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Navigating CFIUS

Navigating CFIUS: A series

The Committee on Foreign Investment in the United States (CFIUS) is charged with identifying and addressing national security issues arising from foreign investments in U.S. businesses and other transactions involving U.S. real estate. The scope of CFIUS jurisdiction and changes to the CFIUS process, including new mandatory filings for certain transactions, were introduced with the enactment of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA).

New regulations implementing most of FIRRMA’s provisions were issued in January 2020 and took effect on February 13, 2020. CFIUS is continuing to issue additional regulations implementing other FIRRMA provisions. We are issuing a series of notes introducing the new regulations as they are released, including a high-level summary of key provisions and additional notes, available below, providing details on some of the changes to CFIUS’s jurisdiction and processes.  

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CFIUS Issues Final FIRRMA Regulations

Final regulations implementing nearly all elements of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) were released on January 13, 2020, by the U.S. Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS)

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New CFIUS Rules for Real Estate Transactions

On January 13, 2020, the Committee on Foreign Investment in the United States (CFIUS) released final regulations implementing real estate-related provisions of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which substantially amended section 721 of the Defense Production Act of 1950 (Section 721)—the principal law governing CFIUS. 

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Implications of New CFIUS Regulations for Fund Investments

The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), and implementing regulations taking effect in February 2020, will have important implications for U.S.-based investment funds, foreign investors in those funds, and businesses receiving offers of investment from such funds.

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Mandatory CFIUS Filings Under the Final FIRRMA Regulations

This note provides an overview of U.S. businesses and transactions for which CFIUS filings may be required under the final rules, exemptions from these requirements, and alternative processes for submitting required filings to CFIUS.

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CFIUS Treatment of Excepted Countries and Investors

On January 13, 2020, CFIUS released final regulations implementing FIRRMA, including the awaited exemptions, which will be applicable to certain investors from CFIUS-approved countries. This note explains which investors will qualify as “excepted investors” and “excepted real estate investors” under the new regulations and the benefits and limitations of receiving those designations.

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CFIUS Issues Draft Rules for New Filing Fees

The Committee on Foreign Investment in the United States (CFIUS) has released draft regulations that, when effective, will implement new CFIUS filing fees authorized by the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). The draft rules will be open to public comment until April 8, 2020.

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CFIUS 2016-2017 Annual Report

On November 22, 2019, the Committee on Foreign Investment in the United States (CFIUS) belatedly released a consolidated annual report covering the calendar years 2016 and 2017. CFIUS has also released a subset of annual report data for 2018.

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