The Antitrust Review of the Americas 2018

United States: CFIUS Review

12 September 2017

United States: national security review The national security review process in the United States - often referred to as the Exon-Florio or the Committee on Foreign Investment in the United States (CFIUS) review process, after the relevant authorising statute and the interagency committee charged with conducting the reviews, respectively - has existed for decades. It originally focused, at least in practice, on the acquisition by foreign companies of US businesses directly or indirectly supplying the US Department of Defense, but especially after the 9/11 terrorist attacks, the concept of national security - and therefore the types of transactions subject to review under the regime - was broadened by statute and in practice. National security is an ever-evolving concept, and as cybersecurity concerns increase in the wake of suspected state-sponsored and other cyberattacks, CFIUS is focusing more on such concerns. Today, the national security review process can be an important part of many transactions, even though it remains voluntary.

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