Q&A: Regulatory Impacts on M&A--HSR and CFIUS Under the Trump Administration
11:30 am - 12:30 pm
Both the Trump Administration and foreign entities have brought about regulatory change that is impacting M&A. Panelists will discuss a number of current topics, including the evolving role of CFIUS, which has resulted in the blocking of Lattice Semiconductor/Canyon Bridge and Broadcom's attempted takeover of Qualcomm, and which may be reformed if proposed legislation is enacted; sanctions, export controls, Chinese investment restrictions and related international trade issues; , high-profile antitrust reviews and litigation (AT&T/Time Warner approved by the court; Disney/Fox approved by DOJ); concerns about the impact of enhanced privacy regulation and other political and regulatory concerns.
Jeffrey C. Selman, Partner, Crowell & Moring LLP
Laura D. Berger, Former Senior Attorney, Division of Privacy and Identity Protection, Federal Trade Commission
Ambassador Robert Holleyman, President and CEO, C&M International and Partner, Crowell & Moring LLP
Mark S. Ostrau, Partner, Fenwick & West LLP
What do you expect to discuss during your panel?
2018 has seen the creation and implementation of new regulatory tools, such as expanded CFIUS, GDPR and Cal Privacy Act, trade wars, and antitrust challenges to business combinations. All of these activities are impacting businesses engaged in M&A in ways that haven't been seen in the recent past, with regulators focused on national and economic security just as those concepts are being considered in the geo-political realm. The panelist will examine a number of the core regulatory developments and discuss the impact that they are having on M&A activity as well as thoughts for managing through a rapidly changing and uncertain regulatory environment.
How will this discussion benefit practitioners?
Practitioners will hopefully come away from this panel having learned about the new regulatory regimes that are being put into place in 2018 and impacting M&A, as well as real world situations where the current regulatory and geo-political environment has effected transactions. The panelists also will give their thoughts from having been or worked with regulators for managing through this environment.
How will this panel discussion differ from other speaking events on this topic?
Many of the regulatory developments that will be discussed are brand new, and therefore have not received much coverage at other speaking events. For example, CFIUS reform occurred weeks ago. Ambassador Holleyman, who in his past role as U.S. Deputy Trade Representative, was a member of CFIUS, can bring a different perspective to what impact an expanded CFIUS regime may mean, particularly in an geo-political environment with heightened focus on trade as a national or economic security concern. Similarly, privacy legislation, both on an international level and here in California, is only now being adopted and is being used by regulators as they consider whether to allow acquisitions to move forward. These are among the issues that the panelists will discuss.
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