On February 6, 2026, the U.S. 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 input on a new Known Investor Program and ways to make CFIUS’s review process more efficient.[1]  Stakeholders have until March 18, 2026 to submit comments regarding how CFIUS can streamline its foreign investment review process while maintaining a rigorous national security analysis.

The Known Investor Program originally was announced in May 2025 as part of Treasury’s effort to establish a fast-track process for foreign investors from allied and partner countries to invest in U.S. businesses.[2]  The RFI represents a significant step forward in implementing this initiative, giving the public a chance to shape both the Known Investor Program and broader CFIUS process improvements.  Notably, the RFI publishes for the first time CFIUS’s proposed eligibility criteria, which are not formally limited to specific countries, but instead focus on an investor’s history with CFIUS and ties to sanctioned parties or so-called “Adversary Countries” (defined below).

Below, we provide an overview of the Known Investor Program’s origins, structure, and the key questions on which Treasury is seeking feedback.

Background: The Known Investor Program

In May 2025, Treasury announced its intent to launch a fast-track pilot program for foreign investors from allied and partner countries, following President Trump’s directive in the America First Investment Policy.[3]  The Known Investor Program allows CFIUS to collect information from foreign investors before they submit a formal filing, an approach intended to make the formal review process more efficient.  The Known Investor Program initially was designed as a pilot program, focused on facilitating investment from allies and partners while maintaining verifiable distance and independence from foreign adversaries or threat actors.  According to CFIUS guidance, status as a Known Investor would “provide opportunities for process efficiencies” during the CFIUS review process in future CFIUS filings. However, the program is not currently expected to modify the statutory timeline for reviews. 

Treasury already has begun the pilot program.  Over the past several months, CFIUS has engaged with a representative sample of foreign investors who are among the most frequent repeat filers with CFIUS and are from different countries, asking them to complete a voluntary and confidential questionnaire and to provide feedback regarding ways to increase efficiencies during the review process.  The RFI builds on this pilot program by seeking broader public input on the Known Investor Program’s design and implementation.

Structure of the Known Investor Program

Under the proposed structure, CFIUS would collect information from participating foreign investors through eligibility criteria and a questionnaire, requiring investors to answer all questions or explain why items are not applicable and certify to the completeness and accuracy of the responses.

The questionnaire would cover eight main categories of information:

1. Definitions – Key definitions for use in completing the questionnaire.
2. Identification of Entities – Identification of the foreign investor and related entities seeking to participate.
3. Eligibility Criteria – Objective standards to determine whether an investor qualifies (see list below).
4. Legal and Organizational Factors – Information regarding legal and organizational factors, including ownership structure, governance, and foreign government relationships.
5. Personnel and Processes for Governing and Operating – Information regarding the investor’s personnel and processes for governing and operating, including key personnel, board structure, and management practices.
6. Nature and Characteristics of Business – Information regarding the nature and characteristics of the investor’s business, including investment strategy, portfolio companies, and internal compliance policies.
7. Engagement with U.S. Government and Compliance Posture – Information regarding engagement with the U.S. government and compliance posture, including CFIUS filing history and compliance with U.S. and foreign laws.
8. Verifiable Distance from Adversary Countries – Information demonstrating verifiable distance from Adversary Countries (defined below), including limitations on investments in and operational connections to such countries.

For purposes of the Known Investor Program, “Adversary Country” means China (including Hong Kong and Macau), Cuba, Iran, North Korea, Russia, and the Venezuelan regime of Nicolás Maduro.  It remains to be seen how Venezuela will be treated under the Known Investor Program following the removal of Nicolás Maduro in January 2026.[4] 

Key Eligibility Criteria

Not all foreign investors are eligible to participate in the Known Investor Program.  The RFI proposes 15 specific eligibility criteria that must all be satisfied.  To be eligible, a foreign investor must:

• meet the definition of “foreign person” under the CFIUS regulations;
• have submitted filings relating to at least three distinct covered transactions to CFIUS in the past three years and CFIUS has to have concluded all action (or been unable to conclude action based on a declaration) on at least one of those three transactions;
• expect to submit a filing relating to at least one covered transaction to CFIUS in the next 12 months;
• not have a headquarters or principal place of business in an Adversary Country;
• not have received written notice from CFIUS within the past five years of submitting material misstatements or omissions in a notice or declaration or making false certifications under the CFIUS regulations;
• not have received written notice from CFIUS within the past five years of violating a material provision of a mitigation agreement, condition, or order;
• not be—and must not have senior officers who are—on certain U.S. Government lists, including Treasury’s Specially Designated Nationals and Blocked Persons List (“SDN List”), the Non-SDN Chinese Military-Industrial Complex Companies List (“NS-CMIC List”), the Sectoral Sanctions Identification List (“SSI List”), the BIS Entity List, the BIS Military End User List, or the Chinese Military Companies (“Section 1260H”) list;
• not have more than 10 percent ownership by entities or individuals on the above-referenced lists or by the government of an Adversary Country, including its respective departments, agencies, and instrumentalities;
• not allow entities or individuals on the above-referenced lists or the government of an Adversary Country, including its respective departments, agencies, and instrumentalities, to hold the right to appoint a member of the board of directors or equivalent governing body;
• not have more than 25 percent ownership by any third-party entity with a headquarters or principal place of business in, or any individual that is a national of, an Adversary Country;
• not have board members or officers who are principally located in, or nationals of, an Adversary Country;
• not have more than 50 percent of employees located in one or more Adversary Countries;
• not have all manufacturing facilities located exclusively in one or more Adversary Countries (and no other countries) (if the investor has manufacturing facilities);
• not have all research and development facilities located exclusively in one or more Adversary Countries (and no other countries) (if the investor has such facilities); and
• not, to the best of its knowledge, use or incorporate into products or services provided to third parties any components, equipment, or infrastructure sourced from entities or individuals on the Entity List, Military End User List, or 1260H List.

