On February 13, 2020, the Committee on Foreign Investment in the United States (CFIUS) regulations that implement the Foreign Investment Risk Review Modernization (FIRRMA) became effective.

Although FIRRMA and the regulations significantly expand CFIUS jurisdiction to include certain types of non-controlling investments by foreign persons in U.S. businesses, there is some good news for private equity sponsors.

To view our Japanese language analysis of the reforms, click here.