In 2020, boards of directors will continue to face an evolving
landscape in reviews of foreign investment by the Committee on
Foreign Investment in the United States (CFIUS), particularly with
respect to issues relating to technology, infrastructure and
personal data. Boards, and Technology Committees in particular,
should be aware of these developments for their possible
ramifications for foreign investment.
On September 17, 2019, the US Department of the Treasury
proposed regulations1 implementing most of the remaining
provisions of the Foreign Investment Risk Review Modernization Act
of 2018 (FIRRMA), which updated the statute authorizing CFIUS
reviews of foreign investment. FIRRMA mandates that the final
regulations enter into force by February 13, 2020.