On August 9, 2023, after more than a year of deliberations, the Biden administration finally released an executive order (the Order) directing the Department of the Treasury (Treasury) to create a new regulatory program to...more
8/11/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Biden Administration ,
CFIUS ,
China ,
Cross-Border Transactions ,
Cybersecurity ,
Executive Orders ,
Foreign Direct Investment ,
Foreign Investment ,
National Security ,
Technology Sector
On July 26, 2023, the U.S. Department of Justice’s (DOJ’s) National Security Division (NSD), the U.S. Department of Commerce’s Bureau of Industry and Security (BIS), and the U.S. Department of the Treasury’s Office of Foreign...more
8/1/2023
/ Bureau of Industry and Security (BIS) ,
Compliance ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
International Trade ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Self-Disclosure Requirements ,
U.S. Commerce Department ,
U.S. Treasury ,
Voluntary Disclosure ,
Whistleblowers
Through a series of coordinated actions in May 2023, the United States launched a whole-of-government effort to expand and strengthen enforcement of its sanctions campaign against Russia as the conflict in Ukraine continues...more
6/6/2023
/ Anti-Money Laundering ,
Bureau of Industry and Security (BIS) ,
CFIUS ,
Economic Sanctions ,
Export Controls ,
Financial Institutions ,
FinCEN ,
International Trade ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Russia
Changing CEOs is one of the most critical decisions any board faces. In this issue of The Informed Board, we offer tips on how to avoid the mistakes we most often see. We also explain the problems companies could face if the...more
5/25/2023
/ Acquisitions ,
Artificial Intelligence ,
Banking Sector ,
Board of Directors ,
CEOs ,
China ,
Corporate Governance ,
Disclosure Requirements ,
Emerging Technology Companies ,
Employees ,
Employer Liability Issues ,
EU ,
Executive Orders ,
Export Controls ,
Exports ,
Federal Trade Commission (FTC) ,
Filing Requirements ,
Financial Institutions ,
Hiring & Firing ,
Intellectual Property Protection ,
Mergers ,
Non-Compete Agreements ,
Notice Requirements ,
Regulatory Agenda ,
Regulatory Oversight ,
Restrictive Covenants ,
Technology ,
Technology Sector
DOJ Increases Resources To Investigate and Prosecute Sanctions Evasion and Export Control Violations -
On March 2, 2023, during a keynote speech at the American Bar Association’s annual White Collar Crime National...more
3/17/2023
/ Anti-Corruption ,
Bureau of Industry and Security (BIS) ,
Compliance ,
Corporate Entities ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Economic Sanctions ,
EU ,
Export Controls ,
Exports ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
International Trade ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Self-Disclosure Requirements ,
U.S. Commerce Department ,
U.S. Treasury ,
UK ,
Voluntary Disclosure
On February 24, 2023, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) announced four new rules expanding restrictions on exports to Russia and Belarus. The revisions to the Export Administration...more
The withdrawal of Western companies from Russia in the wake of the war in Ukraine has garnered a lot of attention. But the process does not take place overnight, and many foreign companies that have operated in Russia face...more
12/16/2022
/ Acquisitions ,
Best Practices ,
Economic Sanctions ,
EU ,
Exit Transactions ,
Export Controls ,
Foreign Investment ,
Investment ,
Jurisdiction ,
Russia ,
UK ,
Ukraine
Recent developments, including Russia’s invasion of Ukraine, ongoing tensions between the U.S. and China, and turmoil in the digital assets sector, have made it essential for companies — including their directors and senior...more
On December 5, 2022, the price cap on Russian crude oil that was announced by the G-7 finance ministers in September 2022 went into effect at a level of $60 per barrel. The price cap is implemented by prohibiting the...more
The proliferation of U.S. sanctions and other regulations affecting cross-border transactions has implications for directors, who may be personally liable for violations in some cases. Meanwhile, the Securities and Exchange...more
12/9/2022
/ Anti-Monopoly ,
Board Meetings ,
Board of Directors ,
China ,
Competition ,
Compliance ,
Corporate Counsel ,
Corporate Entities ,
Corporate Governance ,
Corporate Minutes ,
Corporate Officers ,
Cybersecurity ,
Disclosure ,
Documentation ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Exports ,
Financial Fraud ,
Financial Reporting ,
Foreign Policy ,
Joint Venture ,
Market Abuse ,
Merger Controls ,
Money Laundering ,
Non-GAAP Financial Measures ,
Revenue ,
