2025 SPEAKER FACULTY
GOVERNMENT SPEAKERS
Irmie “Ike” Blanton
Deputy Director, Economic Security, Office of Global Investment and Economic Security
U.S. Department of Defense
Elizabeth Cannon
Executive Director, Office of Information and Communications Technology and Services (OICTS), Bureau of Industry and Security
U.S. Department of Commerce
Dan Burke Director, Foreign Investment Risk Review
U.S. Department of the Air Force
Nicholas Jackson Chief, Foreign Investment Unit Federal Bureau of Investigation (FBI)
Eric S. Johnson
Principal Deputy Chief of the Foreign Investment Review Section, National Security Division
U.S. Department of Justice
Geoffrey Irving Director, Technology Division, OICTS
U.S. Department of Commerce
Jamieson McKay Director General, Foreign Investment Review and Economic Security Branch (FIRES) Innovation Science and Economic Development Canada, Government of Canada
Charles Morrison Policy Director House Select Strategic Competition Between the United States and the Chinese Communist Party Committee
Jennifer Danner Riccardi Senior Advisor Delegation of the European Union (Washington DC)
Brian Reissaus Senior Advisor, National Security Freshfields US LLP
Former Deputy Assistant Secretary for Investment Security
Operations, U.S. Department of Treasury
Timothy Varley
Deputy Director, DON Foreign Investment Review, Research, Development, and Acquisition (RD&A) U.S. Department of the Navy
Widad E. Whitman Economic Security and Global Investments Program Manager, Office of Manufacturing and Energy Supply Chains (MESC)
U.S. Department of Energy
DISTINGUISHED FACULTY
Scott Boylan Partner StoneTurn
Ryan Brady Partner White & Case LLP
Charles L. Capito Partner Morrison Foerster LLP
John P. Carlin Partner
Paul Weiss Rifkind Wharton & Garrison LLP
Randall Cook Managing Director Alvarez & Marsal
Shawn B. Cooley Counsel Weil, Gotshal & Manges LLP
Sarah Bauerle Danzman Resident Senior Fellow, Economic Statecraft Initiative Geoeconomic Center
Atlantic Council
Zachary N. Eddington Counsel Latham & Watkins LLP
MaryJean Fell Vice President, Legal T-Mobile
Nancy A. Fischer Partner
Pillsbury Winthrop Shaw Pittman LLP
Anne Salladin Partner Hogan Lovells US LLP Former Senior Counsel U.S. Department of the Treasury
Nathan D. Fisher Managing Director StoneTurn Former Unit Chief, Directorate of Intelligence, Federal Bureau of Investigation (FBI)
Jerry Fowler Director, CFIUS and National Security Control Risks
Robert A. Friedman Partner Holland & Knight LLP
Geoffrey M. Goodale Partner Duane Morris LLP
Zack Hadzismajlovic Partner, Head of Global Trade Group McCarter & English LLP
Steven Klemencic Managing Director Berkeley Research Group (BRG)
Michael Knipple CISO Summit BHC
Alexandra Lopez-Casero Partner Nixon Peabody LLP
Neil H. MacBride Partner Davis Polk & Wardell LLP Former General Counsel U.S. Department of the Treasury
Mario Mancuso, P.C. Partner Kirkland & Ellis LLP
Paul D. Marquardt Partner, Financial Institutions Davis Polk & Wardell LLP
Janine N. Slade
Covington & Burling LLP Former Deputy Director, Foreign Investment Risk Management, U.S. Department of Homeland Security
Eric Matrejek Managing Director Berkeley Research Group (BRG)
Vincent Mekles Managing Director Alvarez & Marsal
Nathan Mitchell Counsel Paul Weiss Rifkind Wharton & Garrison LLP
Christopher B. Monahan Partner Faegre Drinker LLP
John C. Rood
and Chairman Momentus Space Former Under Secretary of Defense for Policy, U.S. Department of Defense
Jared Roscoe Partner, Deputy General Counsel SoftBank Group International
Paul Rosen Partner Latham & Watkins LLP Former Assistant Secretary, Investment Security, U.S. Department of Treasury
Pierce Scranton Deputy Head North America/ Managing Director Temasek
Ivan A. Schlager, P.C. Partner Kirkland & Ellis LLP
Evan Sills Counsel
Kabealo Law
Attorney Advisor U.S. Department of Justice
Malcolm (Mick) J. Tuesley Partner Simpson Thacher & Bartlett LLP
