[Code of Federal Regulations]
[Title 31, Volume 3]
[Revised as of July 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR800.403]

[Page 707-708]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
  CHAPTER VIII--OFFICE OF INTERNATIONAL INVESTMENT, DEPARTMENT OF THE 
                                TREASURY
 
PART 800_REGULATIONS PERTAINING TO MERGERS, ACQUISITIONS, AND TAKEOVERS BY 
 
                            Subpart D_Notice
 
Sec. 800.403  Treatment of certain voluntary notices.

    The Committee, acting through the Staff Chairman, may

[[Page 708]]

    (a) Reject voluntary notices not complying with Sec. 800.402;
    (b) Delay the beginning of the thirty-day review period until 
information specified in Sec. 800.402 has been furnished to the 
Committee;
    (c) Reject any voluntary notice at any time if, after the notice has 
been submitted and before action by the Committee or the President has 
been concluded, there is a material change in the transaction as to 
which notification has been made; and
    (d) Notify the party submitting a voluntary notice that an analysis 
of national security considerations will not be undertaken in cases 
where the Committee has found that a transaction presented is not 
subject to section 721.

    Example 1. The Staff Chairman receives a joint filing by Corporation 
A, a foreign person, and Corporation X, a company that is owned and 
controlled by U.S. nationals, with respect to Corporation A's intent to 
purchase all of the shares of Corporation X. The joint filing does not 
contain any information described under Sec. 800.402(c)(3) (iv) and (v) 
concerning classified materials and products or services supplied to the 
U.S. military services. The Staff Chairman may (1) reject the filing, or 
(2) delay the start of the thirty-day review period while the parties 
are asked to supply the omitted information.
    Example 2. Same facts as in first sentence of Example 1, except that 
the joint filing indicates that Corporation A does not intend to 
purchase Corporation X's Division Y, which is engaged in classified work 
for a U.S. Government agency. Corporations A and X notify the Committee 
on the 25th day of the 30-day notice period that Division Y will also be 
acquired by Corporation A. This fact constitutes a material change with 
respect to the transaction as originally notified, and the Staff 
Chairman may reject the notice.
    Example 3. The Staff Chairman receives a joint filing by Corporation 
A, a foreign person, and Corporation X, a company that is owned and 
controlled by U.S. nationals, indicating that Corporation A intends to 
purchase 10.5 percent of the voting securities of Corporation X. Under 
the particular facts and circumstances presented, the Committee 
concluded that Corporation A's purchase of this interest in Corporation 
X would not constitute control as defined in Sec. 800.204. The Staff 
Chairman may advise the parties in writing that the transaction as 
presented is not subject to section 721 and that no analysis of national 
security considerations has been undertaken.