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CFIUS
The UK and New Zealand to remain excepted foreign states. Big whoop?

The UK and New Zealand to remain excepted foreign states. Big whoop?

CFIUS has determined that the UK and New Zealand will remain “excepted foreign states.” That means that qualifying investors from all “Five Eyes” countries will continue to be excepted from CFIUS review of certain types of transactions. Details, and the answer to the question “so what?” are inside.

CFIUS is meeting with third-party compliance providers about NSAs

CFIUS is meeting with third-party compliance providers about NSAs

The Office of Investment Security at the Treasury Department is holding meetings with third-party compliance providers to discuss “current and future CFIUS mitigation agreements.” Input from some providers has already been solicited. Details, contacts, the meaning, and more are inside.

CFIUS says it lacks jurisdiction in case involving Fufeng in N. Dakota

CFIUS says it lacks jurisdiction in case involving Fufeng in N. Dakota

Okay, it’s official. Despite the urging — and now criticism — of Congressional leaders, CFIUS has decided that Fufeng USA’s purchase of more than 300 acres of land in Grand Forks, North Dakota, is not a covered transaction. Details, reactions, and a (rare) copy of the CFIUS correspondence is inside.

CFIUS seeking more feedback on the use of its mandatory portal

CFIUS seeking more feedback on the use of its mandatory portal

How can CFIUS improve its portal? That’s basically the question Treasury has posed in a recent “request for comment.” The notice, which estimates the time it takes to use the portal, seeks feedback on ways to improve the process and minimize the burden. Details and feedback instructions inside.

FCC Commissioner says that CFIUS should take action to ban TikTok

FCC Commissioner says that CFIUS should take action to ban TikTok

Brendan Carr, one of the five commissioners at the Federal Communications Commission, told the media that CFIUS should take action to stop U.S. data on TikTok from flowing back to China. “I don’t believe there is a path forward for anything other than a ban,” he said. Details and context inside.

Is CFIUS administratively “off the rails?” Concerns, pushback inside

Is CFIUS administratively “off the rails?” Concerns, pushback inside

For the last three months, Foreign Investment Watch has been collecting data from corporations, lawyers and former regulators regarding frustrations with speed, process, and quality control at CFIUS. Inside, we outline their six key issues, and offer pushback and counter-arguments as well.

CFIUS (finally!) publishes some enforcement and penalty guidelines

CFIUS (finally!) publishes some enforcement and penalty guidelines

In one of Paul Rosen’s first acts as head of CFIUS, the Treasury Department has issued formal enforcement and penalty guidelines. The guidance, promised more than two years ago, includes an interesting list of factors that CFIUS considers when determining penalties. Details and guidance inside.

Experts: CFIUS should be a federal Commission on par with SEC, FCC

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.

CFIUS is meeting with third-party compliance providers about NSAs

Paul Rosen is confirmed by U.S. Senate to serve as head of CFIUS

As expected, the U.S. Senate has confirmed Crowell & Moring partner Paul Rosen to be Assistant Secretary for Investment Security at the Department of Treasury. Rosen will serve as head of CFIUS, a position that has been vacant since Thomas Feddo departed in Jan. 2021. Details inside.

We take you inside the nomination hearing for next head of CFIUS

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.

CFIUS is meeting with third-party compliance providers about NSAs

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

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.

Is CFIUS doubling down on non-notified transactions from Russia?

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.

CFIUS is meeting with third-party compliance providers about NSAs

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.

One year later, and we still have no Biden nominee for head of CFIUS

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.

CFIUS updates list of excepted foreign states; adds New Zealand

CFIUS updates list of excepted foreign states; adds New Zealand

As its first act in the new year, the Committee on Foreign Investment in the U.S. has updated its list of excepted foreign states, with a few minor tweaks and one addition. The move was considered underwhelming by some. Details, context, the rule, and fact sheet are inside.

DoD publishes procedures for reviewing CFIUS transactions

DoD publishes procedures for reviewing CFIUS transactions

The Department of Defense has published a 45-page document that outlines procedures for reviewing and monitoring transactions filed with CFIUS. Of special interest may be an appendix with a list of factors the DoD considers when conducting risk-based analyses.

Should states have mechanism for channeling concerns to CFIUS?

Should states have mechanism for channeling concerns to CFIUS?

A well-respected law school professor has published an essay that explores the overlap of state laws and CFIUS. The essay explores whether state and local officials should have a mechanism for channeling concerns and local knowledge into the CFIUS process. Details inside.

CFIUS updates list of excepted foreign states; adds New Zealand

Proposed rule on excepted foreign states would delay CFIUS decisions

The U.S. Treasury Department has proposed a rule that would give CFIUS more time to determine whether excepted foreign states have developed a “robust process” for analyzing foreign investments for national security risks. Details, contacts, insights, and more are inside.

Federal Maritime Commissioners want CFIUS to review port deal

Federal Maritime Commissioners want CFIUS to review port deal

In a recent letter to Treasury Secretary Janet Yellen, two Federal Maritime Commissioners have requested that CFIUS review the national security implications of a bid for Ports America by a Canadian pension fund. Details, the letter, contacts, and context are inside.