CFIUS reviews certain transactions that were not voluntarily filed and therefore did not receive safe harbor under section 721 of the Defense Production Act. If CFIUS determines a non-notified transaction may fall within its jurisdiction and raise national security concerns, Treasury may contact the parties for information and may request a filing.
How Non-Notified Cases Are Identified
CFIUS uses multiple sources to identify transactions that may warrant review, including:
- Public tips and referrals
- Executive branch and congressional referrals
- Media and commercial data sources
- Other government reporting channels
The Committee screens a large volume of potential transactions each year and requests additional information in a subset of matters.
What Happens Next
When CFIUS determines a non-notified transaction may be covered and raise national security considerations, it may:
- Request information from the transaction parties
- Request a notice or declaration filing
- Initiate further review and, where warranted, require mitigation measures
Tips and Referrals
Members of the public may submit tips, referrals, or voluntary self-disclosures related to potential non-notified matters or mitigation concerns: