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ARTICLE · 20 AUGUST 2024

Three Key Takeaways From CFIUS's 2023 Annual Report

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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The Committee on Foreign Investment in the United States (CFIUS) released its statutorily mandated annual report to congress last month.

GlobalGovernment, Public Sector
Sherwet H. Witherington
Sherwet H. Witherington
Robert Kidwell
Robert Kidwell
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The Committee on Foreign Investment in the United States (CFIUS) released its statutorily mandated annual report to congress last month. While the report itself highlights several notable developments in 2023 (New Zealand and the United Kingdom are now excepted foreign states; eight military installations are now included in Appendix A of the regulations related to real estate transactions), three trends that we think foreign investors and U.S. businesses should be monitoring are noncompliance penalties, transactions originating from China (or Hong Kong), and non-notified transactions.

Penalties

Section 721 of the Defense Production Act of 1950, as amended, authorizes CFIUS to impose monetary penalties for violations of Section 721, which include the failure to submit a mandatory declaration or notice or failure to comply with a mitigation agreement. Such failures carry a civil penalty of $250,000 or the value of the transaction, whichever is greater.

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