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Stephen R. Heifetz
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Partner
National Security
Washington, D.C.

D202-973-8802

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  • Government Experience

    Stephen previously served in the U.S. government as a CFIUS official, and in other national security positions at the CIA, Department of Homeland Security, and Department of Justice.

  • A Recognized CFIUS Practitioner

    For two decades, Stephen has been involved in thousands of CFIUS matters. He helps U.S. companies and foreign investors assess CFIUS risks, draft risk-allocation language, respond to CFIUS inquiries and enforcement actions, make CFIUS filings, and obtain CFIUS clearances. He also serves as CFIUS counsel to the National Venture Capital Association and has been recognized as a leading CFIUS and national security expert by Chambers USA, Chambers Global, Foreign Investment Watch, and Washingtonian.

  • Anti-Money Laundering, Sanctions, and Other National Security Matters

    Stephen has advised clients on regulatory compliance, investigations, and defense of government enforcement actions relating to anti-money laundering and beneficial ownership requirements, economic sanctions (including UN sanctions regimes), and an array of other national security matters.

  • A Thought Leader on CFIUS and National Security Issues

    Stephen has published articles in many forums, including The New York Times, The Washington Post, Bloomberg, Semafor, Lawfare, The Hill, and Law360, and he speaks regularly on CFIUS and other national security topics.

Stephen Heifetz is a partner in the Washington, D.C., office of Wilson Sonsini Goodrich & Rosati, where he advises clients on laws and policies at the intersection of international business and national security. He has been a CFIUS practitioner for two decades, and has previously served for the U.S. government on the Committee on Foreign Investment in the United States (CFIUS). Stephen has advised the National Venture Capital Association (NVCA) on CFIUS policy issues, has been involved in thousands of CFIUS matters and has been recognized as a leading CFIUS and national security expert by Chambers USA, Chambers Global, Foreign Investment Watch, and Washingtonian. Chambers sources note Stephen is “extraordinarily knowledgeable, responsive, and offers great practical guidance.”

Stephen regularly helps U.S. companies and foreign investors determine whether to make a CFIUS filing, allocate CFIUS risk in transaction documents, navigate the CFIUS process, respond to CFIUS “non-notified” inquiries, and negotiate risk mitigation measures if needed to obtain CFIUS clearance.

Beyond CFIUS, Stephen advises clients on matters of legal compliance and political risk and defends companies facing investigations and government enforcement actions, often in the context of cross-border transactions and other activities. He represents clients with regard to anti-money laundering laws and beneficial ownership requirements administered by the Financial Crimes Enforcement Network (FinCEN) and other financial regulators, particularly laws pertaining to money transmitters and other money services businesses.

Additionally, Stephen advises on economic sanctions administered by the Office of Foreign Assets Control (OFAC) and by the UN Security Council, and has experience with anti-corruption and export control laws, with security screening rules applicable to visa applicants as well as airlines and other transportation companies, and with codes of conduct applicable to private security providers.

Prior to joining Wilson Sonsini, Stephen was a partner at a multinational law firm based in Washington, D.C., where he co-chaired that firm's international regulation and compliance group. From 2006 to 2010, he served as a senior official in the U.S. Department of Homeland Security's (DHS) Office of Policy Development. In this role, he served as DHS's daily representative to CFIUS and also worked with DHS's agencies—including the Transportation Security Administration, U.S. Customs and Border Protection, and U.S. Immigration and Customs Enforcement—to develop policies on a range of issues.

After finishing law school, Stephen worked as an attorney for the Central Intelligence Agency and later served as a trial attorney in the U.S. Department of Justice's Money Laundering and Asset Recovery Section.

Stephen has published articles in top business and legal media outlets, including The New York Times, The Washington Post, Bloomberg, Semafor, Lawfare, The Hill, and Law360. He also was previously an adjunct professor at Georgetown University Law Center.

Experience

Stephen Heifetz is a partner in the Washington, D.C., office of Wilson Sonsini Goodrich & Rosati, where he advises clients on laws and policies at the intersection of international business and national security. He has been a CFIUS practitioner for two decades, and has previously served for the U.S. government on the Committee on Foreign Investment in the United States (CFIUS). Stephen has advised the National Venture Capital Association (NVCA) on CFIUS policy issues, has been involved in thousands of CFIUS matters and has been recognized as a leading CFIUS and national security expert by Chambers USA, Chambers Global, Foreign Investment Watch, and Washingtonian. Chambers sources note Stephen is “extraordinarily knowledgeable, responsive, and offers great practical guidance.”

