The New CFIUS After Implementation of Expanded Authorities: Final Revisions to Rules for Foreign Investment Review by the United States Government Have Become Effective

Sullivan & Cromwell LLP - February 13, 2020

The final regulations (the “Regulations”) issued by the U.S. Department of the Treasury to implement expanded authorities and other reforms to the process conducted by the Committee on Foreign Investment in the United States (the “Committee”) enacted under the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) became effective today, February 13, 2020. This memorandum provides an overview of the Committee’s jurisdiction and processes now that the reforms of FIRRMA and the Regulations have been implemented, with a particular focus on notable reforms, such as the Committee’s expanded jurisdiction to review transactions that do not result in foreign control of a U.S. business and the requirement to submit declarations with respect to certain types of transactions.