John J. Vecchione Senior Litigation Counsel New Civil Liberties Alliance
Christina Zanette Assistant General Counsel, Export Compliance Honeywell
Jeremy B. Zucker Partner Dechert LLP
April 24, 2025
8:00 Registration and Breakfast
8:30 Opening Remarks from the Co-Chairs
Brian Reissaus
Senior Advisor, National Security Freshfields US LLP
Former Deputy Assistant Secretary for Investment Security Operations, U.S. Department of Treasury
Anne Salladin Partner
Hogan Lovells US LLP
Former Senior Counsel, U.S. Department of the Treasury
Janine N. Slade Special Counsel
Covington & Burling LLP
Former Deputy Director, Foreign Investment Risk Management, Department of Homeland Security
8:45
Interview: Penalties & Enforcement Actions
For the first time, the U.S. Department of the Treasury publicly named a company subject to a penalty. This is coupled with an increase in the number of companies under the enforcement microscope, and the rise in penalty amounts.
• Rationale behind publicizing the subject of a recent enforcement action
• Status report on the number of enforcement actions, types of enforcement and trends
• Is enforcement acting as a deterrent?
• How are penalties now being calculated?
• How are non-notified transactions being identified?
• What changes are expected and have recently occurred in the Treasury Department?
This session will analyze the current and anticipated impact of a new Administration, as well as the enduring aftermath of the CFIUS Annual Report to Congress. Topics will include trends and new, evolving expectations:
• Breakdown of trends and their hidden lessons
• How has the change been implemented
• Examining the increase in non-notified transactions and how much time has passed between the deal and the notice
• Are CFIUS reviews becoming a more “adversarial” process?
N. Eddington
IN-HOUSE EXECUTIVE PANEL
10:30 Behind the Scenes of Implementing a Mitigation Agreement
• What is it like to run a large transaction and subsequent mitigation
• How to break down silos
• How companies account for the costs of mitigation and to what extent the parties and CFIUS accounted for this at the review stage
• Deciding whether or not to address the operations side when negotiating a mitigation agreement
• Meeting privacy obligations for personal information of U.S. citizens
• Managing Cyber Security and Insider Threats at the operational level
• Implementing policies and processes formation, and standard operating procedures for oversight, auditing and monitoring of both systems and teams
MaryJean Fell Vice President, Legal T-Mobile
Scott Boylan Partner
StoneTurn
Michael Knipple CISO
11:15 U.S. Steel Case Study: Is the Scope of National Security and Economic Security Expanding?
CFIUS continues to review the controversial deal between U.S. Steel and Japanese-owned Nippon Steel. This raises questions of CFIUS’ jurisdiction, and what is now considered a national security concern.
• Delineating what is and what is not covered under the scope of CFIUS and how the scope has evolved
• How CFIUS should and should not be used, and the evolution of CFIUS usage: Is the committee being used for political purposes?
• Exploring the national security concern versus the economic security concern and the U.S. Industrial Base
• Determining the effect on allied countries
12:15 Networking Luncheon
Summit BHC Sponsored by
Ivan A. Schlager, P.C. Partner
Kirkland & Ellis LLP
Nancy A. Fischer Partner
Pillsbury Winthrop Shaw Pittman LLP
1:30 Unpacking the America First Investment Policy and Emerging Trends in CFIUS
The Trump administration issued a National Security Presidential Memorandum (NSPM) titled the “America First Investment Policy” in March 2025, with an aim to promote foreign investment while protecting domestic security interests. This session will look at how investment policy guidance is advancing under the new administration.
