Clifford Chance

"Reverse CFIUS" at (Almost) Long Last: Biden Administration Issues Highly Anticipated Executive Order on Outbound U.S. Investment

August 10, 2023

On August 9, 2023, President Biden issued the highly anticipated Executive Order ("EO") addressing outbound U.S. investments aimed at the development of critical technologies in "countries of concern" for military, intelligence, surveillance, or cyber-enabled capabilities.  The EO heralds the first official step in the long-awaited "reverse CFIUS" process, which would constitute the reverse of the inbound foreign transaction reviews conducted by the Committee on Foreign Investment in the United States ("CFIUS").  While an important development, the measures called for under the EO still require the adoption of implementing regulations by the Department of the Treasury ("Treasury").  The EO is effective immediately, but the supporting regulations may not be issued for months.

Download PDF