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CFIUS to increase max penalties to $5M, expand its use of subpoenas

CFIUS to increase max penalties to $5M, expand its use of subpoenas

The Treasury Department has proposed a rule that would “enhance certain CFIUS procedures” and sharpen its penalty and enforcement authorities. The proposed changes reflect the Committee’s evolution and increased focus on monitoring, compliance, and enforcement. Details are inside.

Former head of CFIUS on impact of proposed rule; key ACI takeaways

Former head of CFIUS on impact of proposed rule; key ACI takeaways

In the latest episode of our video series, “Ten With Tom,” former Assistant Secretary for Investment Security Thomas Feddo explains how the Treasury Department’s new rule proposal might lead to a more “adversarial” CFIUS, and offers insights on the new penalties and subpoena powers.

Treasury’s proposed budget: more CFIUS hiring, 15 FTEs for outbound

Treasury’s proposed budget: more CFIUS hiring, 15 FTEs for outbound

It’s budget season, and review of Departmental requests can offer a unique view of the year to come. For example, the Treasury Department has requested funding to hire 15 full-time employees to work on the outbound foreign investment review regime, which should begin “in earnest in FY 2025.”

Kansas bill would limit property owners from countries of concern

Kansas bill would limit property owners from countries of concern

The Sunflower State (yes, that’s Kansas) is the latest to wade into the national security debate, following the lead of Florida, Missouri and others that have regulated foreign ownership of property. The Kansas move would prohibit certain purchases within 150 miles of any military installation. Details inside.

Canada foreign investment reviews strengthened for AI, other sectors

Canada foreign investment reviews strengthened for AI, other sectors

As expected, the Canadian government amended its Investment Canada Act, providing new tools to assess the national security risks of foreign investments. The “modernization” includes new pre-closing filing requirements in certain sectors, and increases penalties for non-compliance.

Exclusive conversation with the DoJ on new bulk personal data proposal

Exclusive conversation with the DoJ on new bulk personal data proposal

In our latest video conversation, we discuss the ANPRM on bulk sensitive personal data with Eric Johnson, Principal Deputy Chief of the DoJ’s Foreign Investment Review Section. We cover advisory opinions, overlap with CFIUS, timelines, and the “Four Knows” that every company should grasp.

Proposed DoJ budget includes data on reviews, NSAs, penalties, more

Proposed DoJ budget includes data on reviews, NSAs, penalties, more

Buried inside the 67-page proposed fiscal year 2025 budget for the National Security Division was some interesting data on the number of new national security agreements in place, as well as insights on CFIUS penalties, site visits, monitoring of NSAs, and more. Details and the full report are inside.

Agriculture Dept. to remain “case by case” on CFIUS; gets more funding

Agriculture Dept. to remain “case by case” on CFIUS; gets more funding

Much has been made of the fact that the new Consolidated Appropriations Act adds the Secretary of Agriculture as a “permanent” member of CFIUS. But that’s misleading; in fact, the Act says that the Agriculture Secretary can be included as a member of CFIUS on a “case by case basis.” Insights inside.

Top advisors at nexus of national security and foreign investment

Top advisors at nexus of national security and foreign investment

Congratulations to the experts who were selected as Foreign Investment Watch’s “Top Advisors 2024.” Out of hundreds of submissions, we selected 32 individuals based on myriad criteria, from experience and references to one-on-one interactions with Foreign Investment Watch.

President Biden issues Executive Order on sensitive personal data

President Biden issues Executive Order on sensitive personal data

As expected, Pres. Biden has issued an Executive Order aimed a protecting Americans’ sensitive personal data. The EO covers biometric, genomic, and geolocation data, and the DoJ has already published its proposed rule. Details, fact sheets, the EO, a related unclassified NSI report, more inside.

Talking CFIUS and the new “SCRC” with former DHS Asst. Secretary

Talking CFIUS and the new “SCRC” with former DHS Asst. Secretary

Until a couple weeks ago, Bridget McGovern was Assistant Secretary for Trade and Economic Security at the Department of Homeland Security. We sat down with McGovern to play “true false,” and to discuss CFIUS, her new role, and the new “Supply Chain Resilience Center” we covered in December.

Court: Florida can’t prevent Chinese nationals from buying property

Court: Florida can’t prevent Chinese nationals from buying property

As we covered back in June, Florida had enacted a law banning foreign nationals from China and other “countries of concern” from purchasing certain real estate holdings. An appeals court has now prohibited enforcement of that ban. Details, the case, a DoJ statement of interest, the impact, and more inside.

White House updates its list of Critical and Emerging Technologies

White House updates its list of Critical and Emerging Technologies

The White House Office of Science and Technology Policy has released its updated list of Critical and Emerging Technologies. Last updated two years ago, the list has relevance to both export controls and foreign investment review policies. Details, the full list, and key changes from 2022 are inside.

Navy unveils new economic council to address foreign investment risks

Navy unveils new economic council to address foreign investment risks

Last week, Secretary of the Navy Carlos Del Toro unveiled the Maritime Economic Deterrence Executive Council, which will counter “adversarial economic activities” that directly impact the Navy and Marine Corps. Mitigation of foreign investment risks is part of the mandate. Details inside.

Bill would give governors power to question CFIUS about transactions

Bill would give governors power to question CFIUS about transactions

A U.S. Senator has introduced a bill that would force CFIUS to respond to inquiries from governors about transactions within state borders. The proposal runs counter to FIRRMA and current practice, and raises questions about the states’ role in national security, just as the states ramp up activity. Details inside.

BIS proposed “IaaS” rule could have much broader impact on AI market

BIS proposed “IaaS” rule could have much broader impact on AI market

As expected, the Bureau of Industry and Security has floated a rule that would require U.S. “Infrastructure as a Service” providers to verify the identity of foreign customers, and disclose when those entities train certain AI models. Experts say the rule could broadly impact the cloud market.

Is CFIUS imposing NSAs without negotiating terms? Rumors abound.

Is CFIUS imposing NSAs without negotiating terms? Rumors abound.

According to some readers of Foreign Investment Watch, CFIUS has imposed National Security Agreements by order on a non-interim basis, and has done so without negotiating with the transactions parties. Experts say this would be an important development with far-reaching implications.

China Select: Five VCs invested $3B into Chinese cos. supporting CCP

China Select: Five VCs invested $3B into Chinese cos. supporting CCP

Last week, the China Select Committee completed an investigation that found five venture capital firms have invested billions into Chinese companies “that both created dangerous People’s Liberation Army weapon systems” and developed technologies for surveilling the population. Findings, report inside.