The United States has implemented an increasingly rigorous national security investment review regime over the last three decades, as foreign direct investment in the U.S. has grown and the nation's national security profile has evolved. Today, the Committee on Foreign Investment in the United States (CFIUS) administers this regime. In recent years, similar legal regimes have arisen or been strengthened in many countries, including Germany, Canada, Australia, and France.
CFIUS is empowered to review certain transactions involving a “foreign person” and a U.S. business in order to evaluate a transaction’s impact on U.S. national security. CFIUS has the authority to impose conditions to mitigate national security risks on covered transactions, and may even recommend that the President block (or, in the case of completed transactions, unwind) such transactions. Some transactions also implicate complex policy and political factors, which must be carefully addressed in the context of pursuing CFIUS clearance.
- CFIUS and National Security Attorneys Join Kirkland
- CFIUS and Global National Security Reviews: Five Key Issues for PE Investors
- The CFIUS Proposed Filing Rule—What Dealmakers Need to Know
- Eight Highlights from CFIUS’ Latest Annual Report
- INSIGHT: Covid-19 Spotlights M&A International Security Concerns
- Six Things for Dealmakers to Know About How COVID-19 Could Affect CFIUS
- Eight Things to Know About Proposed CFIUS Filing Fees
- INSIGHT: Economic Sanctions and Export Controls Update Q4 2019
- U.S. Treasury Department Issues Final Regulations to Implement CFIUS Reform