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New CFIUS Pilot Program: Expanded Jurisdiction, Reporting Requirements for Non-Controlling Investments

Ensuring Compliance in the Evolving CFIUS Landscape

Recording of a 90-minute CLE 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, February 13, 2019

Recorded event now available

or call 1-800-926-7926

This CLE course will guide counsel on navigating the new Committee on Foreign Investment in the United States (CFIUS) pilot program. The panel will examine its rules and requirements as well as discuss when an investment is a covered transaction under the Foreign Investment Risk Review Modernization Act of 2018's (FIRRMA's) expanded scope. The panel will offer best practices to ensure compliance with the new requirements.


On Oct. 10, 2018, the U.S. Treasury Department issued interim regulations for the CFIUS to conduct a pilot program, as authorized by FIRRMA. The pilot program became effective on Nov. 10, 2018.

The pilot program expands CFIUS jurisdiction to cover some investments in which foreign persons do not have control. It is enough for the foreign investor to have access to material non-public technical information; membership or observer rights on the pilot program business' board of directors or has the right to nominate an individual to the board; and is involved in substantive decisionmaking as to the use, development, acquisition, or release of critical technology.

Also, the Commerce Dept. published an advance notice of proposed rulemaking on Nov. 19, 2018, seeking comment before identifying emerging technologies. This is another step toward the implementation of FIRRMA as well as the Export Control Reform Act of 2018.

Counsel must understand the new pilot program requirements as well as the scope of the investments to which it applies and be prepared to navigate through the new CFIUS reforms.

Listen as our authoritative panel examines the new CFIUS pilot program, its rules, and requirements. The panel will discuss when an investment, direct or indirect, is a covered transaction as FIRRMA expanded the scope of coverage. The panel will also discuss the ANPRM and the changing CFIUS landscape. The panel will offer guidance for navigating the new requirements and on ensuring compliance.



  1. New pilot program
    1. What's covered, what's not
    2. Exemptions
    3. Penalties for failing to comply
    4. New requirements
  2. Emerging technologies
  3. Compliance with new requirements


The panel will review these and other key issues:

  • How has FIRRMA expanded the scope of what is a covered transaction?
  • What steps should counsel and companies take to comply with the new requirements and address potential issues when considering foreign investment opportunities or working with foreign investors?
  • What exemptions does the pilot program provide?


Jalinous, Farhad
Farhad Jalinous

White & Case

Mr. Jalinous heads the firm's National Security and CFIUS practice. His experience includes negotiating some of the...  |  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

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