Clifford Chance

CFIUS 2020 Annual Report Sheds Light on CFIUS Review Process and Trends

September 13, 2021

The Committee on Foreign Investment in the United States has released its 2020 Annual Report to Congress, which provides data on transactions reviewed by CFIUS in the prior year. Because CFIUS filings and outcomes are generally not publicized, the Report is an essential source of information on CFIUS' priorities, processes, and timelines. This year's report is the first to cover transactions reviewed post-implementation of new CFIUS regulations under the Foreign Investment Risk Review Modernization Act, which among other things, expanded CFIUS' jurisdiction to cover certain real estate transactions and implemented mandatory filing requirements. Our prior briefings on FIRRMA and the changes to filing requirements can be found here and here. In a first for these annual reports, CFIUS included data on non-reported transactions – a sign of CFIUS' significantly increased resources and focus on non-reported transactions.

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