The US Department of the Treasury has issued a Proposed Rule that modifies the mandatory filing provisions regarding investments in US businesses that produce, design, test, manufacture, fabricate, or develop critical technologies and for transactions involving foreign governments. These mandatory filing requirements were previously part of the "Critical Technology Pilot Program" until incorporated into CFIUS' regulations in February 2020. The Final Rule announcement for the current CFIUS regulations previewed this switch to export control licensing requirements that highlights the major change for mandatory filings under the Proposed Rule. Given the likelihood that the Proposed Rule ultimately becomes final, it is essential that US businesses that may seek non-US investors confront the export control compliance challenges that will come with the changes to the mandatory filing framework. As such, it is important to begin planning now for this development.