Foreign Direct Investment

On Saturday, March 9, 2024, President Biden signed a six-bill appropriations package to fund the U.S. government through September 30, 2024.  In doing so, he codified a notable trade-related policy rider that adds the Secretary of Agriculture “on a case by case basis” to the Committee on Foreign Investment in the United States (“CFIUS” or

Key Notes:

  • The Department of Commerce Bureau of Economic Analysis is conducting a five-year benchmark survey of incorporated U.S. businesses of which a foreign person or entity owns or controls, directly or indirectly, 10% or more of the voting securities (or an equivalent interest if an unincorporated U.S. business) as of the business’s 2022 fiscal

Pursuant to the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), the Committee on Foreign Investment in the United States (CFIUS) established the concept of “excepted foreign state[s],” defined as those states with compliance laws, orders and regulations similar to those of the United States concerning foreign investments assessed for national security purposes.  See

Key Notes:

  • Real estate projects may be subject to CFIUS national security review if close to sensitive locations.
  • Proactive planning can mitigate transaction delays.
  • Security concerns may be broader than CFIUS regulatory issues and merit multi-tiered government and public outreach.

The Committee on Foreign Investment in the United States (CFIUS) recently reviewed a proposed real

Key Notes:

  • The Treasury Department recently released guidelines specifying conduct that may be considered a violation of CFIUS regulations.
  • The guidelines provide information about how CFIUS gathers information and the formal penalty process.
  • They also indicate factors that CFIUS may consider in making an enforcement determination, including aggravating and mitigating factors.

On September 15, 2022,

Key Notes:

  • The Executive Order does not change the review process or legal jurisdiction of CFIUS.
  • The Executive Order revises the national security factors for CFIUS to include in its foreign investment review process.
  • The Office of Science and Technology Policy is tasked with publishing lists of technology sectors it assesses are fundamental to U.S.

On August 2, 2022, the Treasury Department, as the lead agency of the Committee on Foreign Investment in the United States (CFIUS), released a public version of its annual report to Congress regarding foreign direct investment in the United States.  Assistant Secretary for Investment Security Paul Rosen stated, “This year’s Annual Report demonstrates that CFIUS

The Executive Office of the President, via the National Science and Technology Council, has released an updated list of advanced technologies that are potentially significant to U.S. national security. This list updates and revises the initial critical technologies list identified in the October 2020 report, “National Strategy for Critical and Emerging Technologies.” See Update of

On January 5, 2022, the multi-agency Committee on Foreign Investment in the United States (CFIUS) announced its determination that two countries – Australia and Canada – “have made significant progress toward establishing and effectively utilizing a robust process to analyze foreign investments for national security risks and to facilitate coordination with the United States on