Page 75 - The CFIUS Book

party is unwilling or unable to enter into an NSA or LOA, the foreign party may withdraw the underlying FCC application.
4.2.4. Team Telecom and CFIUS
THE CFIUS BOOK
It is important for practitioners to be
conscious not only of the points where
a Team Telecom review may overlap
with CFIUS, but also where the two
processes diverge. Although CFIUS
and Team Telecom are both
interagency bodies compromised of
some of the same government
agencies, the two separate review
processes often necessitate different strategic considerations. For example, these are just a few of the ways in which the CFIUS process differs from a Team Telecom review:
WHEn praCTITIOnErS arE COnSIdErIng WHETHEr Or nOT TO FIlE a CFIUS nOTICE, THEy SHOUld alWayS aSSESS THE pOTEnTIal FOr CFIUS TO SErvE aS a USEFUl TOOl TO ExpEdITE and STrEamlInE an OngOIng TEam TElECOm rEvIEW.
l The CFIUS process is a formal process based on a statutory framework with codified and published regulations, whereas a Team Telecom review is not statutorily-based and there are no published regulations;102
l The CFIUS process is generally entirely voluntary, whereas a Team Telecom review may be involuntarily forced upon an applicant if the applicant meets a certain foreign ownership threshold;
l A CFIUS notice is subject to well-defined review periods, whereas a Team Telecom review is not defined by or required to adhere to a strict review period or schedule;
l CFIUS generally has no jurisdiction over “greenfield” investments, whereas Team Telecom’s jurisdiction can extend to “greenfield” investments;103 and
l CFIUSnominallyappliestotransactionsthatimpactthenationalsecurityofthe United States, whereas Team Telecom is expressly concerned with both national security and law enforcement.
When practitioners are considering whether or not to file a CFIUS notice, they should always assess the potential for CFIUS to serve as a useful tool to expedite and streamline an ongoing Team Telecom review. For example, a CFIUS notice is subject to an official
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