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ARTICLE · 09 NOVEMBER 2022

CFIUS Announces First Ever Enforcement And Penalty Guidelines

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On October 20, 2022, the US Department of the Treasury (Treasury) issued, for the first time, Enforcement and Penalty Guidelines (Guidelines) for the Committee on Foreign Investment...

United StatesGovernment, Public Sector
Jordan Cannon
Jordan Cannon
Brian J. Fleming
Brian J. Fleming
Evan T. Abrams
Evan T. Abrams

On October 20, 2022, the US Department of the Treasury (Treasury) issued, for the first time, Enforcement and Penalty Guidelines (Guidelines) for the Committee on Foreign Investment in the United States (CFIUS or the Committee). The Guidelines describe three categories of conduct that may constitute a violation, the process CFIUS generally follows in imposing penalties, and some of the factors the Committee considers in determining whether a penalty is warranted and the scope of any such penalty. The Guidelines also encourage prompt and complete self-disclosure of any conduct that may constitute a violation.

While the Guidelines are novel in the CFIUS context, they track many of the key features included in penalty and enforcement guidance from other agencies with national security responsibilities such as the Office of Foreign Assets Control (OFAC) within Treasury and the Bureau of Industry and Security (BIS) within the Department of Commerce.

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