US: CFIUS Review

US: CFIUS Review – Robert Schlossberg and Christine Laciak, Freshfields Bruckhaus Deringer US LLP

  • “The national security review process in the United States – often referred to as the Exon–Florio or CFIUS review process, after the relevant authorising statute and enforcement agency, 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. Today, the national security review process can be an important part of many transactions, even though it remains voluntary. Examples of industries in which notifications have been made include computers, network security, cyber systems, energy (development and transport), semiconductors, aerospace, telecommunications, optics, robotics, mining and natural resources, plastics and rubber, automotive, financial services, coatings and adhesives, chemicals, and steel.”
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