Second Circuit Limits FCPA’s Extraterritorial Reach Over Non-U.S. Persons in...
The United States Court of Appeals for the Second Circuit dealt a blow to the U.S. government’s extraterritorial enforcement power on Friday, August 24, 2018, in prosecuting alleged violations of the...
View ArticleGlobal Private Equity Newsletter - Fall 2018: Congress Enacts CFIUS Reform in...
President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) on August 13, 2018, which was included as part of the annual National Defense Authorization Act...
View ArticleTreasury Department Releases Interim Rules and a Pilot Program Implementing...
The U.S. Department of the Treasury (“Treasury”) published two sets of interim rules on October 10, 2018, implementing certain provisions of the Foreign Investment Risk Review Modernization Act...
View ArticleU.S. Escalates Sanctions Against PdVSA, Venezuela
On January 28, 2019, the United States imposed blocking sanctions on Petróleos de Venezuela SA (“PdVSA”), the Venezuelan state-owned oil company. The measures follow President Trump’s recent decision...
View ArticleOFAC Clarifies, and Further Complicates, Sanctions on Venezuela, PdVSA
On February 1, 2019, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued guidance in the form of Frequently Asked Questions (“FAQs”) relating to sanctions imposed on...
View ArticleFederal Court Reconsiders SEC Application for Preliminary Injunction, Enjoins...
In SEC v. Blockvest, Judge Gonzalo Curiel of the U.S. District Court for the Southern District of California enjoined Blockvest, LLC (“Blockvest”) from proceeding with a planned initial coin offering...
View ArticleCFTC Issues Enforcement Guidance to Encourage Self Reporting of FCPA Violations
On March 6, 2019, the Commodity Futures Trading Commission (“CFTC”) published an Enforcement Advisory describing the circumstances in which companies that self-report violations of the Foreign Corrupt...
View ArticleAnti-Corruption Alert: DOJ Updates Guidance Regarding Evaluation of Corporate...
On April 30, 2019, the U.S. Department of Justice (“DOJ”) updated its guidance on evaluating corporate compliance programs (the “Update”). The original guidance, titled “Evaluation of Corporate...
View ArticleImplementing FIRRMA: Highlights from CFIUS’ New Proposed Regulations
On September 24, 2019, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), issued two proposed regulations (“Proposed...
View ArticleCFIUS Issues Proposed Regulations to Expand Jurisdiction to Real Estate...
On September 24, 2019, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued proposed regulations to expand its jurisdiction to cover...
View ArticleImplementing FIRRMA: Highlights from CFIUS’ Final Regulations
On January 13, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), finalized two sets of regulations to implement the...
View ArticleImplementing FIRRMA: CFIUS’ Real Estate Final Regulations
On January 13, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), issued a final set of regulations (“Real Estate...
View ArticleGlobal Private Equity Newsletter - Winter 2020 Edition: New CFIUS Regulations...
The U.S. Treasury Department published a final rule on January 17, 2020, to implement changes to regulations regarding the authority and jurisdiction of the Committee on Foreign Investment in the...
View ArticleImplementing FIRRMA: CFIUS Proposes Filing Fees for Transaction Notices
On March 4, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), released a proposed rule to establish for the first...
View ArticleImplementing FIRRMA: CFIUS Publishes Interim Rule on Filing Fees for...
This Interim Rule follows the Proposed Rule on filing fees published by the Committee on March 9, 2020...The Interim Rule also implements one of the last remaining changes to the CFIUS process...
View ArticleCFIUS Publishes Proposed Rule to Change Mandatory Declaration Requirements
President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) on August 13, 2018, which made several substantial changes to the CFIUS process and expanded the...
View ArticleCFIUS Releases 2018 Annual Report to Congress
Key Takeaways - On May 19, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to Congress...
View ArticleUnited States – China Trade Conflict Escalates Following Hong Kong Unrest
The U.S.-China trade war continues to escalate, most recently fueled by U.S. concerns over China’s assertion of increasing authority over Hong Kong. The U.S. and Chinese governments have exchanged jabs...
View ArticleImplementing FIRRMA: CFIUS Finalizes Filing Fee Rule for Voluntary...
Key Takeaways - On July 28, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), released the final rule to establish...
View ArticleCFIUS Releases 2019 Annual Report to Congress
Key Takeaways - - On July 31, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to...
View ArticleCFIUS Finalizes Changes to Mandatory Declaration Regulations
President Trump signed into law the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) on August 13, 2018. FIRRMA made several substantial changes to the CFIUS process and expanded the...
View ArticleCFIUS Releases 2020 Annual Report to Congress
Key Takeaways - On July 26, 2021, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to...
View ArticleCFIUS Provides Additional Time for Countries to Qualify as “Excepted Foreign...
Key Takeaways - Historically, the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) did not provide country-wide exemptions from applicable regulations governing...
View ArticleU.S. Readies Sanctions Against Russia Related to Ukraine Crisis
The United States, Russia, the North Atlantic Treaty Organization (“NATO”) and the Organization for Security and Co-operation in Europe (“OSCE”) held a series of talks this week aimed at de-escalating...
View ArticleWestern Countries Issue Coordinated Sanctions Following Russia’s Actions in...
Russia's Actions - On February 21, 2022, Russian President Vladimir Putin signed two executive orders recognizing the DNR/LNR Regions as “sovereign and independent states.”...By:
View ArticleUS, EU and UK Impose Unprecedented Sanctions Against Russia
Background As noted in our prior update, the United States, European Union and United Kingdom imposed a number of sanctions in connection with Russia’s recognition of the Donetsk and Luhansk regions of...
View ArticleCFIUS: Recent Developments and Topics to Monitor
Background - CFIUS is an interagency committee, principally comprising nine members and chaired by the Secretary of the Treasury, which has broad powers to review foreign investments in and...
