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.
Discover the series
U.S. Foreign Investment Update for October 2020: CFIUS, Team Telecom, and DCSA
The past month has been an active one for the various authorities responsible for U.S. foreign investment reviews, even without considering the widely publicized presidential order requiring the divestment of Musical.ly, the U.S. predecessor of the popular video sharing application TikTok.
CFIUS updates for July 2020: Final rules for filing fees and "principal place of business"; annual report for 2019
In an active final week of July 2020, CFIUS issued final regulations locking in the filing fees that have been in effect since May 2020 and clarifying its definition of “principal place of business.” CFIUS has also published the unclassified version of its 2019 annual report to Congress.
CFIUS Annual Report for 2018 and Statistics for 2019: Signs of a More Efficient Process under FIRRMA
CFIUS’s just-released 2018 annual report and preliminary 2019 statistics show that CFIUS is able to move more quickly after recent changes to its governing law and regulations, but more transparency would aid companies and advisors, as well as increase predictability and the credibility of the process.
CFIUS Issues Filing Fee Rules Effective May 1
The Committee on Foreign Investment in the United States (CFIUS) has released interim regulations that require the payment of new CFIUS filing fees authorized by the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). The new fees will apply to formal CFIUS notices filed on or after May 1, 2020.
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)
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.
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.
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.
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.
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.
U.S. publications
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U.S. Foreign Investment Update for October 2020
U.S. Foreign Investment Update for October 2020
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CFIUS updates for July 2020
CFIUS updates for July 2020
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CFIUS Annual Report for 2018
CFIUS Annual Report for 2018
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Filing Fees
Filing Fees
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Final regulations
Final regulations
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Real Estate
Real Estate
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Investment Funds
Investment Funds
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Mandatory Filings
Mandatory Filings
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Excepted Countries
Excepted Countries
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CFIUS 2016-2017 Annual Report
CFIUS 2016-2017 Annual Report
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U.S. publications
U.S. publications
