Kirkland Seminar

Client Call: CFIUS Reform Takes Shape

On September 17, 2019, the Department of Treasury issued proposed regulations to implement most provisions of the Foreign Investment Risk Review Modernization Act (FIRRMA). Passed in 2018, FIRRMA is the most significant reform of the Committee on Foreign Investment in the United States (CFIUS) in its history.

The proposed regulations will have substantial impacts on private equity sponsors and companies, including by:

  • Expanding CFIUS' legal authority to review a greater universe of transaction structures and types, including many non-controlling investments and — for the first time — acquisitions of undeveloped real estate;
  • Making certain transactions involving foreign government investors subject to mandatory CFIUS notifications;
  • Permitting CFIUS to exempt investors from U.S. allies from its legal jurisdiction in certain cases; and
  • Enabling filings to be made through a short-form "declaration" process — potentially curtailing the time needed for a transaction's CFIUS review process.

Please join Mario Mancuso, P.C., Shawn Cooley and Luci Hague for an interactive discussion of the proposed regulations, their policy drivers, and their potential impacts on cross-border dealmaking.

Thursday, September 26
11:00–11:30 a.m. ET with time for Q&A

Kirkland & Ellis LLP
1301 Pennsylvania Ave NW
Washington, DC 20004

Please RSVP for Dial-In Information

If you have any questions, please contact Skyler Ellis at +1 202 389 4423.