Agency Information Collection Activities; Proposed Collection; Comment Request; Provisions Pertaining to Certain Investments in the United States by Foreign Persons and Provisions Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States
| Published date | 15 June 2020 |
| Citation | 85 FR 36261 |
| Record Number | 2020-12861 |
| Section | Notices |
| Court | Treasury Department |
Federal Register, Volume 85 Issue 115 (Monday, June 15, 2020)
[Federal Register Volume 85, Number 115 (Monday, June 15, 2020)]
[Notices]
[Pages 36261-36262]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12861]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Proposed Collection;
Comment Request; Provisions Pertaining to Certain Investments in the
United States by Foreign Persons and Provisions Pertaining to Certain
Transactions by Foreign Persons Involving Real Estate in the United
States
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other federal agencies to comment on the proposed
information collections listed below, in accordance with the Paperwork
Reduction Act of 1995.
DATES: Written comments must be received on or before August 14, 2020.
ADDRESSES: Send comments regarding the burden estimate, or any other
aspect of the information collection, including
[[Page 36262]]
suggestions for reducing the burden, to Treasury PRA Clearance Officer,
1750 Pennsylvania Ave. NW, Suite 8100, Washington, DC 20220, or email
at [email protected].
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Meena Sharma or Andrew Fair by emailing
[email protected], calling (202) 622-1860, or viewing the entire
information collection request at www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Title: Provisions Pertaining to Certain Investments in the United
States by Foreign Persons and Provisions Pertaining to Certain
Transactions by Foreign Persons Involving Real Estate in the United
States.
OMB Control Number: 1505-0121.
Type of Review: Extension without change of a currently approved
collection.
Description: Section 721 of the Defense Production Act of 1950, as
amended (section 721), provides the President, acting through the
Committee on Foreign Investment in the United States (CFIUS or the
Committee), authority to review certain foreign investments in the
United States in order to determine the effects of those transactions
on the national security of the United States. In August 2018, section
721 was amended by the Foreign Investment Risk Review Modernization Act
of 2018 (FIRRMA), Subtitle A of Title XVII, Public Law 115-232, 132
Stat. 2173 (Aug. 13, 2018). FIRRMA maintains CFIUS's jurisdiction over
any merger, acquisition, or takeover that could result in foreign
control of any U.S. business, and broadens the authorities of the
President and CFIUS under section 721 to review and take action to
address any national security concerns arising from certain non-
controlling investments and certain real estate transactions involving
foreign persons.
Executive Order 13456, 73 FR 4677 (Jan. 23, 2008), directs the
Secretary of the Treasury to issue regulations implementing section
721. Most recently, on January 17, 2020, the Department of the Treasury
issued final regulations (85 FR 3112 and 85 FR 3158) implementing
FIRRMA, including information collections related to notices and
declarations filed with or submitted to the Committee regarding
transactions that could result in foreign control of a U.S. business,
certain non-controlling investments and certain real estate
transactions involving foreign persons.
In May 2020, the Department of the Treasury launched a new CFIUS
Case Management System, featuring an online public portal for external
parties to submit declarations and file notices with CFIUS in a
standard form. As of June 1, 2020 use of this online system is now
mandatory for all CFIUS submissions and filings. The only substantive
change related to the information required in order for CFIUS to review
a declaration or notice is the requirement that parties use the new
online public portal to submit declarations and file notices, instead
of by email.
Form: None.
Affected Public: Individuals and entities.
Estimated Number of Respondents: 1,100.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 1,100.
Estimated Time per Response: Varies from 15-20 hours per
declaration and 116-130 hours per notice.
Estimated Total Annual Burden Hours: 57,400.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
record. Comments are invited on: (a) Whether the collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information shall have practical
utility; (b) the accuracy of the agency's estimate of the burden of the
collection of information; (c) ways to enhance the quality, utility,
and clarity of the information to be collected; (d) ways to minimize
the burden of the collection of information on respondents, including
through the use of technology; and (e) estimates of capital or start-up
costs and costs of operation, maintenance, and purchase of services
required to provide information.
Authority: 44 U.S.C. 3501 et seq.
Dated: June 10, 2020.
Andrew Fair,
Deputy Director, Investment Reviews and Investigations.
[FR Doc. 2020-12861 Filed 6-12-20; 8:45 am]
BILLING CODE 4810-25-P
