CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States and certain real estate transactions, in order to determine the effect of such transactions on the national security of the United States.
CFIUS operates pursuant to section 721 of the Defense Production Act of 1950, as amended (section 721), and as implemented by Executive Order 11858, as amended, and regulations at chapter VIII of title 31 of the Code of Federal Regulations.
The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA)
FIRRMA was signed into law on August 13, 2018. FIRRMA strengthens and modernizes CFIUS to address national security concerns more effectively, including by broadening the authorities of the President and CFIUS to review and to take action to address any national security concerns arising from certain non-controlling investments and real estate transactions involving foreign persons.
The full language of FIRRMA and related information can be found on the CFIUS Legislation page.
FINAL REGULATIONS IMPLEMENTING FIRRMA (JANUARY 2020)
On January 13, 2020, the Department of the Treasury released two final regulations to implement the changes that FIRRMA made to CFIUS’s jurisdiction and processes. The regulations, which become effective on February 13, 2020, were released in two parts:
- Provisions Pertaining to Certain Investments in the United States by Foreign Persons (31 C.F.R. part 800)
- Provisions Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States (31 C.F.R. part 802)
Incorporated into both rules is an interim rule on the new definition for “principal place of business,” on which the Department of the Treasury is seeking public comments. Interested persons may submit comments electronically through the Federal Government’s eRulemaking Portal at https://www.regulations.gov or by mailing comments to: U.S. Department of the Treasury, Attention: Laura Black, Director of Investment Security Policy and International Relations, 1500 Pennsylvania Avenue, NW, Washington, DC 20220. Written comments must be received by February 18, 2020.
Additional information is provided below.
- Final FIRRMA Regulations – Fact Sheet
- Final FIRRMA Regulations – FAQs
- Final FIRRMA Regulations – Press Release
Critical Technology Pilot Program
Pursuant to FIRRMA, CFIUS is conducting a pilot program related to critical technology, which became effective on November 10, 2018 and remain in effect through February 12, 2020. Additional information is provided below.
For general CFIUS inquiries and submissions of notices:
Phone: (202) 622-1860
Phone: (202) 622-3425
For Pilot Program Inquiries:
Phone: (202) 622-3425