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Jonathan Wakely practices at the intersection of national security and the private sector, advising clients on a range of significant international trade, cross-border investment, national security, and public policy matters.
Mr. Wakely has extensive experience securing national security-related regulatory approvals for foreign investments, having advised on transactions with an aggregate value in excess of $250 billion. He regularly represents clients before the Committee on Foreign Investment in the United States (CFIUS); the Defense Security Service (DSS) in proceedings related to the mitigation of foreign ownership, control, or influence (FOCI) under national industrial security regulations, and “Team Telecom” national security reviews. His experience includes negotiating and advising companies on compliance with many of the most significant, complex, and sensitive national security agreements with the U.S. government in recent years.
Mr. Wakely also regularly advises clients on public policy and government relations matters involving international trade, cross-border investment, and national security. He has represented trade associations, Fortune 100 companies, and sovereign states before Congress and the executive branch, including by designing and executing government relations campaigns to achieve policy, regulatory, and legislative goals.
Finally, Mr. Wakely has extensive experience assisting clients with complex and sensitive travel matters, including revocation and denial of visas and membership in trusted traveler programs, such as Global Entry.
Mr. Wakely joined the firm after serving as a political analyst with the Central Intelligence Agency (CIA), where he provided strategic analysis to the President and other senior policymakers. He has published extensively on matters related to the regulation of foreign investment; his articles have appeared in the Harvard National Security Journal, The International Lawyer, and the Global Trade and Customs Journal.
CFIUS, FOCI, and Team Telecom
- Qualcomm Incorporated - Successful defense against hostile takeover by Broadcom Ltd. valued at $117 billion
- Genworth Financial - $2.7 billion acquisition by China Oceanwide
- CenturyLink Inc. - $36 billion merger with Level 3 Communications Inc.
- Altice N.V. - Acquisitions of Suddenlink ($9.1 billion) and Cablevision ($17.7 billion)
- Lenovo Group Limited - Acquisition of IBM’s x86 server division for $2.1 billion
- Publicis Groupe and Sapient Corporation - Acquisition of Sapient Corporation by Publicis Groupe for $3.7 billion
- Nexen Inc. - Acquisition by CNOOC Ltd. for $15.1 billion
- Ligado (previously LightSquared) - Multiple transactions
- Philips - Multiple transactions
- NXP Semiconductors - Multiple transactions
- Borealis Infrastructure Management - Multiple acquisitions in the energy sector
- Abu Dhabi National Energy Company PJSC (TAQA) - Successful energy-sector transaction
- BAE Systems, Inc. - Multiple acquisitions
- Carlyle Group - Multiple transactions
Trade and Public Policy
- Advise multiple U.S. technology companies on national security and government relations aspects of business relationships in China.
- Represented multiple trade associations on national security-related legislative matters.
- Secured the reinstatement of a respected professor’s H-1B visa improperly revoked on national security grounds.
- Advised a security-focused technology company on growing its U.S. government business.
- Represented a foreign embassy in a campaign to secure professional visa legislation as part of the implementation of a free trade agreement.
- Advised a major U.S. airline on developing and executing a government relations campaign to address issues related to free and fair competition with foreign airlines.
- Representing American investors in Yukos Oil Company seeking compensation for the expropriation of approximately $12 billion in assets by the Russian Federation.
- Advised a multinational oil & gas company on disputes with foreign government agencies arising from an investment in Central Asia.
Pro Bono
- Represented the Brady Center to Prevent Gun Violence in a successful constitutional challenge to the Nelson, Georgia “Family Protection Ordinance,” which required residents to keep and maintain a firearm.
- Successfully represented an Iraq War veteran in obtaining Combat-Related Service pay.
Previous Experience
- Central Intelligence Agency, Political Analyst (2006-2012)
September 27, 2019, Covington Alert
As we reported previously, last week the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) issued its proposed final regulations (“Regulations”) to implement its expanded authorities under the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). In doing so, CFIUS bifurcated the rulemaking process, proposing one ...
