Foreign Investment Reviews

Updates and Developments in Foreign Direct Investment Review Laws

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Committee on Foreign Investment in the US (CFIUS) “Fast-Track” Pilot Program Being Developed

By Trade Practitioner on Posted in Foreign Investment Reviews, US Regulation
On May 8, 2025, the US Department of the Treasury (Treasury) announced that it “will establish a fast-track process” to facilitate the review by CFIUS of foreign investment into the US from “allies and partners sources . . . where there is verifiable distance and independence from foreign adversaries or threat actors.” The announcement noted … Continue Reading

The stony road to de-fragmentation of EU Foreign Direct Investment Control (FDI)

By Trade Practitioner on Posted in European Regulations, Foreign Investment Reviews
On 9 September, Mario Draghi published a report on ‘The Future of European Competitiveness’ highlighting the need for the EU to strengthen its Investment Screening Mechanism. The report was part of a broader effort to assess and strengthen the EU’s economic and strategic resilience in response to rising global competition and geopolitical challenges. Draghi’s report … Continue Reading

EU’s First M&A Investigation: A Step Forward in Foreign Subsidies Oversight

By Trade Practitioner on Posted in European Regulations, Foreign Investment Reviews, Trade Policy & Market Access
The European Union is intensifying its scrutiny of foreign investments under the 2023 Foreign Subsidies Regulation (FSR). As the latest development, the European Commission has announced this week that it has opened an investigation into a proposed acquisition by e&, the UAE state-owned telecom operator, of the assets of the Czech telecom company PPF Telecom. … Continue Reading

New CFIUS Rules to Enhance Enforcement and Investigation Activities

By Trade Practitioner on Posted in Foreign Investment Reviews, US Regulation
On April 11, 2024, the Committee on Foreign Investment in the United States (CFIUS), a multi-agency committee administered by the U.S. Treasury Department, released a proposed rule (“Proposed Rule”) to amend the CFIUS regulations.[1]  The Proposed Rule seeks “to enhance the Committee’s identification and resolution of national security risks” by expanding the scope of information … Continue Reading

U.S. Outbound Investment Restrictions and Notification Requirements Mandated by Executive Order: Currently Limited to Certain Investments in China Tech

By Trade Practitioner on Posted in Artificial Intelligence, Foreign Investment Reviews, US Regulation
On August 9, 2023, U.S. President Joe Biden signed an Executive Order (“EO”) titled “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concerns,” mandating the establishment of an outbound investment regulatory regime.  The EO mandates that the Treasury Department, in coordination with other agencies, issue regulations to establish a … Continue Reading

The Xella Judgment: EU Court Limits Member States’ Discretion in Applying FDI Control Laws

By Trade Practitioner on Posted in European Regulations, Foreign Investment Reviews
On 13 July 2023, the European Court of Justice (ECJ/Court) issued an important judgment with relevance for the foreign direct investment (FDI) screening practice across the EU (Case C-106/22). In summary, the Court found that the national legislation prohibiting the acquisition of a strategic company by undertakings organised in accordance with the laws of a … Continue Reading

North Dakota Law Another Example of State Regulation Over Foreign Acquisitions of Land

By Trade Practitioner on Posted in Foreign Investment Reviews
On April 29, 2023, North Dakota Governor Doug Burgum signed Senate Bill No. 2371 into law, which prohibits local development and ownership of real property by “foreign adversaries,” effective August 1, 2023. The law sunsets on July 31, 2025 and will be ineffective after that date unless renewed. This state law is one of the … Continue Reading

CFIUS Determines it Lacks Jurisdiction to Review Chinese Land Acquisition

By Trade Practitioner on Posted in Foreign Investment Reviews
In 2022, Fufeng USA, a subsidiary of Chinese company Fufeng Group, purchased 370 acres near Grand Forks, North Dakota, with the intention of developing the land to build a plant for wet corn milling and biofermentation,[1] prompting opposition from federal and state politicians.[2] North Dakota Senators, North Dakota’s Governor, and Senator Marco Rubio urged the … Continue Reading

The More the Merrier – New FDI Control Regimes in the EU

By Trade Practitioner on Posted in Foreign Investment Reviews
Introduction This publication provides an overview of important additions and changes to foreign direct investment (“FDI”) control regimes in Europe, which impose regulatory obligations on M&A transactions: Belgium, Ireland, the Netherlands, Slovakia and Sweden.   The number of new and revised FDI control regulations across many jurisdictions has been increasing in response to geopolitical tensions … Continue Reading

Proposed Texas Law will Increase CFIUS Risks over Non-Notified Investments in that State

By Trade Practitioner on Posted in Foreign Investment Reviews
On April 25, 2023, the Texas State Senate Committee on State Affairs unanimously passed Senate Bill No. 2142 that would allow Texas to report any non-notified foreign investments of “concern” to the Committee on Foreign Investment in the United States “CFIUS.”  The pending bill will authorize the Texas Attorney General (“TAG”) to establish a process … Continue Reading

