CFIUS: FIRRMA Pilot Program Requires Mandatory Declarations for Certain Critical Technology Investments in Key Industries; Expands CFIUS Jurisdiction to Cover Certain Noncontrolling Investments

On October 10, 2018, the Department of Treasury, which chairs the Committee on Foreign Investment in the United States (CFIUS), issued an interim rule establishing a pilot program implementing portions of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), enacted on August 13, 2018. The new interim rule expanded CFIUS’s jurisdiction to encompass the authority to review certain non-controlling foreign investment in critical technology companies in 27 pilot program industries. Parties involved in such investments, as well as traditional controlling investments in U.S. businesses previously under CFIUS’ jurisdiction in the same 27 pilot program industries, must now file mandatory declarations with CFIUS for review.

For a comprehensive overview of the types of investments covered under the pilot program and disclosures required by the mandatory declarations, please consult the attached news alert from McLaughlin & Stern LLP.

2018年10月10日,作为 “美国外国投资委员会” (“CFIUS”) 的主席机构,美国财政部发布了《外国投资风险审查现代化法案》(“FIRRMA”) 试点项目暂行规定。此规定设立的试点项目贯彻了2018年8月13日签署的FIRRMA 中的部分法条。新的暂行规定扩展了CFIUS的管辖权,使其有权审查在27个试点行业内对关键技术公司的某些非控制性外国投资。参与此类投资的各方需要向CFIUS提交强制声明以供审查。之前已受CFIUS管辖的对美国企业进行控制性投资的投资各方,如果投资项目在这27个试点行业内,亦需提交强制声明。

关于试点项目具体涵盖哪些种类的投资以及强制声明中需要进行何种披露的综述,请参见附件中麦斯律师所的解析。

CFIUS: FIRRMA Pilot Program Requires Mandatory Declarations for Certain Critical Technology Investments in Key Industries; Expands CFIUS Jurisdiction to Cover Certain Noncontrolling Investments

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