Public comments are due Aug. 19 on a Treasury Department proposed rule that would add 59 military bases across 30 states to the jurisdiction of the Committee on Foreign Investment in the U.S. The rule, which Treasury previewed earlier this month (see 2407090003) but was officially published in the Federal Register July 19, also proposed to increase the scope of transactions CFIUS can examine for land purchases near eight other military bases, amend the definition of “military installation” and make other technical changes to the list of bases.
An EU body in charge of dialogue with industry from third countries gave its support this week for a January proposal to bolster the bloc’s foreign direct investment screening efforts (see 2401240078).
The Treasury Department published in the July 5 Federal Register its proposed rule, unveiled in June, that could introduce new prohibitions and notification requirements on U.S. outbound investments in China’s semiconductor, quantum and artificial intelligence sectors (see 2405080039). Public comments on the rule are due Aug. 4.
The Committee on Foreign Investment in the U.S. has approved Japanese computing chip manufacturer Renesas Electronics Corp.'s acquisition of U.S.-based electronics design firm Altium Ltd., the two companies announced July 1. The CFIUS action was the last regulatory authorization needed to complete the $5.9 billion sale, the companies said. The transaction, unveiled in February, is expected to close Aug. 1 after receiving Altium shareholder approval July 12.
The Committee on Foreign Investment in the U.S. has approved the $2 billion sale of Vista Outdoor’s Kinetic Group business, formerly Sporting Products, to Czechoslovak Group (CSG), the buyer and seller announced June 25.
The Treasury Department has drafted a proposed rule that could lead to new outbound investment restrictions and notification requirements on deals involving China. The rule, sent to the Office of Information and Regulatory Affairs for interagency review June 5, would build on the advance notice of proposed rulemaking issued by Treasury in August, which requested public comments on potential requirements for U.S. investments in China's quantum technology, artificial intelligence and semiconductor industries (see 2308090066). Commerce Secretary Gina Raimondo said in May that the administration hopes to finalize the new rules by the end of this year (see 2405080039).
TikTok last week denied a Reuters report that it's developing an operationally independent U.S. version of the social media application that Chinese parent company ByteDance could then sell to a non-Chinese owner.
U.S. lawmakers should finish pending legislation to restrict outbound investment to China so it doesn't leave the job of controlling such capital flows solely to the executive branch, a congressionally mandated commission heard last week.
China-based Borqs Technologies said it completed its divestment of Hawaii-based energy storage system company Holu Hou Energy (HHE) about two years after the Committee on Foreign Investment in the U.S. ordered it to do so.
A "snapshot" report just released by the Government Accountability Office reminded Congress that the GAO has studied -- and made recommendations -- on many aspects of how to manage economic competition with China, including providing more resources to the Committee on Foreign Investment in the United States, improving information sharing with companies to keep more counterfeits out of U.S. commerce, and improving the tariff exclusions process for steel and aluminum imports.