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ARTICLE · 23 JANUARY 2020

Facing FIRRMA: Treasury Releases Final CFIUS Regulations

Jones Day
Jones Day
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The Situation: The U.S. Department of the Treasury ("Treasury Department") released final regulations implementing the Foreign Investment Risk Review Modernization Act of 2018...

United StatesGovernment, Public Sector
Laura Fraedrich
Laura Fraedrich
Justin Huff
Justin Huff
Schuyler J. Schouten
Schuyler J. Schouten
Chase Kaniecki
Chase Kaniecki
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The Situation: The U.S. Department of the Treasury ("Treasury Department") released final regulations implementing the Foreign Investment Risk Review Modernization Act of 2018 ("FIRRMA"), which, among other things, effectuate the expanded jurisdiction for the Committee on Foreign Investment in the United States ("CFIUS" or "Committee").

The Result: The final regulations, which will become effective on February 13, 2020: (i) incorporate several revisions to the earlier proposed regulations based on feedback received during the public comment period; (ii) provide an initial list of foreign states eligible for excepted foreign state status; and (iii) signal key areas where subsequent regulations are likely to follow in the coming months, including those aimed at modifying the scope of covered investments in critical technologies.

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