Treasury Seeks Public Input on CFIUS Known Investor Program and Streamlining of Foreign Investment Reviews

On February 9, 2026, the U.S. Department of the Treasury’s (Treasury) Office of Investment Security (OIS) published a request for information (RFI) seeking public comments on how the Committee on Foreign Investment in the United States (CFIUS) might streamline its foreign investment review process, including through the Known Investor Program (KIP). The RFI requests feedback on (1) proposed eligibility criteria and a draft questionnaire for the KIP, including certain defined terms, and (2) other ways that CFIUS and transaction parties can streamline aspects of the foreign investment review process. Written comments are due March 18, 2026.

Known Investor Program

President Trump’s February 2025 America First Investment Policy first announced the creation of an “expedited ‘fast-track’ process based on objective standards to facilitate greater investment from specified allied and partner sources in United States businesses involved with United States advanced technology and other important areas.”

In May 2025, Treasury announced its intent to create the KIP to collect information from certain foreign investors in advance of receiving a formal filing. Notably, the KIP does not change CFIUS’s jurisdiction or replace the formal filing requirements as established through regulation.

CFIUS has already launched a KIP pilot program, through which it has engaged with a representative sample of foreign investors who are frequent repeat filers with CFIUS. CFIUS asked those participants to complete a detailed questionnaire, which was developed to assist CFIUS in enhancing efficiencies in its review of future filings submitted by the foreign investors.  

Proposed KIP Eligibility Criteria and Questionnaire

The RFI seeks feedback from a broader range of stakeholders on the information that could help inform CFIUS prior to a formal filing, specifically on the eligibility criteria, and a questionnaire that foreign investors would respond to as part of the KIP. 

As proposed, foreign investors would list entities under common ownership or control that seek to participate in the KIP and provide responsive information for those entities throughout the questionnaire. As a threshold matter, foreign investors would first have to satisfy certain eligibility criteria. Such criteria would include, for example, whether it or its parent is designated to sanctions and export controls lists, and the foreign investor’s nexus to adversary countries, including whether its headquarters, employees, manufacturing facilities, and members of boards of directors are located in a foreign adversary country. Proposed substantive questions are divided into five parts: (1) legal and organizational factors; (2) personnel and process for governing and operating; (3) nature and characteristics of the known investor entities’ business; (4) engagement with the U.S. government and compliance posture; and (5) verifiable distance from adversary countries. 

Practical Implications for Parties

Not only does the RFI provide a proposed roadmap for the KIP, including qualifications for participation in the program and the types of information foreign investors would have to provide, but it also suggests that CFIUS is considering ways to enhance efficiencies in its processes, soliciting comments on suggested changes to CFIUS authorities, best practices from other foreign direct investment regimes, and ways to enhance transparency.

Before the formal launch of the KIP, transaction parties may want to (1) pressure-test eligibility under the contemplated criteria, (2) identify data sources and internal owners for the questionnaire categories (including affiliates and fund vehicles), and (3) evaluate whether to submit targeted comments on the proposed program.  

Crowell & Moring can assist by drafting and coordinating comments to the RFI; benchmarking “KIP readiness” against the RFI’s criteria and questionnaire categories; and integrating these considerations into CFIUS risk assessment, transaction structuring, and mitigation planning.