CFIUS and Non-Notified Transactions: Managing the Non-Notified Process, Increased Scrutiny and Risk, Enforcement Action
A live 90-minute CLE video webinar with interactive Q&A
This CLE course will guide counsel to U.S. and non-U.S. businesses considering and that have completed cross-border transactions with a particular focus on the CFIUS process as it relates to non-notified transactions. The panel will examine what is happening and what has changed with respect to non-notified transactions and its impact on transaction risks, what the process looks like and how to effectively manage it, and what all of this ultimately means for transaction parties.
Outline
- CFIUS overview
- Pre-FIRRMA landscape
- Post-FIRRMA landscape
- CFIUS process for non-notified transactions
- CFIUS outreach
- Addressing CFIUS questions
- Requests for a notice
- Recent CFIUS scrutiny of non-notified transactions
- Best practices
- Strategic considerations
- Managing the increased risk for transaction parties
- Anticipating and planning for potential outcomes
Benefits
The panel will review these and other relevant issues:
- How does the CFIUS process for identifying and reviewing non-notified transactions work?
- What are lessons for counsel from recent CFIUS developments?
- What steps should counsel and companies take to address CFIUS issues related to cross-border transactions?
- What types of non-notified transactions is CFIUS most likely to pursue?
- How does the increased focus on non-notified transactions affect overall CFIUS risk in negotiating new deals?
- What best practices should counsel employ to manage the non-notified process?
Faculty
Ryan Brady
Counsel
White & Case
Mr. Brady practices in the firm’s Global International Trade group and is a member of the firm’s Foreign... | Read More
Mr. Brady practices in the firm’s Global International Trade group and is a member of the firm’s Foreign Direct Investment Reviews & US National Security/CFIUS practice. A former government official, he most recently served as Deputy General Counsel at the Department of the Treasury, where his responsibilities included managing significant oversight and investigations matters and providing legal and strategic counsel on a wide variety of issues about international affairs (including CFIUS), enforcement and intelligence (including sanctions and AML), banking and finance, and tax. He also previously held other senior-level positions in the federal government, including Associate Counsel to the President in the White House Counsel’s Office and Executive Secretary at the Treasury Department. Earlier in his career, he was an associate at White & Case, where his practice focused on government and internal investigations, corporate compliance matters, and complex civil litigation. His experience includes representing domestic and foreign clients in cases involving corruption, money laundering, fraud, and collusion.
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Jack F. Donahue
Managing Director
Accenture Strategy
Mr. Donahue is an executive in Accenture’s strategy consulting practice where he works with the leaders of Tech... | Read More
Mr. Donahue is an executive in Accenture’s strategy consulting practice where he works with the leaders of Tech and Telecom companies to assess, plan for and mitigate the operational and financial implications of National Security regulatory requirements. He has experience advising clients through CFIUS negotiations, implementation of CFIUS and FOCI-mitigation agreements and business unit carve outs required to meet National Security requirements.
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Karalyn Mildorf
Partner
Clifford Chance
Ms. Mildorf has nearly 20 years of experience representing clients in Committee on Foreign Investment in the... | Read More
Ms. Mildorf has nearly 20 years of experience representing clients in Committee on Foreign Investment in the United States (CFIUS) and foreign ownership, control or influence (FOCI) mitigation matters. She also advises clients on the US Outbound Investment Security Program and in national security reviews before Team Telecom. Ms. Mildorf has advised clients on CFIUS issues in thousands of transactions covering a wide variety of industries and investor countries. She strategically guides clients through assessing national security risks for deals, transaction structuring and jurisdictional considerations, negotiation of deal terms, all stages of the CFIUS filing and review process, engagement with relevant government officials, CFIUS mitigation negotiation and implementation, CFIUS inquiries regarding non-notified transactions, and CFIUS enforcement actions. Ms Mildorf also has extensive experience representing clients in FOCI mitigation matters. She has negotiated, prepared, and advised regarding compliance with, and implementation of, numerous FOCI mitigation arrangements, including Special Security Agreements, Proxy Agreements, Security Control Agreements, and FOCI Board Resolutions.
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Keith Schomig
Partner, Litigation Department
Paul Hastings
Mr. Schomig is a partner in the National Security Regulation and Investigations and Global Trade Controls... | Read More
Mr. Schomig is a partner in the National Security Regulation and Investigations and Global Trade Controls practices of Paul Hastings and is based in the firm’s Washington, D.C. office. He focuses his practice in the areas of national security reviews before the Committee on Foreign Investment in the United States (CFIUS), as well as foreign ownership, control, or influence (FOCI) mitigation matters before the U.S. Departments of Defense and Energy. Mr. Schomig's experience includes advising on major private equity investments and large-scale mergers and acquisitions across a broad range of industries. He has market-leading CFIUS and FOCI expertise from over 16 years of specialized experience advising clients in all aspects of the CFIUS and FOCI-mitigation processes, including strategic planning, risk assessment, due diligence, filing, and mitigation negotiation and implementation. Mr. Schomig has long been recognized as a leading CFIUS expert, with experience that includes negotiating numerous complex CFIUS mitigation agreements.
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