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Clifford Chance

Risk Insights

Analysis and opinion on boardroom risk trends and issues

CFIUS: Tech, China and Trump

US national security specialist Josh Fitzhugh speaks about current trends in the US Government's screening of foreign investment. These reviews, led by the US Government's Committee on Foreign Investment in the United States (CFIUS), assess the potential threat posed by non-US investment in the United States, and can block or unwind investments deemed incompatible with US national security interests. 

Historically, CFIUS reviews focused on a few key sectors including defense, major infrastructure and semiconductors. However, in recent years the scope has expanded dramatically to include everything from high technology to finance, real estate and social media. Since 2018, CFIUS has blocked or forced non-US divestiture from a major semiconductor manufacturer, a financial services firm, an office building in New York, a healthcare social media site and a dating app.

CFIUS review now presents significant deal risk for inbound investments across a broad spectrum of industries. In this podcast Josh shares insight into the trends in CFIUS enforcement, the driving factors behind them, and the strategies corporate boards, executives, M&A managers and others can adopt to manage the risk.

Trade and Investment Risk

In challenging political or economic times businesses become increasingly susceptible to governmental interference and protectionist behaviour towards investments – at home and abroad.

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