The Committee on Foreign Investment in the United States (CFIUS)
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.PROPOSED RULE MODIFYING THE DEFINITION OF MILITARY INSTALLATION AND THE LIST OF MILITARY INSTALLATIONS IN THE REGULATIONS PERTAINING TO CERTAIN TRANSACTIONS BY FOREIGN PERSONS INVOLVING REAL ESTATE IN THE UNITED STATES (July 2024)On July 8, 2024, the Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM) that would amend the definition of military installation at 31 C.F.R. § 802.227, add 59 military installations to the list of installations in the regulations (appendix A) around which CFIUS has jurisdiction, remove three installations from appendix A, expand CFIUS’s jurisdiction over eight military installations already listed in appendix A, and make certain other technical changes in the rule that implements the real estate provisions of Section 721 of the Defense Production Act of 1950, as amended.Interested persons may submit comments on the proposed rule electronically through the Federal Government’s eRulemaking Portal at https://www.regulations.gov. Written comments may be submitted through August 19, 2024.NPRM: Amendments to the Definition of Military Installation and the List of Military Installations in Regulations Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United StatesTreasury Press ReleasePROPOSED RULE MODIFYING PROVISIONS RELATED TO PENALTIES, OBLIGATION TO PROVIDE INFORMATION, NEGOTIATION OF MITIGATION AGREEMENTS, AND OTHER PROCEDURES PERTAINING TO CERTAIN INVESTMENTS BY FOREIGN PERSONS IN BUSINESSES IN THE UNITED STATES AND CERTAIN TRANSACTIONS BY FOREIGN PERSONS INVOLVING REAL ESTATE IN THE UNITED STATES (APRIL 2024)The Department of the Treasury is issuing a notice of proposed rulemaking that would amend the penalties for violations of statutory and regulatory provisions, including agreements entered into and conditions or orders issued pursuant thereto; expand the types of information the Committee may require transaction parties and other persons to provide; establish a time frame for party’s to respond to proposed risk mitigation proposals; and modify certain other provisions in the regulations that implement provisions of Section 721 of the Defense Production Act of 1950, as amended. Treasury strongly encourages the public to submit written comments in response to the proposed rule. Interested persons may submit comments on the proposed rule 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: Meena Sharma, Director, Office of Investment Security, 1500 Pennsylvania Avenue, NW, Washington, DC 20220. Comments will be accepted for 30 days following publication in the Federal Register.Amendments to Penalty Provisions, Provision of Information, Negotiation of Mitigation Agreements, and Other Procedures Pertaining to Certain Investments in the United States by Foreign Persons and Certain Transactions by Foreign Persons Involving Real Estate in the United States Treasury Press Release EXECUTIVE ORDER 14083On September 15, 2022, President Biden issued Executive Order 14083 reflecting the evolving national security threat landscape and underscoring the critical role of the Committee on Foreign Investment in the United States in responding to new and emerging threats and vulnerabilities in the context of foreign investment. The Executive Order elaborates and expands on the existing list of factors that CFIUS considers, as appropriate, when reviewing transactions for national security risks, and describes potential national security implications in key areas. Executive OrderWhite House Fact SheetTreasury Press ReleaseTHE 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.FIRRMA REGULATIONSOn 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.ADDITIONAL EXCEPTED FOREIGN STATE DETERMINATIONS (JANUARY 2023)The Department of the Treasury issued CFIUS’s determination that New Zealand and the United Kingdom of Great Britain and Northern Ireland have met certain requirements set forth in part 800 for excepted foreign states and part 802 for excepted real estate foreign states.Determination Regarding Excepted Foreign StatesDetermination Regarding Excepted Real Estate Foreign States   SUBMISSION INFORMATION On May 20, 2020, CFIUS released a new Case Management System (CMS), which allows easy submission of all transaction-related information through a secure online portal.  As of June 1, the CMS portal must be used to file any draft or formal written notice or declaration pursuant to 31 C.F.R. parts 800 or 802.  Additional resources, including instructions to register for the CMS, are available on the CFIUS Case Management System page.NOTICE of PUBLIC MEETINGS WITH THIRD PARTY COMPLIANCE PROVIDERSPursuant to Section 721, the Department of the Treasury, which serves as the CFIUS chair, hereby gives public notice that the Office of Investment Security (OIS) will be soliciting meetings with third-party compliance providers to discuss current and future CFIUS mitigation requirements.  OIS invites any additional third-party providers who were not solicited, but wish to discuss CFIUS mitigation, to contact us at CFIUS@treasury.gov.Send Us a TipMembers of the public are encouraged to send CFIUS tips, referrals, or other issues related to national security risks and foreign investment in the United States. Send CFIUS a tip about a transaction hereCONTACT INFORMATIONPlease see the CFIUS Contacts page for email addresses and telephone numbers to reach Department of the Treasury staff for CFIUS-related matters.CONFIDENTIALITYSection 721 of the Defense Production Act of 1950, as amended, mandates confidentiality protections with respect to information filed with the Committee. It prohibits the Committee from publicly disclosing any information filed with the Committee, subject to limited exceptions. Information and documentary material filed with the Committee are also exempt from disclosure under the Freedom of Information Act, 5 U.S.C. § 552. Consistent with section 721, the Committee does not publicly confirm or deny that a transaction has been notified to CFIUS. If the parties themselves publicly disclose documentary material or information filed with CFIUS, such documentary material or information may subsequently be reflected in the public statements of the Chairperson of CFIUS.
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U.S. Department of the Treasury
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.

