On October 20, the Committee on Foreign Investment in the United States (CFIUS) released new, non-binding Enforcement and Penalty Guidelines (Guidelines). The Guidelines follow upon last month’s Executive Order linking CFIUS reviews directly to the president’s national security prerogatives. In particular, the Guidelines detail the following:
- Categories of conduct that constitute violations.
- Sources of information CFIUS relies upon to determine whether a violation has occurred.
- The process for developing and imposing penalties.
- Aggravating and mitigating factors that CFIUS evaluates when deciding whether to impose a penalty.