Corporate Associate Will Hanson, who joined Sullivan as a First Year as part of the Class of 2013, recently published a Client Advisory that examined the 2018 legislation that granted increased authority to the Committee on Foreign Investment in the United States (CFIUS). This is the third Client Advisory Will has worked on and the first on which he received sole author credit.
The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) expanded the definition of "covered transactions" that would be subject to CFIUS review in two ways:
First, foreign investment in a U.S. business that is connected to critical infrastructure, critical technology or the collection of sensitive personal data and that affords the foreign investor access to material nonpublic technical information or involvement in the substantive decision-making of such business, including through a seat on the board of directors, is now subject to CFIUS review.
Second, certain real estate transactions will now be subject to CFIUS oversight if they relate to the purchase or lease by a foreign person of public or private real estate that is located in the U.S. and that is either located within, or will function as part of, an air or maritime port, is in the close proximity to a government or military installation or will give such foreign person the ability to collect intelligence or expose national security concerns at such an installation.
Read the entire Advisory here.
