Chinese Tech Company Signs NSA With CFIUS
A Chinese technology company this month signed a national security agreement with the Committee on Foreign Investment in the U.S. involving the company’s 2016 acquisition of a U.S. data services firm. CFIUS and China-based Genimous Technology on Oct. 1 finalized…
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the NSA, which outlines several conditions for Genimous’ acquisition of U.S.-based Spigot, Yicai Global, a Chinese state-run media organization, reported Oct. 8. According to the NSA, Genimous will hire a CFIUS-approved safety director and a safety compliance officer to oversee certain “data security issues,” the report said. Genimous must also store all personal data on U.S. users within the U.S. and can’t export that data to “any other associated firms” without approval from the safety director. Genimous must also restructure its “overseas associate firm” so that the majority of its board of directors -- who will be subject to CFIUS approval -- are U.S. citizens.