On April 11, the U.S. Department of the Treasury (“Treasury”), as Chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued a Notice of Proposed Rulemaking (the “Proposed Rule”) that would modify and expand CFIUS’s mitigation and enforcement authority.
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Cleary Gottlieb FDI Newsletter: January – March 2024
- The European Commission proposes a revised EU FDI Screening Regulation
- EU takes time to ready Outbound Investment Control Toolkit
- German FDI reviews dropped in 2023, but FDI review activity follows the trends of prior years
- Italian FDI reviews in 2023 remained consistently high, despite the end of the extraordinary provisions enacted in connection with the
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Lexology Panoramic Foreign Investment Review 2024 – United States (CFIUS)
Cleary Gottlieb partner Chase Kaniecki and associates Samuel Chang, William Dawley, and B.J. Altvater co-authored the United States chapter in Lexology Panoramic: Foreign Investment Review 2024.…
Updates to the Critical and Emerging Technologies List Signal Refinement of Focus
The U.S. National Science and Technology Council (NSTC)[1] recently published an updated list of critical and emerging technologies (CETs) as part of an ongoing effort to identify advanced technologies that are potentially significant to U.S. national security. We previously summarized the February 2022 list of CETs from the NSTC here.…
Overall number of German FDI screenings slightly dropped in 2023, but review follows the trends of prior years
The German FDI authority, the Federal Ministry for Economic Affairs and Climate Action (“BMWK”), has published the German FDI screening statistics for 2023.[1]…
Impact of Recent U.S. Secondary Sanctions Authority Targeting Foreign Financial Institutions Supporting Russia’s Military-Industrial Base
As the second anniversary of the conflict in Ukraine approaches, the United States, the European Union, and the United Kingdom continue to focus on and tighten sanctions against Russia, with a particular emphasis on preventing circumvention and evasion of sanctions. For example, 2023 ended with several significant regulatory developments, including the EU 12th package of…
Mixed-Interventionist Approach to Cross-Jurisdictional Issues arising from Sanctions
The English court took a mixed approach to judicial intervention in a number of cross-jurisdictional cases last year, although some further (welcome) clarity has recently been provided by the Court of Appeal. Perhaps the most salient and recent example of this has been the Court’s perceived willingness to grant Anti-Suit Injunctions (“ASIs”) to restrain foreign…
U.S. Circuit Court Finds that Florida Law Prohibiting Foreign Ownership of U.S. Land Likely Preempted by CFIUS Statute
On February 1, the United States Court of Appeals for the Eleventh Circuit unanimously granted a preliminary injunction in Shen v. Simpson, enjoining enforcement of a Florida law regulating foreign ownership of U.S. land. That law prohibits citizens of the People’s Republic of China who are not lawful permanent residents of the United States from…
EU Takes Time to Ready Outbound Investment Control Toolkit
On January 24, 2024, the European Commission (“EC”) adopted five initiatives as part of the European Economic Security Strategy unveiled in June 2023.[1] The initiatives are aimed at bolstering the EU’s economic security interests. Their main focus is a proposal for a new EU FDI Screening Regulation aimed at inbound investments.[2] …
Economic Sanctions: Developments and Lessons for Boards in 2024
The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2024”.
Continued volatility in geopolitical events this past year and corresponding responses in sanctions policies highlight the importance of integrating economic sanctions considerations in board agendas for 2024. In particular, boards of directors…