While mergers and acquisitions were declining as the novel coronavirus spread across the globe, the CFIUS, which reviews transactions for national security concerns, is also impacted by the new working conditions.

While the federal government has whittled down some of the final regulations from the initial proposals, there is still potential for trouble for foreign investors under the 31 pages of final rules governing national security reviews by CFIUS of foreign investments in U.S. real estate, which take effect on Feb. 13.

Rules specify requirements for national security reviews by the CFIUS of transactions that involve foreign investment in certain U.S. businesses and real estate.

Proposed regulations for national security reviews of deals under CFIUS involving "sensitive personal data" will likely mean scrutiny of many more transactions.