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The article examines the sweeping changes to the review process undertaken by Committee on Foreign Investment in the United States (CFIUS) as a result of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). The Article specifically reviews the long-awaited final sets of regulations, effective as of February 13, 2020, and analyzes their impact on the CFIUS process, as well as considers the implications of FIRRMA for parties to foreign acquisition, control, and investment transactions.

The Article begins with an overview of the CFIUS framework and a general explanation of FIRRMA. It then moves to an analysis of FIRRMA and the resulting changes to the prior CFIUS regime. The Article concludes with general considerations and provides recommendations for parties who may find themselves analyzing the potential applicability of CFIUS to foreign acquisition and investment transactions.

FIRRMA resulted in significant changes to the existing CFIUS regulatory framework.

Parties should learn the CFIUS changes as a result of FIRRMA, including the new mandatory filing requirements as well as implications for non-controlling investment transactions. Parties should include CFIUS analysis and planning in the earliest stages of deal planning and due diligence.

The article provides an in-depth review of the changes to CFIUS resulting from FIRRMA. The changes to the existing CFIUS landscape have resulted in new mandatory filing requirements and expanded jurisdiction over non-controlling investment and real estate transactions, which are discussed in the article.

This research develops a framework for assessing international trade regimes which could be used to address global cybersecurity challenges based on the corresponding costs of implementation and their distribution. Trade regimes, such as export controls, tariffs, investment restrictions and localization requirements, have disparate effects on foreign and domestic producers and consumers.

These trade regimes and their effects are explored through a literature review and conceptual framework. A case study then assesses trends in the use of the Committee on Foreign Investment in the United States (CFIUS).

CFIUS investment restrictions have justified blocking specific Chinese acquisitions of American companies, at least partially, on cybersecurity grounds using a targeted and evidence-based approach. Because of its targeted effect, CFIUS is the least likely of these trade regimes to block legitimate international trade. Restrictions on international trade, without sufficient cause, produce dead weight loss under the theory of comparative advantage.

These costs should be accounted for in any policy-based decision, particularly as policy entrepreneurs increasingly push for embedding cybersecurity reforms into these trade regimes. While the literature on trade regimes and cybersecurity is growing, this paper advances this research with its comparative framework.

To explain how corporate governance is likely to be affected by drastic changes to national security reviews by the Committee on Foreign Investment in the United States (CFIUS), especially for US funds with foreign investors.

The article summarizes the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) and then details the pilot program and how to qualify for exceptions.

While many questions and considerations remain, including how FIRRMA will play out across various industries, we concluded that there will be an increase in CFIUS filings.

Practical guidance from experienced national security and CFIUS lawyers.

The purpose of this paper is to investigate interstate warfare and its association with foreign direct investment (FDI) and multinational enterprise (MNE) strategy by integrating insights from international business (IB) and international political economy (IPE) literature.

This paper identifies economic and regulatory mediators for the relationship between war and FDI, laying the groundwork to evaluate strategies the MNE would undertake in the event of war in the host country.

The effects of war on MNE strategy can be separated into short‐term and long‐term effects. Specifically, the MNE may be influenced by war in its: initial investment decision; factors of significant importance for running the company's local operations; and critical factors for future foreign investments.

Studies using actual firm‐level data can look at whether MNEs from non‐warring states conduct business as usual elsewhere or leverage war in the host country to their advantage. Further investigation is also needed to determine the power that MNEs in the home country have over foreign policy to assert their own strategies in a particular host market.

This paper has implications for managers of MNEs in warring host countries or contemplating the expansion of their operations overseas to a war zone with regard to the likely impact of war on firm operations.

Current paradigms of IB, in failing to account for the macro‐level and contingent nature of warfare, leave a gap in the business literature: specifically, how the international political context affects firms' activities, strategies, and decision‐making processes. This paper attempts to incorporate warfare, together with firm‐specific, industry‐specific, and other country‐specific determinants to inform the question: what determines the international success or failure, and in turn the long‐run competitiveness, of firms in turbulent times?

The purpose of this paper is to analyze the rationale, strategies and significance of Chinese investment in the USA and its impact on US–China relations.

Through empirical analysis, this preliminary study examines the rationale, strategies and impact of Chinese investment in the USA.

Chinese investment has promoted economic growth in both countries, but it faces several challenges including security concerns and cultural clashes.

This paper is one of the first, comprehensive studies of the topic.