On January 13, 2020, the U.S. Department of the Treasury issued
two final rules for the Committee on Foreign Investment in the
United States (CFIUS) implementing the Foreign Investment Risk
Review Modernization Act (FIRRMA), which was enacted on August 13,
2018. The final rules largely adopt the proposed rules published on September 17,
2019, with several key clarifications and modifications. As
discussed previously, FIRRMA has resulted in two separate
rulemakings that expand CFIUS' jurisdiction to include (i)
certain non-controlling investments in U.S. businesses engaged in
critical technology, critical infrastructure, and sensitive
personal data, and (ii) certain real estate transactions. The final
rules will be published in the Federal Register on January
17, 2020 and will go into effect February 13, 2020 (Effective
Date), with one exception described below. We anticipate that the
Treasury Department will publish a separate rule concerning filings
fees soon.
