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Covington has a preeminent practice representing parties before the Committee on Foreign Investment in the United States (CFIUS), in matters requiring the mitigation of foreign ownership, control or influence (FOCI) over U.S. government contractors, and telecommunications transactions that require review of the so-called "Team Telecom" agencies.

Chambers USA has described Covington's CFIUS practice as "field leading," and has noted our lawyers have "a combination of great resources, instinct, experience and skill sets." The American Lawyer has named our team "Dealmakers of the Year"—first in 2016 and then again for 2019. We have a deep, diverse team that includes lawyers and advisors who have held senior positions in virtually every CFIUS agency.

Covington often is called upon for the most complex, bet-the-company transactions that implicate U.S. government national security authorities. These frequently involve high-stakes commercial investments that present myriad issues ranging from the protection of sensitive data to cutting-edge technology transfers and novel compliance matters. Our representations have included the leading transactions and most complex CFIUS reviews in the following sectors, among others: aerospace and defense; autonomous vehicles/robotics; semiconductors; information and communications technologies (including AI, software, and mobile apps); telecommunications services; energy (power infrastructure and upstream, midstream, and downstream); life sciences and biotechnologies; financial services and insurance; industrial/manufacturing/chemicals; and transportation systems.

Reflecting our long-standing history of engagement on the law and policy shaping CFIUS—including testifying before various congressional committees over the years—our team also was deeply involved with clients and leading industry associations in CFIUS statutory and regulatory reform under the Foreign Investment Risk Review Modernization Act (FIRRMA) and its implementing rules. Beyond the United States, our CFIUS team also regularly works with colleagues in our Europe and Asia offices on the foreign investment rules and regulations that are shaping the landscape for foreign direct investment around the world.