The New CFIUS: Regulations Issued to Implement Expanded Authorities
September 24, 2019
This briefing discussed proposed CFIUS reform regulations to implement the Foreign Investment Risk Review Modernization Act (FIRRMA). <video-js data-account="5748441668001" data-player="default" data-embed="default" controls="" data-video-id="6092358789001" data-playlist-id="" data-application-id="" class="vjs-fluid"></video-js>
September 20, 2019, Covington Alert
For over 30 years, the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) focused on a narrow subset of M&A transactions and investments. That era is coming to an end.
September 10, 2019, Covington Alert
The U.S. Department of the Treasury is expected to issue soon proposed regulations implementing the Foreign Investment Risk Review Modernization Act (“FIRRMA”), legislation enacted in August 2018 that reformed the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”).
August 28, 2019, Covington Alert
On August 23, 2019, President Donald J. Trump tweeted: "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing . . . your companies HOME and making your products in the USA."
July 12, 2019
PALO ALTO—Covington advised Argo AI, LLC, a technology platform company that is working with leading automakers to deliver a fully integrated self-driving system, in the deal announced today with Volkswagen AG and Ford Motor Company. Volkswagen will be making a $2.6 billion investment, becoming Argo AI’s second investor and building upon a $1 billion investment ...
May 16, 2019, Covington Alert
We are writing to provide an update on two important developments in U.S. national security-based regulation of trade: (1) a new, potentially expansive Executive Order on information and communications technology supply into the U.S. market, and (2) the Department of Commerce’s action to add Huawei to the Entity List.
May 7, 2019, Covington Alert
We are writing to provide an update on the current trends and operations of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”).
March 27, 2019
WASHINGTON—The American Lawyer has recognized Covington among its 2019 “Dealmakers of the Year.” The annual feature highlights “the lawyers behind the most significant work” in deal making, and this marks the second time the firm has received this distinction in the last three years. In March 2018, Covington helped Qualcomm, Inc. secure a U.S. Presidential ...
Connected and Automated Vehicles Webinar Series: What's Going on with U.S. Law and Regulations?
February 27, 2019
The webinar covered such topics as federal regulations affecting connected and automated vehicles (CAVs), with a focus on NHTSA, the FAA, the FCC, and CFIUS review; where Congress stands on CAV legislation, including the AV START Act, the SELF-DRIVE Act, and infrastructure legislation; state-level legislative, regulatory, and policy developments, with a closer ...
December 5, 2018, Covington Alert
Earlier this year Congress passed and President Trump signed the Foreign Investment Risk Review Modernization Act (“FIRRMA”), transformational legislation reforming the operations of the Committee on Foreign Investment in the United States (“CFIUS”).
October 11, 2018, Covington Alert
Summary On October 10, the U.S. Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued interim rules (the “Interim Rules”) that update the CFIUS regulations to address certain definitional and procedural aspects of the Foreign Investment Risk Review Modernization Act (“FIRRMA”) and, for the first time, ...
August 13, 2018, Covington Alert
Earlier today, President Donald Trump signed into law the Foreign Investment Risk Review Modernization Act (FIRRMA) as part of the John S. McCain National Defense Authorization Act. As we have previously reported, FIRRMA will transform the jurisdiction, authority, and operation of the Committee on Foreign Investment in the United States (CFIUS). Our previous ...
July 25, 2018, Covington Alert
Summary For over a year, we have reported to our clients as the U.S. government considered and developed legislation that would fundamentally reform the operations of the Committee on Foreign Investment in the United States (CFIUS). That effort has been driven by concerns about risks arising from evolving foreign investment composition and business ...
June 27, 2018, Covington Alert
We write to report on two important developments regarding the Foreign Investment Risk Review Modernization Act (FIRRMA), a bi-partisan effort to reform the Committee on Foreign Investment in the United States (CFIUS), and the broader policy debate within the U.S. government on regulatory mechanisms to address foreign investment, particularly from China. On June ...
