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CFIUS Regulation of Foreign Investments: Mandatory Declarations; Covered Transactions; Countries of Special Concern

Latest CFIUS Developments; Best Practices for Compliance

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Wednesday, October 18, 2023

Recorded event now available

or call 1-800-926-7926

This CLE course will guide counsel to U.S. businesses accepting or making foreign investments and examine recent updates to the rules governing such investments. The panel will also discuss lessons from recent Committee on Foreign Investment in the United States (CFIUS) decisions. The panel will offer best practices for companies navigating the CFIUS process in light of recent developments.


The Trump administration sought to curb Chinese investment in the U.S. and established roadblocks over which such investment must overcome. Foreign investment concerns were not limited to China. The FIRRMA was signed into law in August 2018, expanding the scope of national security reviews of foreign investments in the U.S. and making mandatory declarations for some foreign investments. Under the law, the government was given regulatory authority over future investment controls.

The Biden administration continues to define and set boundaries related to foreign investment in the U.S. In September 2022, President Biden issued an Executive Order (EO) on Ensuring Robust Consideration of Evolving National Security Risks by the Committee on Foreign Investment in the United States expressly directing CFIUS to prioritize certain national security risks when reviewing covered transactions. In August 2023, President Biden issued an additional EO, calling for the creation of a new regime to screen (and in some cases, prohibit) outbound US investments in certain Chinese advanced technology sectors. Further, in July 2023 the US Senate adopted two amendments to the National Defense Authorization Act (NDAA) that would update the CFIUS statute and regulations to require the President to block certain agriculture transactions involving Chinese, Russian, North Korean, and Iranian investors, and requiring US companies to report investments in Chinese, Korean, Russian, and Iranian companies involved in AI, semiconductors, and other high-tech products.

Counsel must understand the limitations on foreign investment and the CFIUS and related risks involved and be prepared to navigate through the CFIUS process and any forthcoming processes applicable to foreign inbound or outbound investment.

Listen as our authoritative panel examines the latest regulations and guidance on foreign investment. The panel will discuss investments from China and other countries of "special concern" and the CFIUS and related risks involved, as well as address the increasing CFIUS caseload.



  1. FIRRMA overview
  2. Status of foreign investment regulation under the Biden administration
  3. Investments from China and other countries of "special concern" and the CFIUS risk
  4. Increasing CFIUS caseload
  5. Best practices for compliance


The panel will review these and other relevant issues:

  • What steps has the Biden administration taken to increase regulation of foreign investment in the U.S. and U.S. investment in China?
  • How should counsel and client companies comply with the relevant regulations and address potential issues when considering foreign investment opportunities or working with foreign investors?
  • What are the lessons for counsel from recent CFIUS decisions and other related developments?


Donahue, Jack
Jack F. Donahue

Managing Director
Accenture Strategy

Mr. Donahue is an executive in Accenture’s strategy consulting practice where he works with the leaders of Tech...  |  Read More

Schomig, Keith
Keith Schomig

White & Case

Mr. Schomig is counsel in the Firm's National Security and CFIUS (Committee on Foreign Investment in the United...  |  Read More

Walker, Andrew
Andy M. Walker

Accenture Strategy

Mr. Walker is a strategy consultant and advisor to clients who are working to understand the business and financial...  |  Read More

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