* As a precondition to CFIUS
clearance of the transaction, CFIUS
required that the company and the Consortium enter into a National Security Agreement with the Departments of Defense and Homeland Security.
Additional information about the CFIUS
review process can be found in the definitive proxy statement filed by Genworth with the Securities and Exchange Commission on 25 January 2017.
If members of CFIUS
are unable to come to an agreement on these issues, the President can prohibit the consummation of the deal.
clearance was the final governmental approval condition to closing the merger.
It expands the scope of transactions subject to review by CFIUS
to include certain non-controlling investments made by foreign persons in certain U.S.
Other portions of the legislation, such as rules allowing CFIUS
to stop foreign purchases of land near military installations or ports, will be addressed later, an official said on Tuesday.
Since Trump took office, CFIUS
has scuttled about a dozen transactions, mostly from China, over concerns about risks to national security, said Bloomberg.
And several other technology deals fell apart, after CFIUS
already has a reputation for being tough on high-tech deals involving China in particular and has blocked transactions that involve sophisticated semiconductors.
For life and health insurance agents, CFIUS
may be best known as a federal agency slowing efforts by China Oceanwide Holdings Group Co.
"Despite our best efforts to work cooperatively with the US government, it has now become clear that CFIUS
will not approve this merger."
* The proposed Foreign Investment Risk Review Modernization Act (FIRRMA) updates and modernizes the procedures of the Committee on Foreign Investment in the United States (CFIUS