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ARTICLE · 27 OCTOBER 2022

CFIUS Releases First-Ever Enforcement And Penalty Guidelines

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On October 20, the Committee on Foreign Investment in the United States released its first-ever enforcement and penalty guidelines.

United StatesGovernment, Public Sector
Timothy Keeler
Timothy Keeler
Marcia Madsen
Marcia Madsen
Evan C. Williams
Evan C. Williams
Mickey Leibner
Mickey Leibner
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On October 20, the Committee on Foreign Investment in the United States ("CFIUS") released its first-ever enforcement and penalty guidelines (the "Guidelines"). The Guidelines provide important information about the penalties that CFIUS can impose, the penalty process, and the aggravating and mitigating factors it takes into account when imposing penalties. 1 The release of the Guidelines comes just a few weeks after President Biden issued an executive order directing CFIUS to consider specific risk factors in its review of foreign investments in the United States (our analysis of that executive order).

Three Types of Violative Conduct

The Guidelines specify three types of conduct that may constitute violations of the CFIUS laws, regulations, or mitigation requirements—and, therefore, could result in the imposition of penalties:

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