Treasury Issues Proposed CFIUS Regulations
The Treasury Department yesterday issued the long-awaited proposed regulations to implement the changes in the Committee on Foreign Investment in the United States (CFIUS) review process as required by the Foreign Investment and National Security Act of 2007 (FINSA) (Public Law 110-49).
FINSA, which was passed by Congress in July 2007 and became effective on October 24, 2007, was passed after the furor over the proposed acquisition of certain U.S. port facilities by UAE-owned Dubai Ports World in early 2006.
The proposed regulations will be published in the Federal Register later this week, but in the meantime a copy of the document can be found here (this document is 90 pages).
Treasury is requesting comments on the proposed regulations and the public comment period will end 45 days after the notice is published in the Federal Register.
Treasury will be holding a public meeting on the proposed regulations on May 2, 2008 in Washington, DC. Details on the meeting can be found in the "Supplementary Information" section in the Federal Register notice.
UPDATE: The proposed changes to the Treasury Department's Regulations Pertaining to Mergers, Acquisitions, and Takeovers by Foreign Persons that was published in the Federal Register on April 23, 2008 can be found at the following link: edocket.access.gpo.gov/2008/08-1172.htm.