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37 Int'l L. News 1 (2008)

handle is hein.journals/inrnlwnw37 and id is 1 raw text is: SINTE LAW NEWS SECTION OF INTERNATIONAL LAW AMERICAN BAR ASSOCIATION wW&ABA&N rTcRG!/ N 4t,&% SPECIAL FOCUS ISSUE The Foreign Investment and National Security Act of 2007 (FINSA) reforms and codifies the activities of the Com- mittee on Foreign Investment in the United States (CFIUS). FINSA became effective in October, with regulations due to be published by April 2008. Although much of FINSA comprises a codification of changes to CFIUS prac- tice since September 11, 2001, there are a number of as yet vague pro- visions requiring scrutiny by the bar. CFIUS is an interagency body created by presidential order and chaired by the Secretary of the Treasury. Since 1988, CFIUS has operated under powers granted to the president by the Exon-Florio amendments to the Defense Production Act, which authorize the president to suspend or prohibit any foreign merger or acquisition of a U.S. company that the president determines threatens or impairs U.S. national security Parties may receive a safe harbor by volun- tarily filing a notification to CFIUS. This notifica- tion begins a 90-day process during which the U.S. government has an opportunity to review the proposed transaction and address any potential national security concerns. Companies submit to this continued on page 4