On August 13, 2018, President Trump signed into law the National Defense Authorization Act for Fiscal Year 2019, which includes the Foreign Investment Risk Review Modernization Act (FIRRMA) and the Export Control Reform Act (ECRA).

Certain provisions of the law will take effect as soon as the bill is enacted, but the substantive provisions that are most significant (e.g., expansion of the categories of covered transactions and the mandatory filing requirements) will not. It will likely be several months before the relevant agencies finalize implementing regulations. However, the Administration has the authority to adopt a pilot program to implement some or all of the provisions of the law before regulations are issued.

The following discussion highlights some of the key provisions of the bill. The text of the proposed legislation is available here and a more detailed summary of the key aspects of the legislation, including the expected timeline of implementation, here.

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