For more than a year, Canada’s foreign investment review regime has been on the cusp of a dramatic expansion that will supercharge foreign investors’ obligations to obtain pre-closing national security non-objection or...more
With 2023 only a few days old, many predictions are out there about what the New Year holds for investment and M&A activity. While it is hard to prophesy, particularly in such unprecedentedly turbulent times, one legal trend...more
On December 7, 2022, François-Philippe Champagne, the Minister of Innovation, Science and Industry (the Minister), announced several proposed amendments to the national security regime under the Investment Canada Act (ICA)...more
Background CFIUS is an interagency committee, principally comprising of nine members and chaired by the Secretary of the Treasury, which has broad powers to review foreign investments in and acquisitions of U.S. businesses to...more
The National Security and Investment (NSI) regime has gone fully live in the UK this week. Get up to speed on how it will impact your acquisitions and investments. Deals in a broad range of sectors may face scrutiny and...more
The United Kingdom's National Security and Investment Act (the NSI Act) is now fully in force. First proposed in 2016, the NSI Act creates a stand-alone regime that authorizes the UK government to consider and address the...more
The UK government announced on 20 July that the National Security and Investment Act will enter into force on 4 January 2022. This act introduces mandatory filings for certain investments raising national security concerns,...more
The Strategic Competition Act of 2021, approved by the Senate Foreign Relations Committee on April 21, 2021, signals continued bipartisan consensus to orient U.S. policy towards aggressive action to counter China....more
On December 19, 2020, China's National Development and Reform Commission ("NDRC") and the Ministry of Commerce ("MOFCOM") jointly issued the Measures for the Security Review of Foreign Investments ("New FISR Measures"), which...more
In response to the COVID-19 emergency, the screening powers of the Italian government were significantly expanded - The Italian government, which is led by the President of the Chamber of Ministries, together with any...more
Increased awareness of safety concerns related to foreign direct investments has prompted a ramp-up toward the implementation of a general FDI screening regulation - As of this writing, Sweden does not have a general FDI...more
The UK has published a draft of its new National Security and Investment Bill, together with explanatory notes, heralding the introduction of a new regime for reviewing investments in the UK. The new regime would introduce,...more
In 2020, Japan tightened foreign direct investment review but also introduced a prior notification exemption scheme - Japan's Ministry of Finance (MOF), and its ministries with jurisdiction over the target entity's...more
Most deals are approved, but new rules covering more types of transactions and requiring mandatory filings in certain cases have changed the landscape - The Committee on Foreign Investment in the United States (CFIUS),...more
China has moved to strengthen its review of foreign direct investments in 2020 - The PRC Foreign Investment Law (FIL) and its implementation regulations, which establishes the new foreign investment regulatory framework in...more
In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment - While there is still no standalone foreign direct investment (FDI) screening at...more
The COVID-19 pandemic has changed most governments' views on the strategic relevance of the domestic healthcare sectors across the globe. Although the European Commission, and also the German government, have re-emphasized...more
There have been several recent developments related to the Committee on Foreign Investment in the United States (CFIUS). Most notably, CFIUS has released a proposed rule that would change the mandatory filing criteria for...more
Prior to the outbreak of the COVID-19 pandemic, there had been a growing and global trend of established Western economies increasingly scrutinising foreign investment in key sectors. FDI restrictions have been on the...more
In late March, the Treasurer of Australia announced temporary changes to Australia's foreign investment review framework in response to the COVID-19 crisis. The new measures lowered the monetary screening thresholds for...more
Representative Jim Banks introduced a bill on 5 May 2020 to “place temporary restrictions on acquisitions [of U.S. companies] by the People’s Republic of China. . .” during the COVID-19 pandemic. ...more
The coronavirus pandemic has weakened European economies and companies. EU and national governments have expressed concern that foreign investors may opportunistically take advantage of the crisis to acquire domestic...more
On April 8, 2020, in response to the COVID-19 emergency and following EU Commission guidelines issued on March 25, 2020 on the protection of European strategic assets and technologies, the Italian government issued Law Decree...more
On January 13, 2020, the U.S. Department of Treasury issued final regulations (the "Final Rules") that implement most of the Foreign Investment Risk Review Modernization Act of 2018 ("FIRRMA"). While the Final Rules provide...more