Popular, Prohibited Transactions

Proposed Rulemaking: Imported Chinese Hardware for Advanced Auto Features Will Be Banned in 2029

Clark Hill PLC on 10/11/2024

On Sept. 26, the Department of Commerce’s Bureau of Industry and Security (BIS) and Office of Information and Communications Technology and Services (OICTS) published a Notice of Proposed Rulemaking (NPRM) entitled,...more

Regulatory Roundup for July 2024

SEC Compliance Consultants, Inc. (SEC³) on 7/31/2024

SEC Loses in ALJ Case, DOL’s Latest Fiduciary Rule Put on Hold, and SEC Reconsiders AI and Custody Rule Proposals - Welcome to our July Regulatory Roundup, where we provide a quick look at the latest regulatory developments....more

Commerce Department Bans Kaspersky Software in First ICTS Prohibition, Signals Increased Risk of Using Certain Foreign Software...

Husch Blackwell LLP on 7/26/2024

On June 20, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a Final Determination prohibiting the sale of certain cybersecurity products, anti-virus software, and related services to...more

Treasury releases proposed Outbound Investment Security Program rules

Eversheds Sutherland (US) LLP on 7/9/2024

On June 21, 2024, the US Department of the Treasury (Treasury) released proposed new federal regulations (Proposed Rules) that, if implemented, would prohibit or require notification of a broad range of outbound investment...more

DOL Removes Restrictions on Recommendations of Principal Traded Assets from Prohibited Transaction Exemption 2020-02

Morgan Lewis on 7/5/2024

The US Department of Labor (DOL) amended Prohibited Transaction Exemption 2020-02 (PTE 2020-02) to provide relief for recommendations of all types of principal trades. This change, effective September 23, 2024 and subject to...more

With Focus on Tech Sector and China, Treasury Publishes Proposed Outbound Investment Restrictions

Orrick, Herrington & Sutcliffe LLP on 7/5/2024

The U.S. Department of the Treasury proposed regulations on June 21, 2024, that would prohibit certain outbound investments by U.S. persons in Chinese companies focused on semiconductors and microelectronics, quantum...more

US Treasury Department Issues Notice of Proposed Rulemaking on Implementation of Outbound Investment: 5 Key Takeaways

Latham & Watkins LLP on 7/2/2024

The proposed regulations would implement President Biden’s Executive Order that restricts certain outbound investments from the US. On June 21, 2024, the US Department of the Treasury (Treasury) issued a Notice of Proposed...more

Biden Administration Unveils New Outbound Investment Security Program, Which Will Prohibit U.S. Investments in China Relating to...

Polsinelli on 8/30/2023

On August 9, 2023, the Biden Administration took the first significant steps towards implementing a new regime to restrict and regulate U.S. investments in certain Chinese technology sectors. The President released...more

President Biden Orders Establishment of New Program to Restrict US Outbound Investment in Certain Tech Sectors in China

White & Case LLP on 8/18/2023

On August 9, 2023, President Biden issued a long-awaited Executive Order ("the EO") establishing a new Outbound Investment Program ("OIP") to prohibit certain outbound US investments to China (including Hong Kong and Macau)...more

Charlie Brown Finally Kicks the Football: US Outbound Investment Program Will Target China’s Semiconductor, Quantum Computing, and...

Goodwin on 8/16/2023

After months of speculation, the US government took steps to regulate outbound investment in specific foreign industries of concern. President Biden on August 9, 2023, issued Executive Order 14105 directing the Department of...more

The Biden Administration Releases National Security Strategy

Brownstein Hyatt Farber Schreck on 10/17/2022

On Oct. 12, the White House released its long-awaited National Security Strategy (NSS), a high-level framework addressing the Biden administration’s main priorities on international security, trade and investment. The...more

New Executive Order Carries Forward, Expands Chinese Military Company Sanctions

Morgan Lewis on 6/9/2021

The new executive order continues the policy of prohibiting US persons’ transactions in the publicly traded securities of select Chinese companies, but expands the scope to include both Chinese companies that operate or have...more

Russian Laws Advance Framework for the Use and Regulation of Digital Financial Assets and Currency

Dechert LLP on 3/16/2021

In January 2021, Federal Law No. 259-FZ “On Digital Finance Assets, Digital Currency and on Introduction of Changes to Separate Legal Acts of the Russian Federation” (the “Digital Law”) came into force becoming one of the...more

The Trump Administration's Executive Order to Ban Transactions with Persons Developing or Controlling Eight Chinese Apps

Orrick, Herrington & Sutcliffe LLP on 1/11/2021

On January 5, 2021, President Trump issued Executive Order 13971 (the “Executive Order”) that provides for prohibitions on U.S. persons engaging in transactions with persons that develop or control any of the following eight...more

Syndicated Conservation Easement Transactions: Internal Revenue Service Announces First Settlement

Mitchell, Williams, Selig, Gates & Woodyard,... on 9/8/2020

The Internal Revenue Service (“IRS”) in an August 31st news release announced what it described as: . . . the completion of the first settlement under its initiative to resolve certain docketed cases involving syndicated...more

American Airlines 401(k) Plan Not Required To Offer Stable Value Fund

Proskauer - Employee Benefits & Executive... on 8/18/2020

Among the many claims brought by plaintiffs challenging investment offerings in defined contribution plans is the claim that plans should offer stable value funds in lieu of more conservative capital preservation funds, such...more

President Trump Issues Executive Orders Prohibiting Transactions with the Makers of TikTok and WeChat

Perkins Coie on 8/12/2020

President Donald Trump signed two executive orders (the EOs) on August 6, 2020, an Executive Order on Addressing the Threat Posed by TikTok (TikTok EO) and an Executive Order on Addressing the Threat Posed by WeChat (WeChat...more

Schrems v Facebook: AG says Standard Contractual Clauses are Valid

Dechert LLP on 12/23/2019

The Advocate General (AG) says the standard contractual clauses (SCCs) are valid but, where circumstances in the destination third country mean the SCCs would be breached or impossible to abide by, there is an obligation on...more

U.S. and Foreign Business Affected by Addition of Huawei to the BIS Entity List

Miller Canfield on 5/23/2019

The Bureau of Industry and Security (BIS) of the U.S. Department of Commerce (Commerce) has added Huawei Technologies Co. Ltd. and 68 of its Chinese and global non-US affiliates (the Huawei Group) to the BIS Entity List. ...more

US Targets Telecommunications Transactions Involving the Information and Communications Technology and Services Supply Chain

White & Case LLP on 5/21/2019

On May 15, 2019, President Trump issued an executive order (EO), "Executive Order on Securing the Information and Communications Technology and Services Supply Chain," prohibiting certain transactions involving...more

Iran Threatens Partial JCPOA Suspension; US Imposes Sanctions on Certain Iranian Metals Sectors

White & Case LLP on 5/14/2019

On May 8, 2019, following Iran's announcement that it intends to suspend certain nuclear proliferation-related commitments under the Joint Comprehensive Plan of Action (JCPOA), the United States issued a new Executive order...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #2 - Q&As on Annuity Sales Practices,...

Carlton Fields on 10/16/2017

Last month, we wrote about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This paper continues that discussion. I emphasize to the reader that...more

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