Washington, DC partners Giovanna M Cinelli, Kenneth J. Nunnenkamp, and Stephen Paul Mahinka and Boston partner Carl A. Valenstein recently published a LawFlash on the recent action taken by the Committee on Foreign Investment in the United States (CFIUS) to implement a pilot program under the Foreign Investment Risk Review and Modernization Act (FIRRMA). FIRRMA, which was enacted in August 2018, reformed the CFIUS screening process for foreign investment in the United States and, among other things, permits CFIUS to establish pilot programs to test the viability of certain of its provisions. The LawFlash addresses the objectives and the scope of the announced pilot program, including the countries and types of investments covered by the program. It also describes the new requirement for mandatory declarations "for certain transactions involving investments by foreign persons in certain U.S. businesses that produce, design, test, manufacture, fabricate, or develop one or more critical technologies" implemented by the pilot program. The pilot program becomes effective November 10, 2018.
For more information on the pilot program, please read the LawFlash.