U.S. Treasury Department Issues Interim FIRRMA Pilot Program Regulations
On October 10, 2018, the U.S. Treasury Department, as Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), issued interim regulations to conduct a Pilot Program in accordance with the Foreign Investment Risk Review Modernization Act (“FIRRMA”), which President Trump signed into law on August 13, 2018. The Pilot Program is designed to address specific risks to U.S. “critical technologies” and also will inform the Committee’s work in drafting final regulations that will fully implement FIRRMA. The Pilot Program goes into effect on November 10, 2018. Notably, investments falling within the scope of the Pilot Program will be subject to a mandatory declaration requirement, regardless of whether the foreign investor is owned or controlled by a foreign government.