The Treasury Department is seeking public input by March 18 on how the Committee on Foreign Investment in the U.S. may streamline aspects of its foreign investment review process while maintaining a rigorous analysis that identifies and addresses national security risk. Information submitted may inform the development of statutory and/or regulatory reform proposals.
CFIUS reviews certain transactions involving foreign investment into U.S. businesses and certain real estate transactions by foreign persons to determine their effect on U.S. national security. Treasury notes that over the past five years about 70 percent of covered transactions reviewed by CFIUS have been approved in the initial phase (i.e., in the first 30 or 45 days) and about 90 percent have been approved overall.
Nevertheless, CFIUS is seeking to increase efficiencies in its process to facilitate even greater investment “from allies and partners where there is verifiable distance and independence from foreign adversaries or threat actors.” Treasury is therefore seeking input from a broad range of stakeholders on information that could be submitted prior to a formal filing, particularly as part of a potential Known Investor Program, to better inform CFIUS reviews.
CFIUS is also interested in other ways in which it and transaction parties, including both foreign investors and U.S. businesses, can streamline aspects of the review process, including interactions between CFIUS and transaction parties, mitigation measures, and compliance monitoring processes.
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