Proposed Regulations Implement Fee Structure For CFIUS Filings

I. Overview

The U.S. Department of the Treasury announced a proposed rule establishing fees for parties filing voluntary notices of transactions for national security review by the Committee on Foreign Investment in the United States ("CFIUS"),¹ further implementing the Foreign Investment Risk Review Modernization Act of 2018 ("FIRRMA"). The proposed fee schedule would apply to "covered transactions" and "covered real estate transactions" under Part 800 and Part 802, respectively, of FIRRMA, which are discussed in our memorandum here.

II. Proposed Fee Structure

Under the proposed rule, parties would be required to pay the applicable fee to the Treasury Department when they file a notice to trigger the start of the initial CFIUS review period. Although fees do not apply to declarations (short-form filings), they apply when the Committee's review of a declaration results in a request for parties to file notice.²