March 2026

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 […]
  

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

Even when a transaction does not trigger a mandatory filing, Committee on Foreign Investment in the United States (CFIUS) risk does not disappear. While the regime remains technically “voluntary” in many cases, Treasury’s increasingly active non-notified program means that deals can still be reviewed, and potentially unwound, long after closing. As a result, parties must weigh the benefits of filing against the risk of future scrutiny, particularly in sensitive sectors or with higher-risk investors.  

What counts as “voluntary”  

Given the breadth of CFIUS’ jurisdiction to review transactions between US and non-US entities where the latter’s investment implicates U.S. national security, if a deal is not a “covered transaction” (no foreign‑government substantial interest in a TID U.S. business; no critical technology), the filing decision is voluntary, but not risk‑free. CFIUS runs a vigorous non‑notified program that screens thousands of transactions annually and can request (or require) a filing post‑closing. 

Why file voluntarily anyway?

A voluntary filing can deliver “safe harbor” (limiting CFIUS’ ability to initiate a review of the transaction in the future), reduce the risk of a disruptive post‑closing inquiry, and preserve options if a customer or government counterparties expect CFIUS clearance in sensitive sectors (e.g., defense supply chain, advanced computing and AI, biosecurity, or large‑scale personal‑data platforms). 

A practical playbook to reduce CFIUS risk and avoid being flagged 

1) Review the risks of your investor profile and structure. 

Confirm “excepted investor/state” […]