U.S. Treasury Department Issues Final Regulations To Implement CFIUS Reform

On January 13, 2020, the U.S. Department of the Treasury ("Treasury") issued final regulations (the "Final Regulations") implementing certain provisions of the Foreign Investment Risk Review Modernization Act ("FIRRMA"). The Final Regulations supersede the proposed regulations implementing certain provisions of FIRRMA that Treasury issued on September 17, 2019 (the "Proposed Regulations"). While the Final Regulations generally hew closely to the Proposed Regulations, there are critical differences that may affect deal timing, certainty, feasibility and cost. Because the Final Regulations will take effect in just a few weeks — on February 13, 2020 — investors and companies must assess with urgency whether their near-term transactions may have potential new or different CFIUS considerations.