日鉄によるUSスチール買収が進んでも安心できないのはなぜか――対米投資が増えるほど『同盟国でも審査される時代』が濃くなる

CFIUS operates pursuant to section 721 of the Defense Production Act of 1950, as amended (section 721), and as implemented by Executive Order 11858, as amended, and the regulations at chapter VIII of title 31 of the Code of Federal Regulations.Request for INFORMATION ON CFIUS KNOWN INVESTOR PROGRAM and Streamlining the Foreign Investment Review ProcessOn February 6, 2026, the Department of the Treasury issued a Request for Information (RFI) seeking public input on the Known Investor Program and how CFIUS may streamline aspects of its foreign investment review process, while maintaining its rigorous analysis that identifies and addresses national security risk that can accompany foreign investment. The RFI provides stakeholders with the opportunity to share feedback and inform the development of the Known Investor Program as well as with respect to additional areas where CFIUS may increase efficiencies and enhance its processes. The public comment period will close on March 18, 2026. Request for InformationTreasury Press Release - RFI on CFIUS Known Investor Program and Streamlining Foreign Investment Reviews INFORMATION ON CFIUS KNOWN INVESTOR PILOT PROGRAMPursuant to the President’s directive in the America First Investment Policy (February 21, 2025), CFIUS is developing a program that aims to facilitate greater investment in the United States from allies and partners.  Referred to as the Known Investor Program (KIP), this effort seeks to increase CFIUS process efficiencies through collecting information from eligible foreign investors in advance of a filing with CFIUS.  As an initial step, Treasury is conducting a pilot of the program with a limited number of investors to inform the program’s development.Treasury will provide additional information regarding the KIP as the pilot program progresses.  Neither the KIP nor the pilot program will change the Committee’s jurisdiction over transactions by foreign persons or the process laid out in section 721 of the Defense Production Act of 1950, as amended.  Treasury will seek feedback from the public during the development of the KIP, including during the pilot program, and additional information will be made available over time.Treasury Press Release - Known Investor ProgramFrequently Asked Questions – Known Investor ProgramFinal rule MODIFYING PROVISIONS RELATED TO PENALTIES, OBLIGATION TO PROVIDE INFORMATION, NEGOTIATION OF MITIGATION AGREEMENTS, AND OTHER PROCEDURES PERTAINING TO CERTAIN INVESTMENTS BY FOREIGN PERSONS IN BUSINESSES IN THE UNITED STATES AND CERTAIN TRANSACTIONS BY FOREIGN PERSONS INVOLVING REAL ESTATE IN THE UNITED STATES (November 2024)On November 18, 2024, the Department of the Treasury issued a Final Rule amending certain provisions of the CFIUS regulations pertaining to penalties for violations of statutory or regulatory provisions or agreements, conditions, or orders issued pursuant thereto; negotiation of mitigation agreements; requests for information by CFIUS; and certain other procedures.The Final Rule is effective on December 26, 2024.Final Rule: Amendments to Penalty Provisions, Provision of Information, Negotiation of Mitigation Agreements, and Other Procedures Pertaining to Certain Investments in the United States by Foreign Persons and Certain Transactions by Foreign Persons Involving Real Estate in the United StatesTreasury Press Release - Final Rulefinal RULE MODIFYING THE DEFINITION OF MILITARY INSTALLATION AND THE LIST OF MILITARY INSTALLATIONS IN THE REGULATIONS PERTAINING TO CERTAIN TRANSACTIONS BY FOREIGN PERSONS INVOLVING REAL ESTATE IN THE UNITED STATES (november 2024)On November 1, 2024, the Department of the Treasury issued a Final Rule amending the definition of military installation at 31 C.F.R. § 802.227, adding 59 military installations to the list of installations in the regulations (appendix A) around which CFIUS has jurisdiction, removing three installations from appendix A, expanding CFIUS’s jurisdiction over eight military installations already listed in appendix A, and making certain other technical changes in the rule that implements the real estate provisions of Section 721 of the Defense Production Act of 1950, as amended.The Final Rule is effective on December 9, 2024.Final Rule: Definition of Military Installation and the List of Military Installations in the Regulations Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United StatesTreasury Press Release - Final RuleEXECUTIVE ORDER 14083On September 15, 2022, President Biden issued Executive Order 14083 reflecting the evolving national security threat landscape and underscoring the critical role of the Committee on Foreign Investment in the United States in responding to new and emerging threats and vulnerabilities in the context of foreign investment. The Executive Order elaborates and expands on the existing list of factors that CFIUS considers, as appropriate, when reviewing transactions for national security risks, and describes potential national security implications in key areas.Executive OrderWhite House Fact SheetTreasury Press ReleaseTHE FOREIGN INVESTMENT RISK REVIEW MODERNIZATION ACT OF 2018 (FIRRMA)FIRRMA was signed into law on August 13, 2018. FIRRMA strengthens and modernizes CFIUS to address national security concerns more effectively, including by broadening the authorities of the President and CFIUS to review and to take action to address any national security concerns arising from certain non-controlling investments and real estate transactions involving foreign persons.FIRRMA REGULATIONSOn January 13, 2020, the Department of the Treasury released two final regulations to implement the changes that FIRRMA made to CFIUS’s jurisdiction and processes. The regulations, which were released in two parts, became effective on February 13, 2020. The full language of FIRRMA and related information can be found on the CFIUS Laws and Guidance page.ADDITIONAL EXCEPTED FOREIGN STATE DETERMINATIONS (JANUARY 2023)The Department of the Treasury issued CFIUS’s determination that New Zealand and the United Kingdom of Great Britain and Northern Ireland have met certain requirements set forth in part 800 for excepted foreign states and part 802 for excepted real estate foreign states.Determination Regarding Excepted Foreign StatesDetermination Regarding Excepted Real Estate Foreign StatesSUBMISSION INFORMATIONOn May 20, 2020, CFIUS released a new Case Management System (CMS), which allows easy submission of all transaction-related information through a secure online portal. As of June 1, the CMS portal must be used to file any draft or formal written notice or declaration pursuant to 31 C.F.R. parts 800 or 802. Additional resources, including instructions to register for the CMS, are available on the CFIUS Case Management System page.NOTICE of PUBLIC MEETINGS WITH THIRD PARTY COMPLIANCE PROVIDERSPursuant to Section 721, the Department of the Treasury, which serves as the CFIUS chair, hereby gives public notice that the Office of Investment Security (OIS) will be soliciting meetings with third-party compliance providers to discuss current and future CFIUS mitigation requirements. OIS invites any additional third-party providers who were not solicited, but wish to discuss CFIUS mitigation, to contact us at CFIUS@treasury.gov.Send Us a TipMembers of the public are encouraged to send CFIUS tips, referrals, or other issues related to national security risks and foreign investment in the United States.Send CFIUS a tip about a transaction hereCONTACT INFORMATIONPlease see the CFIUS Contacts page for email addresses and telephone numbers to reach Department of the Treasury staff for CFIUS-related matters.CONFIDENTIALITYSection 721 of the Defense Production Act of 1950, as amended, mandates confidentiality protections with respect to information filed with the Committee. It prohibits the Committee from publicly disclosing any information filed with the Committee, subject to limited exceptions. Information and documentary material filed with the Committee are also exempt from disclosure under the Freedom of Information Act, 5 U.S.C. § 552. Consistent with section 721, the Committee does not publicly confirm or deny that a transaction has been notified to CFIUS. If the parties themselves publicly disclose documentary material or information filed with CFIUS, such documentary material or information may subsequently be reflected in the public statements of the Chairperson of CFIUS.

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