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Timothy Martin, an associate at Torys, and Richard Willoughby, a partner at the firm, write that in passing the Foreign Investment and National Security Act of 2007, which charges the president with reviewing foreign acquisitions of controlling interests in U.S. businesses if national security is implicated, Congress left much of the work of clarifying definitions and procedures to the Committee on Foreign Investment in the United States and the rulemaking process. Practitioners were relieved to see that the proposed regulations largely codify existing CFIUS practice and do not adopt a more protectionist stance. However, the expansion of CFIUS' mandate cannot be ignored.
September 04, 2008 at 12:00 AM
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