On 24 January 2018, OFAC designated nine entities, 16 individuals and six vessels “in response to North Korea’s ongoing development of weapons of mass destruction (WMD) and continued violations of United Nations Security Council Resolutions”. The designations “target agents of the Kim regime financing or otherwise supporting North Korea’s WMD programs and other illicit businesses”.… Continue Reading
On 4 January 2018, OFAC designated five Iran-based entities “subordinate to a key element of Iran’s ballistic missile program”. OFAC designated these entities pursuant to EO 13382 for being owned or controlled by Iran’s Shahid Bakeri Industrial Group (SBIG). The SBIG is listed in the Annex to EO 13382 and is currently sanctioned by the … Continue Reading
On 5 January 2018, OFAC designated four current or former Venezuelan government offcials pursuant to EO 13692 for their alleged role in undermining electoral processes, media censorship, or corruption in government-administered food programs in Venezuela. Included among the individuals designated was Rodolfo Clemente Marco Torres, who is an External Director on the Board of Directors … Continue Reading
OFAC announced new regulations implementing certain provisions of the Sergei Magnitsky Rule of Law Accountability Act of 2012 (Magnitsky Act) on 20 December 2017. The regulations became effective upon publication in the Federal Register on December 21. OFAC also announced the addition of five designations to the SDN List pursuant to the Magnitsky Act.… Continue Reading
On 20 December 2017, President Trump issued EO 13818, authorising the imposition of financial sanctions against designated persons determined to be directly or indirectly engaged in certain human rights abuses or corrupt acts around the world. OFAC subsequently released new Frequently Asked Questions and published updated designations.… Continue Reading
Effective 28 December 2017, US Treasury’s Office of Foreign Assets Control (OFAC) amended the Iraq Stabilization and Insurgency Sanctions Regulations, 31 CFR part 576, to implement Executive Order (EO) 13668 (“Ending Immunities Granted to the Development Fund for Iraq and Certain Other Iraqi Property and Interests in Property Pursuant to Executive Order 13303, as amended”). … Continue Reading
BIS published a final rule, effective 20 December 2017, which amended the Export Administration Regulations (EAR) by adding two Russian companies to the Entity List under the destination of Russia on the basis of § 744.11 of the EAR. The added entities are the Joint Stock Company Experimental Design Bureau Novator and the Joint Stock … Continue Reading
In a statement issued 12 January 2018, President Trump announced that his administration was extending the waivers of certain secondary sanctions against Iran originally adopted on implementation of the Joint Comprehensive Plan of Action agreement (JCPOA) on Iran’s nuclear program. Trump stated that the move not to reinstate sanctions against Iran is to allow for … Continue Reading
Pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, the US Commerce Department announced its annual inflationary adjustments to the maximum civil monetary penalties under its jurisdiction. These include, among others, civil monetary penalties issued under the Export Administration … Continue Reading
The requirement of establishing a “domestic industry” in articles protected by a patent is a unique and important aspect of Section 337 litigation. Judge Shaw recently released an order denying the complainant’s request for summary judgment on the economic prong of the domestic industry requirement in Certain Road Milling Machines and Components Thereof, Inv. No. 337-TA-1067 … Continue Reading
On January 17, 2018, the US International Trade Commission’s (USITC) Notice of Institution designated Certain IOT Devices and Components Thereof (IOT, The Internet of Things)—Web Applications Displayed On A Browser, Inv. No. 337-TA-1094 for early disposition. This is just the sixth such designation the USITC has made since the program was implemented and comes after four … Continue Reading
BIS has published a final rule, effective 1 November 2017, which clarifies two licence exceptions in the Export Administration Regulations (EAR). They are the licence exception for governments, international organisations, international inspections, and the International Space Station (GOV) and for Strategic Trade Authorization (STA). The rule does not change any EAR requirements for the use … Continue Reading
