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When CFIUS Comes Knocking: National Security Review of “Non-Notified” Transactions

June 2, 2021
Arnold & Porter, Ankura and Sard Verbinnen Webinar
By Charles A. Blanchard Ronald D. Lee Amb. Miriam Sapiro Randall H. Cook

Please join our interdisciplinary panel of expert outside counsel, crisis advisors and industry experts for a complimentary, CLE-eligible webinar covering vital questions regarding CFIUS's energetic exercise of its enhanced authority to look back and re-evaluate previous non-notified Foreign Direct Investment in US company and real estate transactions. The pace of CFIUS lookbacks is on track to quadruple in 2020–2021 from the previous period. We will cover the context for these renewed efforts and what they mean for affected companies, investors and their counsel.


  • What policy considerations are driving CFIUS’s focus on non-notified transactions and lookback activity?
  • How does CFIUS define national security and what transactions are potentially at issue?
  • What is CFIUS’s jurisdiction and capabilities to identify and investigate non-notified transactions?
  • How should companies, investors and counsel evaluate risk of CFIUS non-notified transactions?
  • Given that transactions are unlikely to remain unnoticed by CFIUS, how should parties think about the decision whether to file with CFIUS?
  • What tangible actions can be taken proactively to mitigate the risk associated with a CFIUS non-notified transaction investigation?
  • What should you do if your company, investment or client receives a CFIUS non-notified transaction inquiry letter?
  • What are the most effective approaches to mitigating possible outcomes of a CFIUS non-notified transaction investigation?


Randall H. Cook, Senior Managing Director, Ankura


Charles A. Blanchard, Partner, Arnold & Porter

Ronald D. Lee, Partner, Arnold & Porter

Miriam Sapiro, Managing Director & Vice Chair, SVC Public Affairs, Sard Verbinnen & Co

Meet the Speakers

Amb. Miriam Sapiro
Sard Verbinnen & Co
Randall H. Cook
Charles A. Blanchard
Senior Counsel
Arnold & Porter
Ronald D. Lee
Arnold & Porter