CFIUS Proposes Changes To Mandatory Declaration Requirements

May 27, 2020 - On May 21, 2020, the U.S. Department of the Treasury published a proposed rule that would amend the scope of mandatory filings before the Committee on Foreign Investment in the United States ("CFIUS"), an interagency body that reviews foreign investments into the United States to assess national security risks.  The proposed rule follows the Treasury Department's publication of the regulations implementing the Foreign Investment Review Modernization Act, a statute passed in 2018, which aimed to streamline and modernize the CFIUS review process.  We previously summarized the CFIUS regulations here and here.  The proposed rule amends the scope of the mandatory declaration requirement for transactions involving U.S. businesses involved in critical technologies, and makes clarifying revisions to the definition of "substantial interest" in the context of acquisitions involving foreign governmental involvement.