Consistent with the United States’ open investment environment, filing a transaction with CFIUS remains largely a voluntary process. However, filing certain types of transactions with CFIUS is mandatory, and the Committee has the authority to review any transaction not voluntarily filed with CFIUS that is covered by its jurisdiction and may raise national security considerations.
Where no voluntary notice has been filed by the parties to a transaction and no safe harbor has been granted under section 721 of the Defense Production Act of 1950, as amended, the Committee may seek to determine whether such transaction may be subject to CFIUS’s jurisdiction and, if so, take steps to initiate a review of the transaction. Specifically, if the Committee determines that a non-notified transaction may be a covered transaction under 31 C.F.R. part 800 or a covered real estate transaction under 31 C.F.R. part 802 and may raise national security considerations, Treasury may contact the transaction parties on behalf of the Committee for additional information.
Consistent with the Foreign Investment Risk Review Modernization Act of 2018, the Committee’s non-notified function was formalized and centralized within Treasury. Since 2020, Treasury has dedicated staffing, training, resources, and outreach to support this critical effort, strengthening and sharpening the Committee’s ability to identify and assess whether non-notified transactions merit further review.
How Non-Notified Cases Are Identified
The Committee leverages a range of sources, including tips from the public, referrals from Executive branch agencies and Congress, media reports, commercial databases, and classified reporting, to identify and analyze non-notified transactions. The Committee screens thousands of such transactions per year and formally requests information or filings from the parties in a subset of cases. See the CFIUS Reports and Tables page for more information.
Transactions that are identified through the non-notified process are often among the most complicated that CFIUS considers. If the Committee determines that a non-notified transaction is a covered transaction that raises national security risks, mitigation measures or other actions to address national security risks may be required. When in doubt, Treasury encourages parties to engage proactively with CFIUS, as addressing national security risks is typically easier for all parties involved before a transaction is closed than after. Parties may use the Filings, Pre-Filing Consultations, and Contact pages for more information about how to file and engage with the Committee.
Tips and Referrals
Members of the public may contact Treasury with tips, referrals, or voluntary self-disclosures at CFIUS.Tips@treasury.gov or by clicking the Submit a Tip button below. More information is available on the CFIUS Tips page.