PROPOSED RULE MODIFYING THE DEFINITION OF MILITARY INSTALLATION AND THE LIST OF MILITARY INSTALLATIONS IN THE REGULATIONS PERTAINING TO CERTAIN TRANSACTIONS BY FOREIGN PERSONS INVOLVING REAL ESTATE IN THE UNITED STATES (July 2024)

On July 8, 2024, the Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM) that would amend the definition of military installation at 31 C.F.R. § 802.227, add 59 military installations to the list of installations in the regulations (appendix A) around which CFIUS has jurisdiction, remove three installations from appendix A, expand CFIUS’s jurisdiction over eight military installations already listed in appendix A, and make certain other technical changes in the rule that implements the real estate provisions of Section 721 of the Defense Production Act of 1950, as amended.

Interested persons may submit comments on the proposed rule electronically through the Federal Government’s eRulemaking Portal at https://www.regulations.gov. Written comments may be submitted through August 19, 2024.

NPRM: Amendments to the Definition of Military Installation and the List of Military Installations in Regulations Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States

Treasury Press Release

PROPOSED RULE MODIFYING PROVISIONS RELATED TO PENALTIES, OBLIGATION TO PROVIDE INFORMATION, NEGOTIATION OF MITIGATION AGREEMENTS, AND OTHER PROCEDURES PERTAINING TO CERTAIN INVESTMENTS BY FOREIGN PERSONS IN BUSINESSES IN THE UNITED STATES AND CERTAIN TRANSACTIONS BY FOREIGN PERSONS INVOLVING REAL ESTATE IN THE UNITED STATES (APRIL 2024)

The Department of the Treasury is issuing a notice of proposed rulemaking that would amend the penalties for violations of statutory and regulatory provisions, including agreements entered into and conditions or orders issued pursuant thereto; expand the types of information the Committee may require transaction parties and other persons to provide; establish a time frame for party’s to respond to proposed risk mitigation proposals; and modify certain other provisions in the regulations that implement provisions of Section 721 of the Defense Production Act of 1950, as amended.

Treasury strongly encourages the public to submit written comments in response to the proposed rule. Interested persons may submit comments on the proposed rule 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: Meena Sharma, Director, Office of Investment Security, 1500 Pennsylvania Avenue, NW, Washington, DC 20220. Comments will be accepted for 30 days following publication in the Federal Register.

Amendments to Penalty Provisions, Provision of Information, Negotiation of Mitigation Agreements, and Other Procedures Pertaining to Certain Investments in the United States by Foreign Persons and Certain Transactions by Foreign Persons Involving Real Estate in the United States

Treasury Press Release

EXECUTIVE ORDER 14083

On September 15, 2022, President Biden issued Executive Order 14083 reflecting the evolving national security threat landscape and underscoring the critical role of the Committee on Foreign Investment in the United States in responding to new and emerging threats and vulnerabilities in the context of foreign investment. The Executive Order elaborates and expands on the existing list of factors that CFIUS considers, as appropriate, when reviewing transactions for national security risks, and describes potential national security implications in key areas.

Executive Order

White House Fact Sheet

Treasury Press Release

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.

FIRRMA REGULATIONS

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.

ADDITIONAL EXCEPTED FOREIGN STATE DETERMINATIONS (JANUARY 2023)

The Department of the Treasury issued CFIUS’s determination that New Zealand and the United Kingdom of Great Britain and Northern Ireland have met certain requirements set forth in part 800 for excepted foreign states and part 802 for excepted real estate foreign states.

Determination Regarding Excepted Foreign States

Determination Regarding Excepted Real Estate Foreign States

SUBMISSION INFORMATION

On May 20, 2020, CFIUS released a new Case Management System (CMS), which allows easy submission of all transaction-related information through a secure online portal. As of June 1, the CMS portal must be used to file any draft or formal written notice or declaration pursuant to 31 C.F.R. parts 800 or 802. Additional resources, including instructions to register for the CMS, are available on the CFIUS Case Management System page.

NOTICE of PUBLIC MEETINGS WITH THIRD PARTY COMPLIANCE PROVIDERS

Pursuant to Section 721, the Department of the Treasury, which serves as the CFIUS chair, hereby gives public notice that the Office of Investment Security (OIS) will be soliciting meetings with third-party compliance providers to discuss current and future CFIUS mitigation requirements. OIS invites any additional third-party providers who were not solicited, but wish to discuss CFIUS mitigation, to contact us at CFIUS@treasury.gov.

Send Us a Tip

Members of the public are encouraged to send CFIUS tips, referrals, or other issues related to national security risks and foreign investment in the United States.

CONTACT INFORMATION

Please see the CFIUS Contacts page for email addresses and telephone numbers to reach Department of the Treasury staff for CFIUS-related matters.

CONFIDENTIALITY

Section 721 of the Defense Production Act of 1950, as amended, mandates confidentiality protections with respect to information filed with the Committee. It prohibits the Committee from publicly disclosing any information filed with the Committee, subject to limited exceptions. Information and documentary material filed with the Committee are also exempt from disclosure under the Freedom of Information Act, 5 U.S.C. § 552. Consistent with section 721, the Committee does not publicly confirm or deny that a transaction has been notified to CFIUS. If the parties themselves publicly disclose documentary material or information filed with CFIUS, such documentary material or information may subsequently be reflected in the public statements of the Chairperson of CFIUS.