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The United States has a well-established process for conducting national security-focused reviews of proposed foreign investments through the Committee on Foreign Investment in the United States, or CFIUS, the interagency committee responsible for vetting inbound foreign direct investment. The parameters for such reviews have changed significantly with the passage of the Foreign Investment Risk Review Modernization Act, or FIRRMA, on August 13, 2018. A number of the provisions of the new law are now in place, and other significant provisions will be implemented by early 2020. In addition, the Export Control Act of 2018, passed at the same time as FIRRMA, established an interagency process for identifying and controlling “emerging and foundational” technologies. In November, the Bureau of Industry and Security of the Department of Commerce, or BIS, issued an advance notice of proposed rulemaking seeking guidance on identifying emerging technologies. A second advance notice of proposed rulemaking for “foundational” technologies may soon follow. Foreign and domestic parties, along with their counsel, will need to understand the reach and implications of both of these new laws to any transaction that involves foreign investment.
In this presentation, seasoned practitioners Greta Lichtenbaum, partner with O’Melveny & Myers LLP, and Anne W. Salladin, partner in the International Trade Group of Hogan Lovells US LLP, will discuss:
- The basics of foreign investment and the role of CFIUS;
- The key provisions of FIRRMA and implications;
- The “pilot program” and recent experience with the program;
- What foreign and domestic companies need to do to prepare for full implementation of FIRRMA; and
- The status of BIS’s rulemaking.
Program Level: Overview
Intended Audience: In-house counsel, outside attorneys, board members, corporate officers, and other allied professionals involved in foreign transactions
Prerequisites: Interest in foreign transactions, foreign relations issues and compliance
Advanced Preparation: None