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
Isaac “Ike” A. Harris
Senior PSM for Technology
House Select Strategic Competition
Between the United States and the Chinese Communist Party Committee
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
3:45 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?
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
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
DAY TWO
Friday, April 25, 2025
8:40
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
9:15
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
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
Moderator:
Jeremy B. Zucker Partner Dechert LLP
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
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
EUROPEAN COMMISSION: Open Strategic Autonomy
• Trade outside the EU as an exclusive responsibility of the EU and not it’s member countries
• Open Strategic Autonomy it builds on the EU’s openness to contribute to the economic recovery
PART TWO: SUPPLY CHAIN RESILIENCE
11:15 AI,
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)
Anne Salladin Partner
Hogan Lovells US LLP
Former Senior Counsel, U.S. Department of the Treasury
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
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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
12:45 Networking Luncheon
Sponsored by
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
Jared Roscoe Partner, Deputy General Counsel SoftBank Group International
Nathan Mitchell Counsel
Paul Weiss Rifkind Wharton & Garrison LLP
Ryan Brady Partner White & Case LLP
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
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
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Supporting Sponsors
Founded in 1983, Alvarez & Marsal is a leading global professional services firm. Renowned for its leadership, action and results, Alvarez & Marsal provides advisory, business performance improvement and turnaround management services, delivering practical solutions to address clients' unique challenges. With a world-wide network of experienced operators, world-class consultants, former regulators and industry authorities, Alvarez & Marsal helps corporates, boards, private equity firms, law firms and government agencies drive transformation, mitigate risk and unlock value at every stage of growth. To learn more, visit: AlvarezandMarsal.com
BRG is a global consulting firm that helps leading organizations advance in three key areas: disputes and investigations, corporate finance, and performance improvement and advisory. Headquartered in California with offices around the world, we are an integrated group of experts, industry leaders, academics, data scientists, and professionals working across borders and disciplines. We harness our collective expertise to deliver the inspired insights and practical strategies our clients need to stay ahead of what's next.
With a global platform of approximately 4,000 lawyers in 21 cities across the United States, Europe, the Middle East and Asia, Kirkland & Ellis provides elite legal advice and a relentless commitment to client service. Kirkland is a market-leader in each of its core practice areas including private equity, M&A and other complex corporate transactions; investment fund formation and alternative asset management; restructurings; high-stakes commercial and intellectual property litigation; and government, regulatory and internal investigations. To learn more, please visit www.kirkland.com.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is a premier firm of more than 1,000 lawyers with diverse backgrounds, personalities, ideas and interests who provide innovative and effective solutions to our clients’ most complex legal and business challenges. The firm represents many of the world’s largest and most important public and private corporations, asset managers and financial institutions, as well as clients in need of pro bono assistance.
StoneTurn, a global professional services firm, partners with law firms, corporations, and government agencies to solve complex business challenges. Trusted by clients and regulators worldwide, StoneTurn delivers expertise in forensics, investigations, risk and compliance, data, technology, dispute advisory, and business consulting. Founded in 2004, StoneTurn operates across five continents, earning recognition for its commitment to collaboration, integrity, and independence.
Associate Sponsors
Control Risks is a global specialist risk consulting firm that helps clients create organizations that are secure, compliant and resilient in an age of ever-changing risk and connectivity. Our experts across 40 offices provide the insight and intelligence companies need to resolve critical issues and crises, realize opportunities and grow.
Learn more at controlrisks.com
Founded in 1883, Morrison Foerster offers clients a comprehensive platform of global legal services, including extensive capabilities in the areas of sanctions, anti-money laundering and anti-financial crime, privacy, cybersecurity, transactions, cross-border investigations, regulatory and compliance, and litigation, among many others. Morrison Foerster is unique among sanctions practices as the only law firm in the world with four former OFAC officials, including a former OFAC Director, an Assistant Chief Counsel for OFAC, a Section Chief from OFAC’s Enforcement Division, and an Assistant Director of Regulatory Affairs for OFAC.
White & Case is a global law firm with longstanding offices in the markets that matter today. Our on-the-ground experience, our cross-border integration and our depth of local, US and English-qualified lawyers help our clients work with confidence in any one market or across many.
