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U.S. National Security Review of Foreign Investment: Revisions to CFIUS Legislation Signed Into Law

Client Alert | 1 min read | 08.17.18

On August 13, 2018, the President signed the National Defense Authorization Act for Fiscal Year 2019 which includes the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) updating national security reviews performed by the Committee on Foreign Investment in the United States (CFIUS). Some FIRRMA provisions are effective immediately, but the effective date of others requires formal rulemaking to be completed within the next 18 months. Included in the provisions effective immediately is a lengthening of the review process (including the ability to provide limited 15-day extensions) and express authority to suspend transactions pending review or to enter into interim mitigation while the review proceeds. The FIRRMA provision authorizing a filing fee of up to $300,000 is effective immediately, and could perhaps be implemented sooner than the other regulations mandated by the Act. Awaiting rulemaking and industry input are such reform provisions as providing for voluntary (and in some cases mandatory) short form declarations. Implementation of the provisions arguably expanding the Committee’s jurisdiction, or at least codifying CFIUS’s broad interpretation of its existing authority, such as review certain real estate transactions and non-controlling investments involving “critical technologies,” “critical infrastructure” or “sensitive personal data of U.S. citizens” will also be addressed in rulemaking. The CFIUS Chair has 180 days to submit an implementation plan to Congress

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Client Alert | 3 min read | 06.03.26

Important EU Court Judgment Clarifies Rules on Interest Due in Cartel Damages Cases

In a judgment that will have direct and immediate consequences, the Court of Justice of the European Union (CJEU) has clarified that for all competition damages actions brought after 26 December 2014, interest runs from the date on which the harm occurred. The ruling addressed two important questions: (1) whether national provisions implementing Article 3(2) of the EU Damages Directive — which requires interest to run from the date harm occurred —apply to cases in which the harm preceded the adoption of those provisions; and (2) how the date of harm should be determined in cartel cases involving the purchase of goods at inflated prices....

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