✦ 2018年8月,Foreign Investment Risk Review Modernization Act(《外国投资风险审查现代化法案》,“FIRRMA法案”)经特朗普总统签署成为法典,全面改革CFIUS审查程序,给予CFIUS更大的职权; ✦ 2018年10月,美国财政部发布“Pilot Program”(“试行计划”),要求受到监管的27个特定产业[6]中由CFIUS管辖的交易必须做出申...
[5] 详细内容参见:https://www.federalregister.gov/documents/2018/11/19/2018-25221/review-of-controls-for-certain-emerging-technologies [6] 参见美国财政部官网:https://www.treasury.gov/resource-center/international/foreign-investment/Documents/Unclassified%20CFIUS%20Annual%20Report%20-%20(report%20pe...
In 2023, CFIUS cleared 66% of transactions (exclusive of re-filings) that did not require mitigation measures in either the 30-day assessment period for a declaration or the initial 45-day review period for a notice, an increase from 58% in 2022. However, CFIUS extended its review into th...
The Committee touted its improved efficiency, citing a reduction in the withdraw and refile rate for the first time in five years from 23% in 2022 to 18% in 2023. CFIUS also highlighted an increase in the number of transactions cleared in the initial review period (30 or 45 da...
On September 17, the US Department of the Treasury issued comprehensive proposed regulations to implement the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). This alert describes key aspects of the proposed regulations. Overall, the pr
For transactions submitted as declarations, CFIUS will have a 30-day review period. Declarations were introduced in FIRRMA, and either a declaration or a joint voluntary notice (JVN) may be used to satisfy a mandatory declaration requirement. Declarations will be short in length (about...
If 2019 indicates the beginning of a new trend, then this argument for a longer initial review period appears to be borne out: In 2019, more than half of the 231 JVNs cleared in review, compared to just under one-third in 2018, when the 30-day review period was still in effect for ...
2. The total number of joint voluntary notices (“JVNs”) decreased (likely due to the slowdown in global M&A resulting from COVID), while clearance rates during the review period are slightly up. In 2020, CFIUS cleared its highest proportion of JVNs in the last five years during the ini...
“CFIUS Approval”means(i)a written determination from CFIUS stating it has concluded that none of the transactions contemplated hereunder constitute a “covered transaction” and are not subject to review under the DPA; (ii) a written determination from CFIUS stating it has completed a review or...
Prior to FIRRMA, CFIUS operated under a statutory time frame that included a 30-day initial review period and, when necessary, a second-stage 45-day investigation stage. Under FIRRMA, CFIUS will immediately expand the initial review phase from 30 days to 45 days and also allow a potential 15...