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New SF-328 Released and Embedded Guidance Seeks More Information Up Front

Client Alert | 26 min read | 05.16.25

On May 12, 2025, the Defense Counterintelligence and Security Agency (DCSA) released a new SF-328[1] consisting of 9 questions and 6 pages of instructions that detail the types of supporting documentation requested and identify information required by different responding entities (e.g., corporate, non-profit, academic, etc.). With this SF-328, DCSA is seeking certain frequently requested information and documents with initial SF-328 submissions rather than obtaining these documents through communications or revised SF-328 submissions. Additionally, when completed, the new SF-328 is considered Controlled Unclassified Information (CUI).

The form now consists of 9 questions rather than 10 as shown below[2]:

May 2025 SF-328

November 2018 SF-328


The new SF-328 expressly states that the form is authorized for use in the National Industrial Security Program, to carry out Section 847 of the 2020 NDAA[3], the DoD Enhanced Security Program, the DoD Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) programs, and the DoD Cybersecurity Maturity Model Certification (CMMC) program. The form also acknowledges that applicable Freedom of Information Act (FOIA) exemptions will be invoked by the government to withhold the document from public disclosure when submitted by an entity in confidence and properly marked.

Key Takeaways

Cleared entities and entities that otherwise are required to submit SF-328s should consider:

  • reviewing the new SF-328 to evaluate whether the company or entity has undergone changes requiring reporting under the new form and guidance; and
  • beginning updates to SF-328s or initial preparations of SF-328s early, including identifying all company or entity stakeholders under the new SF-328 guidance.

Crowell is available to support preparation of the new SF-328 and related filings and further discuss questions concerning the new form.

[1] Most browsers will show an error page when opening the SF-328 link within an internet browser window. If that occurs, we recommend that you download/save the SF-328 PDF (at the error page) and then open the downloaded PDF file from your desktop (not your browser) to view the form.

[2] The 2018 form question 8 regarding nominee shares is now subsumed by the supplemental information requested in the instructions under question 1 of the 2025 form.

[3] See also Crowell & Moring, New SF-328 for Foreign Ownership, Control, and Influence Assessments Approved, Publication Imminent; Crowell & Moring, Why Should They Have All the Fun? DoD Instruction Expands DCSA’s FOCI Reach Beyond Cleared Contractors.

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Client Alert | 3 min read | 09.15.25

Senate Finance Committee Looking to Take White River to the Train Station, Confirms DOJ Investigation into Tribal Tax Credits

On August 19, 2025, the U.S. Senate Committee on Finance (“Senate Finance Committee”) sent Paul Atkins, Chairman, U.S. Securities and Exchange Commission (“SEC”) a letter calling on the SEC to investigate White River Energy Corp (“White River”). In the letter, the Senate Finance Committee confirmed a criminal investigation into White River related to the sale of so-called “tribal tax credits” that according to both Congress and the IRS, do not exist. The letter further states that White River allegedly earned millions of dollars selling these credits and has not been forthcoming with investors regarding the existence of the criminal investigation. According to the Senate Finance Committee, White River has failed to file financial disclosure documents with the SEC since March 15, 2024, missing six consecutive reporting periods. The letter instructs White River to disclose the existence of the DOJ criminal tax investigation, and calls on the SEC to take action if White River fails to do so....