CFIUS Expands Reach of its Covered Real Estate Authority with the Addition of Eight New “Military Installations”

By Trade Practitioner on Posted in Foreign Investment Reviews
On May 5, 2023, the U.S. Department of Treasury, the agency tasked with administering the Committee on Foreign Investment in the United States (CFIUS), published a Proposed Rule (88 Fed. Reg. 29003) expanding the list of “military installations” that could trigger CFIUS authority over certain real estate transactions in 31 C.F.R. Part 802 (“Part 802”).  … Continue Reading

CFIUS Determination Regarding “Excepted Foreign State”

By Trade Practitioner on Posted in Foreign Investment Reviews
On February 13, 2022, the Office of Investment Security of the U.S. Department of Treasury, which administers the Committee on Foreign Investment in the United States (CFIUS), published a final determination finding that (1) the United Kingdom of Great Britain and Northern Irelands and (2) New Zealand have the met the criteria for remaining an … Continue Reading

Executive Order on CFIUS Review Factors Provides Insights into Heightened CFIUS Risks Faced by Specific Activities

By Trade Practitioner on Posted in Foreign Investment Reviews, US
On September 15, 2022, President Biden signed an Executive Order 14083 (the “Order”), titled “Ensuring Robust Consideration of Evolving National Security Risks by the Committee on Foreign Investment in the United States” (87 Fed. Reg. 57369). The Order does not expand the Committee on Foreign Investment in the United States’ (“CFIUS” or the “Committee”) authority … Continue Reading

CFIUS Enforcement and Penalty Guidelines

By Trade Practitioner on Posted in Foreign Investment Reviews
On October 20, 2022, the Committee on Foreign Investment in the United States (CFIUS) released its first non-binding Enforcement and Penalty Guidelines (“Guidelines”), providing clarity to parties on how CFIUS approaches violations of the mandatory filing requirements, mitigation agreements, or material misstatements, omissions, or false certifications made to CFIUS.  (For details about CFIUS, transactions subject … Continue Reading

Recent Regulatory Developments: Expanding Control Exemption for Standard-Setting to All on Entity List—Analysis 

By Trade Practitioner on Posted in China, Foreign Investment Reviews, US
Under an interim rule published in the Federal Register on Friday, September 9, 2022, the Commerce Department’s Bureau of Industry & Security (BIS) is loosening restrictions on the sharing of specific technology with blacklisted firms, to maintain the United States’ lead in setting international standards. Under that rule, no license will be required to export certain … Continue Reading

BIS Issues Rule on Export Controls for Semiconductor and Gas Turbine Technologies

By Trade Practitioner on Posted in Hospitality, Technology, US
On August 12, 2022, the US Department of Commerce’s Bureau of Industry and Security issued an interim final rule establishing new export controls on four technologies that support the production of advanced semiconductors and gas turbines. The agency has determined Gallium Oxide and diamond, Electronic Computer-Aided Design (ECAD) software specially designed for the development of … Continue Reading

Italian Government Updates Golden Powers Rules on National Security and Investment Controls

By Trade Practitioner on Posted in EU, European Regulations, Foreign Investment Reviews, Russia, Ukraine
The Italian Golden Powers Rules have intricate and unique features and broad-reaching effects, which set them apart from other foreign investment control regimes in the EU. For example, a notification requirement may apply to EU as well as national buyers in certain instances and may apply to Italian companies operating in sectors deemed of strategic … Continue Reading

Important Reminder for M&A transactions (including Internal Corporate Restructurings!) from 4 January 2022, when the UK’s National Security and Investment Act enters into force

By Trade Practitioner on Posted in Foreign Investment Reviews
As many corporate lawyers are aware, the UK’s National Security and Investment Act (NSIA) comes into force on 4 January 2022 and will have an impact on a large number of transactions which have a connection to the UK (an estimated 1,800 transactions per year will be affected).  One thing that has not been discussed … Continue Reading

UK, German and Australian Antitrust Agencies Issue Joint Statement for More Rigorous Merger Control Enforcement

By Trade Practitioner on Posted in Enforcement Actions, European Regulations, Foreign Investment Reviews
On 20 April 2021, the UK’s Competition and Markets Authority (CMA), the German Bundeskartellamt (BKartA) and the Australian Competition and Consumer Commission (ACCC) issued a joint statement¹ and held a joint online event pushing for more rigorous merger control enforcement. Our global competition team in these jurisdictions unpacks the joint statement and provides the following … Continue Reading

Talk to the Experts: Multi-country M&A Is Getting More Complex: Evolving FDI Regimes Across the UK, France, Germany, Italy and the US

By Trade Practitioner on Posted in EU, Events, Foreign Investment Reviews, France, Germany, United Kingdom, US
International M&A practitioners are used to dealing with CFIUS for any transaction involving assets in the US. The Europeans M&A practitioners are, however, catching up, and many multijurisdictional deals will now face clearance in a number of countries. The latest addition to the list, the UK National Security and Investment Bill, is broad in scope … Continue Reading
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