June 13, 2018
WASHINGTON—On June 9, 2018, Genworth Financial, Inc. ("Genworth") announced that the Committee on Foreign Investment in the United States ("CFIUS") had cleared its $2.7 billion acquisition by China Oceanwide. Covington represented Genworth in securing CFIUS approval, which is the largest China-related transaction approved in the Trump Administration. Reuters ...
May 23, 2018, Covington Alert
Summary We are writing to report the latest developments related to legislative reform of the Committee on Foreign Investment in the United States (“CFIUS”). On Tuesday, May 22, 2018, the Senate Committee on Banking, Housing, and Urban Affairs (“Senate Banking Committee” or “SBC”) held a markup of S. 2098—the Foreign Investment Risk Review Modernization Act ...
May 16, 2018, Covington Alert
We are writing to report on the current status of the Foreign Investment Risk Review Modernization Act (“FIRRMA”), legislation to reform the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”). FIRRMA, a bill introduced by Senator John Cornyn (R-TX) in the Senate and Congressman Robert Pittenger (R-NC) in the House, seeks to ...
May 8, 2018, Covington Alert
It has been publicly reported that the Trump Administration is considering invoking the International Emergency Economic Powers Act (IEEPA) to further regulate—and in certain areas potentially preclude—Chinese direct investment in the United States, beyond the authorities exercised by the Committee on Foreign Investment in the United States (CFIUS). The prospect ...
April 30, 2018, Covington Alert
We are writing to report on the latest Congressional hearing related to reform of the Committee on Foreign Investment in the United States (“CFIUS”). On April 26, 2018, the Digital Commerce and Consumer Protection Subcommittee of the House Committee on Energy and Commerce (the “Subcommittee”) held an open hearing entitled “Perspectives on Reform of the CFIUS ...
April 17, 2018, Covington Alert
We are writing to report on the latest Congressional hearing related to reform of the Committee on Foreign Investment in the United States (“CFIUS”). On April 12, 2018, the Monetary Policy and Trade Subcommittee of the House Committee on Financial Services (the “Subcommittee”) held an open hearing entitled “H.R. 4311, the Foreign Investment Risk Review ...
March 16, 2018, Covington Alert
Summary We are writing to report on the latest Congressional hearings related to reform of the Committee on Foreign Investment in the United States (“CFIUS”) and potential efforts to enhance and reform the U.S. export control regime. Specifically, on March 14, 2018, the House Committee on Foreign Affairs (“House Foreign Affairs Committee” or “HFAC”) held an ...
March 15, 2018
WASHINGTON—Covington secured a U.S. Presidential order compelling Broadcom Limited to “immediately and permanently abandon” its proposed hostile takeover of its client Qualcomm, Inc. The order was based on findings by the Committee on Foreign Investment in the United States (CFIUS) that Broadcom's takeover "threatens to impair the national security of the United ...
March 8, 2018, Covington Alert
On February 15, 2018, House Foreign Affairs Committee Chairman Ed Royce (R-CA) introduced bipartisan legislation—the Export Control Reform Act of 2018 (“ECRA”)⸺to modernize U.S. export control regulation of commercial and dual-use items.
January 26, 2018, Covington Alert
We are writing to report on the latest significant developments in the effort to reform the Committee on Foreign Investment in the United States (“CFIUS”). On January 25, 2018, the Senate Committee on Banking, Housing, and Urban Affairs (“Senate Banking Committee” or “Committee”) held an open hearing entitled “CFIUS Reform: Administration Perspectives on the ...
January 22, 2018, Covington Alert
On January 18, 2018, the Senate Committee on Banking, Housing, and Urban Affairs (“the Committee”) held a hearing to consider the Foreign Investment Risk Review Management Act (FIRRMA), a bill introduced by Senator John Cornyn (R-TX) in the Senate and Congressman Robert Pittenger (R-NC) in the House to reform the Committee on Foreign Investment in the United ...
