Treasury Seeks Public Comment on CFIUS Process Improvements and Known Investor Program

On February 6, 2026, the US Department of the Treasury (Treasury), as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Request for Information (RFI) seeking public feedback on how CFIUS can streamline certain aspects of its foreign investment review process with a focus on the upcoming Known Investor Program. The RFI has been published in the Federal Register. 

In accordance with President Trump’s America First Investment Policy, CFIUS is seeking to improve process efficiencies to facilitate greater investment from allies and partners “where there is a verifiable distance and independence from foreign adversaries or threat actors.” This RFI is an opportunity for investors and stakeholders to contribute to shaping CFIUS process improvements and to consider whether they might benefit from participation in the Known Investor Program. For more on the America First Investment Policy, see this Latham blog post.

Known Investor Program

In May 2025, Treasury announced its intention to create a Known Investor Program in which CFIUS would collect information from foreign investors in advance of a formal filing to more efficiently obtain the information necessary to carry out its national security-related due diligence, expediting the review of certain transactions. Participating in the program would be voluntary and would not guarantee a particular outcome in CFIUS’s review of a particular transaction. 

As an initial step, Treasury recently launched a Known Investor Pilot Program to engage with a representative sample of repeat filers to complete a questionnaire that is far more extensive than the information requirements for foreign investors submitting filings under the current CFIUS process. 

Treasury notes that the RFI is intended to seek feedback and input from a broader range of stakeholders than those who participated in the pilot program and could help inform the upcoming Known Investor Program and the CFIUS process more generally. 

The RFI previews certain eligibility criteria and information requirements for the upcoming Known Investor Program that CFIUS is considering. The RFI also solicits feedback on considerations related to the foreign person’s interactions with the US government and verifiable distance to “Adversary Countries” that would be helpful for CFIUS to assess risk from the foreign investor prior to a formal filing, with the ultimate goal of streamlining the transaction review process. 

• Eligibility criteria for participation in the Known Investor Program may include, but not be limited to: (i) the submission of at least three filings within the past three years, (ii) compliance with mitigation agreements and orders, (iii) no ties with entities or individuals on certain US sanctions and export control lists, and (iv) limits on connections with Adversary Countries.“Adversary Countries” is defined as the People’s Republic of China, including the Hong Kong Special Administrative Region and the Macau Special Administrative Region; the Republic of Cuba; the Islamic Republic of Iran; the Democratic People’s Republic of Korea; the Russian Federation; and the regime of Venezuelan politician Nicolás Maduro.
• Information requested will require much of the same information that is currently required to be submitted to CFIUS in a Declaration or Notice, but may extend further to include more detailed information about the foreign investor, e.g., (i) legal, ownership, and governance details (including on all holders greater than 5% and fund structures); (ii) personnel, directors and officers, LPs, and co-investors; (iii) business strategy, financials, portfolio companies, and security/compliance policies; (iv) engagement with the US government and compliance posture; and (v) evidence of verifiable distance from Adversary Countries.

Streamlining the CFIUS Process

Treasury is also soliciting feedback from the public on other ways that CFIUS can streamline its authorities and processes in relation to the case review process, non-notified transactions, mitigation, and monitoring and enforcement. Most of the questions posed by Treasury seek input generally on how CFIUS can better calibrate its authorities, processes, and interactions with filers. 

These questions include, but are not limited to, the following:

• What features of current CFIUS processes could be simplified or streamlined for repeat filers or first-time filers?
• Are there opportunities to better calibrate the regulatory impact of current CFIUS processes by industry sector, type of investment or investor, or other characteristics of a transaction?
• How can CFIUS address operational and financial impacts that its process, including the negotiation of mitigation agreements, may have on early-stage US businesses?
• Are there other ways that CFIUS can enhance the experience of parties in the regulatory review process?

How to Submit a Response

The public can submit comments electronically through the Federal Government eRulemaking portal at www.regulations.gov or through mail.

All comments submitted in response to the RFI, including attachments and other supporting material, will be made public, and submitters should only include information in their response that they wish to make publicly available. The public comment period will close on March 18, 2026. 

Latham & Watkins will continue to monitor and provide updates on developments in this area. Please reach out to us if you are interested in submitting a comment.