Page 51 - The CFIUS Book
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 3. review and response
3.1. The Review: What You Will See
3.1.1. Receipt, acknowledgement, and commencement of review
Once you have submitted your final notice to the Committee, the OIS staff will review your submission to determine whether it is complete.34 Only after OIS confirms the submission is complete and sends copies of the submission to the Committee’s member agencies, will CFIUS notify the parties that it officially considers their notice to have been received. Under the FIRRMA revisions, CFIUS is required to provide comments on a draft or formal notice, or accept a formal notice, no later than 10 business days after submission. The Staff Chair then sends a letter to all parties to the transaction that the notice has been accepted and the review has commenced. The date of official acceptance is considered day 1 of the CFIUS review.35 Under the FIRRMA revisions, that review is now 45 days rather than 30 days.
The acceptance of the notice also starts another internal clock within the government: under Section 721 (b)(4), as amended, for every review that is commenced by CFIUS, the Director of National Intelligence is required to carry out a thorough analysis of any threat to U.S. national security, which must include the identification of any recognized gaps in the collection of intelligence relevant to the analysis. The Director may also provide a separate assessment of any operational impact of a covered transaction on the intelligence community and a description of actions that have been taken or will be taken to mitigate that impact. During that time, the Director of National Intelligence

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