CFIUS Expanded—How will the Broadened Scope Affect Private Equity?

2018 ◽  
Keyword(s):  
Foreign Investment ◽  
Private Equity ◽  
Investment Risk ◽  
Foreign Acquisitions ◽  
Foreign Control ◽  
Risk Review ◽  
The U.S ◽  
August 13Th ◽  
The Way

On August 13th, President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). FIRRMA overhauls and significantly expands the jurisdiction of the Committee on Foreign Investment in the U.S. (CFIUS), which reviews, modifies and has the power to prohibit certain foreign acquisitions and investments in U.S. businesses, including private equity and other fund investments. FIRRMA significantly expands the reach of CFIUS beyond transactions that result in foreign control, gives CFIUS the ability to review a much broader set of industries, and makes the review of certain investments mandatory. The expansion will re-shape the way that private equity transactions will be structured going forward.

CFIUS issues final regulations on national security review of foreign investments in the United States under FIRRMA: broader reach, mandatory filings, and limited exceptions

2020 ◽  
Vol 21 (2/3) ◽  
pp. 143-149
Author(s):  
Sonali Dohale ◽  
Kara M. Bombach ◽  
Cyril T. Brennan ◽  
Renée A. Latour ◽  
Axel S. Urie
Keyword(s):  
United States ◽  
Foreign Investment ◽  
The United States ◽  
Investment Risk ◽  
Due Diligence ◽  
Content Type ◽  
Foreign Acquisition ◽  
Potential Applicability ◽  
Risk Review ◽  
Practical Implications

Purpose The article examines the sweeping changes to the review process undertaken by Committee on Foreign Investment in the United States (CFIUS) as a result of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). The Article specifically reviews the long-awaited final sets of regulations, effective as of February 13, 2020, and analyzes their impact on the CFIUS process, as well as considers the implications of FIRRMA for parties to foreign acquisition, control, and investment transactions. Design/methodology/approach The Article begins with an overview of the CFIUS framework and a general explanation of FIRRMA. It then moves to an analysis of FIRRMA and the resulting changes to the prior CFIUS regime. The Article concludes with general considerations and provides recommendations for parties who may find themselves analyzing the potential applicability of CFIUS to foreign acquisition and investment transactions. Findings FIRRMA resulted in significant changes to the existing CFIUS regulatory framework. Practical implications Parties should learn the CFIUS changes as a result of FIRRMA, including the new mandatory filing requirements as well as implications for non-controlling investment transactions. Parties should include CFIUS analysis and planning in the earliest stages of deal planning and due diligence. Originality/value The article provides an in-depth review of the changes to CFIUS resulting from FIRRMA. The changes to the existing CFIUS landscape have resulted in new mandatory filing requirements and expanded jurisdiction over non-controlling investment and real estate transactions, which are discussed in the article.

US-bound investment will get more difficult for China

2018 ◽  
Keyword(s):  
United States ◽  
Foreign Investment ◽  
The United States ◽  
Investment Risk ◽  
Content Type ◽  
Chinese Investment ◽  
Advanced Technologies ◽  
Greenfield Investments ◽  
Risk Review ◽  
Trump Administration

Subject Chinese investment in the United States. Significance The Foreign Investment Risk Review Modernization Act (FIRRMA) enacted on August 13 expands the remit of the Committee on Foreign Investment in the United States (CFIUS), which reviews incoming foreign investment deals for possible national security implications. China is the implicit target. Since its peak of 46 billion dollars in 2016, Chinese direct investment in the United States has steadily declined, falling to 29 billion dollars in 2017 and dropping another 90% year-on-year in the first half of 2018. Impacts Uncertainty regarding new US regulations will hold some Chinese investors back from entering the market. Chinese businesses will face greater pressure from US policymakers and regulators to clarify their relationship with the Communist Party. Chinese investments in ICT, semiconductors and other advanced technologies will come under sustained scrutiny from US regulators. Chinese greenfield investments might increase as investors seek ways around tariffs and the Trump administration seeks to create jobs.

Governance implications of CFIUS reform for US investment funds with foreign investors

2019 ◽  
Vol 20 (1) ◽  
pp. 36-39
Author(s):  
Michael Leiter ◽  
John Caccia ◽  
Heather Cruz ◽  
Michael Hoffman ◽  
James Schnell ◽  
...  
Keyword(s):  
National Security ◽  
Foreign Investment ◽  
Design Methodology ◽  
The United States ◽  
Investment Risk ◽  
Investment Funds ◽  
Foreign Investors ◽  
Content Type ◽  
Practical Guidance ◽  
Risk Review

Purpose To explain how corporate governance is likely to be affected by drastic changes to national security reviews by the Committee on Foreign Investment in the United States (CFIUS), especially for US funds with foreign investors. Design/methodology/approach The article summarizes the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) and then details the pilot program and how to qualify for exceptions. Findings While many questions and considerations remain, including how FIRRMA will play out across various industries, we concluded that there will be an increase in CFIUS filings. Originality/value Practical guidance from experienced national security and CFIUS lawyers.

