CFIUS

This session will look at the America First Investment Policy, as part of the National Security Presidential Memorandum (NSPM) issued in February 2025, proposing to rework the inbound and outbound investment screening process for allied countries. In tandem with the policy, the U.S. Department of the Treasury launched the Known Investor Portal, where CFIUS can collect information from foreign investors. During this session, we will unpack the practical, real-world impact of these key policy shifts:

• How the Fast Track Process and the Known Investor pilot program are working in practice: How many deals are approved and is the process working as planned?
• Is there an increase or decrease in clearances, blocks and the number of transactions being reviewed?
• Assessing whether agreements are more (or less) complex and transparent
• The role of the third-party monitor model within the fast-track process
• The status of the America First Investment Policy and rulemaking from government departments
• Determining whether those in the pilot project will become ‘trusted’ and if these companies will become public

This session will examine the new realities affecting the negotiation of mitigation agreements and advising clients -from front-end review by CFIUS to ongoing compliance.

Topics of discussion will include:

• The new frontier of strategic dealmaking, where CFIUS is one component
• New challenges affecting the negotiation process for mitigation process
• Deciding whether to address the operational side when negotiating a mitigation agreement
• Balancing CFIUS security priorities with business efficiency and profitability
• Frequency of reporting obligations 
• Trends in mitigation agreements and why they are terminated-and how
• The extent to which mitigation agreements vary depending on the countries and entities involved
• Monitoring compliance and enforcement obligations, including independent monitors, audits and reporting requirements

This session will focus on the rapidly evolving landscape of transactions in critical technology, Artificial Intelligence and Quantum Computing contexts.

Key topics include:

• The changing scope of national security risks of transactions involving emerging technology, including dual-use tech
• The extent to which policy, compliance and security are keeping up with swift tech innovation and advancement
• Examining the tech capability of other countries and how the US compares
• How the US government is adopting and using AI as a tool for CFIUS  

This session will examine the Outbound Investment Security Program, following the final rule which came into effect in January 2025, and how it intersects with investments in China.   We will also look at the proposed Foreign Investment Guardrails to Help Thwart (FIGHT) China Act that seeks to restrict American investments in certain sensitive Chinese technology and military sectors.  

• Examining how the legislation is being interpreted, and how regulators will be enforcing the law
• Delineating the differences and overlap between CFIUS and the Outbound Screening process 
• Impact of new, expanded restrictions on U.S. outbound investment in China for sensitive technologies, including semiconductors, artificial intelligence, quantum, biotechnology, aerospace, and more, 
• Case Study review of the Trump Administration’s response to China’s Military-Civil Fusion (MCF) strategy
• A closer look at the effects of tariffs on CFIUS transactions and dealmaking between foreign partners

This session will look at the Agricultural Foreign Investment Disclosure Act (AFIDA) which requires foreign persons to disclose their interests in U.S. agricultural land to the U.S. Department of Agriculture (USDA).

Topics will include:

• Statutory jurisdiction and the overlap with sanctions 
• Non-notified transactions, monitoring and compliance 
• Case studies including:   
  • Foreign Ownership of U.S. Real Property: Developments in Shen v. Simpson, before the U.S. Court of Appeals for the Eleventh Circuit, (2024)
  • Contrasting the approved deal between Belgium-based company Agristo and the City of Grand Forks, North Dakota with the blocked deal involving Fufeng Group

This session will dissect the Tik Tok transaction, including the U.S. Supreme Court decision on whether the Tik Tok should be banned, and the Protecting America from Foreign Adversary Controlled Applications Act (2025), which aims to regulate “foreign adversary controlled applications” specifically those operated by TikTok and other subsidiary of its China-based parent company, ByteDance Ltd., on national security grounds.   We will also take a closer look at the acquisition of United States Steel Corporation by the Nippon Steel Company, the CFIUS implications and the mitigation measures put in place.

• Unpacking CFIUS’ approach to TikTok and Nippon Steel
• What these two transactions reveal about the present and future of CFIUS reviews across sectors
• Key mitigation measures put into place and how they stand apart
• Examining the process of determining an appropriate U.S. owner
• Addressing security concerns with a look at the Texas Project and Oracle as a minority owner
  

• How companies account for the costs of the transaction and mitigation
• Key considerations for planning at the pre-CFIUS filing and negotiations
• How organizations are working effectively with outside counsel
• Building positive relationships between industry and government
• Meeting privacy obligations for personal information of U.S citizens
• Managing Cyber Security and Insider Threats at the operational level
• Implementing policy and process formation, and standard operating procedures for oversight, auditing and monitoring of both systems and teams