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ARTICLE · 13 NOVEMBER 2018

Impacts Of New CFIUS Pilot Program On Investment Funds

Foley Hoag LLP
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On October 10, 2018, the Department of the Treasury, which oversees the Committee on Foreign Investment in the United States ("CFIUS"),

United StatesGovernment, Public Sector
Robert Sawyer
Robert Sawyer
Ayah K. Zaidi
Ayah K. Zaidi
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On October 10, 2018, the Department of the Treasury, which oversees the Committee on Foreign Investment in the United States ("CFIUS"), released interim regulations to implement portions of the Foreign Investment Risk Review Modernization Act of 2018 ("FIRRMA"), which was enacted in August.

The interim rules defined a new pilot program that will 1) significantly expand CFIUS's mandate (previously limited to the review of "controlling" foreign investments in U.S. businesses for national security implications) to now include certain non-controlling, non-passive investments by foreign persons, including investment made indirectly through U.S. entities such as investment funds. The newly covered transactions involve foreign investment of any magnitude in companies involved with "critical technologies" within 27 specified industries; and 2) impose a mandatory filing requirement for all non-passive investments by foreign entities in covered U.S. businesses, at the threat

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