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ARTICLE · 22 SEPTEMBER 2020

CFIUS Implements Mandatory Filing Based On Export Licensing

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The Committee on Foreign Investment in the United States (CFIUS) is the inter-agency mechanism through which the United States government formally monitors and reviews foreign...

United StatesInternational Law
Christian Davis
Christian Davis
Tatman Savio
Tatman Savio
Kevin Wolf
Kevin Wolf
Katherine P. Padgett
Katherine P. Padgett
Thor Petersen
Thor Petersen
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Key Points

  • On September 15, Treasury published a Final Rule adopting changes to the CFIUS mandatory filing framework for covered transactions involving critical technologies.
  • Rather than being pegged to targeted industries associated with the U.S. business and its customers, mandatory filings will be triggered by export control requirements specific to the critical technologies and foreign persons involved in the transaction.
  • This "hypothetical export" analysis will apply to the investor itself and its parent entities, including entities holding, directly or indirectly, a 25 percent or greater "voting interest" in the acquiring entity.
  • Eligibility for certain license exceptions may exempt transactions from mandatory filing. However, parties may need to take additional steps, such as submitting classification requests to BIS, to avail themselves of such exemption.

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