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CFIUS and Non-Notified Transactions: Managing the Non-Notified Process, Increased Risk for Transaction Parties

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Wednesday, November 17, 2021

Recorded event now available

or call 1-800-926-7926

This CLE course will guide counsel to U.S. and non-U.S. businesses considering and that have completed cross-border transactions with a particular focus on the CFIUS process as it relates to non-notified transactions. The panel will examine what is happening and what has changed with respect to non-notified transactions and its impact on transaction risks, what the process looks like and how to effectively manage it, and what all of this ultimately means for transaction parties.


The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) sought to fill gaps in the CFIUS review regime and made numerous changes to the CFIUS process, including through a significant increase in resources allocated for monitoring and enforcement and the establishment of a formal process to identify transactions that are not notified to the Committee (i.e., “non-notified transactions”). CFIUS’s efforts to identify and review non-notified transactions, including long-closed deals, have increased substantially and present new considerations for parties in cross-border transactions.

Listen as our authoritative panel of CFIUS experts discusses CFIUS outreach to parties regarding non-notified transactions, key strategic considerations, and how to navigate the non-notified process. The panel will examine recent CFIUS scrutiny of non-notified transactions and offer best practices for managing the non-notified process and the increased risk for transaction parties.



  1. CFIUS overview
    1. Pre-FIRRMA landscape
    2. Post-FIRRMA landscape
  2. CFIUS process for non-notified transactions
    1. CFIUS Outreach
    2. Addressing CFIUS Questions
    3. Requests for a Notice
  3. Recent CFIUS scrutiny of non-notified transactions
  4. Best practices
    1. Strategic considerations
    2. Managing the increased risk for transaction parties
    3. Anticipating and planning for potential outcomes


The panel will review these and other relevant issues:

  • How does the CFIUS process for identifying and reviewing non-notified transactions work?
  • What are lessons for counsel from recent CFIUS developments?
  • What steps should counsel and companies take to address CFIUS issues related to cross-border transactions?
  • What types of non-notified transactions is CFIUS most likely to pursue?
  • How does the increased focus on non-notified transactions affect overall CFIUS risk in negotiating new deals?
  • What best practices should counsel employ to manage the non-notified process?


Schomig, Keith
Keith Schomig

White & Case

Mr. Schomig is counsel in the Firm's National Security and CFIUS (Committee on Foreign Investment in the United...  |  Read More

Mildorf, Karalyn
Karalyn Mildorf

White & Case

Ms. Mildorf is a partner in the firm’s National Security and CFIUS practice, focusing her practice in the areas...  |  Read More

Walker, Andrew
Andy M. Walker

Accenture Strategy

Mr. Walker is a strategy consultant and advisor to clients who are working to understand the business and financial...  |  Read More

Brady, Ryan
Ryan Brady

White & Case

Mr. Brady practices in the firm’s Global International Trade group and is a member of the firm’s Foreign...  |  Read More

Donahue, Jack
Jack F. Donahue

Managing Director
Accenture Strategy

Mr. Donahue is an executive in Accenture’s strategy consulting practice where he works with the leaders of Tech...  |  Read More

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