CFIUS Filings Become Mandatory for Certain Transactions and Industries

Trade Security Journal


In this article, Barbara Linney examined the reporting requirements instituted under the first CFIUS pilot program, which applies to 27 industries. Linney highlighted the updated definition of "critical technologies" as "one of the cornerstones of the new pilot program," noting that it is a "broad definition [that] sweeps in commodities...not commonly understood to be 'technology' in the ordinary sense of the word." Addressing how investors might approach the new requirements, Linney said that some may avoid transactions requiring CFIUS review or attempt to structure them in order to take advantage of the safe harbor for investment funds. In addition, she cautioned that those who proceed with transactions requiring CFIUS review should plan a transaction timetable that allows adequate time to complete the applicable CFIUS process.