• Examining the roots of the NSPM and anticipating incoming initiatives
• Exploring the administration’s focus and the new direction for CFIUS practitioners
• Examining restrictions on U.S.-China and disincentivizing U.S. investment in China
• Tighter CFIUS reviews of inbound investment and a look at outbound investment strategy
• Implementing an expedited “fast-track” investment process
• Expediting environmental reviews
• Moving away from open-ended mitigation agreements
Neil H. MacBride Partner
Davis Polk & Wardell LLP
Former General Counsel
U.S. Department of the Treasury
Paul Rosen Partner
Latham & Watkins LLP
DAY ONE | Thursday, April 24, 2025
2:45 High Stakes, Sensitive Decisions on the Fate of Non-Notified Transactions: How Practitioners Are Now Advising on Whether or Not to File, and the New Mitigation Complexities
This session will delve into why and how transactions are becoming more complex, and how to best determine whether a CFIUS filing is necessary and weigh the risks of not filing.
• Deciphering the risk factors involved with not filing
• Determining whether a full filing is mandatory
• Assessing whether to file a declaration or a notice
• Calculating whether a voluntary filing will be more cost effective in the long run
• Anticipating which transactions do not warrant heightened scrutiny, including sectors and jurisdictions
• Is it possible to proactively structure a deal so as not to trigger a filing—and, if so, how?
• What matters to foreign investors in the current economic and geopolitical climate
3:30 Networking Break
John C. Rood
CEO and Chairman
Momentus Space
Former Under Secretary of Defense for Policy, U.S. Department of Defense
Robert A. Friedman
Partner
Holland & Knight LLP
Vincent Mekles
Managing Director
Alvarez & Marsal
3:45 Part One: Supply Chain Resilience and Critical Infrastructure
Part 1 of this two-part series will focus on CFIUS expectations for safeguarding infrastructure, including critical infrastructure, manufacturing, and processing capacity and the availability of critical goods, materials, and services.
• Assessing the vulnerability of U.S. ports, and infrastructure touching the gird, such as nuclear power, oil and gas works, solar power, wind farms, batteries and other renewable technology
• Keeping up-to-date on how our critical material supply chain is impacted by national security considerations
• Assessing the key infrastructure projects to protect
• How is CFIUS thinking about critical minerals
The U.S. Department of the Treasury issued final regulations (the Final Rule) this past fall, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the Outbound Order). The Final Rule provides the operative regulations and explanatory discussion regarding their intent and application. The regulations are in effect as of January 2, 2025.
• Examining how the Outbound Investment Program is working in real life
• Identifying the scope of the OIP and how it is different from the Executive Order
• How will U.S. persons outside of the US be treated, including those who are working for non-U.S. companies
• What policies and procedures can companies put in place
• How transactions are being reviewed
• Investing in prohibited areas, AI and quantum
• Raising or borrowing capital when you want to make overseas investments
• What are the guidance, qualifications and criteria for approvals?
Nicholas Jackson
Chief, Foreign Investment Unit Federal Bureau of Investigation (FBI)
Widad E. Whitman
Economic Security and Global Investments Program Manager, Office of Manufacturing and Energy Supply Chains (MESC) U.S. Department of Energy
Steven Klemencic
Managing Director
Berkeley Research Group (BRG)
Sarah Bauerle Danzman
Resident Senior Fellow, Economic Statecraft Initiative Geoeconomic Center Atlantic Council
Chrisopher B. Monahan
Partner
Faegre Drinker LLP
Charles Morrison
Policy Director
House Select Strategic Competition
Between the United States and the Chinese Communist Party Committee
5:15 Closing Remarks from the Conference Co-Chair and End of Day One Networking Cocktail Reception
Sponsored by
4:30 Post-Election Review of Outbound Investment Policy
Friday, April 25, 2025
8:40 Opening Remarks from the Co-Chairs
Brian Reissaus
Senior Advisor, National Security Freshfields US LLP
Former Deputy Assistant Secretary for Investment Security Operations, U.S. Department of Treasury
Moderator:
Jeremy B. Zucker Partner
Dechert LLP
Anne Salladin Partner
Hogan Lovells US LLP
Former Senior Counsel, U.S. Department of the Treasury
Janine N. Slade
Special Counsel
Covington & Burling LLP
Former Deputy Director, Foreign Investment Risk Management, Department of Homeland Security
9:15 Safeguarding Data Centers, Personal Sensitive Data and the Tech Supply Chain
This session will provide a review of the "Preventing Access to Americans' Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern" order. As well, this session will look at the order "Securing the Information and Communications Technology and Services Supply Chain".
