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Volume 32, Issue 2

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Wednesday, 24 April 2019 14:24

CFIUS Flexes New Muscles Where Customer Data and Critical Technology Are Involved

The Committee on Foreign Investment in the United States (CFIUS) recently forced the Chinese owner of dating app Grindr to divest its ownership interest, citing national security concerns. Fox Rothschild’s Nevena Simidjiyska explains what the decision means for companies who carry personal data going forward.

A new law has expanded the oversight powers of the Committee on Foreign Investment in the United States (CFIUS), and businesses are quickly learning that the interagency committee won’t hesitate to block a deal or force the divestment of a prior acquisition, particularly one involving sensitive customer data or “critical technologies” in industries ranging from semiconductors to social media.

Within the past two years, CFIUS blocked the acquisition of U.S. money transfer company MoneyGram International Inc., as well as a deal in which Chinese investors aimed to acquire mobile marketing firm AppLovin.

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https://www.corporatecomplianceinsights.com/cfius-flexes-new-muscles-where-customer-data-and-critical-technology-are-involved/