January 11, 2018, Covington Alert
We are writing to share our report of two Congressional hearings held this week that are relevant to the ongoing legislative discussion concerning potential reform of the Committee on Foreign Investment in the United States (CFIUS).
December 15, 2017, Covington Alert
We write to offer our perspective on two developments relevant to the Committee on Foreign Investment in the United States (“CFIUS”).
November 8, 2017, Covington Alert
Earlier today, Senator John Cornyn (R-TX), the second-highest-ranking Republican in the Senate, introduced a bill to reform the authority and operation of the Committee on Foreign Investment in the United States (“CFIUS”). The bill is co-sponsored by Senator Dianne Feinstein (D-CA) and Senator Richard Burr (R-NC), the Chairman of the Senate Select Committee on ...
November 1, 2017
WASHINGTON—Covington represented CenturyLink in its acquisition of Level 3 Communications in a cash and stock transaction valued at approximately $34 billion. The acquisition closed today. The firm assisted Century Link in obtaining regulatory approvals by the Federal Communications Commission and state public utilities regulators, and in national security ...
Newly-Released CFIUS Annual Report for 2015 Foreshadows Heightened Scrutiny of Foreign Investment
September 21, 2017, Covington Alert
The Committee on Foreign Investment in the United States (“CFIUS”) this week released its long-awaited Annual Report to Congress regarding foreign acquisitions of U.S. businesses reviewed by CFIUS in 2015. The report provides important data that yields insights into the types of transactions the Committee reviewed and the Committee’s treatment of those ...
September 14, 2017, Covington Alert
We are writing to provide our perspective on two significant developments involving the Committee on Foreign Investment in the United States (“CFIUS”).
June 23, 2017, Covington Alert
We are writing to provide our perspective on recent developments regarding the Committee on Foreign Investment in the United States (“CFIUS”), including the plans of Senator John Cornyn (R-TX) to introduce significant legislation to reform CFIUS, and the operation of CFIUS in the first six months of the administration of President Donald Trump.
Presidential Report Recommends U.S. Action to Counter Chinese Policies in the Semiconductor Industry
January 11, 2017, Covington Alert
Late last week, a group of technology industry leaders, researchers, and former policymakers comprising the President’s Council on Science and Technology (“PCAST”) issued a report entitled Ensuring Long-Term U.S. Leadership in Semiconductors. The report concludes that China is seeking to reshape the global semiconductor industry in a manner that threatens U.S. ...
December 5, 2016, Covington Alert
Acting on the recommendation of the Committee on Foreign Investment in the United States (“CFIUS”), President Barack Obama issued an Executive Order on Friday, December 2, prohibiting the acquisition of the U.S. business of Aixtron SE (“Aixtron”) by a company ultimately owned by investors in China. This is the first time that a President formally has utilized ...
Preventing Deglobalization: An Economic and Security Argument for Free Trade and Investment in ICT
September 2, 2016, U.S. Chamber of Commerce
National Security and Foreign Direct Investment: Recent Developments in Legal Authorities
October 22, 2015, ABA Section of International Law 2015 Fall Conference
September 17, 2015
SHANGHAI, September 17, 2015—China Law & Practice named Covington "International Firm of the Year - Life Sciences" at its annual awards ceremony. The leading Chinese legal publication also named Hui Xu a "Rising Star" in regulatory and compliance law and recognized the firm for its role in its "Deal of the Year," Lenovo’s acquisition of IBM's server ...
2015, International Lawyer
President Obama Announces Executive Action on Immigration, while Congress Considers its Response
November 21, 2014, Global Policy Watch
In remarks last night, President Obama announced his long-planned executive actions to reform the U.S. immigration system. The President will sign the first of such orders today, despite intense opposition from Republicans in Congress, who believe that the President’s actions are outside the law and contrary to Congress’s authority to legislate federal ...
