Treasury disseminates to other agencies that are members of the Committee on Foreign Investment in the United States information collected under the regulations from parties involved in certain foreign acquisitions of a U.S. company, investment or real estate in order to do a national security analysis of the acquisition.
The Department of Treasury (Treasury) is requesting emergency processing of a revision to OMB Control No. 1505-0121 in order to launch the new CFIUS Case Management System, featuring an online Public Portal for external parties to submit CFIUS Declarations and Notices.
On January 17, 2020, Treasury issued final regulations (85 FR 3112 and 85 FR 3158) implementing FIRRMA to include information collections related to notices and declarations filed with or submitted to the Committee regarding covered control transactions, covered investments, and covered real estate transactions.
The increased number of CFIUS declarations and notices expected due to FIRRMA has created the need for Treasury to build a case management system that standardizes submission formats, enables faster processing and handles submissions â which may include sensitive information â more securely. Currently, declarations (which do not typically exceed five pages) are submitted to CFIUS via email using fillable PDF forms available on Treasury.gov. Notices (which may exceed 100 pages) are currently submitted via email as Microsoft Word or Adobe PDF files and follow no standardized format.
The submission of CFIUS declarations and notices is essential to the mission of the Treasury Department in strengthening national security. The ability to collect and process notices and declarations through the Case Management System will enhance CFIUSâs ability to efficiently evaluate transactions and manage cases given the Committeeâs expanded scope of review under FIRRMA. It was not possible to have the system launched at the same time that the final regulations were issued or include it in the accompanying revision to OMB Control No. 1505-0121. However, with completion of system development and launch planned for May 20, 2020, it is not possible to follow normal clearance procedures under the Paperwork Reduction Act either.
The information required by CFIUS under the current regulations is not changing; however the new Public Portal will enable respondents to file their notices and declarations in a more straightforward and structured manner using an interactive Web form. The system will also provide greater clarity to respondents regarding responsive information and minimize the amount of follow-up that Treasury must conduct to ensure that respondents have provided all the information required by the CFIUS regulations. Additionally, the Case Management System will provide a standardized and secure method for parties to submit sensitive information.
Treasury requests that OMB approve the revision to 1505-0121 by May 15, 2020 in order to assure that the Case Management System can be launched on schedule.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form CFIUS Real Estate Declarations of Covered Real Estate Transactions
CFIUS Case Management Portal Screenshots 2020-05-12.docx
1505-0121 - Emergency Justification Memo 2020-05-13_Signed.pdf
Notices of Covered Transactions