The Committee on Foreign Investment in the United States (CFIUS) last week added considerable teeth to its powers through draft regulations implementing key provisions of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which last August overhauled the U.S. law governing CFIUS national security reviews. The proposed rules expand CFIUS jurisdiction beyond controlling investments, which are defined as those transactions that give foreign investors authority to make important business decisions for a U.S. business, to cover certain non-controlling investments.
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