OFAC and US Department of Commerce’s Bureau of Industry and Security (BIS) have each issued new regulations implementing President Trump’s June 2017 National Security Presidential Memorandum on Cuba (the “Cuba NSPM”). On 9 November, OFAC published amendments to the Cuban Assets Control Regulations (31 C.F.R. Part 515) in the Federal Register. The amendments implement the … Continue Reading
The US Department of Treasury’s Office of Foreign Assets Control (OFAC) has published two new Frequently Asked Questions (FAQ) concerning economic sanctions adopted in August against the Government of Venezuela, under Executive Order (EO) 13808. The first FAQ explains the treatment of Petroleos de Venezuela, S.A. (PdVSA), a state-owned entity, under EO 13808. The second … Continue Reading
On 2 November, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the issuance of a final rule severing the Chinese financial institution Bank of Dandong from the US financial system. FinCEN found Bank of Dandong to be of primary money laundering concern under the USA PATRIOT Act, in connection with activities by … Continue Reading
The US International Trade Commission (USITC) denied requests to enter Certain Insulated Beverage Containers, Components, Labels, and Packaging Materials Thereof, Inv. No. 337-TA-1084 (Nov. 17, 2017); and the companion cases of Certain Color Intraoral Scanners and Related Hardware and Software, Inv. No. 337-TA-1090 and 337-TA-1091 (Dec. 14, 2017) into the USITC’s pilot program for early case disposition. Our sister publication, the Global IP & … Continue Reading
On Thursday, December 14, 2017, the House Financial Services Subcommittee on Monetary Policy and Trade held a hearing titled “Examining the Operations of the Committee on Foreign Investment in the United States (CFIUS).” The hearing focused on CFIUS’s current effectiveness, the challenges it faces in the current economic environment, and potential improvements to increase its … Continue Reading
Status: Withdrawn Acquirer: China Energy Company Limited (China) Acquired: Cowen Inc. (US) Value: Investment of approx. US$100 million Industry: Financial Services… Continue Reading
Due to the US Export Control Reform, all Technical Assistance Agreements (TAAs) and Manufacturing License Agreements (MLAs) containing USML Category XI transitioning items approved before the transitioning date of December 30, 2014 may expire at the end of 2017. Now is the time to review all of your active TAAs and MLAs. We explain the … Continue Reading
The Foreign Investment Risk Review Modernization Act of 2017 (“S. 2098/H.R. 4311” or FIRRMA) was introduced in the US Congress on November 8, 2017 to institute “a modernization of the processes and authorities” of the Committee on Foreign Investment in the United States (CFIUS or the “Committee”).… Continue Reading
On November 2, 2017, Representative Christopher Smith (R-NJ), introduced a bill that would “authorize a review of financial services industry requirements of the People’s Republic of China and the implications of such requirements on national security interests of the United States.” (H.R. 4235, 115th Congress, Nov. 2, 2017). The bill would require the Secretary of … Continue Reading
On 13 October, President Trump announced the results of his administration’s review of the US’ Iran policy, indicating at the same time that he would not “certify” to Iran’s compliance with the Joint Comprehensive Plan of Action (JCPOA) agreement. Since President Trump took office, he has “certified” to Iran’s compliance twice, so this is the first time that he did … Continue Reading
On 20 September, President Trump issued an Executive Order (EO) authorising broad new economic sanctions against North Korea, by targeting those dealing with the country. The Order, EO 13810, adds to the existing US embargo of North Korea by authorising the US Treasury’s Office of Foreign Assets Control (OFAC) to impose blocking sanctions against any person found to be participating … Continue Reading
On 6 October, the Trump administration announced that it would permanently revoke economic sanctions against Sudan, effective 12 October 2017. The State Department published this decision in the Federal Register, 82 Fed. Reg. 47287, on 11 October 2017. This decision means that US companies can invest in Sudan and export their products and services to Sudan, subject to compliance with … Continue Reading
