Key Takeaways - On 12 September 2024, the UK government published the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (the “Regulations”), which will come into force on 10 October 2024. The...more
Key Takeaways - On 3 July 2024, the Council of the European Union (the “EU Council”) published its revised Update of the EU Best Practices for the effective implementation of restrictive measures (“Best Practices”).This...more
7/23/2024
/ Best Practices ,
Buyback Programs ,
Economic Sanctions ,
EU ,
Limited Liability Company (LLC) ,
Majority Shareholders ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Shell Corporations ,
Trusts ,
UK
Key Points - Following our Alert last month addressing the United Kingdom Government’s intentions to improve the workings of the National Security and Investment Act 2021 (NSIA), the U.K. Government has now published two new...more
5/28/2024
/ Acquisitions ,
Foreign Direct Investment ,
Foreign Investment ,
Insolvency ,
Intellectual Property Protection ,
Investment ,
National Security ,
Restructuring ,
Risk Assessment ,
Supply Chain ,
UK
Key Points - On Thursday, the UK government announced its intention to improve the workings of the NSIA, “ in these dangerous and uncertain times [when] our economy is increasingly the target for our adversaries.” In November...more
On 11 March 2024, the UK expanded its export control regime to include new controls on specific emerging technologies, such as quantum computing, semiconductor technologies and additive manufacturing, under The Export Control...more
EU’s 12th Sanctions Package - On 19 December 2023, the Council of the European Union (EU) together with the Commission published its 12th round of sanctions....more
12/27/2023
/ Asset Freeze ,
Banking Sector ,
Cryptocurrency ,
Economic Sanctions ,
EU ,
European Economic Area (EEA) ,
Export Controls ,
Fund Transfers ,
G7 ,
Imports ,
Information Sharing ,
Insurance Industry ,
Licensing Rights ,
Metals ,
Oil Prices ,
Pipelines ,
Propane ,
Reporting Requirements ,
Russia ,
SDN List ,
Software ,
Technology Sector ,
Telecommunications ,
Trade Restrictions ,
Transparency ,
UK
The UK announced that it will require importers to pay a carbon levy on certain goods imported from countries with a lower or no carbon price.
Covered goods under the UK’s carbon border adjustment mechanism (CBAM) likely...more
Key Takeaways -
On 17 November 2023, the Foreign, Commonwealth & Development Office (FCDO) and Office of Financial Sanctions Implementation (OFSI) published new guidance on Ownership and Control: Public Officials and...more
On 23 June 2023, the European Union (EU) adopted a new package of economic sanctions against Russia. In addition to other measures, the 11th sanctions package has specifically widened prior financial restrictions applicable...more
On 28 March 2023, the UK Office of Financial Sanctions Implementation of HM Treasury (“OFSI”) issued the “Bond amendments and restructurings for non-Designated Persons” general licence (General Licence - INT/2023/2824812)...more
The last 12 months have seen dramatic falls in fintech and payments valuations, but with the payments sector now a core part of the financial services ecosystem, strategic imperatives will continue to drive deals despite...more
Introduction -
In 2022, the United States, European Union (EU) and United Kingdom, along with a significant number of other partners and allies, imposed an unprecedented number of economic, financial and trade sanctions...more
Since Russia’s invasion of Ukraine in February 2022, we have seen an extraordinary range of sanctions and export controls restrictions introduced by tens of countries worldwide. The current sanctions imposed on Russia by the...more
The United Kingdom just issued a new statutory instrument, effective immediately, which extends the authority to designate persons and entities under the U.K. sanctions against Russia.
Previously, the U.K. government...more
Key Points -
The United States, European Union, United Kingdom and other U.S. allies are currently considering a range of severe economic measures against Russia to impose in the event of a Russian military incursion into...more
1/31/2022
/ Export Administration Regulations (EAR) ,
Export Controls ,
Financial Institutions ,
Foreign Policy ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Pipelines ,
Russia ,
Sanctions ,
SDN List ,
Ukraine
Court of Justice of the European Union sets Binding Rules on the Contractual Impact of the EU Blocking Regulation
The EU Blocking Regulation (the “Regulation”)1 prohibits compliance by EU persons with certain U.S....more
Key Points -
The proposed power would allow the UK Government to block initial equity listings and admissions on UK public markets on the grounds of national security.
The listing of debt securities (other than...more
Key Points -
On 11 June 2021 the European Union (the “EU”) published Regulation (EU) 2021/821 (the “Recast Regulation”) in its Official Journal, which marked the final step with respect to modernizing its existing dual use...more
While the U.K. has a mature approach to protecting national security overall, the government lacks effective statutory powers in relation to the ownership and control of businesses and other entities that could be used to...more
The U.K. and the EU conclude the EU-UK Trade and Cooperation Agreement, which entered into force on December 31, 2020.
The Agreement provides guidance on origin rules that must be met for products to benefit from duty-free...more
1/8/2021
/ Cooperation Agreement ,
Country of Origin ,
EU ,
Export Controls ,
Exports ,
Member State ,
Regulatory Standards ,
Supply Chain ,
Trade Agreements ,
Trade Relations ,
UK ,
UK Brexit
1. Summary
The United Kingdom (U.K.) government published the National Security and Investment Bill (“NSI Bill” or “Bill”) on November 11, 2020, the aim of which is to strengthen the government’s powers to scrutinize and...more
- On July 24, the European Commission (EC) published an updated report (the “Report”) on the progress made by member states in implementing measures aimed at addressing the national security risks and mitigation strategies...more
8/4/2020
/ 5G Network ,
Emerging Technology Companies ,
EU ,
European Commission ,
Foreign Direct Investment ,
Member State ,
National Security ,
Risk Mitigation ,
Security Risk Assessments ,
Supply Chain ,
Telecommunications
- There is increasing regulatory, commercial and media attention in the U.K. and the EU regarding the role of human rights in company supply chains.
- The U.K. and the EU are introducing specific measures around human...more
7/22/2020
/ Coronavirus/COVID-19 ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
Forced Labor ,
Human Rights ,
Investors ,
Modern Slavery Act ,
Proceeds of Crime Act 2002 (POCA) ,
Risk Assessment ,
Risk Mitigation ,
Slavery ,
Supply Chain ,
UK
- As of 1:00 p.m. BST July 6, 2020, the GHR Regulation came into force, representing the introduction of the U.K.’s long awaited GHR Regime.
- The GHR Regime is the first standalone U.K. sanctions regime to be in current...more
- On April 21, 2020, Imagination Technologies, a U.K. based company producing graphics processing units used in 11 billion devices globally, was summoned to answer questions by MPs in relation to national security concerns....more