Experience, Equity and Foreign Investment Risk: A PIC Perspective

2016 ◽  
Vol 57 (2) ◽  
pp. 209-241 ◽  
Author(s):  
Barclay E. James ◽  
Paul M. Vaaler
Keyword(s):  
Foreign Investment ◽  
Investment Risk

The Second International Meeting on Radio Aids to Marine Navigation New York and New London

1948 ◽  
Vol 1 (01) ◽  
pp. 69-75
Author(s):  
R. B. Michell
Keyword(s):  
New York ◽  
International Meeting ◽  
Radio Navigation ◽  
Marine Transport ◽  
Marine Navigation ◽  
New London ◽  
The U.S ◽  
Made In ◽  
The Way ◽  
Second International

At the first International Meeting on Radio-Aids to Marine Navigation held in London in May 1946 some 105 delegates of twenty-three maritime nations met to discuss and witness demonstrations of some of the remarkable advances made in radio-navigation during the war and to consider the progress made in relation to their peacetime uses for marine transport.At the invitation of the U.S. government a second meeting was held a year later, in New York and New London, to show the progress made in America, to illustrate, with demonstrations, the U.S. policy and to pave the way to international standardisation. The U.K. delegation was led by Sir Robert Watson-Watt.

Contingency in International Law

2021 ◽  
Keyword(s):  
Human Rights ◽  
Natural Resources ◽  
International Law ◽  
Present State ◽  
Foreign Investment ◽  
Armed Conflict ◽  
The Past ◽  
Present Volume ◽  
State Of Affairs ◽  
The Way

This volume asks a question that is deceptive in its simplicity: Could international law have been otherwise? In other words, what were the past possibilities, if any, for a different law? The search for contingency in international law is often motivated, including in the present volume, by the refusal to accept the present state of affairs and by the hope that recovering possibilities of the past will facilitate a different future. The volume situates the search for contingency theoretically and within many fields of international law, such as human rights and armed conflict, migrants and refugees, the sea and natural resources, and foreign investment and trade. Today there is hardly a serious account that would consider the path of international law to be necessary and that would deny the possibility of a different law altogether. At the same time, however, behind every possibility of the past stands a reason – or reasons – why the law developed as it did. Those who embark in search of contingency soon encounter tensions when they want to recover past possibilities without downplaying patterns of determination and domination. Nevertheless, while warring critical sensibilities may point in different directions, only a keen sense of why things turned out the way they did makes it possible to argue about how they could plausibly have turned out differently.

“We are the 99%”

2017 ◽  
Author(s):  
Caroline Heldman
Keyword(s):  
Social Media ◽  
Ease Of Use ◽  
Consumer Activism ◽  
The Past ◽  
Politically Active ◽  
The U.S ◽  
The Way

This chapter examines the contemporary era of consumer activism in the U.S. that started in the mid-2000s with the advent of social media. Contemporary consumer activism is distinct in its ease of use, transnational focus, effectiveness, and popularity. Americans have become more politically active through the marketplace in the past decade, and this has altered the way companies do business. The chapter concludes that the current era of marketplace activism strengthens democracy through higher rates of participation in the marketplace for political ends.

Caught between Blue and Gray

2019 ◽  
pp. 233-244
Author(s):  
Philip Gerard
Keyword(s):  
North Carolina ◽  
War Department ◽  
North Carolinians ◽  
The City ◽  
The U.S ◽  
The Way

Maj. Gen George E. Pickett’s attack on New Bern in January 1863 results in a fiasco. Having failed utterly to take the city after seven hours of fighting, the 13,000 troops retreat back to Kinston. On the way, they overwhelm a small outpost battery and capture ninety-seven men of the 2nd North Carolina Union Volunteers. Pickett labels a number of them Confederate deserters-a dubious claim-and, following cursory trials, he hangs twenty-two North Carolinians. The atrocity shocks even his own troops and provokes outrage in the U.S. War Department, which pursues Pickett as a war criminal, forcing him to flee to Canada in disguise.

False Information Narratives

2019 ◽  
pp. 326-348
Author(s):  
J. J. Sylvia IV ◽  
Kyle Moody
Keyword(s):  
Social Media ◽  
Best Practices ◽  
Presidential Election ◽  
Internet Research ◽  
False Information ◽  
Media Campaigns ◽  
Geographic Locations ◽  
The U.S ◽  
The Way

The issue of Russian interference in the 2016 U.S. Presidential election has been widely debated by scholars and journalists. However, these works have not fully analyzed the ads that have been released by Facebook and the U.S. Congress. This project uses a case study to analyze the ads posted by the Russian-affiliated Internet Research Agency, considering the quantities of ads targeted to particular geographic locations, the frequency of targeting for unique keywords, and the reach and impressions of each of the ads. Further, these results are compared to results from best practices in traditional social media campaigns as a way to better understand the goals and potential impacts of the IRA ads. In conclusion, the project, by analyzing the full set of IRA ads, sheds new light on the way false information narratives were leveraged by the Russian-linked IRA.

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