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slash disclosures. Hi, everyone. Welcome to the A6 and C podcast. Today's episode is all about Sipheus, the committee

on foreign investment in the United States and their proposed updates to Ferma, or the Foreign

Investment Risk Review Modernization Act of 2018, which took place in September 2019.

The conversation was hosted by Andreessen Horowitz as part of an event for founders and others,

with General Partner Katie Hahn interviewing Michael Leiter, a partner at law firm Skadden-Arps

at all, who covers national security, cybersecurity, and privacy, Sipheus and more,

which is what this Q&A is all about, covering what it involves and doesn't,

to how to think about and structure your business

and partnership strategically as a result. But the conversation begins with what Sipheus is.

So Sipheus stands for the Committee on Foreign Investment in the United States. And the basic

function of Sipheus is to review any foreign investment in a U.S. business that produces national security concerns.

So that sounds relatively basic. It's this big interagency body. Everything in Washington is interagency.

And how many agencies?

13 agencies. It's run by the Department of Treasury. Unsurprising, because it's about foreign investment in the United States,

and it has traditionally sort of split between two different camps.

Historically, it was those parts of the U.S. government that wanted foreign investment in the United

States, Treasury, the U.S. Trade Representatives, State Department, their job is to do this.

And those agencies that didn't necessarily want investment

were at least more concerned about security.

...