Foreign direct investment and national security

Our advice helps mitigate risk in sensitive cross-border M&A

As they juggle national security and economic priorities, governments around the world are reshaping their investment review regimes. Over 100 jurisdictions now have laws that require governmental review of transactions on national security, public order, or similar grounds that seek to assess the threat that such investment may pose.

Freshfields provides the foreign investment expertise that drives successful cross-border M&A. We provide cutting edge insights into governments’ economic, political and national security considerations, giving you strategic advantage. Our integrated global team offers experience-based advice and representation.

Our on-the-ground teams around the world forge strong relationships with relevant authorities so our clients are always ahead of developing FDI and national security policy. The result is a string of client successes in some of the most complex transactions that have come before foreign investment regulators.

The Committee on Foreign Investment in the United States continues to scrutinise investments by non-Chinese investors for their ties to China, even as it shifts its targeting of China to new US regulations restricting investments by US persons into China. In China, investors are faced with twin foreign investment regimes that balance openness and security. In Europe, the European Commission has proposed tougher minimum standards for national reviews which would lead to a higher number of filings.

Our industry-leading expertise in FDI and cross-border M&A enables our clients to navigate increasingly stringent global regulations. Notably, former career heads of CFIUS from the US Department of Treasury, Aimen Mir and Brian Reissaus, are part of the Freshfields team. With their combined experience, Freshfields has overseen the review and disposition of nearly every transaction presented to CFIUS from 2009-2023.

In the face of heightened geopolitical tension and economic nationalism, Freshfields helps firms in all sectors achieve their international ambitions.

Related capabilities

Antitrust and competition

Mergers and acquisitions

Merger control

Securities and shareholder litigation

National Security

Highlight experience

ContactsMeet the team

London, Hong Kong, Dublin

Alastair MordauntPartner

Washington, DC

Aimen MirPartner | Foreign Investment and National Security | Head of CFIUS Practice

London

Michele DavisPartner | Global Co-Head of Tech, Media and Telecoms

Berlin

Frank RöhlingPartner

Meet the team

Awards & recognition

Lexology Index (formerly Who’s Who Legal), Foreign Investment Control, 2025

Global Elite Thought Leaders

Chambers USA Nationwide, 2025

International Trade: CFIUS Experts | USA

Chambers Global Guide 2025 : USA

International Trade: CFIUS Experts

Our thinking

Jun 18 2025

Foreign Investment Monitor - June 2025 | Issue 10

Geopolitical shifts are reshaping Foreign direct investment (FDI) worldwide.

Jun 26 2024

Essential Antitrust #40: America’s impending outbound investment controls: what investors need to know

Two former CFIUS Chairs discuss Treasury’s recently released draft rules and impending U.S. capital controls.

Apr 29 2024

Essential Antitrust #39: UK in-depth merger reviews: new process adopted by the CMA

On 25 April 2024, the UK Competition and Markets Authority (CMA) published a suite of reforms to the way in which it carries out Phase 2 merger investigations. Intended to streamline in-depth reviews, improve opportunities to engage with the CMA throughout the process and incentivise merging parties to put forward remedies at the earliest possible stage, the reforms came into effect immediately.

Aug 2 2024

Essential Antitrust #38: What businesses can expect from China’s revised merger control regime

In January 2024, China implemented significant changes to its merger control thresholds – marking the first revisions in 16 years. Coupled with last year's amendments to the Anti-Monopoly Law, they represent a comprehensive revamp of China’s merger control regime.

Feb 20 2023

Essential Antitrust #26: Foreign subsidy control: EU gears up to review deals and business conduct

The EU has a brand new tool to police subsidies from non-EU governments. It gives the European Commission power to review M&A deals and public procurement bids, as well as initiate investigations. Companies potentially affected need already now to set up internal information gathering, and to factor the new rules into deal feasibility assessments and timelines.

May 19 2022

Essential Foreign Investment #4: Expanding areas of global regulation

In our fourth podcast in this series, partner Alastair Mordaunt is joined by Michele Davis, partner in London, Aimen Mir, partner in Washington, DC, and Felix Roscam Abbing, senior associate in Amsterdam to look at developments in some of the fastest changing areas of global regulation.

Nov 24 2021

Essential Antitrust Asia #5: Update with Gilbert + Tobin on proposals to reform Australia’s merger regime

This episode features Alastair Mordaunt, partner and co-head of our Asia competition practice and Elizabeth Avery, a senior partner at Australian law firm Gilbert + Tobin and leader of its competition and regulation group.

Sep 30 2021

Essential Antitrust #15: Focus on fintech deals: navigating a tougher regulatory environment

Fintech M&A is booming, but so is regulatory scrutiny. Competition authorities are increasingly bullish to claim jurisdiction over fintech deals and to pursue novel theories of harm. At the same time, the scope of foreign investment regulation has widened due to the pandemic and ongoing trade tensions, adding yet another piece to the regulatory jigsaw puzzle faced by deal-doers. Getting your fintech deal cleared is no longer a given, and even if you get your merger control and foreign investment clearance, there is still a host of other financial regulation that applies before, throughout and after the deal process.