On January 13, 2020, the U.S. Department of Treasury (“Treasury”) issued two anticipated final rules (the “Final Rules”) that replace the existing regulations governing the Committee on Foreign Investment in the United States (“CFIUS”). The Final Rules implement the Foreign Investment Risk Review Modernization Act (“FIRRMA”) enacted in August 2018, which expanded the United States’ foreign investment review regime. FIRRMA mandated pre-closing notification of certain foreign investments and expanded the scope of transactions subject to CFIUS’ jurisdiction. The Final Rules largely follow the proposed rules released on September 17, 2019. Our analysis of the proposed rules is available here. Our earlier analyses of FIRRMA and the “critical technologies” pilot program implementing certain FIRRMA provisions on an interim basis are available here and here.

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