On July 31, 2023, the U.S. Department of the Treasury (“Treasury”) published the Committee on Foreign Investment in the United States’ (“CFIUS” or the “Committee”) Annual Report to Congress on key activities, including notices, declarations, and withdrawals through 2022 (“Annual Report”).

The Annual Report and other guidance issued by the Committee in recent months hold important insights for dealmakers contemplating participation by non-U.S. investors in investments in U.S. businesses.