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CFIUS, economic sanctions expert jumps from Cleary to Davis Polk
Experts on CFIUS, OFAC and FinCEN continue to move from one practice to another, as law firms stock up on practitioners who can help companies navigate increasingly complex global security regimes. The latest move is inside, as are other recent “migrations.”
More legal news: Firm launches new National Security practice
Seems like this week is “Foreign Investment Watch: Law Firm Edition.” In addition to the updates above, a global law firm just announced a new National Security, Sanctions, and Export Controls practice to help companies navigate national security matters. Details inside.
Summary of new Executive Orders and statements from Biden on FDI
Last week, Pres. Biden released several statements and Executive Orders covering foreign investment in the U.S., the protection of sensitive data from foreign adversaries, U.S. private investment in China, and more. Details, source documents, expert insights, and more are inside.
100-day review of supply chain completed; task force established
Back in February, Pres. Biden issued an Executive Order that mandated a 100-day review of vulnerabilities in the U.S. supply chain. That report is now completed and was published last week. Details, downloads, and information on a new supply-chain task force are inside.
Company provides plain English Q&A on CFIUS implications of deal
In a nice break from the typical legalese found in SEC filings, a semiconductor company has provided a simple plain-English Q&A to describe the regulatory implications of its acquisition by a Chinese private-equity firm. Details, the Q&A, contacts, and more are inside.
Responding to CFIUS follow-up questions: A guide to building trust
This week, two CFIUS experts provide insights on responding to information requests from the Committee. Trust and transparency are crucial, they say. “Failure to establish trust may jeopardize successful reviews of even the most benign of transactions.” Details and tips inside.
Congressmen want U.S. Secretary of Agriculture on CFIUS (again)
For the second, no, third time, Congressional leaders have introduced legislation that would put the Secretary of Agriculture on CFIUS. Inside is an update on the legislation, the actual bill, the prior attempts, and insights on why it matters (or not).
Legislative roundup: New CFIUS bills on genetic data, higher ed.
A U.S. Senator has proposed mandatory CFIUS filings for any deal involving genetic data. Separately, a Senate committee has scuttled an effort to give CFIUS authority to review foreign donations to U.S. colleges and universities. Details, the bills, and more are inside.
Germany expands power to screen and review foreign investments
Fresh on the heels of a similar Act in the UK, the German government has expanded its powers to review foreign acquisitions and investments in German companies. Similar to CFIUS, the new rule impacts transactions immediately. Details, the provisions, and more inside.
Company makes rare disclosure of draft National Security Agreement
In a rare press release, a commercial satellite company has announced it received a draft National Security Agreement from CFIUS. Most NSAs aren’t disclosed via Business Wire, if at all; they’re typically buried in 10-Ks. Details, the backstory, the disclosure, and more are inside.
As anticipated, UK passes new national security screening regime
As we warned readers last year, the British government has finally enacted its new law that creates a mandatory filing regime for certain transactions, and strengthens the government’s ability to investigate and intervene in foreign investment. Details, the law, and more are inside.
Understanding the CFIUS “co-lead” role: A guide to the perplexed
Who is typically the CFIUS co-lead for AI or energy deals? How about biotech or cyber transactions? This week, we explore the CFIUS co-lead role, answering the what, when, who and why. “Understanding who the co-lead is and how to satisfy it can make or break a CFIUS case.”
CFIUS expert and FIW “top 10 advisor” joins Latham & Watkins
One day she’s co-hosting the 8th annual ACI CFIUS conference representing Vinson & Elkins, and then, poof, she’s gone! Damara Chambers, a repeat nominee to our annual “Top 10 Advisors” list, has joined the Washington, D.C., office of Latham & Watkins. Details inside.
Compliance reminder: ICTS rule now in effect; first subpoenas sent
Last year, an interim rule was issued that enabled the Commerce Department to ban or restrict certain transactions that pose a risk to national security. That rule is now effective, and Commerce has issued its first subpoenas to review such transactions. Details are inside.
CFIUS myths debunked: “Wait and see” approaches, form types, more
In a recent conversation with former DoD attorney advisor Chris Griner, we discussed four myths regarding CFIUS reviews. This week, the chair of Stroock’s National Security and CFIUS group spells it out for us. Among his tips: Don’t wait for CFIUS when it comes to mitigation.
VC group releases “model” legal docs with sample FDI language
An association of venture capital firms has published a “model term sheet” that includes sample language addressing foreign investment. The document includes sample CFIUS conditions of closing, and more. Details and the document are inside.
Legislative roundup: Three bills related to CFIUS, FDI proposed
Fresh on the heels of a bill that would boost CFIUS authority in higher education, three new pieces of legislation were floated that would impact the Commission and FDI matters. Details on the bills — focused on the U.S. supply chain, personal data, and more — are inside.
Treasury Sec. Yellen gets CFIUS mail from Congressional leaders
This week, Treasury Secretary Janet Yellen received two letters from Congressional leaders regarding CFIUS. One related to the Chinese “potentially taking action to evade CFIUS reviews”; the other requested the review of a deal approved by CFIUS in 2016. Details and letters inside.
Why academic institutions oppose CFIUS review of gifts, contracts
The presidents of four major higher-education organizations have delivered a letter to the U.S. Senators who proposed having CFIUS review foreign gifts and contracts to colleges and universities. Details, their objections, the proposed legislation, and more are inside.
Predicted over/under date for new CFIUS head comes … and goes
Back in February, we polled our readers — many of whom are experts on CFIUS, and have served in various roles in the Treasury Department — on their anticipated date for a new head of CFIUS. Their guess? April 15. Um, wrong! Inside we update readers on the process.