CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States and certain real estate transactions by foreign persons, 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 the 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.
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 were released in two parts, became effective on February 13, 2020. The full language of FIRRMA and related information can be found on the CFIUS Laws and Guidance page.
Proposed Regulations Establishing Filing Fees (March 2020)
On March 4, 2020, the Department of the Treasury issued proposed regulations to establish a fee for parties filing a voluntary notice of certain transactions for review by CFIUS.
- Filing Fees for Notices of Certain Foreign Investments in the United States by Foreign Persons and Certain Transactions by Foreign Persons Involving Real Estate in the United States (31 C.F.R. parts 800 and 802)
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 April 3, 2020.
Transaction parties can find detailed instructions for submitting a notice or declaration (including declaration forms) on the applicable pages on the left menu bar.
Please see the CFIUS Contacts page for email addresses and telephone numbers to reach Department of the Treasury staff for CFIUS-related matters.