News & Analysis as of

Office of Foreign Assets Control (OFAC) National Defense Authorization Act

Morrison & Foerster LLP

War Aid and Sanctions: National Security Act Includes Significant New Sanctions Authorities

On April 24, 2024, President Biden signed into law a long-debated $98 billion foreign aid and national security legislative package (the “Act”) providing funds for Israel, Taiwan, and Ukraine, and authorizing new sanctions...more

Morrison & Foerster LLP

OFAC Year in Review 2023 – Part 1

2023 was another record year for U.S. sanctions and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Most prominently, OFAC continued to impose significant additional sanctions on Russia in...more

Dechert LLP

DoD's List of “Chinese Military Companies”: What's New and What It Means for You

Dechert LLP on

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 three. The list was...more

Akin Gump Strauss Hauer & Feld LLP

DoD Updates Section 1260H List of Chinese Military Companies Operating Directly or Indirectly in the United States

Key Points - On January 31, 2024, the Department of Defense (DoD) released an update to its list of “Chinese military companies” that are “operating directly or indirectly in the United States” in accordance with the...more

Morrison & Foerster LLP

OFAC Year in Review 2021 – Part 1

2021 was a year of transition in the United States and for the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). OFAC’s year, while busy, was far different from 2020, as the Biden Administration’s...more

Wiley Rein LLP

2022 Cyber Watch List: A look at 2021 and What’s to Come in the Year Ahead

Wiley Rein LLP on

Privacy In Focus®- In 2021, cyber gained prominence as a top business risk and national security concern with ransomware attacks wreaking havoc on business operations and critical infrastructure. Companies large and small,...more

WilmerHale

United States Adopts Wide-Ranging China Restrictions

WilmerHale on

End-of-Year Sanctions Target Chinese Supply Chains and AI, Quantum Computing, and Biotechnology - Several US executive branch agencies and the US Congress have adopted wide-ranging end-of-year sanctions, export control and...more

Morrison & Foerster LLP

Sanctions Legislation Watch: What to Expect from Congress as 2021 Comes to a Close

As we approach year’s end, and the pace of legislative activity ramps up, it remains critical to keep a close eye on the sanctions-related bills currently making their way, at varying speeds, through the U.S. legislative...more

Morrison & Foerster LLP

Congress Re-Enters the Nord Stream 2 Fight with Amendment to NDAA

In the latest turn of events in the seemingly never-ending political saga of the Nord Stream 2 pipeline, the U.S. House of Representatives (the “House”), via an amendment to the 2022 National Defense Authorization Act...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2021

Division of Banks Warns of Risks from Representments Causing Multiple NSF Fees - The Massachusetts Division of Banks has issued a supervisory alert letter to warn banks about certain legal risks and risks of regulatory...more

Nossaman LLP

The Cyber Clock is Ticking: Biden Administration & Congress Advance Incident Reporting

Nossaman LLP on

As we reported on September 9th, meaningful and robust federal cybersecurity legislation is nearly across the finish line. Since then, further developments indicate that reporting mandates are imminent. On September 21st, the...more

Womble Bond Dickinson

Administration's Anti-Corruption Efforts Likely to Yield Greater FCPA Enforcement in Latin America and Beyond

Womble Bond Dickinson on

On June 3 of this year, the Biden Administration made plain its commitment to fighting corruption around the world, releasing a document identifying the fight against corruption “as an economic and national security priority”...more

Pillsbury Winthrop Shaw Pittman LLP

Biden Administration Updates Framework for China-Related Investment Prohibitions and Expands the Scope of Restricted Chinese...

E.O. 14032 signals that the Biden Administration will continue to restrict U.S. investments into China’s defense and surveillance technology sectors. The prior Administration’s November 2020 Executive Order (E.O.) 13959...more

Dorsey & Whitney LLP

Biden Administration Revises and Expands Restrictions on U.S. Person Investment in Chinese Companies and Releases New List of...