These criteria are designed to ensure that only investors from allied and partner countries with strong compliance records and clear separation from Adversary Countries may participate in the Known Investor Program. 

Request for Public Input

With this structure in place, the RFI seeks public feedback regarding how to refine and implement the Known Investor Program.  Specifically, the RFI poses 45 questions on topics ranging from the design of the Known Investor questionnaire to broader CFIUS process improvements.  The questions are organized into several key areas discussed below.

Questions Regarding the Known Investor Program Design

Most questions focus on the Known Investor Program itself.  CFIUS is seeking input on the definitions used in the questionnaire, how Treasury should elaborate on its request for a list of Known Investor entities, and what types or categories of entities may seek to participate (such as operating companies, investment funds, or other organizational structures) and how questions should be tailored accordingly.

Several questions address the eligibility criteria, asking how investors should approach the self-assessment process, which criteria would benefit from clarification, which might be difficult to apply or overly narrow given the program’s goals, and what additional criteria should be considered.  The RFI also seeks detailed feedback regarding each of the substantive information categories in the questionnaire—described above in Section 2—including how Treasury should clarify or adjust the information requested and what challenges could arise in collecting and providing such information.

Finally, the RFI addresses cross-cutting issues, such as what other topics or issues CFIUS should consider as part of the Known Investor Program, how frequently Known Investor entities should update their responses, what administrative considerations should be clarified regarding confidentiality, which items may be most time- and resource-intensive to address, and what specific process efficiencies or benefits CFIUS should provide to Known Investor entities.

Questions Regarding Broader CFIUS Efficiencies

The RFI also looks beyond the Known Investor Program itself to broader CFIUS process improvements, soliciting feedback on areas such as case reviews, non-notified transactions, mitigation agreements, and monitoring and enforcement.  Specific areas of inquiry include:

• ways to streamline the filing process and reduce review timelines for repeat filers or first-time filers, and opportunities to better tailor the regulatory impact of current CFIUS processes by industry sector, type of investment or investor, or other transaction characteristics;
• how parties use pre-notice consultation and what additional processes or resources would be helpful during pre-notice consultation;
• changes CFIUS should consider to enhance efficiencies, including minor or technical changes to CFIUS authorities that would support a more efficient regulatory system while protecting national security;
• ways for CFIUS to share more information with the public about the types of risks that can arise in certain transactions and best practices parties can use to limit these risks, as well as other areas where CFIUS guidance would be helpful;
• factors parties consider in determining whether to file a transaction with CFIUS, and if so, whether to file as a declaration or notice;
• changes CFIUS should consider when engaging with parties regarding identified risks and negotiating and implementing mitigation agreements;
• financial and operational considerations related to mitigation terms, including opportunities to make mitigation agreements less burdensome while maintaining national security protections;
• ways CFIUS can address operational and financial impacts on early-stage U.S. businesses;
• ways CFIUS can improve its processes regarding voluntary abandonment of transactions; and
• ways CFIUS can enhance the experience of parties during the regulatory review process.

Implications and Next Steps

The RFI represents a significant opportunity for stakeholders to influence the development of the Known Investor Program and broader CFIUS processes.  For foreign investors from allied and partner countries who regularly file with CFIUS, participation in the Known Investor Program potentially could reduce filing burdens and expedite review timelines.  However, the eligibility criteria outlined in the RFI suggest that the Known Investor Program will be limited to established investors with strong track records of CFIUS compliance and clear distance from Adversary Countries.

More broadly, the RFI also signals the Trump administration’s continued focus on streamlining CFIUS reviews for low-risk transactions while maintaining robust scrutiny of transactions involving Adversary Countries, particularly China.  This approach is consistent with President Trump’s America First Investment Policy, which seeks to facilitate investment from allies and partners while limiting access to critical technologies and strategic industries by foreign adversaries.[5]

Companies and investors interested in shaping the Known Investor Program or providing feedback on CFIUS process efficiencies should submit comments by the March 18, 2026 deadline.  Areas where stakeholder input may be particularly valuable include:

• the appropriateness and feasibility of the proposed eligibility criteria;
• the scope and detail of information requested in the questionnaire;
• the balance between reducing filing burdens and maintaining thorough national security review;
• specific areas where CFIUS processes could be made more efficient without compromising national security; and
• the potential benefits and challenges of participating in the Known Investor Program.

Written comments may be submitted electronically or by mail.  The Cleary CFIUS team is available to help foreign investors prepare and submit comments.

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[1] U.S. Department of the Treasury, Press Release, “Treasury Issues Request for Information on CFIUS Known Investor Program and Streamlining the Foreign Investment Review Process” (February 6, 2026).

[2] U.S. Department of the Treasury, Press Release, “U.S. Department of the Treasury Announces Intent to Launch Fast Track Pilot Program for Foreign Investors” (May 8, 2025).

[3] See our analysis of the America First Investment Policy here.

[4] See our discussion of recent Venezuela developments in our blog posts here, here, and here.

[5] See our discussion of recent CFIUS developments in our blog posts here and here.