Publications
Which Critical Infrastructure Functions Are Covered By the New CFIUS Rules?
New rules that became final on February 13, 2020 dramatically expand the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS). Where CFIUS was once concerned only with transactions that would result in foreign control of a U.S. business, the Committee’s authority now extends to non-controlling investments in a broad range of U.S. businesses involved with critical technology, critical infrastructure, or sensitive personal data – collectively denominated “TID U.S. businesses” – as well as in certain real estate.
In a previous advisory, we provided a flowchart for identifying CFIUS triggers in investment transactions. In this supplemental advisory, we offer a tool for better understanding the kinds of businesses that may be caught by the new rules’ provisions regarding “critical infrastructure.” The appendix of “covered investment critical infrastructure” (Appendix A to Part 800) provided with the rules is a frustrating maze of cross-references to other statutes and regulations that make it challenging to understand the scope of the new requirements and to know which types of critical infrastructure are and are not caught by the new rules.
To read the full advisory, please click the resources link below.
