March 2025 marked the fifth anniversary of the Committee on Foreign Investment in the United States (CFIUS) initiative to “formalize and centralize” within the Department of the Treasury an enforcement function to identify and investigate “non-notified” transactions (i.e., cross-border acquisition and investment transactions that may have been subject to CFIUS jurisdiction but not formally “notified” to CFIUS for review). In support of this enforcement push, the Department of the Treasury “has dedicated staffing, training, resources, and outreach to support this critical effort—strengthening and sharpening the Committee’s ability to identify and assess whether non-notified transactions merit further review.”
This client alert published by Cooley’s CFIUS team discusses our firm’s experience with non-notified CFIUS inquiries since the beginning of the 2020 enforcement initiative, and reports the trends, outcomes and government practices we have observed in our matters.
