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CFIUS risk assessments, audits, and mitigation agreements
This week, we speak (virtually, of course) with Michael Rose, National Practice Leader for CFIUS Advisory Services at EisnerAmper. On tap: Pre-filing risk assessments; pitfalls for companies to avoid; controls and procedures to ensure compliance with mitigation agreements; third-party compliance audits; and more.
Presidential order on TikTok has weekly certification, audit terms
As expected, President Trump has ordered Beijing-based ByteDance to sell its U.S. assets and destroy data of U.S. users. The order includes an onerous weekly certification requirement for ByteDance, and enables CFIUS to access their offices and IT systems until the divestiture is complete. Details and the full order are inside.
National Security Commission wants new CFIUS treatment of AI
An influential and independent commission on artificial intelligence, which includes former Google CEO Eric Schmidt and the CEO of Amazon Web Services, wants mandatory CFIUS filings for AI investments from China and other countries of “special concern.” Details, excepts, the full report, contacts, and more are inside.
Another day, another CFIUS bill: Senators would expand authority
Three U.S. Senators have proposed legislation that would give the chair of CFIUS greater power in defining emerging and foundational technologies. The bill is the latest in a series aimed at expanding CFIUS authority. Details, excerpts, the complete bill, contacts, related proposals, and more are inside.
Compliance reminder: CFIUS filings will require pay.gov account
Starting Monday, Aug. 10, the new CFIUS Case Management System will be integrated with pay.gov for payment of CFIUS filing fees. Details, links, instructions, contacts, fees, and more are inside.
CFIUS investigations decrease in latest report to Congress
CFIUS posted its annual report to Congress. Inside, we provide extensive details, including charts of notices, investigations and withdrawals, as well as an update on mitigation agreements, enforcement, time to respond by CFIUS, sectors and countries most impacted, and more.
Expert provides tips on CFIUS, Trusted Capital Program, more
This week, we sit down (virtually, of course), with Lowenstein Sandler partner Doreen Edelman. On the agenda: CFIUS, the DoD’s Trusted Capital Program, oft-overlooked FDI reporting mandates from the Bureau of Economic Analysis, and more.
UK reform lowers threshold for intervening in certain transactions
As anticipated, the British government has passed a CFIUS-like reform that gives it greater authority to intervene and even block transactions integral to national security. Details and copy of the UK’s official guidance are inside.
Former CFIUS support at ODNI describes common pitfalls, traps
This week, we sit down (virtually) with Linklaters senior counsel Jonathan Gafni, who previously supported CFIUS at the Office of the Director of National Intelligence. Gafni describes common misconceptions, emerging pitfalls, and other insights on CFIUS.
CFIUS head says enforcement guidelines coming from Treasury
U.S. Treasury Assistant Secretary for Investment Security Thomas Feddo recently provided insights on CFIUS activities, noting the Committee has cleared transactions totaling nearly $400 billion since FIRRMA was enacted. Inside, we summarize key takeaways, including his comment that formal enforcement guidelines are coming.
Senators continue push to add Agricultural Secretary to CFIUS
Following up on a House bill introduced last month, two U.S. Senators have introduced legislation that would formally place the Secretary of the Department of Agriculture as a member of CFIUS. Details, the full bill, the companion House bill, and recent historical context is inside.
DoJ official details effective mitigation agreements, more
A leader of the DoJ’s National Security Division has provided some great details on compliance and enforcement of mitigation agreements. Of note: The DoJ conducted 35 site visits last year to monitor compliance. Details, key takeaways, the full speech, and contact information are inside.
Congressmen propose bill seeking more transparency from CFIUS
Last week, two U.S. Congressmen introduced legislation that would require CFIUS to report more information to Congress. Details, contacts, and the complete text of the House Resolution are inside.
Compliance reminder: Japan’s new FDI rules now in effect
Japan’s tighter rules around foreign direct investment are now in effect. As we covered back in March, the new rules require that foreign investors pre-notify authorities when they acquire stakes greater than one percent in certain Japanese companies. Details, the rule, downloads, and contacts are inside.
Opportunities for VCs, startups under FIRRMA and COVID-19
Despite the unexpected downturn in the economy caused by the pandemic and a tightened regulatory framework, there are opportunities for both VCs and startups, provided they use proper structural and governance measures. Extensive details are inside.
Law firm reloads CFIUS practice with Deputy U.S. Trade Rep.
The law firm of Skadden Arps is reloading, after three high-profile CFIUS experts left the law firm last year. This week, Deputy U.S. Trade Representative Jeffrey Gerrish rejoined the firm in its CFIUS and National Security Group. Details, history, contacts and more are inside.
Senators want CFIUS to study pharma supply chain
Two U.S. Senators have introduced legislation that would have CFIUS study “overreliance on foreign countries and the impact of foreign direct investment” on the U.S. pharmaceutical industry. The DNA analysis industry would also be reviewed. Details, the legislation, a related report, and contacts are inside.
Encouraging sign? CFIUS clears Chinese wind farm deal
CFIUS recently cleared a greenfield wind farm in Texas, which is to be built by a subsidiary of a Shanghai-listed energy company. The deal would have been subject to the real estate provisions of FIRRMA, as it’s located near Laughlin Air Force Base. Details, insights, source materials, and contact information is inside.
Firm provides insights on CFIUS mitigation measures
As we reported last month, the most recent report from CFIUS provided data on covered transactions, filings and investigations. This week, two experts look at the data to provide insights into mitigation measures negotiated and adopted in 2018. Their examples of mitigation measures proposed are inside, as are extensive details, contact information, and related resources.
A look at the impact of COVID on global FDI screening mechanisms
This week, two legal experts provide insights on the impact of the Coronavirus on the screening mechanisms being used around the world for foreign direct investment. Insights from Germany, Italy, Spain, France and more are inside, as are source documents and contact information of the authors.