Public comments are set to conclude on the proposals for known investor plans and simplifying the CFIUS process.

Public Comments Closing Soon on Known InvestorProgram and Proposal to Streamline the CFIUS Process US – March 2026 On February 6, 2026, the US Department of the Treasury (Treasury) published a Request forInformation1 (RFI) seeking public input on the development of a Known Investor Program (KIP) The RFI stems from the Trump administration’s “AmericaFirst Investment Policy” in February 2025, directing Treasuryto create an expedited CFIUS review process for alliesand partners2 who can demonstrate “verifiable distanceand independence” from foreign adversaries without Proposed Eligibility Criteria and The proposed KIP envisions the following eligibility thresholdsfor foreign investors seeking to participate in the program,in addition to meeting the definition of a “foreign person,” •The foreign investor must have submitted at least threedistinct covered transactions or real estate filings to CFIUS The RFI presents an opportunity for certain foreign investorsthat stand to be impacted by the changes; namely those thatregularly file with CFIUS (≥1 filing/year), or that may regularlyfile in the future, to assist with shaping the new program •The foreign investor must “expect” to submit at least oneof such transactions to CFIUS within the next 12 months •The foreign investor must have a positive history ofCFIUS compliance within the past five years (i.e., it mustnot have received written notice from CFIUS of material Known Investor Program: Purpose and Scope Under the RFI, the proposed KIP would require foreigninvestors that meet specified eligibility criteria to provideCFIUS with extensive information regarding the ownership,governance, operations and compliance framework of theirbusiness in advance of any filing for an individual transaction.The program’s intent is to improve efficiency, enabling •The foreign investor must not be included on US sanctionsor export-control restricted lists (e.g., the Bureau of Industryand Security’s Entity List or the Office of Foreign Asset The proposed KIP questionnaire requires extensive detailson the legal and organizational structure of the participating •Details on the company’s personnel and process forgoverning and operating their business. This includesdetails regarding the company’s limited partners, Treasury has already launched a confidential pilot program forcompletion by a select group of frequent filers from multiplejurisdictions, and sought feedback from these participants withinthe scope of the pilot program. With this RFI, Treasury seeksbroader stakeholder input on KIP design, including the KIP’s •Nature and characteristics of the company’s business,including the overall investment strategy and how the USinvestment would fit into the business. This includes details •Details regarding the company’s engagement with the USgovernment and its compliance posture and history. Thisincludes details regarding the company’s previous CIFUS Comment Period and Next Steps The public comment period is currently open and will closeon March 18, 2026. Treasury is taking the input from thesecomments, and is considering a wide array of reforms •Detailed information regarding the company’s connectionsto adversary countries, in order to demonstrate thecompany’s “verifiable distance” rom such countries. Addressing CFIUS in cross-border transactions is no longerlimited to niche industries. It is now an integral part of theM&A process.8Therefore, investors in US businesses withtransactions that are likely to trigger CFIUS review areencouraged to consider how these changes could impacttheir business and whether the submission of comments For each of the above-listed sections, the RFI seeks inputregarding how Treasury can clarify or adjust the informationrequested, additional factors Treasury should considerand challenges that are anticipated to arise in the processof collecting and providing the requested information.Additionally, Treasury seeks input regarding the efficiencies Contact Peter C. Alfano IIIPartner, Washington DCT +1 202 626 6263E peter.alfano@squirepb.com Broader Streamlining of the CFIUS Process The RFI intends to facilitate “more secure and beneficialforeign investment into the US”6, seeking feedback onbroader procedural enhancements to increase efficiencyacross CFIUS’ mandate. Specifically, the Treasury is •Calibrating the regulatory impact of current CFIUSprocesses by industry sector, type of investment, investor •Implementing minor or technical changes to CFIUS authorities(statute, executive orders or regulations) that would support •Publicizing more information and guidance about the typesof risks that can arise in certain transactions, as well as best •Improving the process and substance of CFIUS’ negotiationand implementation of mitigation agreements, as well as