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ARTICLE · 17 AUGUST 2023

Key Takeaways From The 2022 CFIUS Annual Report

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On July 31, 2023, the Committee on Foreign Investment in the United States (CFIUS) released its Annual Report to Congress for Calendar Year 2022. CFIUS is the inter-agency body charged with conducting national...

United StatesGovernment, Public Sector
Evan T. Abrams
Evan T. Abrams
Ryan Pereira
Ryan Pereira
Stewart Baker
Stewart Baker
Brian J. Fleming
Brian J. Fleming

On July 31, 2023, the Committee on Foreign Investment in the United States (CFIUS) released its Annual Report to Congress for Calendar Year 2022. CFIUS is the inter-agency body charged with conducting national security reviews for certain foreign investments in the United States. The CFIUS process is generally confidential, but the annual report provides aggregate data on certain CFIUS activities and offers the private sector insight into current Committee trends.

Key Takeaways

  • CFIUS continues to face challenges meeting statutory deadlines, as it resorted to a "withdraw and refile" in 68 cases (nearly a quarter of all cases).
  • Transaction parties are still having trouble figuring out when to use declarations instead of full-length notices. Roughly 42 percent of parties to declarations in 2022 were forced to submit a subsequent notice or received a "shrug" (i.e., no action taken; no safe harbor given).

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