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Status: Withdrawn Acquirer: China Energy Company Limited (China) Acquired: Cowen Inc. (US) Value: Investment of approx.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
Sudan Sanctions In 1997, the US imposed a comprehensive trade and investment embargo against Sudan. In January 2017, i.e., in the closing days of the Obama Administration, President Obama announced a six-month suspension of US economic sanctions, citing ongoing dialogue with the Sudanese government and the government’s progress in achieving milestones agreed upon in those negotiations. Specifically, the Obama Administration … Continue Reading
In the investigation of Certain Beverage Brewing Capsules, Components, Thereof, and Products Containing Same, Inv. No. 337-TA-929, the US International Trade Commission (ITC) recently issued a decision in which it declined to rescind an exclusion order issued against a defaulted party despite a district court’s summary judgment ruling that the party did not infringe the … Continue Reading
President Trump has signed into law the countering America’s Adversaries Through Sanctions Act, expanding US sanctions targeting Iran, Russia, North Korea and Syria.… Continue Reading
The US Commerce Department’s Bureau of Industry and Security (BIS) has posted long-awaited updates to parts of its website dedicated to guidance on the Export Administration Regulations’ (EAR) encryption controls. The updates implement changes to encryption controls adopted in September 2016, under the Wassenaar Arrangement. Among other things, the new web pages include updated flow … Continue Reading
On 17 May 2017, the US Treasury Department’s Office of Foreign Assets Control (OFAC) designated for sanctions seven persons connected to Iran’s ballistic missile programme. Among those targeted by the sanctions are two senior Iranian defense officials, including the Deputy Director for Commerce of Iran’s Defense Industries Organization, Morteza Farasatpour. Farasatpour was responsible for coordinating … Continue Reading
Following through on his promise to put “America first,” President Donald Trump signed an Executive Order (EO) on April 18 titled “Buy American and Hire American,” a two-part document addressing both US federal procurement and immigration programs. Our international trade and public policy teams together analyzed the provisions contained in the EO and offer explanations … Continue Reading
On March 14, 2017, U.S. Senators Chuck Grassley (R-IA) and Debbie Stabenow (D-MI) introduced new legislation to “give top U.S. agriculture and food officials permanent representation on the Committee on Foreign Investment in the United States (CFIUS).” (Senator Grassley Press Release, Grassley, Stabenow Introduce Bipartisan Legislation to Protect American Agricultural Interests in Foreign Acquisitions, Mar. … Continue Reading
The media has reported on various potential plans and ideas being discussed by lawmakers to further expand or improve the Committee on Foreign Investment in the United States’s (CFIUS) scope and authorities. To date, no legislation has been introduced in Congress, and only few details about what has been proposed is publicly known. Based on … Continue Reading
On 13 February, the Office of Foreign Assets Control (OFAC) published the names of two individuals and 13 entities designated for blocking sanction under the Kingpin Act for involvement in narcotics trafficking. These included Venezuelan Vice President Tareck Zaidan El Aissami Maddah, and his business partner Samark Jose Lopez Bello, and a network of US and … Continue Reading
The EU Council has issued a notification for the attention of all the individuals listed on the EU’s sanctions who are said to have misappropriated Egyptian state funds, stating that the council holds on its file new elements concerning them and that they may submit a request to the council to obtain the information that … Continue Reading
In response to recent ballistic missile testing activities by the Islamic Republic of Iran, the Trump administration, on 3 February 2017, issued its first economic sanctions, adding 13 individuals and 12 entities to the Office of Foreign Assets Control (OFAC) list of specially designated nationals and blocked persons. The designations were made under counter-proliferation and … Continue Reading
Effective 19 April 2017, a new rule issued by the Department of Commerce, Bureau of Industry and Security (BIS) will require exporters or re-exporters of certain items subject to the Export Administration Regulations (EAR) to obtain and maintain proof of import or export authorization issued by the government of Hong Kong. Under the rule, persons … Continue Reading
In accordance with the 20 January 2017 executive memorandum entitled ‘‘Regulatory Freeze Pending Review,’’ the US Department of Commerce, Bureau of Industry and Security (BIS) has delayed the implementation of changes to the export control classification of software specially designed for the development, production or use of certain oscilloscopes and transient recorders controlled under 3A992.d … Continue Reading
