The Committee on Foreign Investment in the United States
(“CFIUS”) issued Enforcement and Penalty Guidelines
(“Guidelines”) on October 20, 2022 to address
violations of national security review rules and mitigation
terms.1 The Guidelines describe three types of possible
violations – (1) failure to file, (2) noncompliance with
CFIUS mitigation, and (3) material misstatements, omissions, and
false certifications. The Guidelines also provide information on
CFIUS's sources for obtaining information on violations, its
penalty process, and possible aggravating and mitigating factors in
assessing penalties.
CFIUS is an interagency committee authorized to review certain
transactions involving foreign investment in the United States to
determine the impact of such investment on national security
concerns. CFIUS recommends to the President whether to block or
unwind a proposed transaction and can also require mitigation
agreements, conditions or orders (“mitigation”) for
