On October 9, 2024, the US Commerce Departmentâs Bureau of Industry and Security (âBISâ) issued guidance to financial institutions on best practices for compliance with the US Export Administrations Regulations (âEARâ). The guidance aims to help financial institutions minimize the inadvertent EAR violations, especially under General Prohibition 10 (âGP 10â), 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…
The US Department of Commerceâs Bureau of Industry and Security (âBISâ) issued an interim final rule (the “IFR”) on September 6, 2024 that imposes new “plurilateral” worldwide licensing controls on certain advanced technologies, including certain quantum, semiconductor-related and additive manufacturing items, under new and amended ECCNs in the Export Administration Regulations (the “EAR”), introduces a new license exception for certain items to allied countries implementing equivalent controls, adds two new general licenses for certain Gate…
The US Department of Commerceâs Bureau of Industry and Security (âBISâ) has issued two proposed rules amending the Export Administration Regulations (âEARâ) to impose expansive new controls on US personsâ activities in connection with non-US military, security, and intelligence end users and end uses, as well as new end user-, end use-, and list-based controls applicable to items subject to the EAR. These new controls would apply to more categories of activities and end users/end…
The US Commerce Department’s Bureau of Industry and Security (“BIS”) has issued a final rule (“Final Rule”), effective July 23, 2024, expanding the jurisdictional scope of the Export Administration Regulations’ (“EAR”) Iran Foreign Direct Product Rule (“Iran FDP Rule”) over more foreign-made items and imposing a licensing requirement for the in-country transfer within Iran of items subject to the EAR under the Iran FDP Rule. This expansion of controls was made to implement the requirements…