 2 online forum, the head of CFIUS provided a series of updates and insights on topics ranging from treatment of joint ventures to upcoming enforcement guidelines. Details, excerpts, key quotes, contacts, and the full video are inside.
FCC streamlines its process for reviewing foreign ownership
This week, the Federal Communications Commission adopted new rules that should improve the transparency and timeliness of foreign ownership reviews. Details on the new “Team Telecom” review process, and how it relates to CFIUS, are inside.
Insights on when to consider CFIUS mitigation requirements
As we covered back in July, the number of mitigation agreements monitored by the DoJ has nearly doubled. So this week, we turned to Keith Ausbrook, an expert on monitoring and compliance, to outline practical steps that may be helpful when mitigation is required.
Latest CFIUS updates, reports on TikTok, Riot and other companies
We’ve been wary of covering the TikTok noise, because, well, who isn’t covering it? But this week we provide a quick update on some of the more high-profile CFIUS proceedings, including an expanded investigation of two other gaming companies connected to China’s Tencent.
National security expert on global trends, CFIUS scrutiny, more
This week, we sit down (virtually, of course) with Farhad Jalinous, Partner and Chair of the Foreign Direct Investment Reviews and US National Security/CFIUS Practice at White & Case to discuss the impact of the election, COVID, global trends, and more.
Final rule modifies mandatory declarations, “substantial interest”
As expected, the Treasury Department has issued its final rule that modifies the mandatory declaration provision of FIRRMA, and tweaks the definition of the term “substantial interest.” Details, summary, downloadable fact sheet, contacts, and the complete rule are available inside.
Sen. Rubio asks CFIUS to review another acquisition
Senator Marco Rubio (R-FL) has asked CFIUS to look into the Chinese acquisition of health and nutrition retailer GNC. This is not the first time Sen. Rubio has sent such a request. Details, context, and the actual letter are inside.
Budget provides insights on CFIUS plans, strategy, staffing and more
The House Financial Services and General Government Appropriations Bill for 2021 provides some interesting insights on the government’s intentions to strengthen CFIUS. Details, the budget numbers, and the complete bill are available for download inside.
UK’s authority publishes guidance on foreign direct investments
As anticipated, the UK Competition and Markets Authority has published guidance on their “powers and procedures.” Insights on their intended practices, including details on information-gathering and penalties, are inside.
Startup’s Guide to CFIUS, Part I: What the heck is CFIUS? An FAQ
In part one of our special section, New York lawyer Tytus Cytowski, whose eponymous firm has helped startups raise over a billion dollars, walks us through the basics with a list of frequently asked questions.
Startup’s Guide to CFIUS, Part II: Seven tactics for managing risk
In part two of our special section, Nicole Lamb-Hale, a well-known CFIUS expert and former Presidential appointee at the U.S. Commerce Department, offers practical tips for managing CFIUS risk.
Startup’s Guide to CFIUS, Part III: A case study in frustration
In part three of our special section, CFIUS expert Stephen Heifetz, who spent time at the CIA, Homeland Security, and the Dept. of Justice, walks through a “what if” scenario.
How to prepare for CFIUS-related questions from potential investors
This week, Adelicia Cliffe and Jana del-Cerro, both partners in the Washington, D.C., office of Crowell & Moring, provide insights on how companies can both prepare for CFIUS-related questions from investors, and alleviate potential investor concerns about CFIUS risks.
“Foundational technologies” at heart of Commerce Dept. proposal
The Bureau of Industry and Security has published a proposal on the definition of “foundational technology.” The definition will impact CFIUS, as these foundational items also qualify as “critical technologies” under FIRRMA. Details, full text, action items, and contacts are inside.
Survey data show executives not educated on, prepared for, CFIUS
A new survey by Foreign Investment Watch shows that executives feel neither educated nor adequately prepared to comply with new FIRRMA rules. When asked how educated they felt about CFIUS rules or filing processes (on a scale of one to ten, with ten being “very prepared”) the average response was only four. Details inside.
CFIUS risk assessments, audits, and mitigation agreements
This week, we speak (virtually, of course) with Michael Rose, National Practice Leader for CFIUS Advisory Services at EisnerAmper. On tap: Pre-filing risk assessments; pitfalls for companies to avoid; controls and procedures to ensure compliance with mitigation agreements; third-party compliance audits; and more.
Presidential order on TikTok has weekly certification, audit terms
As expected, President Trump has ordered Beijing-based ByteDance to sell its U.S. assets and destroy data of U.S. users. The order includes an onerous weekly certification requirement for ByteDance, and enables CFIUS to access their offices and IT systems until the divestiture is complete. Details and the full order are inside.