On January 13, the U.S. Department of the Treasury issued two final regulations that aim to modernize the investment review process to address national security issues posed by certain foreign investments and real estate transactions. The regulations implement the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) and broaden the authority of the CFIUS to review even non-controlling foreign investments into U.S. businesses that are involved in critical technology, infrastructure, or personal data. Release.