News & Analysis as of

National Security Committee on Foreign Investment in the United States Biden Administration

Miles & Stockbridge P.C.

A Golden Share and an Order to Unwind: Early Lessons in CFIUS from the New Administration

On July 8, 2025, President Trump issued an order to unwind the acquisition of Jupiter Systems, Inc., a U.S. company, by Hong Kong-based Suirui International Co., Ltd., a subsidiary of China’s Suirui Group (collectively...more

Wiley Rein LLP

Wiley's 2025 Key Trade Developments Series: CFIUS Review and Outbound Investments

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As national security priorities increasingly shape U.S. investment policy, recent actions—including the Biden Administration’s outbound investment program and the “America First Investment Policy” memorandum—mark a notable...more

Bass, Berry & Sims PLC

DOJ Publishes Final Rule Restricting Bulk Cross-Border Data Transfers of Sensitive Data to Foreign Persons

On April 8, the U.S. Department of Justice’s (DOJ) Final Rule, codified at 28 CFR Part 202, (Final Rule), implementing President Biden’s Executive Order 14117 “Preventing Access to U.S. Sensitive Personal Data and...more

Mogin Law LLP

Nippon Steel’s U.S. Steel Acquisition Gets Fresh Look by Trump Administration

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President Trump has directed his foreign investment agency to conduct a fresh national security review of Nippon Steel’s proposed acquisition of U.S. Steel, the Wall Street Journal has reported. The proposed $14 billion...more

Maynard Nexsen

CFIUS & Foreign Direct Investment in Economic Development Projects

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On February 21, 2025, President Trump issued the America First Investment Policy Memorandum, which promotes foreign investment in the United States from allies yet also signals restrictions for certain investments in...more

Guidepost Solutions LLC

America First Investment Policy: Navigating the Shift in CFIUS Mitigation

Every new presidential administration brings with it a degree of uncertainty regarding potential shifts in the Committee on Foreign Investment in the United States (CFIUS) process. This is especially true in our current...more

Sheppard Mullin Richter & Hampton LLP

America First Investment Policy: U.S. Foreign Investment Policy Evolves under Trump 2.0

Last week, the White House issued a National Security Presidential Memorandum (“NSPM”) intended to address current national security threats while preserving an open environment for international investment....more

Axinn, Veltrop & Harkrider LLP

Can You Ever Come Back from a Presidential Block? The Latest in the Nippon Steel/U.S. Steel Saga

When former President Biden blocked the acquisition by Nippon Steel of U.S. Steel in January on national security grounds, many assumed that was the end for a transaction that would have combined a Japanese powerhouse company...more

Akin Gump Strauss Hauer & Feld LLP

2025 Perspectives in Private Equity: Cross-border Investment Review and New Restrictions

Navigating the complex landscape of foreign investment review is crucial for private equity (PE) firms operating in an international landscape. The Committee on Foreign Investment in the United States (CFIUS) continues to be...more

Seward & Kissel LLP

President Trump Orders Review of Recently-Implemented Outbound Investment Security Program

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On August 9, 2023, former-President Biden issued Executive Order 14105, Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern, which in summary directed the U.S....more

Jenner & Block

Biden Blocks Nippon Steel Deal, but CFIUS Expected to Continue Clearing Japanese Investments in the United States

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On January 3, 2025, US President Joe Biden published an order blocking Nippon Steel’s proposed acquisition of US Steel, citing the Committee on Foreign Investment in the United States’ (CFIUS) finding that the deal would...more

Holland & Knight LLP

Biden Administration's Blocking Order Sparks Legal Battles

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President Joe Biden on Jan. 3, 2025, issued a blocking order (the Order) addressing the proposed acquisition of United States Steel Corporation (U.S. Steel) by Nippon Steel Corporation (Nippon Steel), Japan's largest...more

Dorsey & Whitney LLP

Has the CFIUS Process Become Political?

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On January 3, President Biden issued the Order Regarding the Proposed Acquisition of United States Steel Corporation by Nippon Steel Corporation (the “Order”)....more

A&O Shearman

How will the Trump administration impact M&A?

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M&A practitioners anticipate a ‘Trump bump’ - The scale of Donald Trump’s victory in the presidential election – and the fact the Republicans now have full control of Congress – has been greeted with optimism by U.S....more

Skadden, Arps, Slate, Meagher & Flom LLP

Most AI National Security Regs Likely To Remain in Place Under the Next Administration

With the rapid commercialization of artificial intelligence (AI) technology, the Biden administration has been grappling with its implications, including its potential impact on national security. Several departments have...more

Wiley Rein LLP

DOJ and CISA Propose New National Security Program to Regulate Foreign Access to Sensitive Data

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On October 21, 2024, the U.S. Department of Justice (Department or DOJ) and the U.S. Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA) issued proposals – required by the...more

StoneTurn

Foreign Companies Investing in U.S. Real Estate: Are You a National Security Risk?

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The U.S. government has made it clear that foreign companies investing in and/or purchasing U.S. real estate can present a national security risk. It is imperative that foreign investors develop an internal and robust...more

Cadwalader, Wickersham & Taft LLP

After Referral from CFIUS President Biden Prohibits the Purchase of Wyoming Real Estate and Cryptocurrency Facility

On May 13, 2024, President Biden, acting on a transaction referred to him from the Committee on Foreign Investment in the United States (“CFIUS”), took the unusual step of ordering the prohibition of a real estate acquisition...more

Mayer Brown

US President Orders First-Ever Real Estate Divestment Following CFIUS Review

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On May 13, 2024, President Biden issued an Order blocking the purchase and requiring the divestment of Chinese-owned real estate that is the location of a cryptocurrency mining facility near F.E. Warren Air Force Base, a...more

Morrison & Foerster LLP

President Biden Orders Chinese-Owned Firm to Divest Property Near Missile Base in Wyoming

On May 13, 2024, President Biden issued an Executive Order requiring MineOne Partners Limited and its affiliates (together, “MineOne”) to divest their interest in real property located less than one mile from Francis E....more

BCLP

Foreign Direct Investment: Key Recent and Future Developments in Europe and the US

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At a time of significant geopolitical challenges, many jurisdictions are looking at their investment screening regimes to ensure that they can adequately safeguard national security and public order. Within this context,...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Fracturing Data Environment: Executive Order Portends Major Changes to US Data Management

On February 28, 2024, President Biden issued Executive Order 14117 (the EO) on “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern” that would...more

American Conference Institute (ACI)

[Event] 10th National Conference on CFIUS - April 11th - 12th, Arlington, VA

Hosted by American Conference Institute, the 10th National Conference on CFIUS returns for another exciting year with curated programming that will provide invaluable insights on repositioning your transaction planning amidst...more

Skadden, Arps, Slate, Meagher & Flom LLP

US-Mexico Agreement Signals Mexican Foreign Investment Screening Body To Come

On December 7, 2023, U.S. Secretary of the Treasury Janet L. Yellen and Mexico’s Secretary of Finance and Public Credit Rogelio Ramírez de la O signed a Memorandum of Intent (MOI) to establish a bilateral working group to...more

Fox Rothschild LLP

The Role of National Security in the U.S.-China Battle Over Foreign Direct Investment

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As the People’s Republic of China (PRC) has emerged as a major economic power and competitor, the U.S. has leaned heavily on and enhanced its foreign direct investment regime over recent years to protect its national security...more

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