US Court of Appeals affirms first-ever divestment order by private antitrust plaintiff

15 April, 2021
On March 22, 2021, the US Court of Appeals for the Fourth Circuit upheld its earlier decision ordering the divestiture of a corporate acquisition in a private antitrust lawsuit, where US merger control authorities had previously cleared the transaction.  The decision represents the first time a transaction approved by the US Department of Justice’s Antitrust … Read more

Foreign Investment: Rising Tides of Politics in Regulation

03 July, 2020
We are delighted to share with you our newly updated report on Foreign Investment: Rising Tides of Politics in Regulation, which reflects a swathe of recent changes to Foreign Direct Investment (FDI) regimes around the world against the backdrop of the Covid-19 pandemic. FDI filings have become an increasingly important piece of the regulatory jigsaw … Read more

Proposed Regulations Would Modify CFIUS Mandatory Filing Requirements to Focus on US Export Control Licensing

08 June, 2020
The Committee on Foreign Investment in the United States (“CFIUS”) has published proposed regulations that would change the trigger for mandatory filing requirements for certain transactions involving critical technologies from the North American Industry Classification System (“NAICS”) code system to one that examines whether a US export control license would be required to transfer the … Read more

Filing Fees Now Required for Certain CFIUS Filings

05 May, 2020
The US Department of Treasury (“Treasury”) has issued regulations that require filing fees on certain filings made to the Committee on Foreign Investment in the United States (“CFIUS”). Treasury’s actions follow proposed regulations, released in March 2020, that called for filing fees for certain transactions (as we reported), consistent with the previously-enacted Foreign Investment Risk … Read more

Trump Administration formalizes “Team Telecom” review of non-US investment in US telecommunications services sector

14 April, 2020
President Trump has issued an Executive Order (“EO”) establishing the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector (the “Telecom Committee”). The Telecom Committee will advise the US Federal Communications Commission (“FCC”) concerning national security risks presented by non-US (foreign) investment in the US telecommunications services sector. Although the … Read more

Foreign Investment: Rising Tides of Politics in Regulation

17 February, 2020
Our newly updated report on Foreign Investment: Rising Tides of Politics in Regulation is now available. Foreign Direct Investment (FDI) filings are an increasingly important piece of the regulatory jigsaw for cross-border M&A. Against a background of mounting protectionist rhetoric, countries traditionally open to investment (such as the US, UK and Australia) are moving towards … Read more

US Treasury Department Issues Proposed Regulations to Expand CFIUS Jurisdiction and Implement Other Requirements Under FIRRMA

27 September, 2019
The US Department of Treasury (Treasury) has issued proposed regulations to implement changes – made by the Foreign Investment Risk Review Modernization Act (FIRRMA) – that expand the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS). The proposed regulations are notable to the extent they: Define CFIUS jurisdiction over certain “non-controlling … Read more

FDI Podcast EP4: Foreign Direct Investment in the US

21 May, 2019
In this, fourth episode, Veronica Roberts, an anti-trust partner in Herbert Smith Freehills’ competition practice, leads a discussion about foreign direct investment in the US, including how political rhetoric is influencing developments. Veronica talks to Joe Falcone, a disputes partner at Herbert Smith Freehills and Stephen Adams, senior director at Global Counsel. Read more