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International Regulatory Enforcement

CFIUS's New Pilot Program Signals an Expansive Approach to Its Jurisdiction Under FIRRMA
CFIUS has launched a pilot program mandating, on pain of civil penalty, that parties to all foreign investments in a defined group of industry sectors must submit their transactions for review, when specific triggers are met. This action signals CFIUS's intent to aggressively exercise its expanded authorities under FIRRMA, a recent statutory overhaul to the CFIUS process.

Equally notable is what CFIUS's approach to the design of the pilot program augers for its full implementation of FIRRMA authorities in the future. CFIUS appears poised to assume all powers conferred by Congress to review foreign investment transactions, including possibly mandating filings in circumstances beyond just those involving foreign government actors.
Can the U.S.-Mexico Trade Agreement Replace NAFTA?
As the President seeks to conclude a new trade deal with Mexico—with or without Canada—he could find that his authority is severely curtailed by something called "trade promotion authority" or "TPA." Unless the White House follows the strict procedures established under TPA, the resulting agreement could be held up or even defeated by Congress, throwing in doubt the ability to reach a new agreement.
The Privilege to Conduct an Internal Investigation
After almost a year and a half of uncertainty caused by the judgment of Justice Andrews in SFO v. ENRC, the Court of Appeal, led by Sir Brian Leveson, yesterday steadied the ship, restoring the eminently sensible position that, subject to the particular facts, documents created in the course of an internal investigation, including notes of interviews conducted by lawyers, are capable of being covered by litigation privilege, in circumstances where a criminal investigation or prosecution is a real likelihood.
The “Transformative” CFIUS Bill: Not So Fast.
The Foreign Investment Risk Review Modernization Act (“FIRRMA”), a package of amendments to the national security review process overseen by the Committee on Foreign Investment in the United States (“CFIUS”), has just been signed into law. An overhaul of the CFIUS process was certainly much-anticipated and, many think, long overdue. But did the legislation truly transform CFIUS’s authority and procedure to the degree and in the ways expected by the investment community? In some ways, yes. But a closer reading of the lengthy amendments (totaling nearly 100 pages) yields less than meets the eye.
The EU Commission Aims Its “Blocking Statute” at Renewed U.S. Sanctions Against Iran
As one reaction to the U.S. withdrawal from the JCPOA, the EU Commission will reactivate the "Blocking Statute" against the effects of the extra-territorial application of U.S. secondary sanctions. EU companies may be caught in the crossfire that is arising from the EU/U.S. conflicting approaches on Iran.
President Trump Withdraws From Iran Deal - Six Key Takeaways
On May 8, 2018, President Donald Trump announced that the United States would withdraw from the Joint Comprehensive Plan of Action (JCPOA) with Iran. President Trump's unilateral decision to withdrawal from the agreement puts the fate of the JCPOA in jeopardy. The impact on U.S. foreign policy will be profound, but, more immediately, the President's decision triggers an end to U.S. sanctions relief under the JCPOA and re-imposes many sanctions prior to January 2016. The implications are far reaching. We identify six key takeaways for U.S. and global businesses.
French Anticorruption Agency Issues Detailed New Guidelines for Compliance with Sapin II
The new French Anticorruption Agency recently issued a set of guidelines detailing the agency’s expectations for corporate compliance programs. The guidelines, which are not legally binding but are required by France’s Sapin II law, provide public and private commercial organizations with a framework for ensuring that their compliance programs adequately protect the organizations from corruption-related risks. The guidelines are also intended to help certain commercial organizations meet the statutory requirements of Article 17 of Sapin II, which requires certain French companies to adopt identified compliance program requirements. The AFA Guidelines are far more detailed than similar anticorruption compliance guidance documents issued by U.S. and U.K. authorities. Although many multinationals may have implemented compliance programs based on international best practices previously highlighted by the U.S., the U.K., and other authorities, such companies may wish to revisit elements of those programs in light of the AFA’s most recent guidance.
Tailor-Made Compliance for Galloping Corruption
Forty years after the adoption of the Foreign Corrupt Practices Act ("FCPA") in the United States, twenty years after the adoption of the OECD Anti-Bribery Convention, and six years after the adoption of the U.K. Bribery Act ("UKBA"), the French law dated December 9, 2016, known as Sapin 2, obliges many French companies (with turnover greater than 100 million euros and at least 500 employees) to have to seriously and concretely integrate a strong anti-corruption approach to a risk that is often underestimated or poorly apprehended
DOJ May Rely on FCPA Policy in Resolving Securities and Financial Fraud Cases
On March 1, 2018, senior DOJ representatives stated that the DOJ will use the Foreign Corrupt Practices Act Corporate Enforcement Policy as nonbinding guidance in non-FCPA criminal cases. This potential shift in approach could impact a corporation's determination as to whether, and how, to cooperate with the DOJ in criminal fraud investigations.
Italy Introduces New Measures to Simplify Dual-Use Export Transactions and Sets the Sanctions Related to Trade Embargoes and Proliferating Materials
Italy introduced new comprehensive measures to organize and simplify the authorization procedures on dual-use items and exported technologies. The Government has also established the sanctions applicable to infringements of the rules on dual-use and not listed items, as well as items covered by anti-torture measures and EU sanctions.
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