Dorsey & Whitney LLP on

The Biden Administration last week substantially modified restrictions on U.S. person investments in certain Chinese companies, focusing those new restrictions particularly on entities with ties to the Chinese defense or...more

Dorsey & Whitney LLP

U.S. Court Blocks Trump-Era Trading Ban on Xiaomi Stock - 美国法院阻止特朗普对美国人投资小米的禁令

Dorsey & Whitney LLP on

The U.S. District Court for the District of Columbia recently ruled that certain securities trading restrictions will be prevented from going into effect with respect to Xiaomi Corporation (“Xiaomi”) under Section 1237 of the...more

Morrison & Foerster LLP

U.S. Court Blocks Trump-Era Designation Of Xiaomi As A Chinese Military Company And Permits Continued Trading In Its Securities

On March 12, 2021, a U.S. district court granted a temporary injunction requested by the Hong Kong-listed, Chinese electronics giant, Xiaomi Corporation (“Xiaomi”). The injunction blocks the U.S. Department of Defense (“DoD”)...more

Miller Canfield

Recent Developments on U.S. Ban on American Investment in Chinese Military Companies

Miller Canfield on

This alert addresses recent developments relating to former President Trump's executive orders on Chinese Military Companies that affect both investors in covered securities and exporters. OFAC's Frequent Asked Questions -...more

Morrison & Foerster LLP

OFAC 2020 Year In Review

In too many ways to count, 2020 was an extraordinary year. As we move into 2021 with optimism for an end to the pandemic and better days ahead, we understand that the activity last year of the U.S. Department of the...more

Cohen & Gresser LLP

Congress Votes on Federal Oversight for Antiquities and Heightened Scrutiny of the Art Market

Cohen & Gresser LLP on

On January 1, 2021, the Senate and the House of Representatives voted to override President Trump’s veto of the National Defense Authorization Act (NDAA) of 2021. The NDAA introduces legislation that allows federal oversight...more

Proskauer Rose LLP

Chinese Military Companies Trading Ban: Overview of OFAC’s Ongoing Guidance

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On November 12, 2020, the Trump Administration issued an Executive Order prohibiting U.S. persons from trading securities and related derivatives in “Communist Chinese Military Companies” (CCMCs), effective 60 days later on...more

Morrison & Foerster LLP

Trump Administration Continues Its Aggressive Approach Toward Chinese Military Company Sanctions

With just one week remaining in his term, President Trump amended Executive Order (“EO”) 13959, which prohibits U.S. persons from investing in the securities of Chinese Military Companies (“CMCs”), to continue his aggressive...more

Faegre Drinker Biddle & Reath LLP

Scope of U.S. Ban on Transactions in Securities of ‘Communist Chinese Military Companies’

On January 13, 2021, President Trump amended the November 12, 2020, Executive Order (EO) 13959 providing greater clarity to the scope of the EO’s ban on trading and investing in certain designated publicly traded securities...more

Sullivan & Worcester

Congress Steps up Oversight of Art and Antiquities Markets

Sullivan & Worcester on

On January 1, 2021, the U.S. Senate overrode President Trump’s veto of the National Defense Authorization Act for 2021 (NDAA), a bill that (perhaps surprisingly) included rules affecting the art market. Specifically, the new...more

Akin Gump Strauss Hauer & Feld LLP

New Executive Order Restricts U.S. Persons from Trading in Publicly Traded Securities and Derivatives of Certain “Communist...

Key Points - On November 12, 2020, President Trump issued a new EO prohibiting U.S. persons from engaging in transactions in publicly traded securities of certain CCMCs, or any securities that are derivative of, or are...more

Akin Gump Strauss Hauer & Feld LLP

Turkey: U.S. and EU Sanctions Developments

Key Points - On December 14, 2020, in response to Turkey’s procurement of the S-400 surface-to-air missile system from Russia in 2019, the Trump administration imposed new sanctions on the Turkish Presidency of Defense...more

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