Biden Administration Emphasizes CFIUS Enforcement And Key National Security Risks

The U.S. Department of Treasury recently released Enforcement and Penalty Guidelines (Guidelines) that outline conduct violating the Committee on Foreign Investment in the United States (CFIUS or Committee) regulations. Specifically, these Guidelines, the first of their kind, outline CFIUS' process and practical considerations when deciding whether to impose penalties and how severely to enforce a violation.

These Guidelines come several weeks after the Administration's release of Executive Order (EO) 14083 "Ensuring Robust Consideration of Evolving National Security Risks by the Committee on Foreign Investment in the United States." EO 14083 is notable as it is the first presidential directive defining CFIUS security considerations. That said, the order outlines many of the factors that the Committee already considers when reviewing transactions under its purview. EO 14083, defines five key national security factors for CFIUS to consider when analyzing