On June 18, 2024, Baker McKenzie, in partnership with the International Compliance Professionals Association, hosted a virtual fireside chat with Lawrence Scheinert, the Associate Director for Compliance and Enforcement at the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department. The webinar attracted 1640 registrations from across industry, with participants raising a wide variety of questions. In the discussion with Baker McKenzie partners, led by Julia Webster (Toronto) with questions from Janet Kim…
On June 21, 2024, the US Treasury Department (“Treasury”) issued a much-awaited Notice of Proposed Rulemaking (“NPRM”)—pursuant to Executive Order (“EO”) 14105 of August 9, 2023, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern”—regarding the upcoming outbound investment review regime, which prohibits or, alternatively, requires notification of certain investments into entities linked to China and engaged in subsets of three specified technologies (semiconductors and microelectronics, quantum information technologies,…
Bipartisan legislation advancing in the U.S. Senate and the U.S. House of Representatives known as the “BIOSECURE Act” (“the Act”) has the potential to significantly restrict the ability of biotechnology companies to collaborate with certain Chinese companies without losing the ability to contract with the U.S. government. Following the same model that was used to target Chinese telecommunications companies in the late 2010s, the Act would prohibit federal “executive agencies” from contracting with or extending…
The US and UK introduced new prohibitions last month related to Russian-origin aluminum, copper, and nickel produced on or after April 13, 2024. The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued two determinations imposing new restrictions on the importation of Russian-origin aluminum, copper, and nickel produced on or after to April 13, 2024 (the “Covered Russian Metals”) into the United States, and on the provision by US persons or within…