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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.
Discussing CFIUS’s pet peeves, expectations, trends and more
This week, we sit down with James Mendenhall, who served as the USTR representative on CFIUS. Jim discusses how CFIUS is grappling with “innovative corporate structures” like SPACs, and offers three lessons on transparency, clarity and doing your homework.
CFIUS authority would be boosted under Senate Foreign Relations bill
The U.S. Senate Foreign Relations Committee has drafted bipartisan legislation aimed at countering the global influence of China. Among other provisions, the draft measure would expand the scope of CFIUS. Details, the full draft, contacts, and more are inside.
Ex-CFIUS official: Pitfalls to avoid when filing with the Committee
We sit down with Tyler McGaughey, who, until recently, managed the day-to-day operations of Treasury’s CFIUS team. Tyler highlights some common mistakes that trip up filers, such as submitting organizational charts that are “super complicated or confusing.” Details inside.
Canada issues new guidelines on national security reviews
As anticipated, the Canadian government has issued new guidelines on the country’s national security review process. The new guidelines clarify the government can review foreign investments “regardless of the value of the investment.” Details, contacts, and more are inside.
Former CFIUS official discusses non-notified transactions, more
This week we sit down with Aimen Mir, who served as Deputy Assistant Secretary for Investment Security at Treasury. According to Aimen, the strategy of trying to fly under-the-radar when dealing with CFIUS is going to be “increasingly risky” going forward. Details inside.
CFIUS disclosures: mitigation deal, foreign person declarations, more
As FIW readers know, we scour SEC disclosures daily to unearth CFIUS filings, clearances and more. Occasionally, we find trends and anomalies worth hitting with a spotlight. This week we highlight uniform “foreign person” declarations, CFIUS-related termination rights, and more.
Comparing CFIUS risk disclosures in the annual reports of PE firms
It’s 10-K season, so we thought it made sense to take another look at how companies are disclosing CFIUS risks in their annual reports. This week, we look at the risk disclosures made by the Carlyle Group, KKR, and other large private-equity firms.
Top Advisors 2021: Latest rankings of the top global CFIUS experts
This week, we release our annual list of the “Top Advisors” who provide legal and other advice concerning national security reviews of foreign investments. The list is based on myriad criteria, including experience, clients served, reader nominations, and more. Full list inside…
From ex-head of DoJ’s FARA Unit: Primer on unit, CFIUS overlap, tips
This week, we sit down with Brandon Van Grack, former Chief of the Foreign Agents Registration Act Unit at the DoJ. Brandon provides a primer on FARA, its overlap with CFIUS, and tips for companies complying with an increasingly complex and evolving regulatory regime.
What to expect when you’re expecting (to hear from CFIUS)
This week, Richard Matheny — who has been involved in some of the most recent and high-profile CFIUS cases, including StayNTouch and PatientsLikeMe — takes us step-by-step through the CFIUS process, from the Committee’s first inbound email to the initial phone call and beyond.
Headless CFIUS: We calculate the over/under on Feddo’s successor
As we reported a few weeks ago, Thomas Feddo is no longer the head of CFIUS. So when will we have a new leader? With the majority of key roles at Treasury still vacant, we reached out to nearly 50 experts for their predictions. The over/under on a date is inside.
Former DoD FOCI action officer on CFIUS risks, opportunities in 2021
This week, we sit down (virtually) with a former Foreign Ownership, Control or Influence Action Officer in the DoD’s Defense Counterintelligence and Security Agency. Inside are pitfalls to avoid when filing with CFIUS, and tips for filers. “Wishful thinking is not a strategy,” she says.
Experts: CFIUS may be reviewing deals that are nearly ten years old
Three experts on national security and foreign investment say that they’ve seen CFIUS inquires “about transactions that had closed maybe four or more years ago,” and have heard of others that closed nearly a decade ago. Details, summaries, contacts, presentation, and video are inside.