On July 26, 2007, President Bush signed the Foreign Investment and National Security Act of 2007 (“2007 Foreign Investment Act” or “the Act”) into law. The 2007 Foreign Investment Act amends the laws authorizing the President, acting through and in conjunction with the Committee on Foreign Investment in the United States (“CFIUS”), to review certain transactions whereby a foreign person or entity acquires control of a U.S. business. The Act will become effective on October 24, 2007. Implementing regulations must become effective no later than April 21, 2008. This Client Advisory reviews the Act and discusses the consequences of the new reporting requirements.