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ARTICLE · 19 OCTOBER 2018

No Safe Harbor For Declarations

Stroock & Stroock & Lavan LLP
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The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) authorizes the Committee on Foreign Investment in the United States (CFIUS or the Committee) to establish pilot programs...

United StatesGovernment, Public Sector
Christopher Brewster
Christopher Brewster
Erin Bruce Iacobucci
Erin Bruce Iacobucci
Chris Griner
Chris Griner
Gregory Jaeger
Gregory Jaeger
Shannon Reaves
Shannon Reaves
Anne W. Salladin
Anne W. Salladin
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The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) authorizes the Committee on Foreign Investment in the United States (CFIUS or the Committee) to establish pilot programs to carry out certain provisions of the statute.  CFIUS is the multi-agency panel that reviews foreign investments to assess their impact on national security.  Investments deemed a threat may be restructured or mitigated to address CFIUS objections.  Transactions where the threat cannot be mitigated may be blocked by the President — if not withdrawn and abandoned.

On October 10, the Department of the Treasury announced a pilot program expanding CFIUS review to include specific non-controlling foreign investments in U.S. businesses that are involved in critical technologies.  Qualifying controlling and non-controlling investments in “Pilot Program U.S. Businesses” must, at minimum, be reviewed by CFIUS under short-form declarations.  After a 30-day review, CFIUS can clear the

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