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U.S. Senators send another CFIUS letter to Treasury Secretary Yellen
A group of U.S. Senators has sent a letter to U.S. Treasury Secretary Janet Yellen, urging her to have CFIUS conduct a review of a particular transaction. This isn’t the first time this has happened. Details, precedent, the letter, and insights on how it will be received by Sec. Yellen are inside.
Congressional leaders ask Pres. Biden to push UK on Chinese deal
Congressional leaders want the UK government to prevent the sale of a British semiconductor facility to a Chinese-controlled company. In a letter to Pres. Biden, the group urges action, threatening to revoke the UK’s “excepted foreign state” status with CFIUS. Details and letter inside.
Ten Minutes On: The likelihood of a new outbound screening regime
In the latest edition of our short video series “Ten Minutes On,” we discuss the potential for an outbound investment screening regime with expert and professor Sarah Bauerle Danzman. According to Danzman, the latest proposed regime would be “quite onerous.” All the details inside.
Foreign ownership of U.S. forest, crop land up 54% over last decade
According to a new report from the U.S. Department of Agriculture, foreign individuals and entities now own nearly 3 percent of all privately held U.S. agricultural land. That number is up significantly over the last decade. Details, implications, contacts, and the relevance to CFIUS are inside.
Canadian group wants amicus for nat. security reviews; CFIUS next?
A Canadian think tank has released a research paper calling for greater transparency in the Canadian foreign investment regime, and allowing for a national security “amicus” to test the government’s evidence. Details, the report, and the potential for a U.S. national security amicus are inside.
Commerce Dept. seeks input on supply chain resiliency, security
As we reported last year, the U.S.-EU Trade and Technology Council is working to coordinate approaches to global trade matters, including investment screening. The Bureau of Industry and Security is now seeking input to inform that work. Details, context, contacts, and action items are inside.
Treasury Dept. decides to launch its own symposium on CFIUS
Last week, the Treasury Department announced it will host its inaugural CFIUS conference, to take place mid-June. The goal of the event: provide insights on CFIUS authorities, processes, and more. Details, registration, and our unsolicited editorial input on the proposed agenda is inside.
Ten Minutes On: A short video on CFIUS’s approval of the Icon deal
In our latest episode of “Ten Minutes On,” we chat with James Mendenhall about the high-profile CFIUS approval for an investment in Icon Aircraft by a Chinese investment company. Jim, whose firm represented Icon, discusses the fascinating backstory, and provides lessons from the case.
London & Dublin-based expert on UK’s new national security regime
This week we sit down with Nicole Kar, Global Practice Head of the Antitrust & Foreign Investment Group at Linklaters. According to Nicole, FIRRMA is a bit like Arnold Schwarzenegger, and the UK’s NSIA is more like Hugh Grant. Her explanation, insights, and tips are inside.
We take you inside the nomination hearing for next head of CFIUS
The Senate Banking Committee has held its hearing to consider the nomination of Paul Rosen as Assistant Secretary of Investment Security at the Treasury Dept. Details, insights, photos and questions from committee members like Sen. Catherine Cortez Masto are inside.
Nomination hearing for next head of CFIUS is set for this Wednesday
As we reported last month, Crowell & Moring partner Paul Rosen has been nominated to be the next Assistant Secretary for Investment Security at Treasury. The Senate Banking Committee has just scheduled its nomination hearing. Details and the link to watch are inside.
Treasury wants to identify, process non-notified transactions faster
The U.S. Treasury Department has released its strategic plan for the next four years. Among the strategies to be employed: “accelerating the timelines for identification and processing” of covered transactions that aren’t voluntarily filed with CFIUS. Details, context and full plan are inside.
Commerce Sec. backs enhancing outbound investment screening
Back in early February, we reported that the nearly 3,000-page America COMPETES Act included a proposal to regulate outbound investments. Last week, U.S. Secretary of Commerce Gina Raimondo indicated support for such a process. Details, likelihood, and implications inside.
Is CFIUS doubling down on non-notified transactions from Russia?
Foreign Investment Watch has received unconfirmed reports that CFIUS is taking a particular interest in non-notified transactions involving Russian parties, and may be reviewing deals that are up to 10 years old. Inside are expert insights, related data, and recommended steps to consider.
Ex-DoJ official at Moscow embassy talks sanctions, SDNs and more
We chat with Thomas Firestone, who served in the DoJ as the Resident Legal Advisor and Acting Chief of the Law Enforcement Section at the U.S. Embassy in Moscow. Now at Stroock, Firestone discusses KleptoCapture, REPO, and what it means for risk assessments, due diligence, and more.
Top Advisors 2022: Our rankings of the top global CFIUS experts
This week, we unveil our “Top Advisors” list for 2022. The annual feature, based on myriad criteria from experience to first-person interactions, includes several new names, such as Bridget Reineking, who recently joined Cooley from the Treasury Department. The full list is inside.
CFIUS reps, warranties showing up in lease agreements; sample inside
Every once in a while, our editors stumble across an interesting CFIUS-related disclosure buried in an SEC filing. We like to highlight and reprint those terms so companies and advisors can compare their own approach. Inside, we provide CFIUS terms buried in a lease.
Consulting firm’s job postings offer some intel on CFIUS hiring needs
Our editorial sleuths continue to find job listings and descriptions posted by contractors that are clearly hiring for CFIUS. This week, we pick apart another one of those jobs and its responsibilities, and provide insights on what it means for the Committee, and for you.
Finally! President Biden nominates Paul Rosen to serve as CFIUS head
It only took 14 months, but Crowell & Moring partner Paul Rosen has been nominated to be the next Assistant Secretary for Investment Security at the Department of Treasury. The role, empty since Thomas Feddo left in Jan. 2021, serves as head of CFIUS. Details, next steps inside.
Behind the scenes in the ICON-PDSTI dispute; lessons on CFIUS
This week, we sit down with Judith Alison Lee, a parter at Gibson Dunn who represented Shanghai Pudong Science and Technology Investment Co. in their deal with ICON Aircraft. The deal just got the thumbs-up from CFIUS, and Lee takes us backstage, offering lessons along the way.