Clifford Chance

CFIUS 2021 Annual Report Reveals Record Filings And Non-Notified Transactions And Exposes Encouraging Trends

September 26, 2022

On August 2, 2022, the U.S. Department of the Treasury, as the Chair of the Committee on Foreign Investment in the United States, released the public version of its Annual Report to Congress for calendar year 2021 ("Annual Report"). The Annual Report highlights key indicators of CFIUS' process and provides statistics on transactions that were filed with CFIUS in 2021— the first full calendar year in which CFIUS operated pursuant to the new regulations implementing the Foreign Investment Risk Review Modernization Act of 2018.

As discussed in more detail below, the 2021 Annual Report demonstrates a significant uptick in CFIUS activity.  As discussed in detail herein, CFIUS is reviewing a record number of transactions, proactively identifying more non-notified transactions, and continuing to prioritize the controls over U.S. critical technologies and sensitive data.

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