CFIUS Seeks Public Input on Known Investor Program and Other Efficiency Measures

Key Takeaways

• The U.S. Department of the Treasury (Treasury) recently issued a Request for Information (RFI) seeking public input to make the Committee on Foreign Investment in the United States’ (CFIUS) foreign investment review more efficient.
• Importantly, Treasury seeks feedback on the pilot Known Investor Program (KIP or the Program), which provides an expedited process for foreign investors deemed lower risk from a CFIUS perspective.
• Treasury invites suggestions to streamline case‑by‑case reviews, improve handling of nonnotified transactions, enhance mitigation and monitoring, and increase transparency.

On February 6, 2026, the U.S. Department of the Treasury issued a formal request for information regarding the Committee on Foreign Investment in the United States’ foreign investment review process, including but not limited to the nascent Known Investor Program. The RFI solicits comments aimed at making CFIUS’s case-by-case review process more efficient, particularly for repeat investors that pose a low national security risk. The RFI also seeks input on broader topics including efficiencies in its processes related to nonnotified transactions, mitigation, monitoring, and enforcement; public transparency regarding risks arising in certain transactions; and features of other regulatory regimes that may be appropriate to incorporate into CFIUS’s process.

Comments responding to the RFI must be submitted on or before March 18, 2026.

Known Investor Program

Treasury announced the KIP in May 2025, implementing a directive in the Trump administration’s America First Investment Policy. The goal of the Program is to streamline CFIUS review of investments from allied and partner sources by collecting information from participating foreign investors in advance of filing to enable pre-screening. To participate, applicants would need to establish, among other things, their verifiable independence from any “adversary countries,” including China (including Hong Kong and Macau), Cuba, Iran, North Korea, and (subject to possible changes due to recent events) Venezuela. Participation in the KIP would not guarantee a favorable outcome with respect to any particular transaction but would expedite review and signal that the investor satisfies the criteria to be deemed lower risk from a national security perspective. 

CFIUS conducted a pilot of the Program over the past several months, engaging with a representative sample of repeat filers that volunteered to complete and provide feedback on a confidential questionnaire that builds upon, and is more extensive than, the information submission requirements under current CFIUS regulations. CFIUS now seeks input from a broader range of stakeholders on the Program eligibility criteria and contents of the questionnaire. 

Eligibility Criteria

As discussed in the RFI, only certain entities will be eligible to participate in the KIP. The proposed eligibility requirements include:

• The applicant has submitted at least three distinct transactions to CFIUS for review within the prior three years.
• The applicant expects to submit at least one transaction in the upcoming 12 months.
• The applicant or its parent has not had any CFIUS compliance incidents in the last five years.
• The applicant or its parent is not designated on specific U.S. government sanctions, export control, and other restricted entity lists.
• The applicant does not have a range of other disqualifying connections to “adversary countries” or other restricted entities, including through principal place of business, investment interests, board membership, location of employees and facilities, or use of components, equipment, or infrastructure from restricted sources

Screening Questionnaire: Information Required From Foreign Investors

Eligible entities that choose to participate in the Program will be required to provide to CFIUS information regarding:

• Legal and organizational structure, including organizational charts, governance, foreign government ownership and control, and identifying information for the relevant entities
• Investment funds the participant previously has used and may use in the future to invest in the United States
• Personnel and process for governing and operating, including board personnel, board structure and practices, management personnel and practices, limited partners, and co-investor diligence
• Nature and characteristics of the participant’s business, including strategy and holdings, relationships with portfolio companies, and internal policies, practices, and standards (including with respect to personnel, cybersecurity and data protection, and supply chain management and integrity)
• Engagement with the U.S. government and the participant’s compliance posture, including any nexus to the U.S. government, CFIUS history and compliance, compliance with other U.S. government authorities, and compliance with the laws of other jurisdictions
• Any rights, access, and influence of, or other connection to, a person or entity that may present a threat to U.S. national security, including investments in and from adversary countries and any operational nexus to adversary countries

Request for Information

The RFI seeks public feedback regarding the scope and administration of the Program, definitions of key terms, how the questionnaire should refer to entities eligible to participate in the Program, the proposed eligibility criteria and any additional criteria that should be considered, the categories of information in the questionnaire and the specific questions posed, and the burdens of completing the questionnaire.

Other Feedback on Efficiency Improvement

The RFI also seeks stakeholder input on ways CFIUS could improve efficiency in its processes beyond the KIP, including related to the case-by-case review process, nonnotified transactions, mitigation, and monitoring and enforcement. Areas of interest include:

• How CFIUS processes could be simplified or streamlined for either repeat or first-time filers, and better calibrated by industry sector, type of investment or investor, or other transaction characteristics
• The factors parties consider in determining whether to file a transaction with CFIUS
• How parties utilize pre-notice consultation and what additional resources would be helpful in this process
• Suggestions for changes to CFIUS authorities to improve efficiency
• Where additional public transparency and guidance regarding CFIUS risk analysis would be helpful, to the extent possible consistent with confidentiality and classification obligations
• Considerations relevant to negotiation and implementation of mitigation agreements, as well as the impacts of mitigation agreements particularly on early-stage U.S. businesses
• Any other ways stakeholders believe CFIUS could improve its review process

The RFI offers stakeholders of all kinds, whether or not eligible to participate in the KIP, the opportunity to provide feedback on current CFIUS processes and to propose how they might be improved to facilitate foreign investment that is beneficial to the United States and consistent with U.S. national security interests.