Since 1988, the Committee on Foreign Investment in the United States (CFIUS) has been a leader in conducting national security-focused reviews of inbound foreign investments. In 2018, the scope and process of CFIUS reviews changed dramatically with the enactment of the Foreign Investment Risk Review Modernization Act (FIRRMA), the first change to the law governing CFIUS since 2007.
In the fifth podcast in our series with the leaders implementing foreign investment review processes around the world, Jonathan Gafni, head of Linklaters US Foreign Investment practice in Washington and former member of CFIUS, welcomes Thomas Feddo, founder and principal of Rubicon Advisors. Previously, as Assistant Secretary of the Treasury for Investment Security, Mr. Feddo led CFIUS during its implementation of FIRRMA.
Topics discussed during the podcast include:
The effectiveness of FIRRMA in meeting CFIUS’s substantive and administrative objectives
Hurdles encountered during the development of the regulations implementing FIRRMA
Challenges facing Paul Rosen, Mr. Feddo’s recently confirmed successor as Assistant Secretary for Investment Security
Proposed U.S. legislation to create a “reverse CFIUS” reviewing national security implications of outbound U.S. investments
The interplay between sanctions regimes and CFIUS
Insights and top tips for French foreign investment proceedings from the French Ministry for the Economy
In the past decade, the number of sectors subject to foreign investment control in France has consistently increased, along with the severity of sanctions. This has led to a steady growth of cases reviewed by the Ministry for the Economy, with a new record set in 2021.
In the fourth podcast in our series with global FI regulators, Pierre Guillot, partner at our Energies and Infrastructures Group in Paris, welcomes Marie-Anne Lavergne, Head of the Office in charge of Foreign Investments control at the French Treasury Department of the Ministry in charge of the Economy and Clémence Largé, Deputy to the Head of Office, to discuss recent changes, procedural questions and perspectives.
Topics covered include:
Recent developments of the foreign investment regulation
Interaction with the EU screening mechanism
Enforcement rules for foreign investment control
Perspectives on future changes, including possible guidelines
Insights and top tips from the German Ministry of Economic Affairs and Climate Action
In our third podcast Christoph Barth, partner in our Antitrust and Foreign Investment Group in Dusseldorf, welcomes Florentine Kessler-Grobe, Head of Unit for Foreign Investment Screening of the Ministry of Economic Affairs and Climate Action (“MoE”). Together they discuss recent trends, procedural questions and top tips for investors following a record year for German foreign investment control.
Topics covered include:
Procedural questions and organisation of the MoE’s review process, including the engagement with the EU Screening mechanism
The likelihood to end-up in an in-depth review and the reasons to open in-depths proceedings
The interpretation of the newly introduced threshold of atypical control
The most seen “customers” seen by the MoE in 2021 by industry sector and outlook for 2022
Top tips from the MoE to navigate through foreign investment cases
The second podcast in the series comes alongside our Outlook for 2022. 2021 was a record year for FDI developments, with expectations that the current proliferation foreign investment regimes will continue to take centre-stage over the course of 2022. This podcast takes a look at why it is crucial for parties to prepare thoroughly, including by having a detailed understanding of a target’s activities, and consider deal conditionality very carefully whilst watching out for the impact of politics on deals, particularly in hotly contested regional disputes.
Topics covered include:
Global Foreign Investment: reforms and new regimes
Our first podcast features Nicole Kar, Global Head of Antitrust & Foreign Investment Group, alongside Chris Blairs, Deputy Director, and Andy Ormerod-Cloke, Head of Policy at the new Investment Security Unit (ISU), BEIS. Together they discuss the operational aspects of the ISU and filings from 4 January once the NSIA takes effect. Topics covered include:
a deep-dive into the Investment Security Unit – the operational unit within BEIS that will be the front office in handling notifications and call ins under the NSI Act
the practicalities of filing and how the system will operate to ensure advisors and investors are ready to go from day 1
remedies and mitigation for ‘problem’ deals
nuances for e.g. funds that would affect their filings