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ARTICLE · 20 JANUARY 2020

CFIUS Set To Operate Under New Rules

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The Committee on Foreign Investment in the United States has published the final version of rules proposed in September 2019 to implement the Foreign Investment Risk Review Modernization Act adopted in August 2018

CanadaGovernment, Public Sector
Christopher Caparelli
Christopher Caparelli
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The Committee on Foreign Investment in the United States (CFIUS) has published the final version of rules proposed in September 2019 to implement the Foreign Investment Risk Review Modernization Act (FIRRMA) adopted in August 20181. The new rules take effect on February 13, 2020.

What you need to know

  • New rules governing the U.S. foreign investment review process largely track those proposed in September 2019.
  • Investors based in Canada, Australia and the United Kingdom will be exempt from some of the provisions applicable to investments in U.S. businesses and real estate.
  • Filings with CFIUS will be mandatory for some foreign government-related investors—outside of Canada, Australia and the UK—and for investments in U.S. businesses involving "critical technologies" in certain industries.

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