On May 8, 2025, the U.S. Department of the Treasury, acting as Chair of the Committee on Foreign Investment in the United States (CFIUS), announced a fast-track pilot program to expedite reviews of investments from allied and partner countries.1 Central to the initiative is a new "Known Investor" portal that will allow select foreign investors to pre-submit information and streamline the national security review process.
For companies engaging in U.S. inbound investments, especially repeat investors, this pilot may reduce deal friction and accelerate transaction timelines.
A Policy Shift Toward Trusted Investment
The fast-track program builds on the Administration's February 2025 America First Investment Policy, which called for facilitating investment from "trusted sources" while maintaining strict protections against adversarial threats.2
While the list of eligible jurisdictions has not been formally released, officials have emphasized that investors will need to demonstrate verifiable independence from foreign adversaries, particularly China, to qualify. Deputy Treasury Secretary Michael Faulkender noted that one of the program's key eligibility conditions will be a clear "distance and independence" from threat actors.3
What This Means for Foreign Investors
The program offers two key takeaways. First, the potential for faster reviews: investors with an established presence or low-risk profile may benefit from shorter CFIUS timelines. Second, heightened eligibility scrutiny: investors will likely be required to provide documentation showing no material ties to jurisdictions of concern.
It's also worth noting that the program's legal basis and implementation details remain unclear. It is not yet known whether the fast-track process will be formalized through rulemaking or informal agency guidance.
How to Prepare
As M&A counsel, we're focused on helping clients reduce execution risk and manage timing across signing-to-closing. For deals involving foreign buyers, this means staying ahead of evolving regulatory processes like the new CFIUS fast-track pilot.
Although many implementation details are still forthcoming, sponsors and acquirers should begin evaluating whether a potential buyer may ultimately qualify as a Known Investor. We're advising clients to consider these eligibility factors early, such as the buyer's CFIUS history, ownership structure, and any exposure to sensitive jurisdictions, so they can better anticipate regulatory friction before signing.
We do not serve as CFIUS counsel, but we routinely coordinate with national security specialists to ensure deal structures and timelines are aligned with CFIUS strategy. Our role is to integrate those risks into broader transaction planning, including deal pacing, closing conditions, and mitigation contingencies where needed.
If you're preparing for a cross-border transaction that may trigger a CFIUS filing, we can help scope and structure the deal in collaboration with your regulatory advisors.
Footnotes
1. U.S. Department of the Treasury. (2025, May 8). U.S. Department of the Treasury Announces Intent to Launch Fast Track Pilot Program for Foreign Investors. https://home.treasury.gov/news/press-releases/jy2350
2. The White House. (2025, February 21). America First Investment Policy Memorandum.
3. U.S. Department of the Treasury. (2025, May). Remarks by Deputy Secretary Michael Faulkender at the American Conference Institute's CFIUS Conference.
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