Corporate Counsel Quotes Kevin Wolf on New CFIUS Pilot Program
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Corporate Counsel has quoted Akin Gump international trade partner Kevin Wolf in the article “CFIUS Pilot Program May Not Cast as Wide a Net as Feared, Experts Say,” which reports that fears over last week’s announcement about tougher scrutiny for foreign investments in U.S. technology may be overblown. According to the article, not as many businesses may be affected as initially thought.
The new federal pilot program, as the article notes, is part of the recently enacted Foreign Investment Risk Review Modernization Act and is scheduled to take effect November 10. It requires that certain businesses file a declaration providing details of a transaction to the Committee on Foreign Investment in the United States.
Wolf said the scope of the mandatory filing requirement is “narrower in the sense that not everything involving the technologies … is triggering.”
“It has to be a critical technology, which is defined as what’s on one of the export control lists and even then it’s not all technologies on one of the export control lists,” Wolf added. “Everybody has to become an export control attorney now. Everybody has to get into the weeds of the commerce control list.”
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