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Outbound screening: It ain’t dead yet; hearing to be held this week
On Thursday, the Senate Banking Committee will host a hearing on outbound investment screening; we warned readers that the Senate was likely to revisit this topic after the August recess. Among the speakers: Sarah Bauerle Danzman, who briefed our readers on outbound screening back in April.
Biden’s latest Executive Order on CFIUS: What will it mean for filers?
President Biden has signed an Executive Order that ties the work of CFIUS more closely to national security priorities, and adds new factors to consider during the Committee’s review process (i.e., supply chains, cybersecurity, agriculture, broader trends, etc.). But what does it mean? Answers inside.
Critical technology assessments: Expert addresses reader questions
This week, we sit down with Nicholas Klein to discuss the ins-and-outs of critical technology assessments. According to Klein, this area is complicated, nuanced, and constantly changing. “I don’t think many people realize how broadly ‘critical technologies’ is defined.” Details and tips inside.
Exclusive: “Back to School” edition of video series with ex-CFIUS head
The latest episode of our short video series “Ten With Tom,” featuring former Assistant Secretary for Investment Security Thomas Feddo, summarizes everything that transpired this summer. We discuss his biggest takeaway from the latest CFIUS report, the prospects for outbound screening, and more.
Will forthcoming Biden E.O. lead to portfolio “national security audits?”
As rumors of a forthcoming Executive Order on outbound investment circulate, institutional investors are taking notice. Some advisors are already recommending that venture capital and private equity firms conduct “national security audits” of their portfolio companies. Details inside.
Expert on CFIUS communications talks best practices; “less is more”
Rumors of CFIUS inquiries and national security reviews can make employees, customers and suppliers just as inquisitive as investors or members of Congress. This week, we sit down with CFIUS communications expert Alex Finnegan to explore best (and worst) practices.
Is Biden preparing to restrict U.S. investment in Chinese technology?
According to reports, the Biden Administration is considering an Executive Order that would restrict U.S. investment in Chinese technology companies. Some say the move, which we mentioned as a possibility back in June, might preempt or ward off an “outbound CFIUS” regime. Details inside.
Everything you wanted to know about NSAs but were afraid to ask
In the latest edition of “Ten Minutes On,” we discuss mitigation agreements with Tyler McGaughey, who previously managed the day-to-day operations of the CFIUS team at Treasury. We cover how CFIUS makes decisions, how terms are negotiated with companies, how monitoring happens, and more.
The head of CFIUS “M&E” unit decamps for King & Spalding
J. Philip Ludvigson, who served as the first director of the “Monitoring & Enforcement” unit at CFIUS, has left the Committee to join the Washington, D.C., office of King & Spalding. The move comes shortly after the arrival of Paul Rosen, who is the new Assistant Secretary for Investment Security.
Ten Minutes On: Should CFIUS be a Commission like the SEC, FCC?
In the latest edition of our short video series, “Ten Minutes On,” we sit down with Morgan Lewis partner Kenneth Nunnenkamp, who recently co-authored a much-debated proposal to elevate CFIUS from a Committee to a federal Commission. The questions posed to Ken came from our readers.
UK blocks another Chinese deal on grounds of national security risk
In July, the UK government took its first major action since unveiling the National Security and Investment Act 2021, blocking a Chinese company from licensing certain technology developed at a British research university. Last week, the UK government made its second move. Details inside.
Most CFIUS non-notified inquiries related to deals only three years old
Among the more interesting data points in our third annual CFIUS survey: The vast majority of non-notified inquiries (81.3 percent) were related to transactions within the last three years. Also of interest: Most respondents would like to see formal guidance from the Committee. Details inside.
It’s all China and Russia: CFIUS expert says it’s time to “get real”
The Committee on Foreign Investment in the United States is not exclusively a nationality-based regime – it does not expressly aim at investors from specific countries. At least that’s what the rules say. “But let’s get real,” says Stephen Heifetz of Wilson Sonsini. His very different perspective is inside.
By our count: Seventh attempt to put Agriculture Secretary on CFIUS
Let’s just say we’ve seen this movie before. A Republican Senator has floated a bill that would add the U.S. Secretary of Agriculture as a permanent member of CFIUS, and would require that the Committee review agriculture real estate purchases. Details, and why this may be irrelevant, are inside.
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.