CFIUS legislation, regulations, executive orders, guidance, and other policy documents can be found below.
CFIUS Legislation
The authority of the President to suspend or prohibit certain transactions was initially provided by the addition of section 721 to the Defense Production Act of 1950 by a 1988 amendment commonly known as the Exon-Florio amendment. Section 721 was substantially revised by the Foreign Investment and National Security Act of 2007 (FINSA), which was enacted on October 24, 2007, and the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which was enacted on August 13, 2018. Section 721 of the Defense Production Act of 1950, as amended, is codified at 50 U.S.C. 4565.
- The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA)
- The Foreign Investment and National Security Act of 2007 (FINSA)
CFIUS Presidential Memoranda and Executive Orders
- The America First Investment Policy, issued by President Trump as National Security Presidential Memorandum 3 on February 21, 2025, reaffirms the United States’ commitment to maintaining the strong, open investment environment that benefits the American economy and people, while enhancing our ability to protect the United States from new and evolving threats that can accompany foreign investment. The policy includes several directives to CFIUS, including related to facilitating investment from allies and partners where there is verifiable distance and independence from foreign adversaries.
- Executive Order 11858, as amended
- Executive Order 14083
CFIUS Regulations
In Executive Order 11858, as amended, the President directs the Secretary of the Treasury to issue regulations implementing section 721. The regulations governing the CFIUS review process are codified at chapter VIII of title 31 of the Code of Federal Regulations.
- 31 C.F.R. Part 800. Prior to February 13, 2020, the regulations at 31 C.F.R. part 800 focused on transactions that could result in foreign control of any U.S. business. Effective February 13, 2020, the regulations at 31 C.F.R. part 800 implement changes that FIRRMA made to CFIUS’s jurisdiction and process, including with respect to certain non-controlling covered investments that afford a foreign person certain access, rights, or involvement in certain types of U.S. businesses. A final rule effective October 15, 2020 modifies the mandatory declaration provision for certain foreign investment transactions involving a U.S. business that produces, designs, tests, manufactures, fabricates, or develops one or more critical technologies, makes amendments to the definition of the term substantial interest and a related provision, and makes one technical revision.
- 31 C.F.R. Part 802. The regulations at 31 C.F.R. part 802 implement CFIUS’s authorities, provided under FIRRMA, with respect to certain real estate transactions by foreign persons in the United States. The regulations became effective on February 13, 2020.
- Provisions Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States (31 C.F.R. part 802)
- Final Rule Adding Eight Military Installations to Appendix A (31 C.F.R. part 802)
- Final Rule: 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
- Definition of “Principal Place of Business” and Subpart K to 31 C.F.R. part 800 and 31 C.F.R. part 802. Subpart K to 31 C.F.R. part 800 and 31 C.F.R. part 802 establishes filing fees for formal written notices of transactions filed with CFIUS on or after May 1, 2020.
- Final Rule: Definition of “Principal Place of Business”; Filing Fees for Notices of Certain Investments in the United States by Foreign Persons and Certain Transactions by Foreign Persons Involving Real Estate in the United States
- Interim Rule: 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
- Definition of “Excepted Foreign State” in 31 C.F.R. part 800 and “Excepted Real Estate Foreign State” in 31 C.F.R. part 802. Effective February 4, 2022, the definitions of excepted foreign state in part 800 and excepted foreign real estate foreign state in part 802 were amended. Concurrent with the publication of the final rule, CFIUS also took certain determination and eligibility actions with respect to foreign states.
- Final 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. Effective December 26, 2024, amendments were made to certain provisions of the CFIUS regulations pertaining to penalties for violations of statutory or regulatory provisions or agreements, conditions, or orders issued pursuant thereto; negotiation of mitigation agreements; requests for information by CFIUS; and certain other procedures.
- Final Rule: 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 - Final Rule
- Additional FIRRMA resources:
CFIUS Guidance
The Department of the Treasury, as CFIUS chair, published guidance concerning the national security review conducted by CFIUS in the Federal Register on December 8, 2008.
The guidance describes the purpose and nature of the CFIUS process, how CFIUS analyzes whether a transaction poses national security risks, national security factors identified by FINSA, and the types of transactions that CFIUS has reviewed that have presented national security considerations.
- Guidance Concerning the National Security Review Conducted by CFIUS, 73 Fed. Reg. 74567 (Dec. 8, 2008)
- Summary of Guidance
Historical References
The documents listed below are provided solely for historical reference.
Executive Orders
- Executive Order 11858 was first issued in 1975 and has been amended several times since then. The version linked above reflects Executive Order 11858 as currently in effect.
Regulations
- 31 C.F.R. Part 801. As authorized by FIRRMA, the regulations at 31 C.F.R. part 801 implemented a pilot program covering certain transactions involving critical technologies and for which specified actions occurred between November 10, 2018 and February 12, 2020.
- The original CFIUS regulations were amended by the final rule published at 73 Fed. Reg. 70702 (Nov. 21, 2008), which implemented provisions of FINSA and became effective on December 22, 2008.
- The regulations were further amended by the interim rule published at 83 Fed. Reg. 51316 (October 11, 2018), which primarily implemented the provisions of FIRRMA that became effective immediately upon that statute’s enactment.