News & Analysis as of October 18, 2024

U.S. Treasury

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

Treasury Issues Draft Regulations for Outbound Investment Security Program; Comments Due August 4

Wiley Rein LLP on 7/16/2024

An August 4 deadline is fast approaching for comments to the U.S. Department of the Treasury’s Notice of Proposed Rulemaking (NPRM) that was issued June 21. The NPRM will restrict, for national security purposes, specific...more

War Aid and Sanctions: National Security Act Includes Significant New Sanctions Authorities

Morrison & Foerster LLP on 4/30/2024

On April 24, 2024, President Biden signed into law a long-debated $98 billion foreign aid and national security legislative package (the “Act”) providing funds for Israel, Taiwan, and Ukraine, and authorizing new sanctions...more

Data Protection Demands Complicate CTA Compliance

Lowenstein Sandler LLP on 2/29/2024

On Jan. 1, the Corporate Transparency Act (CTA) went into effect, premised on the belief that illicit actors use corporate structures like shell companies and fronts to hide their identities and launder criminal proceeds...more

Holiday Scams Propelled By Artificial Intelligence

Foodman CPAs & Advisors on 12/12/2023

On 11/22/23, the U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection office released an advisory providing tips to consumers to avoid becoming the victim of cyber or online...more

The Role of National Security in the U.S.-China Battle Over Foreign Direct Investment

Fox Rothschild LLP on 11/2/2023

As the People’s Republic of China (PRC) has emerged as a major economic power and competitor, the U.S. has leaned heavily on and enhanced its foreign direct investment regime over recent years to protect its national security...more

Long-Awaited Outbound Investment Program Finally Addressed

Seyfarth Shaw LLP on 9/5/2023

On August 9, 2023, President Biden issued an Executive Order entitled, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the “EO”), declaring a national...more

White House Orders New Rules on U.S. Outbound Investment

WilmerHale on 8/11/2023

The Biden Administration has issued its long-awaited Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern (“EO”), which will create a new...more

Biden Administration Unveils Proposed Outbound Investment Restrictions Targeting Chinese Advanced Technology Companies

Fenwick & West LLP on 8/11/2023

On August 9, President Biden issued an executive order (E.O.) directing the U.S. Department of the Treasury (Treasury), in consultation with the U.S. Department of Commerce and other U.S. agencies, to adopt regulations that...more

Reverse CFIUS is Coming: President Biden Issues Executive Order Addressing Certain Outbound Investments by U.S. Persons

Foley Hoag LLP on 8/11/2023

On August 9, 2023, President Biden issued an Executive Order (E.O.) addressing certain outbound investments by U.S. persons in certain sensitive or advanced technologies or products involving certain “countries of concern.”...more

The North Korean Crypto Threat

K2 Integrity on 10/17/2022

Executive Summary - The North Korean threat to the crypto ecosystem is the highest form of immediate risk to the crypto-economy driven by a regime that seeks to profit from its misuse to reinforce its regime and fuel all its...more

More U.S. Scrutiny of China-Related Investments and Exposure: White House Executive Order Signals Enhanced Scrutiny for Foreign...

K2 Integrity on 10/13/2022

The U.S. government continues to increase scrutiny over certain foreign investments in the United States and critical supply chain security. On 15 September 2022, President Biden signed the “Executive Order on Ensuring Robust...more

Biden Administration Significantly Expands CFIUS National Security Factors

Cozen O'Connor on 9/23/2022

On September 15, 2022, President Biden signed an Executive Order (EO), which connects the work carried out by the Committee on Foreign Investment in the United States (CFIUS or the Committee) to the Administration’s national...more

President Biden Executive Order Signal to Industry of CFIUS’s Importance, Without Process Changes

Paul Hastings LLP on 9/22/2022

On September 15, 2022, President Biden issued an Executive Order regarding the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”)....more

Privacy Report- California Exemptions for B2B and Employee Data Set To Expire

ArentFox Schiff on 9/19/2022

California Exemptions for B2B and Employee Data Set To Expire - With August 31 marking the last day of the legislative session, the California legislature’s failure to extend business-to-business and employee data exemptions...more

[Webcast Transcript] CFIUS Compliance: Your Approach May Be A Matter of National Security

HaystackID on 8/8/2022

Editor’s Note: On July 27, 2022, HaystackID shared an educational webcast on the topic of Committee on Foreign Investment in the United States (CFIUS) compliance. CFIUS is a U.S. government interagency committee with the...more

Federal Agencies Issue Alert Regarding Maui Ransomware

Foley Hoag LLP - Security, Privacy and the... on 7/27/2022

On July 7, 2022, three federal agencies – the Federal Bureau of Investigation, the Cybersecurity and Infrastructure Security Agency, and the Department of the Treasury – issued a joint alert regarding Maui Ransomware, which...more

Karakurt Extortion Group Auctions Data for Ransom

Robinson+Cole Data Privacy + Security Insider on 6/16/2022

On June 2, 2022, CISA (the Cybersecurity and Infrastructure Security Agency), the FBI, the Department of the Treasury and the Financial Crimes Enforcement Network issued a joint Cybersecurity Alert warning companies of the...more

Healthcare Companies Seek to Manage Risk of Ransomware Attacks, According to Report

Jackson Lewis P.C. on 2/16/2022

Healthcare companies continue to face increased risks of ransomware attacks on their operations. According to the recently released BD Cybersecurity Annual Report for 2021, such attacks are also increasingly sophisticated....more

Trade Matters, February 2022: A monthly newsletter covering global trade & national security developments

Lowenstein Sandler LLP on 2/2/2022

1. Treasury Mandates Reporting of Foreign Securities Holdings of $200M or More- All U.S. persons (custodians and end investors) who manage $200 million or more in foreign securities for themselves or others must file a...more

If You See Something, Say Something: FinCEN Updates Advisory on Managing Ransomware Attacks

Farrell Fritz, P.C. on 11/24/2021

In a few short weeks, the global loss attributable to cybercrime is expected to surpass $6 trillion.* Therefore, in an effort to protect financial institutions and consumers from further loss, agencies including the United...more

Trade Matters - November 2021

Lowenstein Sandler LLP on 11/3/2021

1. New Cybersecurity Export Controls From BIS Go Into Effect in January - The Bureau of Industry and Security (BIS) has released an interim final rule establishing new export controls on certain cybersecurity items and...more

OFAC Puts Virtual Currency Industry On Notice

King & Spalding on 10/26/2021

Guidance Demonstrates OFAC’s Expectations for Sanctions Compliance by Cryptocurrency Industry - On October 15, 2021, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury published Sanctions...more

Do You Have a Risk-Based Sanctions Compliance Program?: In the Event of a Ransomware Attack, OFAC Wants to Know

Sheppard Mullin Richter & Hampton LLP on 10/5/2021

In the wake of increased ransomware attacks over the course of the last several months, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) has updated a guidance it released last year on potential...more

Ransomware Payments – OFAC Updates its Advisory and Congress Gets Involved

Foley Hoag LLP on 10/1/2021

Ransomware payments continue to be a focus of the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”). As previously reported by Foley Hoag, on October 1, 2020, OFAC released an advisory regarding potential...more

OFAC Releases Updated Ransomware Advisory and Announces First Designation of Cryptocurrency Exchange

K2 Integrity on 9/29/2021

On 21 September 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an updated advisory that highlights the sanctions risks associated with making ransomware payments. OFAC reiterated...more

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