FIRRMA Regulations Omit Clearer Definition for Critical Tech

Treasury Department Foreign Investment Risk Review Modernization Act final regulations made several changes, without providing a further definition for “critical technologies” that industry had sought (see 1911210029). The regulations, effective Feb. 13, as expected (see 1909040029) expand authority of the Committee on Foreign Investment in the U.S. to review a broader range of foreign business dealings in the U.S. “Commenters recommended narrowing the definition and noted that the Department of Commerce, at the time of the proposed rule, had yet to define emerging and foundational technologies,” Treasury said Monday. “FIRRMA defines ‘critical technologies,’ and FIRRMA does not give the Treasury Department discretion to change this statutory definition through these regulations.” The agency won't define emerging and foundational technology, deferring to the Commerce Department. Commerce didn't comment Wednesday. Regulations got other changes based on public comments, Treasury says in Friday's Federal Register. Comments on a non-tech change are due Feb. 18. The Covington law firm outlined the changes.