View ArticleThe Evolving Global Foreign Direct Investment and National Security Review...
The national security and foreign direct investment (“FDI”) review landscape around the world is evolving rapidly. A pre-pandemic trend of active FDI reviews in countries around the world has gained...
View Article“WRONG”: U.S. Court Affirms Sanctions Risks in Virtual Currency Transactions
Key Takeaways - A judge has issued an opinion in a first-of-its-kind criminal sanctions case involving the use of virtual currency to evade U.S. economic sanctions. The opinion reinforces the Treasury...
View ArticleHighlights from Recent CFIUS Annual Report
Background CFIUS is an interagency committee, principally comprising of nine members and chaired by the Secretary of the Treasury, which has broad powers to review foreign investments in and...
View ArticleProposed Outbound Investment Review Legislation Has Sweeping Extraterritorial...
Key Takeaways - The U.S. Congress (“Congress”) is considering the establishment of a new Committee on National Critical Capabilities (“CNCC”) to review and potentially mitigate or block outbound...
View ArticleAsk Not What CFIUS Can Do For You – Ask What You Can Do For CFIUS
On September 15, 2022, President Biden issued an Executive Order (the “CFIUS EO”) that provides clear signals to dealmakers regarding areas of heightened interest to the Committee on Foreign Investment...
View ArticleInternational Trade in Context: The U.S. Government’s National Security...
The Biden Administration made clear in its recently released National Security Strategy (the “National Security Strategy”) that it intends to take new and aggressive approaches to protect U.S. national...
View ArticleRussia Sanctions: Where Are We Now and What Could Be Next?
Since February 2022, the United States, United Kingdom, and European Union have imposed unprecedented economic sanctions on Russia and various Russian entities and individuals in response to the war in...
View ArticleSanctions Enforcement: Lessons Learned from 2022 and How to Prepare Going...
In 2022, the US, UK and EU all escalated their sanctions enforcement rhetoric. For example, senior US enforcement officials went so far as to describe sanctions as “the new FCPA” (referring to the US....
View ArticleFollow the Money: The CHIPS and Science Act’s (Limited) Outbound Review...
Key Takeaways The CHIPS Program Office of the U.S. Department of Commerce's National Institute of Standards and Technology (“NIST”) proposed a rule that describes the expected procedure for reviewing...
View ArticleA New Risk Calculus: U.S. Department of Commerce Raises Stakes for Failing to...
On April 18, 2023, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) Assistant Secretary for Export Enforcement, Matthew Axelrod, published a memorandum marking a shift in...
View ArticleHeard In Washington: Recent CFIUS Highlights and News
Speaking recently at a conference concerning the Committee on Foreign Investment in the United States (“CFIUS” or the Committee”) in Washington, D.C., senior CFIUS officials from the Department of...
View ArticleNot If, but When: An Update on Outbound Investment Review
The Biden Administration appears to be moving forward with plans to establish a mechanism through Executive Order to review outbound investments from the United States to protect U.S. national...
View ArticleWhen You Got It, Flaunt It: Enforcement Authorities Expect Companies,...
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently announced two settlements that underscore OFAC’s continued emphasis on companies developing and implementing...
View ArticleKeep Your Investors Close, but CFIUS Closer: Highlights from the CFIUS Annual...
On July 31, 2023, the U.S. Department of the Treasury (“Treasury”) published the Committee on Foreign Investment in the United States’ (“CFIUS” or the “Committee”) Annual Report to Congress on key...
View ArticleThe United States Establishes the Foundation for a New Outbound Investment...
In brief. On August 9, 2023, President Biden signed a highly anticipated Executive Order (the “Outbound E.O.”) to establish a U.S. outbound investment regime. The U.S. Department of Treasury...
View ArticleTornado Watch: Popular Cryptocurrency Mixer “Tornado Cash” Dealt Two Major...
Tornado Cash, a cryptocurrency mixer, recently suffered two major setbacks in federal regulatory efforts to block its use and prosecute its founders. First, a federal district court threw out a lawsuit...
View ArticleHighlights from Treasury’s Second Annual CFIUS Conference
On September 14, 2023, the U.S. Department of Treasury (“Treasury”) hosted its Second Annual CFIUS Conference (the “Conference”) regarding the Committee on Foreign Investment in the United States...
View ArticleThe U.S. Department of Commerce Finalizes the CHIPS Act’s Guardrails to Curb...
On September 25, 2023, the U.S. Department of Commerce (“Commerce”) issued the final rule (the “Final Rule”) regarding the use of funds offered under the CHIPS and Science Act (the “CHIPS Act”). The...
View ArticleWhat Dealmakers Should Know about Congress’ Wish List for CFIUS
Congress continues to put pressure on the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), increasingly informing the context in which the Committee conducts its work....
View ArticleNew Year's Resolution: Tackling Russian Sanctions Evasion
Throughout December, the United States, European Union, and United Kingdom adopted a series of new sanctions packages against Russia that are expansive and multilayered and pose additional compliance...
View ArticleYet Another Reason to Not Pay Bribes to Foreign Officials
President Biden recently signed into law the Foreign Extortion Prevention Act (“FEPA”), enabling federal prosecution of non-U.S. government officials who solicit or receive bribes. FEPA complements the...
View ArticleDoD's List of “Chinese Military Companies”: What's New and What It Means for You
The U.S. Department of Defense (“DoD”) updated its list of “Chinese military companies” operating “directly or indirectly” in the United States on January 31, 2024, adding 17 new entities and removing...
View ArticleMultiple Governments Impose Joint Sanctions on Russia
On the second anniversary of the start of the war in Ukraine and in response to the death of activist Aleksey Navalny in a Russian prison, the United States, European Union, and United Kingdom, along...
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