Recently, the FCC reminded telecom providers that the cost of failing to protect their customers’ privacy is steep. In a July 28, 2023 Notice of Apparent Liability for Forfeiture, the Federal Communications Commission fined Q Link Wireless LLC and Hello Mobile Telecom LLC, an affiliate of Q Link, $20 million for impermissibly relying upon readily available biographical information and account information to authenticate online customers.
- CFIUS takes an unprecedented step to fend off a potential foreign acquisition
- The threat that China will eclipse the U.S. in telecommunications infrastructure and technology is central to U.S. national security
- Five key takeaways from the most recent CFIUS action
Since late 2017, Singapore-based semiconductor company Broadcom has been pursuing a $117 billion hostile takeover bid for Qualcomm, its U.S.-based rival whose chips are omnipresent in U.S. telecommunications infrastructure, including consumer devices like smartphones and tablets. As part of its hostile bid, Broadcom nominated its own slate of six directors who were to be voted on at Qualcomm’s annual stockholders meeting, originally scheduled for March 6th. However, earlier this week the Committee on Foreign Investment in the United States (CFIUS) announced that it “issued an interim order to Qualcomm directing it to postpone its annual stockholders meeting and election of directors by 30 days. This measure will afford CFIUS the ability to investigate fully Broadcom’s proposed acquisition of Qualcomm.”…
Continue Reading Chips on Their Shoulders: CFIUS Intervenes in Broadcom’s Hostile Takeover Bid for Qualcomm