Page 46 - The CFIUS Book
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THE CFIUS BOOK
2.5.2. Preparation Time
Rome was not built in a day, and it is likely that a CFIUS submission will not be either. The sheer volume of information and the various sources from which you will gather that information normally makes a one-day CFIUS submission infeasible. Typically, preparation of a CFIUS submission will take 2-4 weeks, depending on how cooperative and communicative the parties are, and how complicated the transaction is. We have completed notices in one week or less, but those cases are the exception.
2.5.3. Draft notice filing
For the draft notice, there are no
significant filing formalities for you to
follow. However, new regulations
promulgated by CFIUS by February
2020 may create certain new
formalities. Until that point, you may
email your draft directly to CFIUS at
CFIUS@treasury.gov. The draft notice
will be assigned to a case agent who
will provide comments and questions
based on his or her experience with
other, similar submissions. The case
agent will recognize what items will
need to be added or clarified in order for the final notice to pass more smoothly through all of the CFIUS agencies.
2.5.4. OIS case agent
READY OR NOT: yOU may SUBmIT yOUr CFIUS nOTIFICaTIOn BEFOrE yOU HavE COmplETEd THE TErmS OF THE dEal Or yOU Can SUBmIT aFTEr yOUr dEal HaS BEEn ExECUTEd. HOwEvEr, IF yOU HavE a dEal THaT InvOlvES FOrEIgn gOvErnmEnT OwnErSHIp, wE’d rECOmmEnd SUBmITTIng aS SOOn aS yOU HavE ClEar OwnErSHIp TErmS, BUIldIng In TImE FOr rEvIEw and ClEaranCE BEFOrE ClOSIng.
You will have an OIS staff member assigned to your review called your case agent. The case agent has the power to ensure that your review is conducted efficiently. For that reason, it is in your best interest to play nice. Your case agent is as close to a representative for your transaction in the government that you will have. Keep in mind that your case agent has experience from many reviews and you stand to benefit from that experience. If s/he recommends taking some action, you should consider that recommendation very seriously.
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