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Ten Minutes On: Celebrating the four year anniversary of FIRRMA
In the latest edition of our short video series “Ten Minutes On,” we discuss FIRRMA’s fourth anniversary with David Plotinsky, who served as acting chief of the DoJ’s Foreign Investment Review Section. David explains what’s working, what isn’t, and what’s on the horizon.
Top 10 takeaways from the latest CFIUS annual report to Congress
As we reported last week, CFIUS reviewed a record number of transactions in 2021, according to the Committee’s latest report. For additional insights, we turned to Grigore Alexandru, who broke down the DoD’s unclassified CFIUS procedures for us earlier this year. His “top 10” takeaways are inside.
Experts: CFIUS should be a federal Commission on par with SEC, FCC
Two partners at the law firm of Morgan Lewis have crafted an intriguing proposal: That national security reviews of foreign investments merit a full-on Commission, not an ad-hoc Committee. “CFIUS is ready for its next evolutionary step,” they argue. Details and the actual proposal are inside.
Outbound screening is nixed from latest legislation. So what’s next?
A national security screening mechanism for outbound investments was conspicuously absent from the $280 billion semiconductor bill passed by Congress last week. But the bill did include several outbound “guardrails,” and experts say the doors to an “outbound CFIUS” are still wide open.
UK blocks first deal under NSIA regime; new guidance published
In its first major action since unveiling the National Security and Investment Act 2021, the UK government has blocked a Chinese company from licensing vision-sensing technology developed at the University of Manchester. Details, insights, the decision, and new guidance are inside.
Upcoming events: A look at DoE’s national security priorities; more.
Check our calendar for the latest events, including one hosted by Vinson & Elkins on the Department of Energy’s national security priorities, featuring the DoE’s Deputy Assistant Secretary for Foreign Investment, National Security, and Technology Collaboration, Michael Considine. More inside.
Ex-CFIUS, BIS heads push back on outbound screening proposal
In a letter to the chair of the Senate Banking Committee, three former national security officials have registered their concerns about the proposed Committee on National Critical Capabilities, which would oversee an “outbound” investment screening regime. Details and the letter are inside.
Commerce Dept.’s ITA is staffing up for national security reviews
The proposed federal budget includes several important additions related to the foreign investment review regime. Among them are 12 new positions at the International Trade Administration to conduct national security reviews for CFIUS. Details on the ITA and the new roles are inside.
Senators call for review of farm-land purchase in North Dakota
Two weeks ago, we noted in our downloadable spreadsheet of CFIUS disclosures that the Committee was “apparently interested” in real-estate acquisitions by Fufeng Group in Grand Forks, North Dakota. Now, a group of U.S. Senators has crafted a letter making sure it’s a priority.
Exploring the costs associated with CFIUS mitigation and compliance
This week, we sit down with Steve Klemencic, a former division chief of the DoD’s Defense Intelligence Agency. Klemencic, who helped stand up the National Intelligence Council’s CFIUS Support Group and the FBI’s Foreign Investment Unit, explains the (hidden) costs associated with NSAs.
We crowdsource key takeaways from CFIUS’ first conference
CFIUS recently hosted its first-ever conference, and we were banned from attending (yes, we’re very scary). So we asked our readers in attendance to send us key takeaways. Among their insights: Expect more onsite visits from CFIUS in the near future. Crowdsourced insights are inside.
Our third annual CFIUS survey tackles non-notifieds, NSAs, more
How many of your clients have been contacted by CFIUS regarding a non-notified transaction? And how old were those transactions? That’s just some of the data we’ll share in our latest study. The survey is only 10 questions, and should take you 60 seconds. Please take it now, thanks!
U.S. Senators send demand letter to Janet Yellen regarding TikTok
A group of Republican Senators has delivered a very demanding letter to Treasury Secretary Janet Yellen seeking answers regarding the Biden administration’s “delayed response” to the national security and privacy risks posed by TikTok. Details, the letter, context, and more are inside.
Progress being made on revised outbound screening proposal
A bipartisan group of Congressional leaders is working on a compromise that would create a new screening regime to review outbound investments in China and other adversarial nations. Experts have called the proposed regime “onerous.” A review and the latest updates are inside.
UK releases first NSIA report. What have we learned so far?
Last week, the UK government released its first-ever report on the country’s new investment review regime. So how’s it working? For insights, we turned to Nicole Kar at Linklaters, who advised the UK government on the passage of the bill. Stats, decisions, more are inside.
A VP National Security, CFIUS Security Officer discusses his role
We sit down with Brian Moore, who serves as VP National Security and CFIUS Security Officer at a Silicon Valley-based technology company. A former policy advisor at CFIUS, Moore “nerds out” with us about foreign investment, his role, what goes into a mitigation agreement, and more.
Could Elon Musk’s bid for Twitter fall under CFIUS jurisdiction?
A growing list of foreign investors has agreed to back Tesla CEO Elon Musk in his $44 billion takeover of Twitter. Which begs the question: Could Twitter be considered a “TID U.S. business?” The short answer: Yes. We discuss with former CFIUS, Commerce and Treasury officials.
BIS proposal changes use of “emerging” and “foundational”
The Commerce Department’s Bureau of Industry and Security has signaled a change to the way it would refer to “emerging and foundational technologies,” noting that “distinctions between those categories are not often readily apparent.” Details and the new term-of-art inside.
CFIUS expert describes how firms might assess compliance with NSA
This week, we sit down with Robert Biskup, Managing Director for International Regulatory, Forensics & Compliance at Deloitte. An expert on CFIUS, Biskup explains what it means to “roll up your sleeves” on implementing a National Security Agreement. Details inside.
Paul Rosen is confirmed by U.S. Senate to serve as head of CFIUS
As expected, the U.S. Senate has confirmed Crowell & Moring partner Paul Rosen to be Assistant Secretary for Investment Security at the Department of Treasury. Rosen will serve as head of CFIUS, a position that has been vacant since Thomas Feddo departed in Jan. 2021. Details inside.