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COVID-19: Implications for CFIUS
April 1, 2020, Covington Alert
The scope and scale of recent events is almost inconceivable. All of us —including the Committee on Foreign Investment in the United States (“CFIUS”) — are sailing in uncharted waters. That said, while we may not have all of the answers, we are able to share some insights from the CFIUS front lines regarding how the challenges presented by the COVID-19 pandemic are impacting the process and substance of the Committee’s reviews. We present these thoughts in a question and answer format below. Transaction parties will want to keep these considerations in mind when planning for any matter that may implicate a CFIUS review in the coming weeks and months.
May 19, 2020, Covington Alert
The Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) released its Annual Report to Congress regarding foreign acquisitions of, and investments in, U.S. businesses reviewed by CFIUS in 2018. The Committee also released a table reflecting data on the total number of formal reviews (not declarations) in 2019.
April 29, 2020, Covington Alert
The day we have all been expecting has finally come — CFIUS filing fees are going into effect on May 1, 2020. As discussed in our earlier alert, on March 4, 2020, the Department of the Treasury (“Treasury”) issued a proposed rule regarding CFIUS filing fees, which were authorized under the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). ...
April 8, 2020, Covington Alert
On Saturday, April 4, 2020, the White House released the long-awaited Executive Order (“EO”) formalizing the “Team Telecom” Process, titled the “Executive Order on Establishing the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector” (“the Committee”). This EO provides, for the first time, formal ...