[co-author: Kelly Heesch]
Key takeaways
US Treasury has issued an RFI seeking input on the proposed Known Investor Program (KIP), with comments due March 18, 2026.
The KIP would allow eligible repeat foreign investors to submit extensive pre filing information to support more efficient, risk based CFIUS reviews.
The RFI also seeks feedback on broader ways to streamline and increase transparency across the CFIUS process.
The U.S. Department of the Treasury (Treasury) is seeking public comments on potential reforms to the Committee on Foreign Investment in the United States (CFIUS) foreign investment review process, including the Known Investor Program (KIP), designed to streamline reviews for certain repeat foreign investors while preserving rigorous national security analysis. Through a detailed Request for Information (RFI) published February 9, 2026, Treasury is seeking feedback on eligibility criteria, extensive pre‑filing disclosures, and broader procedural changes that could reduce friction for lower‑risk transactions. Comments are due by March 18, 2026.
On February 9, 2026, the Treasury, which chairs CFIUS, issued an RFI seeking public input on potential reforms to the CFIUS review process, including regarding the KIP. CFIUS is a U.S. Government interagency committee authorized to conduct national security reviews of certain foreign investments in U.S. business and U.S. real estate.
The KIP, first announced in May 2025, is consistent with the direction conveyed in President Trump's February 2025 “America First Investment Policy” memorandum (Memorandum), which emphasized increased efficiency in the CFIUS process for U.S. allies and partners. Under the KIP, eligible foreign investors will be able to voluntarily provide extensive information to CFIUS in advance of submitting a filing, enabling CFIUS to conduct due diligence earlier and potentially shorten review timelines once a filing is submitted. Treasury emphasizes that participation in the KIP would not guarantee clearance or any particular outcome and that protecting U.S. national security remains paramount. The RFI provides details on the KIP pilot program, in which CFIUS engaged with a selection of foreign investors who are frequent filers and who were asked to provide information building upon, and more extensive than, information requirements for CFIUS filings.
The RFI outlines a two‑step framework. First, Treasury proposes for the KIP a set of 15 threshold eligibility criteria that would function as a gatekeeping screen, limiting participation to repeat foreign investors with a demonstrated CFIUS filing history, a clean compliance record, and no significant ownership, governance, personnel, operational, or supply‑chain ties to designated adversary countries or parties identified on certain U.S. government restricted parties lists. Second, investors that satisfy these criteria would then be required to complete a separate, detailed questionnaire, designed to give CFIUS a standing, comprehensive understanding of the investor's ownership and control structure, governance and decision‑making processes, key personnel, business operations and investment strategy, compliance posture, U.S. Government relationships, and ability to demonstrate “verifiable distance” from adversary countries (defined based on the countries listed in President Trump's Memorandum, including China, Hong Kong, Macau, Cuba, Iran, North Korea, Russia, and Venezuela). Treasury emphasizes that this information would be used to support more efficient, risk‑based reviews of future transactions, not to guarantee clearance outcomes.
The RFI seeks feedback on the various elements of the KIP but also goes beyond the KIP, soliciting feedback on broader opportunities to streamline CFIUS authorities and processes, including pre‑notice consultations, mitigation negotiations, monitoring and enforcement, and ways to increase transparency around CFIUS risk considerations and best practices.
What this means for investors
The RFI signals Treasury's continuing interest in differentiating among foreign investors based on risk profile and compliance history, potentially offering a more predictable and efficient path through CFIUS for qualifying repeat filers. At the same time, the scope of information contemplated for the KIP underscores that any efficiency gains would come at the cost of significant upfront disclosure and internal diligence. Moreover, many CFIUS reviews focus intently on the details of the U.S. business that is the target of the underlying transaction, potentially limiting the ability of CFIUS to expedite certain reviews despite having a substantial amount of pre-filing information on the KIP participant. Foreign investors and U.S. transaction parties should view the RFI as an early opportunity to influence how future CFIUS reforms balance speed, transparency, and national security scrutiny.
Next steps
Written comments on the RFI are due by March 18, 2026, and may be submitted through Regulations.gov or by mail. Treasury has indicated that feedback received may inform future statutory or regulatory proposals, making this comment process a key moment for investors, U.S. businesses, and other stakeholders to shape the evolution of the CFIUS review framework.
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