Page 52 - The CFIUS Book
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is directed to “seek and incorporate the views of all affected or appropriate intelligence agencies with respect to the transaction”.36 Effectively, this opens the review to any U.S. intelligence agency – a good reason to avoid misstatements of fact in your notice.
3.1.2. Leadagency
Additionally, and typically in a separate letter, the Staff Chair advises the parties in writing of the designation of the lead agency or agencies on the review.37 Treasury designates the Lead Agency or Agencies from among those that comprise the Committee. The Lead Agency may negotiate, enter into or impose, monitor, and enforce mitigation agreements or conditions with parties to the transaction to address any threat to national security CFIUS identifies in the transaction.38
Typically, the Lead Agency will be chosen in accordance with the type of national security concerns the transaction may raise, e.g., the Department of Energy may lead a review of an acquisition of a target owning gas pipelines or operating electrical grids, while the Department of Defense may lead a review where a U.S. target contracts with the U.S. military. Regardless of the lead agency named in a review, communications between the transaction parties and the lead agency will go through the OIS case officer assigned to the review.

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