Authors:
Jennifer Diaz, President, Diaz Trade Law
Amber Pirson, Attorney, Diaz Trade Law

On February 6, 2026, the U.S. Department of the Treasury formally issued a Request for Information (RFI) that outlines how a “Known Investor Program” could streamline aspects of CFIUS review for trusted, lower‑risk repeat investors while maintaining rigorous national‑security analysis. The RFI was published in the Federal Register on February 9, 2026, and opened for public comment through March 18, 2026. This RFI follows Treasury’s May 8, 2025 announcement of a fast‑track pilot and “Known Investor” portal under CFIUS to collect investor information in advance of a filing—the core mechanism Treasury says will drive efficiency gains. In parallel, Treasury’s CFIUS overview reiterates the standard timelines, underscoring that any new efficiency program must still fit within the existing statutory framework. 

What is the Fast Track program?  

According to Treasury’s RFI, the KIP is a process by which CFIUS would pre‑collect a standardized set of information from eligible foreign investors (via a questionnaire and certification) before any specific transaction filing, with the goal of more efficient subsequent reviews. Importantly, Treasury stresses that participation does not guarantee a particular outcome and does not alter CFIUS jurisdiction or statutory procedures. 

Who is eligible to participate?  

Treasury’s RFI proposes objective eligibility criteria. Highlights include: 

  • Repeat‑filer threshold: The foreign investor (inclusive of subsidiaries) must have filed ≥3 covered transactions or covered real‑estate transactions with CFIUS in the past 3 years, with at least one concluded via notice or declaration; and expects ≥1 filing in the next 12 months. 
  • Clean CFIUS compliance history (5‑year lookback): No written notices from CFIUS of material misstatements/omissions, false certifications, or violations of mitigation agreements/conditions. 
  • Sanctions/restricted‑party screens: No listing of the entity or parent on BIS Entity List, BIS Military End‑User List, OFAC SDN, NS‑CMIC, SSI, or the 1260H Chinese military companies list.  
  • “Verifiable distance” from adversary countries: No headquarters or principal place of business in an Adversary Country or greater than 25% ownership by a national of an adversary country (as defined in the America First Investment Policy list), and no specified ownership, board‑appointment rights, employee location, or facility footprint ties that breach the thresholds Treasury lays out. 

Documents Required to Demonstrate Eligibility 

Treasury’s RFI includes a draft questionnaire for “Known Investors” that any applicants should be ready to complete. While not exhaustive, foreign investors hoping to qualify for KIP should be prepared to list and certify the following details with the utmost transparency: 

  • Entity identification & scope – list of all entities under common ownership/control to be covered in KIP. (Think: legal names, jurisdictions, relationships.)  
  • Ownership & control – cap table/beneficial ownership (direct and indirect), parent information, any third‑party holdings meeting the RFI’s >10% or >25% tests, and any board‑appointment rights held by restricted parties; org charts and voting/control rights maps.  
  • Governance & key personnel – board/officer nationalities and principal locations to test adversary‑country criteria. 
  • Geographic footprint – headquarters/principal place of business, and location of employees, R&D, and manufacturing facilities to address “all‑in adversary location” disqualifiers or the >50%/exclusivity tests.  
  • Compliance history – any past CFIUS misstatement/omission notices, false certification allegations, or mitigation violations (5‑year lookback).  
  • Sanctions/restrictions screening – documentation showing the entity/parent is not on BIS/OFAC/1260H lists referenced in the RFI. 

Program Benefits and Limitations 

The proposed KIP would offer greater predictability for repeat, lower‑risk investors, possibly reduce duplicative questions during any pre-notice CFIUS engagement, and may lower the chances of CFIUS demands for a notice on a non-notified transaction. However, the KIP will not obfuscate a known investor’s need to participate in a mandatory declaration if a mandatory filing is triggered.  

Diaz Trade Law can help you navigate CFIUS filing requirements, reduce risk, and avoid costly surprises. Contact us at info@diaztradelaw.com or 305-456-3830. 

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