Stephen regularly helps U.S. companies and foreign investors determine whether to make a CFIUS filing, allocate CFIUS risk in transaction documents, navigate the CFIUS process, respond to CFIUS “non-notified” inquiries, and negotiate risk mitigation measures if needed to obtain CFIUS clearance.

Beyond CFIUS, Stephen advises clients on matters of legal compliance and political risk and defends companies facing investigations and government enforcement actions, often in the context of cross-border transactions and other activities. He represents clients with regard to anti-money laundering laws and beneficial ownership requirements administered by the Financial Crimes Enforcement Network (FinCEN) and other financial regulators, particularly laws pertaining to money transmitters and other money services businesses.

Additionally, Stephen advises on economic sanctions administered by the Office of Foreign Assets Control (OFAC) and by the UN Security Council, and has experience with anti-corruption and export control laws, with security screening rules applicable to visa applicants as well as airlines and other transportation companies, and with codes of conduct applicable to private security providers.

Prior to joining Wilson Sonsini, Stephen was a partner at a multinational law firm based in Washington, D.C., where he co-chaired that firm's international regulation and compliance group. From 2006 to 2010, he served as a senior official in the U.S. Department of Homeland Security's (DHS) Office of Policy Development. In this role, he served as DHS's daily representative to CFIUS and also worked with DHS's agencies—including the Transportation Security Administration, U.S. Customs and Border Protection, and U.S. Immigration and Customs Enforcement—to develop policies on a range of issues.

After finishing law school, Stephen worked as an attorney for the Central Intelligence Agency and later served as a trial attorney in the U.S. Department of Justice's Money Laundering and Asset Recovery Section.

Stephen has published articles in top business and legal media outlets, including The New York Times, The Washington Post, Bloomberg, Semafor, Lawfare, The Hill, and Law360. He also was previously an adjunct professor at Georgetown University Law Center.

Focus Areas
Recent Insights
Client Advisories
The New National Security Rules for Investing U.S. Capital
In late October 2024, the U.S. Treasury Department (Treasury) issued its final rules (the Outbound Rules) implementing President Biden’s Executive Order (EO) 14105 on “outbound” U.S. investment. See our prior mailers here and here. The Outbound Rules will take effect on January 2, 2025, and will add a new layer of diligence to most U.S. parties’ investment activities. On their face, the rules are comparatively narrow, restricting U.S. persons from engaging in certain technology investment and other capital-allocating activities when the target entity has ties to the People’s Republic of China (PRC) and operates in certain specific technology areas. However, in practice, the Outbound Rules will create incentives for U.S. investors—and many non-U.S. funds—to engage in diligence and obtain representations from any business that cannot otherwise clearly rule out connections to those technology areas or to the PRC.
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Client Highlights
Wilson Sonsini Advises Novo Holdings and F-Prime Capital on AvenCell’s $112 Million Series B
On October 22, 2024, AvenCell Therapeutics, a leading clinical-stage cell therapy company focused on advancing both autologous and allogeneic switchable CAR-T cell therapies, announced that it has raised $112 million in Series B financing. The financing was led by global life sciences investor Novo Holdings. New investors F-Prime Capital, Eight Roads Ventures Japan, Piper Heartland Healthcare Capital, and NYBC Ventures also participated in the round alongside founding investor Blackstone Life Sciences. Wilson Sonsini Goodrich & Rosati advised Novo Holdings and F-Prime Capital on the transaction.
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Recent Events
WSGR Events
Election 2024: Regulatory Predictions for the New Administration Webinar
Join Wilson Sonsini for a webinar on Tuesday, September 24, 2024 from 10:00 a.m. to 11:00 a.m. PT, where our esteemed panel will consider how federal enforcement priorities may differ between a Trump and Harris administration, and the likelihood of Biden administration enforcement policies continuing in either administration.
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Speaking Engagements
Helsinki Geoeconomics Week 2024
Wilson Sonsini is proud to partner with Helsinki Geoeconomics Week, organized by the Geoeconomics Society. The conference is a week-long international event exploring the intersection of economics and global power dynamics, focusing on the emerging profession of geoeconomists. Helsinki Geoeconomics Week is attended by professionals, academics, policymakers, business leaders, corporate strategists, investment analysts, and legal experts; focused on bridging the gap between theory and practice in geoeconomics, fostering interdisciplinary collaboration and shaping the future of the field through discussions, panels, and networking opportunities. Learn more about the event's origin and organizers here.
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