• Defining "Personal Sensitive Data" under the EO and how the definition may evolve in practice
• Restricting data transactions, including vendor agreements (including agreements for technology services and cloudservice agreements; employment agreements; and investment agreements)
• Restricting access by "countries of concern" to Americans' bulk sensitive personal data
• Balancing the security of U.S.-based data centers with the expense of staying local
10:00 Networking Break
Eric S. Johnson Principal Deputy Chief of the Foreign Investment Review Section, National Security Division
U.S. Department of Justice
Nathan D. Fisher Managing Director StoneTurn Former Unit Chief, Directorate of Intelligence Federal Bureau of Investigation (FBI)
Elizabeth Cannon Executive Director, Office of Information and Communications Technology and Services (OICTS), Bureau of Industry and Security U.S. Department of Commerce
Randall Cook Managing Director Alvarez & Marsal
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GLOBAL FDI REGIMES
10:15 How International Regimes Are Now Defining “National Security” and “Economic Interest”
This session will explore what constitutes “national security” from global perspectives, and how enforcement is being approached in key jurisdictions.
• Examining the definition of “national security”
• Challenges with doing the analysis and coming up with a result
EUROPEAN UNION: Open Strategic Autonomy
• Trade outside the EU as an exclusive responsibility of the EU and not its Member States
• Open Strategic Autonomy
CANADA: Investment Canada Act (2024)
• Foreign investments in the critical minerals sector as a national security concern
• Determining whether an investment is of "net benefit", such as the effect on economics
FRANCE: Strategic sectors covered by the foreign investment control
• Agricultural products as far as they contribute to national food security objectives
Jamieson McKay
Director General, Foreign Investment Review and Economic Security Branch (FIRES) Innovation Science and Economic Development Canada, Government of Canada
Jennifer Danner Riccardi
Senior Advisor
Delegation of the European Union (Washington DC)
• Editing, printing, distribution of political and general information through print and online press services
GERMANY: Foreign Trade and Payments Act
• Safeguarding economic sectors and critical infrastructure
• Mandatory filing obligations for voting rights threshold
NETHERLANDS: National Security Screening Act (2023)
• Defining "national security", including niche markets such as semiconductors, quantum technology, and photonics
PART TWO: SUPPLY CHAIN RESILIENCE
11:15 AI, ML, Quantum Computing and Connected Vehicles: How Emerging Tech Fits into the CFIUS Landscape
Part 2 of this series will focus on safeguarding against digital risks, including cybersecurity.
• Examining the national security concerns with emerging tech
• What is in the draft regulations and how is the national security risk changing? How will this sector be regulated?
• How is CFIUS thinking about this sector, including the definition of “foundational technology”
• How do you classify tech as dual-use? The interplay of ITCS and CFIUS
• When you do and don’t need to file
Mario Mancuso, P.C. Partner
Kirkland & Ellis LLP
Eric Matrejek Managing Director Berkeley Research Group (BRG)
Geoffrey Irving
Director, Technology Division, OICTS
U.S. Department of Commerce Great energy, in person, excellent panel speaks, good topics, nice representation from recent former and current government officials.