Securities and Exchange Commission (SEC) ,
State Administration for Market Regulation (SAMR) ,
US Trade Policies
In light of the recent referendums and purported annexation by Russia of four territories of Ukraine on September 30, 2022, the United States, United Kingdom and European Union have expanded measures and provided additional...more
10/14/2022
/ Biden Administration ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
EU ,
Export Administration Regulations (EAR) ,
Export Controls ,
Exports ,
Foreign Policy ,
Foreign Relations ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
UK ,
Ukraine
On September 15, 2022, President Joe Biden issued an executive order (EO) “on ensuring robust consideration of evolving national security risks” by the Committee on Foreign Investment in the United States (CFIUS or the...more
Even though significant sanctions and export controls have already been put in place, the United States recently adopted additional measures targeting key elements of the Russian economy and military industry in response to...more
On June 21, 2022, a key element of the Uyghur Forced Labor Prevention Act (UFLPA) went into effect: the rebuttable presumption. Going forward, any imports of goods mined, produced or manufactured wholly or in part in the...more
Bipartisan, bicameral support is mounting for legislation that would create a mandatory outbound investment screening regime to review U.S. investments in China and other countries identified by Congress as countries of...more
On June 6, 2022, President Joe Biden issued a declaration of emergency (the Declaration) that paves the way for a 24-month moratorium on new duties on solar imports. The Declaration was a direct response to the turmoil in...more
6/15/2022
/ Anti-Dumping Duty ,
Biden Administration ,
Countervailing Duties ,
Defense Production Act ,
Electricity ,
Energy Projects ,
Energy Sector ,
Imports ,
Renewable Energy ,
Solar Energy ,
Solar Panels ,
State of Emergency ,
U.S. Commerce Department
Since the publication of our March 24, 2022, and March 17, 2022, client alerts, the U.S., U.K. and European Union, among other allied nations, have imposed additional sanctions and export controls on key elements of the...more
5/2/2022
/ Blocking Sanctions ,
Economic Sanctions ,
EU ,
European Commission ,
Export Controls ,
Exports ,
Financial Institutions ,
Foreign Policy ,
Foreign Relations ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
UK
On March 11, 2022, President Joe Biden signed Executive Order 14068 (E.O. 14068) imposing new restrictions on imports and exports with respect to Russia as well as on the supply of U.S. dollar-denominated banknotes to the...more
3/22/2022
/ Bank Notes ,
Banks ,
Biden Administration ,
Economic Sanctions ,
Executive Orders ,
Export Controls ,
Exports ,
Financial Institutions ,
Luxury Goods ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Ukraine
On March 8, 2022, President Joe Biden issued Executive Order (E.O.) 14066, which bans the import of Russian oil, gas and other energy products into the United States and imposes sweeping prohibitions on new U.S. investment in...more
Since the publication of our February 26, 2022, client alert, the United States, United Kingdom and the European Union, among other allied nations, have imposed additional sanctions and export controls on key elements of the...more
3/10/2022
/ Belarus ,
Blocking Sanctions ,
Bureau of Industry and Security (BIS) ,
Economic Sanctions ,
Export Controls ,
Financial Institutions ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
SWIFT ,
Ukraine
The United States, United Kingdom and the European Union, among other allies, have moved swiftly in response to the Russian Federation’s invasion of Ukraine. Merely hours after Russia’s announcement on February 21, 2022, that...more
This year, we expect to see new disclosure requirements; rule changes at the Securities and Exchange Commission that will affect directors; activists adopting new tactics; changes to shareholder voting processes; tax and...more
Takeaways -
Since 2018, the U.S. and several other countries have revised or installed national security-related screening of foreign direct investments.
Many jurisdictions now require filings for investments in the...more
Takeaways -
Chinese investments requiring CFIUS review have declined as the U.S. scrutinizes those transactions aggressively, and rules governing interactions with “Chinese military-industrial complex companies” have been...more
Takeaways -
As a national and economic security initiative, the Biden administration is developing policies to protect several critical supply chains.
The Commerce Department is expected to take further measures to...more