The Committee on Foreign Investment in the United States is a U.S. government interagency committee that has the authority to review investments that provide a foreign person with control or, in some cases, certain non-controlling rights over a U.S. business and evaluate the extent to which such transactions raise national security concerns.
For decades following the establishment of CFIUS, the Committee largely only reviewed transactions that parties proactively submitted to CFIUS. This primarily was due to CFIUS’s limited resources and dedication of such resources to reviewing transactions notified to CFIUS. In 2018, Congress passed the Foreign Investment Risk Review Modernization Act, which, among other things, provided CFIUS with additional resources to identify transactions that: (1) could be within the jurisdiction of CFIUS, (2) potentially raise national security concerns, and (3) were not notified to CFIUS (often referred to as “non-notified transactions”).
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