Page 47 - The CFIUS Book
P. 47
2.5.5. Draft notice timing
FIRRMA establishes a deadline of 10 business days for CFIUS to review your draft submission.31 As CFIUS staff reviews your draft notice, you may have some back and forth with the OIS staff member assigned to your matter. After OIS informs you your notice is complete or will be complete with certain additions or amendments, you can submit a final notice (Section 2.6) to the Committee.
Often the OIS staff will request information that may not be spelled out as required in the regulations and guidance. The OIS staff have seen the Committee ask for those same things before, so we recommend including them in your final notice submission.
Additionally, the Committee will not start the 30-day clock for reviewing your final notice until OIS verifies that your final notice submission is complete. Therefore, by submitting your final notice before your draft notice review is complete, you may be trading delay for delay, possibly extending the delay in review, and almost certainly starting off on the wrong foot with the regulators.
THE CFIUS BOOK
47
