The regulatory body known as The Committee on Foreign Investment in the U.S., or CFIUS, is a lot of things to a lot of people, but for very few investors has it ever been well understood and simple to navigate. CFIUS focuses on reviewing M&A and other investment transactions that result in foreign control of a U.S. business and have the potential to affect U.S. national security, and for many years it appeared to feel like a moving target for market participants.

Filing for approval with the regulator is usually voluntary, but if transaction parties that should have filed with CFIUS don’t do so, it can create significant headaches for dealmakers later. Meanwhile, figuring out what exactly the committee considers a national security concern is more art than science, as it typically has not disclosed the items that go into its analyses.

Read the full report here.