New Disclosure Requirements for Foreign Investors in the USA

On August 13, 2018, President Trump signed the Foreign Investment Risk Review Modernization Act (FIRRMA). The purpose of the law is to protect the USA from foreign influence in the area of critical infrastructure and technology to guarantee national security.

New York

The revision of the current legislation broadens its scope and regulates the responsibilities of the Committee on Foreign Investment in the United States (CFIUS), which is given more time for its reviews and investigations and will charge the investors concerned fees for those services in the future.

The first provisions, which are part of a U.S. Department of the Treasury pilot program, will go into effect as early as November 10, 2018. The provisions include mandatory self-declaration in specific industries which in some instances at first glance do not have an apparent connection with national security considerations. Failure to comply with the new regulations could result in heavy fines. Various Swiss companies in the USA could be affected by the regulations in the context of transactions such as joint ventures, M&A, shareholding investments and technology transfers.

For Further Information:

  • Website of the Committee on Foreign Investments in the United States
  • Fact Sheet on the pilot program from the U.S. Department of the Treasury
  • F.A.Q. on the pilot program from the U.S. Department of the Treasury
  • Extract from the Federal Register

The following partners from the U.S. Department of the Treasury may be contacted regarding questions about the pilot program:

  • Thomas Feddo, Deputy Assistant Secretary for Investment Security
  • Laura Black, Director of Investment Security Policy and International Relations
  • Meena Sharma, Senior Policy Advisor
  • Juliana Gabrovsky, Policy Advisor U.S. Department of the Treasury, 1500 Pennsylvania Avenue, N.W., Washington, D.C. 20220

Source:Embassy of Switzerland in the United States of America, November 9, 2018

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