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Legislator wants CFIUS to look back to 2017 and review deals near nukes
A Congressional leader has proposed legislation that would force CFIUS to look back nearly a decade, and review all foreign transactions involving real estate, businesses, critical infrastructure, or assets near the “nuclear triad.” The bill was triggered by a trailer park incident we covered last year. Details inside.
Lawmakers: CFIUS should review Paramount bid for Warner Bros.
Last week, a pair of Democratic Senators sent a letter to Treasury Secretary Scott Bessent, urging him to have CFIUS re-evaluate the Paramount-Warner Bros. deal. According to the lawmakers, the deal was structured to avoid triggering mandatory CFIUS review, but risks remain. Details inside.
Former DoJ official highlights the risks of NSC’s “diminished role”
Last week, the former Principal Deputy Chief of the DoJ’s Foreign Investment Review Section published an article warning that the National Security Council is experiencing “institutional stress” — a dynamic that could erode policy predictability and introduce new national security risks. Details inside.
Study shows Part 1 of CFIUS real estate rules “functionally irrelevant”
A new research report analyzing foreign real-estate data has found that the only effective national-security screening tool for agricultural land is the 100-mile zone in “Part 2” of the rules. According to the report, the one-mile threshold in “Part 1” is “functionally irrelevant” for agricultural land.
Chief of FIRS at NSD joins law firm; tracking other partners on the move
CFIUS experts are on the move again. Some of this is expected as long-time government officials decamp for the private sector. But others represent firm-to-firm movement as the CFIUS arms race heats up. Inside is an update from Covington, Dechert, Wilson Sonsini, Holland & Knight, Davis Polk, and others.
NSD “go to” agency for voluntary self-disclosure; regime confusion?
Come to us first. That was the message from the National Security Division, which said last week that companies should voluntarily self-disclose violations of national security laws directly to them first. From telecom and sanctions violations to export controls and CFIUS, the NSD will be the “VSD” entry point.
Bill wants open-source, geospatial data on foreign land acquisitions
A U.S. Senator has proposed a bill that would publish geospatial data on foreign agriculture land acquisitions. The legislation would strengthen the foreign agricultural land reporting system, known as AFIDA, which has been under fire for several years. It would also lower reporting thresholds.
Additional guidance, predictability, engagement from CFIUS requested
Nearly four dozen parties provided feedback to the Treasury Department on the CFIUS Known Investor program, and there were clearly repeat themes. Among the most common were requests for clearer guidance, more predictable review timelines, and clearer filing expectations. Details, highlights inside.
AstraZeneca-Shanghai “outbound” deal announced … but only in China
Last week, UK-based biopharma AstraZeneca announced it would make a major investment in cell manufacturing and supply in Shanghai. The Chinese-language announcement, which was curiously not made available in English or released in the UK or U.S., creates yet another “outbound” case study.
Latest ODNI report on threats to national security highlights AI, tech
The Office of the Director of National Intelligence has unveiled its 2026 annual threat assessment, which includes a few changes from prior iterations. Most notably, the new report includes a dedicated section on “technological challenges,” including AI and quantum. Details, key changes inside.
International update: UK expands regime, and a new CFIUS in Japan?
A few international updates: First, the UK made some changes to its National Security and Investment Act, particularly related to mandatory notifications. And Japan approved a bill that would ostensibly create a Japanese version of CFIUS. Overview and links to source documents inside.
2026 “top advisors” on national security and foreign investment
Congratulations to the experts who were selected as Foreign Investment Watch’s “Top Advisors 2026.” This year, we selected 57 individuals based on myriad criteria, from experience and references to one-on-one interactions with the Foreign Investment Watch Editorial team. Full list is inside…
In first public comments as CFIUS head, Pilkerton stresses dialogue
At a recent fireside chat, Assistant Secretary for Investment Security Chris Pilkerton discussed CFIUS priorities, the outbound regime, and related topics. Pilkerton repeatedly emphasized the importance of reaching out to the Committee and engaging on transactions and more. Key points, video inside.
Arizona bill would ban foreign adversary use of drones, sensors
Arizona is the latest state to advance legislation that would restrict foreign adversaries from buying property. The state had already passed a similar law in 2025, but the new bill closes loopholes and adds restrictions around installation or use of drones, antennas, sensors, and more. Detail, bill inside.
Partial shutdown has CFIUS tolling transactions; are you impacted yet?
According to experts, CFIUS is now tolling transactions, and readers have told us that the partial government shutdown is impacting reviews. A few companies have even publicly disclosed that their transactions have been impacted. Details are inside, as is a quick survey gauging impact.
Lawmakers want management consulting, biotech in outbound
As we reported at the end of last year, new outbound investment restrictions have officially been enshrined in the 2026 National Defense Authorization Act. Now a group of Congressional leaders is urging Treasury Secretary Scott Bessent to consider additional steps. Details inside.
Is the “Known Investor Program” a waste of time? Feedback, input
During the last two months, Foreign Investment Watch has been reaching out to investment firms, law firms, and others who are intimately familiar with the Known Investor Program. So far, the feedback has not been great. Initial insights and additional input are being sought inside.
The hidden deal risk: Reputational exposure across jurisdictions
A decade ago, FDI filing analysis was relatively straightforward. But Mubadala SVP Grigore Alexandru says that’s no longer the case. For sophisticated global investors, he says, reputational risk has become a core underwriting variable, directly affecting deal velocity, valuations, more.
Will Treasury streamline foreign investment review process?
New CFIUS head Chris Pilkerton recently testified at a House Committee hearing that he’d be seeking feedback on the “Known Investor Program.” True to his word, that RFI is now out. But it actually seeks much broader input on streamlining the entire foreign investment review process. Details inside.
Secretive council would get more muscle under proposed legislation
Two years ago, we reported that the Federal Acquisition Security Council — which protects the federal supply chain from software sourced in adversarial nations — was warning companies their products could be removed from government systems. A new bill would give FASC more power.