September 17, 2014, Cov Africa
By any measure Ethiopia is experiencing impressive economic growth. According to IMF data, GDP grew 8.7 percent in 2012, the country’s weakest year since 2009. In 2010, GDP grew a blistering 12.6 percent, higher than all but a handful of countries worldwide. Going forward, the IMF estimates Ethiopia’s economy will grow at 8.0 to 8.5...… Continue Reading
Covington Secures CFIUS Approval for Lenovo Acquisition
August 22, 2014
WASHINGTON, DC, August 22, 2014 — The Committee on Foreign Investment in the United States (CFIUS) has cleared Lenovo Group’s bid to acquire International Business Machines’ x86-based server business in a $2.3 billion acquisition. Covington & Burling represented Lenovo in securing CFIUS approval. David Fagan, Mark Plotkin, Stuart Eizenstat and Jonathan Wakely ...
July 21, 2014, Global Policy Watch
On July 14, the U.S. Court of Appeals for the District of Columbia Circuit decided Ralls Corporation v. Committee on Foreign Investment in the United States — the first ruling by a federal circuit court on a CFIUS case. Ralls, a U.S. company owned by two Chinese nationals, sued CFIUS in connection with an order by...… Continue Reading
July 18, 2014, Covington E-Alert
June 23, 2014, Cov Africa
Later this summer the first ever African Leader’s Summit will bring heads of state from across the continent to Washington DC to discuss a range of trade and investment matters. A recent study on the attitudes of multinational corporations toward investment in Africa suggests that the leaders looking to attract investors will receive a warm...… Continue Reading
May 14, 2014, Inside Energy & Environment
Last week the U.S. House of Representatives passed the Electrify Africa Act of 2014, confirming the existence of a broad, bi-partisan consensus in favor of supporting U.S. direct investment in Africa’s energy sector. The bill, which now heads to the Senate, seeks to establish a “comprehensive United States Government policy to encourage the efforts of...… ...
May 14, 2014, Cov Africa
Last week the U.S. House of Representatives passed the Electrify Africa Act of 2014, confirming the existence of a broad, bi-partisan consensus in favor of supporting U.S. direct investment in Africa’s energy sector. The bill, which now heads to the Senate, seeks to establish a “comprehensive United States Government policy to encourage the efforts of...… ...
March 26, 2014, Cov Africa
Earlier this year, the Senate passed a resolution endorsing and supporting efforts by the Obama Administration to improve maritime security in the Gulf of Guinea. The resolution could not be more timely, as pirate attacks off the coast of West Africa have increased in the first first months of 2014, prompting the International Chamber of Commerce’s ...
October 25, 2013, Covington Advisory
U.S. Chamber Releases Covington Co-Authored Report on Chinese Opportunities in U.S. Infrastructure Sector
October 24, 2013
WASHINGTON, DC, October 24, 2013 — The U.S. Chamber of Commerce yesterday released a significant report, co-authored by Covington & Burling, assessing the opportunities for Chinese participation in the U.S. infrastructure sector. The other co-authors were the economic research and advisory firm The Rhodium Group and the strategic advisory firm Sphere Consulting. ...
2/13/2013
WASHINGTON, DC, February 13, 2013 — The Committee on Foreign Investment in the United States (CFIUS) on Tuesday approved CNOOC Ltd.’s bid to acquire the U.S. assets of Canadian energy company Nexen Inc. It was the final regulatory hurdle in the $15.1 billion acquisition, the largest overseas investment ever by a Chinese company. Covington & Burling represented ...
October 2018
For over 30 years, the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) focused on a narrow subset of M&A transactions and investments. That era is coming to an end. Covington is monitoring developments: CFIUS's Proposed Regulations to Implement Expanded Jurisdiction Over Real Estate Transactions, Covington Alert, ...