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CFIUS lawyers said the new rules under FIRRMA aren’t likely to end with a change of administrations, as could be the case with some trade tariff and sanctions-related work. (Shutterstock) CFIUS lawyers said the new rules under FIRRMA aren’t likely to end with a change of administrations, as could be the case with some trade tariff and sanctions-related work. (Shutterstock)

Proposed regulations for national security reviews of deals involving foreign investments in U.S. companies that store large amounts of “sensitive personal data” will likely mean scrutiny of many more transactions than before.

Given the definition of “sensitive data” under the draft rules, insurance companies, especially those insuring government personnel; biotech, health care and health technology companies; and those with data-driven business models are likely to be swept up, according to experts. The law expands jurisdiction of the Committee on Foreign Investment in the U.S. over transactions involving businesses with data on individuals that “may be exploited in a manner that threatens to harm national security,“ according to the text of the draft regulations.

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