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ARTICLE · 14 NOVEMBER 2005

International Client Alert, November 2005

Powell Goldstein LLP
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In this edition - New York State Prosecutors Go After Oil-for-Food Violations, U.S. Government Announced Multiple Prosecutions for Bribing Azeri Senior Government Officials, E.U. Seeks to Wrest Control of Internet Names from the U.S., UN Convention Against Corruption to Go into Effect in December, Customs K-9 Noses Out Competition for Coveted.

United StatesInternational Law

Article by Clif Burns, Bill Steinman and Illya Antonenko

GAO Calls for Sweeping Reforms of Exon-Florio

The General Accounting Office ("GAO") recently released a report on the Exon-Florio amendment to the Defense Production Act. The report recommended significant changes in the administration and enforcement of Exon-Florio.

Exon-Florio establishes a four-step procedure for examining an acquisition of a U.S. company by a foreign company. The purpose of the procedure is to determine whether the acquisition is consistent with the national security interests of the United States. The four steps are: (1) voluntary notice by the companies involved in the acquisition; (2) a thirty-day review period during which the Committee on Foreign Investment in the United States ("CFIUS") evaluates the transaction for national security concerns; (3) an optional additional 45-day period which CFIUS may request to further evaluate the transaction and determine whether a recommendation should be made to

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