POLITICO Quotes Kevin Wolf on FIRRMA Impact
Contact:
In “FIRRMA Pilot Program Up and Running,” POLITICO quoted Akin Gump international trade partner Kevin Wolf on the impact of the Foreign Investment Risk Review Modernization Act (FIRRMA), which launched as a pilot program on Saturday, November 9.
POLITICO notes that FIRRMA requires notification regarding transactions that give non-U.S. firms a non-controlling stake in U.S. companies producing critical technology, and that it compels companies to determine whether a given transaction exposes a restricted technology to increased oversight.
Wolf, who served for seven years as Assistant Secretary of Commerce for Export Administration in the Bureau of Industry and Security at the Department of Commerce, said, “We’re all export control attorneys right now, because it’s forcing people to get into the weeds of the Commerce Control List like they never have before.”
He added, “It’s no longer a subjective judgment about whether an investment is going to be considered a national security concern because it’s a mandatory filing requirement with significant penalties for not complying.”
People Mentioned in This News
