Sidley helps clients successfully navigate the complex and sensitive legal, commercial, political, and public relations issues presented by the CFIUS process. Our team includes practitioners with decades of experience in this area, including former government officials who have served on CFIUS. We work with clients who deal in complex investment structures across a wide range of sectors, including aerospace/defense, biopharmaceutical, electric vehicles, energy, financial services, information technology, manufacturing, mining, real estate, satellite, semiconductor, software, telecommunications, and transportation, among others. The breadth of our experience and services allows us to solve even the most complex issues. We advise on deal structuring, risk analysis, and all aspects of CFIUS proceedings, from the pre-filing stage, through the formal process, negotiation of mitigation agreement, and monitoring.
Our seasoned government relations team is particularly well equipped to manage the political aspects of CFIUS proceedings. We represent institutions involved in some of the highest-profile foreign acquisitions. Working closely with members of Congress and their senior staffers — including at the Senate Banking Committee and House of Representatives Financial Services Committee — we help ease the political pressures placed upon agency decision-makers by focusing on the merits of each transaction. Multiple members of our team, while working at the U.S. Department of Defense and the U.S. Department of Justice, assisted with the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) implementation.
Our team includes, among many others: former general counsels to the Office of the U.S. Trade Representative, the National Security Council, and the Office of Management and Budget; a former deputy director in the Office of Foreign Investment Review at the Department of Defense; former associate counsels to the President in three different administrations; a former acting attorney general and assistant attorney general for the Civil Division of the Department of Justice; a vice chairman of the Privacy and Civil Liberties Oversight Board; and a former legal counselor to the European Union.
Outside the United States
Many jurisdictions around the world have adopted, or are considering adopting, regulations to screen foreign investment on national security and public order grounds. In today’s world, investors need to be cognizant of these regulations, as the consequences for failing to comply are potentially severe. Divestment orders, and civil and criminal penalties, are possible in many cases, and such actions can result in significant reputational consequences. Sidley is well positioned to advise clients on these matters worldwide.
