On October 9, 2024, the US Commerce Departmentās Bureau of Industry and Security (āBISā) issued guidance to financial institutions on best practices for compliance with the US Export Administrations Regulations (āEARā). The guidance aims to help financial institutions minimize the inadvertent EAR violations, especially under General Prohibition 10 (āGP 10ā), which prohibits financing or servicing items subject to the EAR with knowledge that a violation of the EAR has occurred, is about to occur, or…
On June 21, 2024, the US Treasury Department (“Treasury”) issued a much-awaited Notice of Proposed Rulemaking (“NPRM”)āpursuant to Executive Order (“EO”) 14105 of August 9, 2023, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern”āregarding 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,…
On June 12, 2024, the US Departments of Treasury and Commerce issued new sanctions and export controls in response to Russia’s continued war in Ukraine. Below we outline key categories of these new and expanded trade measures designed to restrict the flow of support to the Russian military-industrial base. The new sanctions issued by the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”) are directed at Russia’s foundational financial infrastructure and access to…
On the Connect on Tech blog, Justine Phillips, Sylwia Lis, and Alex Lamy have published a post about export control considerations that companies should keep in mind when managing cyber incidents and data exfiltration. Ā The blog, “Cyber Transparency, Risk & Sanctions: How Cyber Incidents Give Rise to Export Control Issues,” can be found here.