Page 32 - The CFIUS Book
P. 32
THE CFIUS BOOK
However your company decides to collect its information, the company should coordinate closely with outside counsel, planning for regular communication and updates throughout the information-gathering process.
2.1.2. Gather every bit of information
Counsel must strike a balance in
presenting information to CFIUS. The
submission must meet all the
minimum requirements for
completeness and transparency; but it
must also be succinct and organized
enough to create a clear and coherent narrative of the transaction, its participants, and its potential effects on national security.
In the information-gathering process, you should err on the side of overinclusion. It will be far more efficient to overfill the submission with information and allow counsel to carve back what is presented than it will be to have multiple back-and-forth exchanges to chase down missing information. Your company may be hesitant to open the kimono, but your notification process will run more smoothly if the company is candid with counsel, and relies on the confidentiality requirements on the government agencies that receive your notification.22 Once you and your CFIUS counsel have gathered the entire universe of information, you can craft and submit an appropriately tailored draft notice.
Err On THE SIdE OF OvEr-COllECTIOn, THEn COnSIdEr wHaT InFOrmaTIOn SHOUld BE InClUdEd In yOUr SUBmISSIOn.
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