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US Treasury: KelleyDryeandWarrenResponseToCFIUS

US Treasury: KelleyDryeandWarrenResponseToCFIUS

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Published by: Treasury on Jan 22, 2008
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06/14/2009

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KELLEY
DRYE
&
WARREN
LLP
A
LIMITEDLIABILITYPARTNERSHIP
NEW
YORK,
NY
TYSONSCORNER,
VA
CHICAGO,ILSTAMFORD,
CT
PARSIPPANY,
NJ
BRUSSELS,
BELGIUM
AFFILIATE
OFFICES
MUMBAI,
INDIA
WASHINGTONHARBOUR,
SUITE4003050
K
STREET,NW
WASHINGTON,
D.C.
20007-5108
(202)
342-8400
December7,2007
FACSIMILE(202)342-8451
www.kelleydrye.com
DIRECTLINE:(202)342-8573EMAIL:
jgriffin@kelleydrye.com
VIAEMAIL(CFIUS@DO.TREAS.GOV)
Mr.
Nova
DalyDeputyAssistantSecretaryU.S.Department
of
theTreasury1500PennsylvaniaAve.
NW
Washington,DC20220Re:Notice
of
InquiryConcerningRegulationstoImplementtheForeignInvestmentandNationalSecurityAct
of2007
andIssuesPertainingtotheExistingNationalSecurityReviewProcessDearMr.Daly:KelleyDrye&WarrenLLP("KelleyDrye"),bytheundersignedcounsel,herebysubmitsitscomments
in
responsetotheOctober11,2007Notice
of
Inquiry("NOI")
of
theU.S.Department
of
theTreasury("Treasury")intheproceedingcaptionedabove.
1
Inthisproceeding,Treasuryissolicitingcomment
on
issuesrelatingtotheimplementation
of
theForeignInvestmentandNationalSecurityAct
of2007
("FINSA").TreasuryalsoseeksinputontheexistingprocesswherebytheCommittee
on
ForeignInvestmentintheUnitedStates("CFIUS")conductsnationalsecurityreviews
of
foreignacquisitions
of
control
of
U.S.businesses.TreasurydoesnotproposeanynewCFIDSregulationsormodificationstoanyexistingCFIDSregulationsorpoliciesintheNOI.KelleyDryehasadvisednumerousforeignentitiesonthelegalandregulatoryissuesassociatedwiththepurchase
of
acontrollinginterestinU.S.businesses,mostnotablyU.S.telecommunicationscompanies.Insodoing,KelleyDryehasfiledseveralvoluntarynoticesunderSection721
of
theDefenseProductionAct
of
1950,negotiatedmultiplemitigationsagreements,counseledpartiestomitigationagreementsonimplementationandcompliance
72FR57900(Oct.11,2007).
Dca
l/GRIFJ/319449.1
 
KELLEY
DRYE
&
WARREN
LLP
Mr.NovaDalyDecember7,2007PageTwoissues,participatedinCFIUSinvestigations,andotherwiserepresentedforeigncompaniesbeforeCFIUS.Assuch,KelleyDryehasadirectandvitalinterestinthisproceeding.
At
thistime,KelleyDryeisnotsubmittinganycomments
on
thesubstance
of
theregulationstobeadoptedtoimplementFINSA
or
theexistingCFIUSreviewprocess.KelleyDryereservestherighttosubmitsuchsubstantivecommentsatalaterdate,afterreviewingotherfilingsmadeandnoticesgiveninthisproceeding.
At
thispoint
in
theproceeding,KelleyDrye'sprimaryconcerniswiththeprocesswherebyspecificregulationstoimplementFINSAaredevelopedandadoptedandtheexistingCFIUSregulationsandreviewprocessaremodified.
It
isKelleyDrye'sunderstandingthatTreasurywillproposeandseekcommentonnewandmodifiedCFIUSregulationsearlynextyear.UndertheAdministrativeProcedureAct,federalgovernmentagenciesthatengage
in
rulemakingmustgivethepublicameaningfulopportunitytocommentandotherwiseparticipateintherulemakingprocess.
2
In
theNOI,Treasuryrecognizestheimportance
of
publicparticipationtothedevelopment
of
newandmodifiedCFIUSrulesandpolicieswhen
it
statesthatthepurpose
of
issuingthe
NOI
is"toobtainawidearray
of
views
of
businessesactiveintheinternationalmergersandacquisitions
on
severalbroadtopics,
in
ordertoinformregulatorydevelopment.,,3KelleyDryesubmitsthatTreasurycanbestensurethatthepublicisgivenameaningfulopportunitytoparticipateinthedevelopment
of
new
andmodifiedCFIUSregulations
by
permittingandencouragingthepublictosubmitreplycommentsaswellasinitialcomments.
In
addition,Treasurymustprovideadequatetimeforthesubmission
of
initialcommentsandreplycomments,preferably30daysineachcase.
By
givingthepublictheopportunitytocommentnotonlyonTreasury'sproposed
or
modifiedregulations
but
also
on
thecommentssubmitted
by
otherpartiestotheproceeding,Treasurywillbebetterabletoobtainthe"widearray
of
views"itseeks.Givingcommentorstheopportunitytosupport
or
disputethepointsmade
by
otherparties
in
theproceedingwillgiveTreasuryabetterunderstanding
of
theissuesraisedandabettersense
of
thepublicimpact
of
itsproposedregulations.
4
KelleyDryenotesthatotherfederalgovernmentagencies
(e.g.,
theFederalCommunicationsCommission)routinelyprovidetwocommentroundsintheirrulemakingproceedings.
234
SeeGrandCanyon
Air
TourCoalition
v.
FAA,
154F3rd455(C.A.D.C.1998).NOrat57901.Obviously,inordertorespondtocommentsfiled,thepublicmusthaveaccesstothecomments.KelleyDryeassumesthatsinceTreasuryplanstopostthecommentsitreceives
in
responsetothe
Nor
onitswebsite(NOrat57900),Treasuryplanstopostthecommentsitreceives
on
itsproposedregulationsaswell.KelleyDryeurgesTreasurytopostanycommentsonitswebsitepromptlyfollowingreceipttogivepartiesthemaximumpossibletimetoreviewthem.
DCOI/GRIFJ/319449.1

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