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Get the inside scoop on the DoD’s unclassified CFIUS procedures doc.
We sit down with Greg Alexandru, who was most recently a Deputy Director at the Office of Foreign Investment Review at the DoD. Greg untangles the DoD’s CFIUS “instruction” manual, providing details on what was once a black box: process, RBAs, team coordination, and more.
A short video conversation with the former head of CFIUS, Tom Feddo
In case you missed it, we recently sat down with Thomas Feddo, the former Assistant Secretary for Investment Security at Treasury, where he led CFIUS. Hear his thoughts on recent Congressional proposals, foreign cooperation, mitigation agreements, and more.
CFIUS updates list of excepted foreign states; adds New Zealand
As its first act in the new year, the Committee on Foreign Investment in the U.S. has updated its list of excepted foreign states, with a few minor tweaks and one addition. The move was considered underwhelming by some. Details, context, the rule, and fact sheet are inside.
Compliance Reminder: UK foreign investment regime now effective
This is just a friendly reminder that the UK’s National Security and Investment Act — which introduces a mandatory filing regime for certain transactions, and strengthens the government’s ability to investigate and intervene in foreign investment — is now effective.
DoD publishes procedures for reviewing CFIUS transactions
The Department of Defense has published a 45-page document that outlines procedures for reviewing and monitoring transactions filed with CFIUS. Of special interest may be an appendix with a list of factors the DoD considers when conducting risk-based analyses.
Should states have mechanism for channeling concerns to CFIUS?
A well-respected law school professor has published an essay that explores the overlap of state laws and CFIUS. The essay explores whether state and local officials should have a mechanism for channeling concerns and local knowledge into the CFIUS process. Details inside.
Sen. Rubio wants new SEC filings for certain foreign ownership deals
Senator Marco Rubio (R-Fla.) has proposed a bill focused on countering Chinese influence in the space industry. But experts say a beneficial-ownership disclosure requirement included in the legislation could have impact far beyond just that sector. Details, context, and the bill are inside.
Report: EU Member States okay’d more than 90% of screened FDI
Last week, the European Commission published its first annual report on the screening of foreign investments throughout the EU. The vast majority of transactions reviewed by Member States were approved without conditions. Details, the report, and more are inside.
Playing true/false with ex-Treasury official, plus five CFIUS filing tips
Last week, we reported that Bridget Reineking had joined Cooley from the U.S. Department of the Treasury’s Office of the General Counsel. This week, we sit down with Bridget to hear about her experiences at Treasury, and to get advice for companies filing with CFIUS.
Congressional agency wants new approach to emerging technologies
The U.S.-China Economic and Security Review Commission has published its 2021 report to Congress, and the 44-page document includes recommendations that would impact FIRRMA, CFIUS, export controls, and more. Details and the complete USCC report are inside.
Chinese purchase of Italian drone company may fuel global regimes
Last week, the Wall Street Journal reported that a Chinese state-controlled company had acquired an Italian maker of military drones back in 2018. While the Journal didn’t break the story, experts say the article highlights a need for stronger CFIUS-like regimes globally.
Proposed rule on excepted foreign states would delay CFIUS decisions
The U.S. Treasury Department has proposed a rule that would give CFIUS more time to determine whether excepted foreign states have developed a “robust process” for analyzing foreign investments for national security risks. Details, contacts, insights, and more are inside.
Federal Maritime Commissioners want CFIUS to review port deal
In a recent letter to Treasury Secretary Janet Yellen, two Federal Maritime Commissioners have requested that CFIUS review the national security implications of a bid for Ports America by a Canadian pension fund. Details, the letter, contacts, and context are inside.
The CFIUS arms race continues; firm hires former Treasury counsel
Bridget Reineking, who most recently served in the Treasury Department where she directed the Office of the General Counsel’s national security work, has joined the law firm of Cooley as special counsel in the firm’s CFIUS practice. Details and other similar moves are inside.
Report: Chinese military accessing AI from abroad, including the U.S.
A new report, which analyzed more than 300 Chinese government AI contracts, states that the Chinese military “is frequently able to access or acquire technology from abroad, including from the United States.” Details, the report, examples, export-control gaps, and more are inside.
Bill would expand CFIUS authority if sensitive personal data involved
Two U.S. Senators have floated a bill that would expand CFIUS oversight of transactions involving sensitive personal data, from geolocation information to genetic test results. Might sound familiar if you’ve heard of “TID” businesses. Details, context, and overlap with TID is inside.
Taking a deeper look at the UK’s brand new national security regime
This week, we sit down with London-based Michael Casey, an expert on the UK National Security and Investment Act. Casey, who recently jumped from Kirkland to Wilson Sonsini, discusses some NSI basics, and explores what companies should do now to prepare for the new regime.
Latest bill another attempt to put Secretary of Agriculture on CFIUS
Fresh on the heels of the FARM Act in early October, a bipartisan group of U.S. Senators has floated yet another bill that would give the Secretary of Agriculture permanent representation on CFIUS. This particular bill has additional twists. Details and context are inside.
Crickets from the Committee: Dealing with CFIUS radio silence
This week, two CFIUS experts explain the Committee’s decision-making process regarding non-notified transactions. Interestingly, they note that CFIUS doesn’t always notify parties that it won’t pursue a transaction. Inside: What to do when CFIUS stops engaging, and more.
Louisiana senator wants CFIUS to review Chinese “greenfield” deals
Sen. John Kennedy (R-La.) has introduced legislation that would put Chinese “greenfield” initiatives under the purview of CFIUS. Kennedy, who floated a similar bill last year, says the move will prevent Beijing from “gaming our system.” Details, the legislation, and more are inside.