STRATEGY SESSION #2
12:00 High Stakes, Time
Sensitive Decisions: The Biggest “What Ifs” Affecting the Fate of Short, Medium and Long-Term Transactions
• Developing your mitigation negotiation strategy early in the transaction process
• Calculating when to involve third-party monitors and choosing the right service provider
• Determining what is considered “limited risk”
• Structuring a deal when there is urgency and what to do if the transaction closes before the CFIUS review
• Working within the CFIUS system while continuing to do business
• Mitigating lower-probability risk agreements
• Mitigating hypothetical future scenarios at the beginning of the agreement – anticipating CFIUS’ long-term risk considerations
• Drafting an agreement for your client with the highest-risk possibilities in mind
12:30 Networking Luncheon
Jared Roscoe
Partner, Deputy General Counsel SoftBank Group International
Nathan Mitchell Counsel
Paul Weiss Rifkind Wharton & Garrison LLP
Ryan Brady Partner White & Case LLP
1:45 SPOTLIGHT on Private Equity and Venture Capital Investment Fund Structures That Could Trigger (and Survive) a CFIUS Review
This session will look at investment fund structures, including what does and doesn’t fall under the Code of Federal Regulations (CFR) Section 800-307
• The role and responsibility of the PE Manager, and when to notify of foreign investments
• Structuring your investment fund
• Determining what is, and is not considered a covered investment
• When a fund structure or investment is at risk of becoming the subject of heightened scrutiny
• Calculating your risk and potential exposure-and the bigger picture impact on the transaction
Pierce Scranton Deputy Head North America/ Managing Director Temasek
Charles L. Capito Partner
Morrison Foerster LLP
Moderator:
Paul D. Marquardt Partner, Financial Institutions Davis Polk & Wardell LLP
2:30 Real Estate Transactions, the Increased National Security Concern and Scope of CFIUS Coverage
This session will dissect key developments, including the U.S. Department of the Treasury’s Notice of Proposed Rule Making to Expand CFIUS Coverage of Real Estate Transactions Near Military Installations, issued July 2024. This proposed rule would add over 50 military installations, across 30 states, to CFIUS' existing jurisdiction.
We will also look at the presidential order prohibiting the purchase of certain real estate operating as a cryptocurrency mining facility located within one mile of Francis E. Warren Air Force Base (F.E. Warren AFB), as well as the removal of equipment owned by MineOne Partners Limited.
3:15 Networking Break
Irmie “Ike” Blanton Deputy
Director,
Economic Security, Office of Global Investment and Economic Security U.S. Department of Defense
Dan Burke Director, Foreign Investment Risk Review
U.S. Department of the Air Force
Timothy Varley
Deputy Director, DON Foreign Investment Review, Research, Development, and Acquisition (RD&A)
U.S. Department of the Navy
Sponsored by
3:30
TikTok Action, Chevron and More Cases: Is This the Start of More CFIUS Litigation?
Ralls Corp. v. Comm. on Foreign Inv. in the United States (2014) A review of the only litigation case in the CFIUS sector.
TikTok
This session will give an update on the litigation involving TikTok, and parent company ByteDance, as well as a look at the Protecting Americans from Foreign Adversary Controlled Applications Act (2024) passed by Congress.
Chevron Decision and the Aftermath
• Examining due process rights
• Debating whether there is a cause for litigation and if CFIUS is acting beyond its scope
• Determining what (if any) recourse a purchasing company has against the seller, when facing a CFIUS penalty
• Predicting the consequences of taking legal action and the best/worst case outcome
CFIUS AND EXPORT CONTROLS
John J. Vecchione
Senior Litigation Counsel
New Civil Liberties Alliance
4:15 Export Control Classification: The Evolving Scope of Critical Technology and How it Affects Mandatory Filings
This session will delve into the Export Control Reform Act of 2018 (ECRA) and the EAR99 for low-technology consumer goods, and its interplay with FIRRMA and how presidential authority to regulate and enforce export controls is now being implemented.
• Classifying technology under EAR99, when you need a licence and where the tech can be exported to
• Determining when BUS will make a unilateral technology classifications, and which agencies will get involved
• Practical impact of expanding the mandatory declaration process
• Unpacking the evolving interplay of export controls and foreign investment reviews
• Evaluating whether or not your company has critical technology
• Discussing how presidential authority is being coordinated with the Secretaries of Commerce
• Defense, Energy and State to identify “emerging and foundational technologies” that are essential to national security, but are not deemed “critical technologies” subject to CFIUS review
• Emerging implications for exporters operating in sectors that are identified as involving foundational or emerging technologies
Alexandra Lopez-Casero Partner Nixon Peabody LLP
Christina Zanette
Assistant General Counsel, Export Compliance Honeywell
Moderator: Jerry Fowler
Director, CFIUS and National Security Control Risks
5:00 Closing Remarks from the Conference Co-Chairs and Conference Concludes