September 29, 2020

Volume X, Number 273

September 28, 2020

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Treasury Department Issues Interim Rule Establishing Fees for Certain CFIUS Filings

The U.S. Department of the Treasury issued an updated interim rule imposing filing fees for parties submitting full notice of a foreign investment in the United State to the Committee on Foreign Investment in the United States (CFIUS). The new filing fees are effective for transactions notified to CFIUS on or after May 1, 2020. The filing fee structure and amounts are unchanged from those described in the proposed regulations issued March 9, 2020, as described in our prior GT Alert, “CFIUS Regulations and FIRRMA Updates: Proposed CFIUS Filing Fees Announced.”

Although the Treasury Department solicited public comments on the proposed rules outlining the fee structure earlier this year, it is again allowing public comment on the filing fee interim rule because the COVID-19 pandemic may have impaired the public’s ability to submit comments in the previous round.

The interim rule implements a filing fee for parties submitting full voluntary notifications for “covered transactions” as well as “covered real estate transactions.” The interim rule does not require a filing fee for any short form declarations, mandatory notifications, and reviews unilaterally initiated by CFIUS, although filing fees will be applied if a full voluntary notice is requested by CFIUS after a short form declaration has been filed.

Filing Fee Schedule Based on Transaction Value

The interim rule uses a tiered filing fee approach, with fees based on the value of the transaction. The filing fees are as follows:


Value of Transaction

Proposed Filing Fee

Up to $499,999.99

No fee assessed

$500,000 to $4,999,999.99


$5,000,000 to $49,99,999.99


$50,000,000 to $249,999,999


$250,000,000 to $749,999,999.99


$750,000,000 or more



The method of calculating transaction value, for purposes of determining the filing fee, will generally be the total value of all consideration paid in the context of the transaction. For consideration that fluctuates in value, such as securities or other non-cash assets, the interim rule calculates value based on the closing price for the security on the previous trading day before the voluntary notice was filed with CFIUS, subject to certain exceptions. For transactions where consideration has not yet been determined, the parties are instructed to calculate value based on a good-faith approximation of the fair market value of the obligations or assets that are the subject of the transaction on the date the parties file the notice.

The interim rule is the latest regulatory change following the passage of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which brought significant changes to the CFIUS review process, as reported in our Feb. 11, 2020 Alert and Oct. 16, 2018 Alert. Interested parties may submit comments on the interim rule to Treasury until June 1, 2020. Treasury has stated that it is especially interested in feedback on the methods of valuation for joint venture transactions. Parties interested in preparing and submitting comments may wish to consult with counsel. Importantly, although comments may be submitted through June 1, 2020, the filing fees apply to transactions notified to CFIUS on or after May 1, 2020.

Treasury Department Issues Interim Rule Establishing Fees for Certain CFIUS Filings

©2020 Greenberg Traurig, LLP. All rights reserved. National Law Review, Volume X, Number 121


About this Author

Kara Bombach, Greenberg Traurig, Washington DC, International Trade and White Collar Defense Attorney

Kara Bombach assists companies to lawfully export goods, technology and services around the globe. She places significant emphasis on helping clients achieve practical, workable solutions to complex regulatory situations arising under anti-corruption and anti-bribery measures (U.S. Foreign Corrupt Practices Act (FCPA) and OECD Convention), export control laws (EAR and ITAR), anti-boycott laws, and special sanctions (embargoes) maintained by the U.S. government (OFAC and other agencies) against various countries (including Iran, Cuba and Sudan), entities and individuals....

Cyril Brennan, Greenberg Traurig Law Firm, Washington DC, International Trade Law Attorney

Cyril (Cy) Brennan focuses his practice on international trade regulation and compliance, with an emphasis on U.S. export controls and economic sanctions. Cy handles matters regarding the International Traffic in Arms Regulations (ITAR), the Export Administration Regulations (EAR), U.S. sanctions programs administered by the Treasury Department’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s anti-boycott regulations. In addition, he represents clients before the Committee on Foreign Investment in the United States (CFIUS), and advises clients on the Foreign Corrupt Practices Act (FCPA), the foreign direct investment reporting requirements of the Bureau of Economic Analysis (BEA), and other trade and investment-related regulations in the context of mergers and acquisitions.


  • Export controls and economic sanctions

  • Committee on Foreign Investment in the United States (CFIUS)

  • Anticorruption compliance

  • Foreign direct investment reporting

  • Regulatory due diligence

  • Foreign ownership, control or influence (FOCI)

Renee Latour, Greenberg Traurig Law Firm, Washington DC, Corporate Law Attorney

Renee A. Latour focuses her practice on international trade regulation with an emphasis on compliance with U.S. export controls and economic sanctions. Renee assists clients on matters related to international trade that arise under the jurisdiction of various U.S. governmental agencies, including the Departments of Commerce, State, Treasury, and Defense. She advises on U.S. export control laws, anti-boycott laws and special sanctions maintained by the U.S. Government against various countries including Iran, Cuba and Sudan.

Renee also assists...

Sonali Dohale, Greenberg Traurig Law Firm, Washington DC, Environmental and International Trade Law Attorney

Sonali Dohale focuses her practice on compliance counseling, environmental due diligence and environmental litigation under state and federal statutes. Sonali’s experience at government regulatory agencies and her background in civil and environmental engineering help give her insight into both the legal and technical challenges faced by her clients.

In addition, Sonali assists clients engaged in international trade with a variety of federal regulatory issues, including matters related to the International Traffic in Arms Regulations (ITAR), the...

Axel Urie international Trade and Customs Attorney Greenberg Traurig Law Firm

Axel Urie is a member of the International Trade and Customs Practice in Greenberg Traurig's Washington, D.C. office. He is experienced in trade remedy and customs matters, including litigation for domestic importers, producers, and foreign exporters.