On December 19, 2020, the Ministry of Commerce (the "MOFCOM") and the National Development and Reform Commission (the "NDRC") jointly promulgated the Measures for Security Review of Foreign Investment (the "FISR Measures"), which will take effect on January 18, 2021.
The FISR Measures should not come as a surprise, as they form part of the broader framework of the Foreign Investment Law that came into force on January 1, 2020. The FISR Measures, coupled with the annually updated Special Administrative Measures (Negative List) for the Access of Foreign Investment (the "Foreign Investment Negative List"), the recently promulgated revised Export Control Law and the announcement of the Unreliable Entities List, provide a framework for foreign investment and trade administration that on paper aligns itself with international standards (e.g. the Committee on Foreign Investment in the United States (CFIUS), U.S. export controls, and the U.S. entity list and SDN list).
