National Security Review of Foreign Investment Transactions

While bipartisan legislative successes have been few and far between in our highly-charged political environment, a general consensus on the need to provide a stronger framework for reviewing foreign investment in US companies led to the passage of the Foreign Investment Risk Review Modernization Act (‘FIRRMA’) in the summer of 2018. The issuance of a final rule in January 2020 implementing FIRRMA subsequently crystallized the process for CFIUS review of inbound transactions. This seminar will review the landscape leading to FIRRMA, the highpoints of the new regulatory process, and provide an update on recent developments as changing national security concerns continue to provide calls for additional regulatory changes. It will also offer significant instruction on techniques for researching various aspects of this topic—from legislation to regulation and even how to analyze market examples of CFIUS approval clauses in M&A agreements.