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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.
Report: TikTok to allay CFIUS data concerns with Oracle storage deal
According to media reports, social media platform TikTok is working on a deal with Oracle to store the personal information of U.S. citizens. The arrangement comes after CFIUS ordered Chinese parent company ByteDance to divest TikTok. Details, the update, and more are inside.
Former CFIUS head Thomas Feddo on what happens when CFIUS calls
In our second episode of “Ten With Tom,” the former head of CFIUS explains exactly what happens when the Committee comes-a-knockin’. According to Tom, Jedi mind tricks (“this is not the company you’re looking for”) are not going to work on CFIUS. Details and insights are inside.
Former acting chief of DoJ’s FIRS on lessons for dealing with CFIUS
We sit down with David Plotinsky, former acting chief of the Department of Justice’s Foreign Investment Review Section. David takes us inside the “black box” of FIRS, describes how it interacts with CFIUS, and offers some pitfalls to avoid when dealing with the Committee.
Biden White House updates list of critical and emerging technologies
Last week, the Biden administration released an updated list of Critical and Emerging Technologies. The list includes 19 areas that are “of particular importance to the national security of the United States.” Details, the full list, its relevance to CFIUS, and more are inside.
Congressional leaders look to ban Chinese purchases of U.S. land
Several U.S. Congressmen have floated a bill that would prohibit foreign nationals from purchasing land in the U.S. While acknowledging CFIUS has jurisdiction over certain real estate deals, they say “more action is needed” to make the rules more strict. Details and context are inside.
Researcher: UK’s NSIA is more aggressive, efficient than CFIUS
A student at Duke University’s School of Law has completed an analysis of the UK’s new national security regime, contrasting it with CFIUS. The conclusion? The NSIA is more aggressive, more transparent, and more efficient than CFIUS. Details, video and more are inside.
U.S. House proposes an outbound foreign investment review process
Buried inside the nearly 3,000-page America COMPETES Act is a proposal to create an interagency process to regulate outbound investments. Details on these “National Critical Capabilities Reviews,” which would be the corollary of the CFIUS inbound review process, are inside.
One year later, and we still have no Biden nominee for head of CFIUS
Well folks, it’s been a full year since Thomas Feddo stepped down from the position of Assistant Secretary for Investment Security at the Department of Treasury. Our readers predicted that President Biden would nominate a head of CFIUS by April of last year. Boy were they wrong.
Canada national security regime allows Chinese bid for mining co.
Last week, Canada’s Minister of Innovation, Science and Industry said he wouldn’t stop a Chinese firm’s bid for a lithium mining company because there was no risk to national security. Details on the incident and Canada’s new national security regime are inside.
Get the inside scoop on the DoD’s unclassified CFIUS procedures doc.
We sit down with Greg Alexandru, who was most recently a Deputy Director at the Office of Foreign Investment Review at the DoD. Greg untangles the DoD’s CFIUS “instruction” manual, providing details on what was once a black box: process, RBAs, team coordination, and more.