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Clifford Chance

Clifford Chance


Treasury Department Issues Final Rules Implementing CFIUS Regulations Under FIRRMA

21 January 2020

On January 13, 2020 the United States Treasury Department's Office of Investment Security issued two Final Rules implementing the Foreign Investment Risk Review Modernization Act of 2018. The Final Rules are broadly similar to the Proposed Rules issued in September 2019, but make some important modifications including defining "principal place of business", adopting some provisions of the Critical Technology Pilot Program, and adjusting the qualifications for Excepted Investors. The Final Rules also designate Australia, Canada, and the United Kingdom as the first Excepted Foreign States. The Final Rules are slated to enter into force on February 13, 2020.

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