U.S. Treasury Publishes Its Proposal for a “Fast Track” CFIUS Known Investor Program

On February 9, 2026, the U.S. Department of the Treasury (Treasury) published a request for information (RFI) in the Federal Register seeking comment on the proposed Known Investor Program (KIP) administered by the Committee on Foreign Investment in the United States (CFIUS or the Committee) (see the Treasury press release here). CFIUS reviews foreign investment into the United States and may block or condition transactions to address potential national security concerns. The KIP is intended to provide a fast-track CFIUS review process for foreign investors who meet stringent eligibility conditions, provide a range of detailed information in advance, and can demonstrate “verifiable distance” from identified “Adversary Countries.” CFIUS is also seeking comments on other ways to improve the CFIUS review process. We detail some highlights of the proposal and our takeaways below.

1. The RFI Proposes a “Fast Track” CFIUS Process, but the Benefits to Investors Are Unclear

The Trump administration’s America First Investment Policy, released in February 2025, promised a fast-track CFIUS process for investors from U.S. allies who limit their ties to “foreign adversaries.” (See our client Update here.) The list of Adversary Countries includes the People’s Republic China (PRC) (including Hong Kong and Macau), Cuba, Iran, North Korea, Russia, and “the regime of Venezuelan politician Nicolás Maduro.” Treasury launched a pilot program for the KIP last year and invited a small number of handpicked repeat filers to participate. The RFI details Treasury’s plans to expand and formalize the KIP, but questions remain about how it will be administered and what the ultimate benefits will be.

The KIP is not a blanket approval for future transactions. Rather, as Treasury explains in the RFI, the KIP is designed to help CFIUS “more efficiently review [a] transaction and conduct its risk-based analysis once the transaction is filed, and reach a final outcome, whatever that may ultimately be.” Exactly how the process will be made more efficient is not clear. The RFI makes no promises about changes to the scope of the Committee’s review of a transaction, its review timelines, or the volume of questions the Committee may ask. The RFI is intended in part to collect input on how CFIUS should approach these issues.

2. Eligibility Criteria Would Be Based on Applicants’ CFIUS Track Record and Distance From Foreign Adversaries

Before Treasury will consider a foreign investor for participation in the KIP, the investor must meet certain baseline criteria. The criteria are described in Attachment A. In broad terms, the criteria are designed to ensure that the investor is a frequent filer with CFIUS, has a successful track record with CFIUS, and has limited connections with Adversary Countries and entities designated on certain restricted party lists.

3. Applicants Would Need to Submit a Wide Range of Detailed Information

If an applicant meets the baseline eligibility criteria, it must then provide voluminous information to Treasury on its ownership, management, operations, compliance history, and investment strategies. This information would include, for example:

• identification of individuals or entities holdings a >5% interest in the investor
• a description of the investment funds the investor has used to invest in the United States, identities of participants on limited partner advisory committees, governance documents and voting procedures, and typical participation in meetings of the investor’s shareholders
• information on the investor’s key personnel (biographical information, roles, etc.), representation on portfolio company boards, the process for sharing information on portfolio companies, and the process for reviewing potential investments
• information on the investor’s business, including financial information; investment strategies; standard rights in portfolio companies; research activities of portfolio companies; managerial oversight of portfolio companies, and procedures for risk management, security, and supply chain integrity
• supply arrangements and contracts with the U.S. government, previous CFIUS filings and mitigation agreements; previous incremental acquisitions after an initial CFIUS approval; compliance history; remedial action taken in response to law enforcement actions outside the United States; process for conducting diligence and compliance with regulatory requirements; any history of patent infringement or intellectual property theft

This is a significant amount of information. Treasury is assessing how often the information must be updated.

4. Investors Must Prove Verifiable Distance From Adversary Countries

The RFI states that “Known Investor Entities are expected to demonstrate verifiable distance from Adversary Countries.” Applicants must therefore provide information on the following:

• any investments in companies in Adversary Countries where the applicant holds a 10% or more voting or economic interest
• any funds or entities with a place of incorporation or principal place of business in an Adversary Country
• the investor’s investment portfolio in Adversary Countries
• processes for deciding which investment targets to pursue, and the investor’s sector-specific strategy for current portfolio companies or assets in any Adversary Country
• planned investments in the next 24 months and expected growth pipeline over the next five years
• other relationships with entities organized under the laws of an Adversary Country
• ties to the government of any Adversary Country including receipt of any government subsidies or other funding, or provision of any products or services to the government of an Adversary Country
• operational connections to an Adversary Country including whether any primary business lines are located in whole or in part in an Adversary Country and information on sourcing of certain hardware or software from an Adversary Country

5. Treasury Is Accepting Comments, and the Program May Change

Applying for “known investor” status could prove a significant and potentially burdensome undertaking for applicants. At the moment, it is not clear whether the benefits of participating would justify the burden of applying. However, we do not yet know the final scope and operation of the program. The RFI is simply a mechanism to seek public input, and we would expect that the process will become clearer over time.

Treasury is accepting comments on the RFI until March 18, 2026. Treasury has asked feedback on a range of specific points, including how eligibility criteria or informational requests might be clarified or adjusted.

Sidley attorneys are closely monitoring Treasury’s rollout of the KIP and are available to answer your questions.

BASELINE ELIGIBILITY CRITERIA FOR PARTICIPATION IN THE KIP