The U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) recently published an interim final rule imposing export controls on additional technologies that satisfy the criteria pertaining to emerging and foundational technologies under the Export Control Reform Act of 2018 (“ECRA”).[1]
Continue Reading New Export Controls on Semiconductor and Gas Turbine Engine Technologies Expand CFIUS Mandatory Notification Requirements
Foreign Investment
CFIUS 2021 Annual Report – Five Key Takeaways
The Committee on Foreign Investment in the United States (CFIUS) recently released its 2021 Annual Report, which provides important information and statistics about covered transactions reviewed by CFIUS in 2021 and the underlying implications for foreign investors.[1] …
Continue Reading CFIUS 2021 Annual Report – Five Key Takeaways
Global Merger Control and Foreign Direct Investment Considerations Associated with Cross-Border Transactions
Recent developments regarding global competition enforcement and foreign direct investment, or FDI, review regimes have created uncertainty for cross-border transactions. Specifically, global merger control authorities have become increasingly aggressive in “calling in” transactions under so-called “voluntary” regimes and a number of FDI review regimes recently have been established or expanded. These developments have resulted in…
U.S. Federal Judge Finds Probable Cause for Conspiracy to Violate U.S. Sanctions and to Defraud the United States in First Published Opinion Discussing U.S. Sanctions Violations Involving Use of Cryptocurrency
In a recent opinion, U.S. Magistrate Judge Zia M. Faruqui of the U.S. District Court for the District of Columbia held that there is probable cause to find that a U.S. citizen-defendant violated U.S. sanctions by funneling cryptocurrency to a payments platform that the defendant operated in a “comprehensively sanctioned country.”…
Continue Reading U.S. Federal Judge Finds Probable Cause for Conspiracy to Violate U.S. Sanctions and to Defraud the United States in First Published Opinion Discussing U.S. Sanctions Violations Involving Use of Cryptocurrency
Support for “Reverse CFIUS” Outbound Investment Screening Regime Grows
U.S. Secretary of Commerce Gina Raimondo recently expressed support for a screening regime to review outbound investments.[1] This, as well as similar statements from the White House and the passage of legislation calling for such a process earlier this year, signals that certain outbound investments could be subject to U.S. regulatory review and approval in the near future.[2] …
Continue Reading Support for “Reverse CFIUS” Outbound Investment Screening Regime Grows
Italy Further Broadens Its FDI Regime
On March 21, 2022, the Italian Government enacted a law-decree (“Decree”) to address the economic and humanitarian effects of the ongoing Ukraine crisis.[1]
The Decree further broadens Italy’s foreign direct investments (“FDI”) regime, by giving the Government the permanent power to review (a) acquisitions of controlling stakes by European Economic…
First Review Of The EU FDI Screening Regulation
The European Commission (“EC”) recently published its first annual report on the new European cooperation mechanism regarding the screening of foreign direct investment (“FDI”) into the EU (the “Report”). The Report shows that four out of every five FDI filings screened at the EU level were quickly resolved within Phase I, while the remaining filings…
Updates to the Critical and Emerging Technologies List Signal Additional Areas of Focus
The U.S. National Science and Technology Council (NSTC)[1] recently published an updated list of critical and emerging technologies (CETs) as part of an ongoing effort to identify advanced technologies that are potentially significant to U.S. national security.
Continue Reading Updates to the Critical and Emerging Technologies List Signal Additional Areas of Focus
Lexology Getting the Deal Through: Foreign Investment Review 2022
Cleary Gottlieb partner Chase Kanieki and associates William Dawley and Pete Young co-authored the United States chapter in Lexology Getting the Deal Through: Foreign Investment Review 2022.
Continue Reading Lexology Getting the Deal Through: Foreign Investment Review 2022
Italy Extends Its COVID-19 Emergency FDI Review Regime Through 2022
On December 30, 2021, the Italian Government extended until the end of 2022 Italy’s emergency foreign direct investments (“FDI”) regime, which enables it to review also acquisitions of controlling stakes by European Economic Area (“EEA”) investors, as well as certain minority investments by non-EEA investors, in any strategic sector.
By contrast, under ordinary rules, these…