On October 9, 2024, the US Commerce Department’s Bureau of Industry and Security (“BIS”) issued guidance to financial institutions on best practices for compliance with the US Export Administrations Regulations (“EAR”). The guidance aims to help financial institutions minimize the inadvertent EAR violations, especially under General Prohibition 10 (“GP 10”), 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 main US export controls regulator continues to take steps to demonstrate its focus on enforcement. Specifically, the US Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a final rule (the “Rule”) on September 16, 2024, effective immediately, to amend the provisions in its regulations focused on the voluntary self-disclosure (“VSD”) process. Many of the changes in the Rule reflect guidance previously issued by BIS in individual memoranda (available here), which are now…
On September 3, 2024, the US Department of State’s Directorate of Defense Trade Controls (“DDTC”) issued revised Guidance for U.S. Persons Abroad (“USPABs”) Authorization Requests (“USPAB Guidance”) and updated FAQs on Defense Services and USPABs. Under the International Traffic in Arms Regulations (“ITAR”), all USPABs need DDTC authorization before they can furnish ITAR-controlled defense services to any foreign person, including USPABs’ non-US employers. The principal changes to the USPAB Guidance are as follows:
The US Department of Commerce’s Bureau of Industry and Security (“BIS”) 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…