Baker McKenzie’s Sanctions Blog published the alert titled US Government Publishes Compliance Note on Voluntary Self-Disclosures of Sanctions and Export Control Violations on 11 August 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 11 May 2023, the Committee on Foreign Investment in the United States (CFIUS) issued a Frequently Asked Question (FAQ), which calls into question the use of “springing rights,” a broadly used instrument to expedite financings while complying with mandatory filing requirements. The FAQ addresses the timing for when a filing must be made for a transaction triggering a mandatory filing. Since implementation of the mandatory filing requirements, transaction parties have used springing or deferred rights to allow financings to proceed while those rights triggering a CFIUS filing are deferred or held in abeyance until after CFIUS clearance.
On 4 May 2023, the President Biden issued Executive Order 14098 establishing a sanctions authority that authorizes the US Government to imposes sanctions on persons or entities in Sudan in connection with “the military’s seizure of power in October 2021 and the outbreak of inter-service fighting in April 2023.”
On 23 December 2022, President Biden signed into law the National Defense Authorization Act for Fiscal Year 2023. Section 5949 of the FY2023 NDAA would prohibit executive agencies from procuring or contracting with entities to obtain any electronic parts, products, or services that include covered semiconductor products or services from certain Chinese companies. The semiconductor prohibitions will not take effect until five years after the date of enactment, and the Federal Acquisition Regulatory Council will issue regulations implementing the prohibitions no later than three years from the enactment date.
On 16 December 2022, the US Department of State’s Directorate of Defense Trade Controls issued a proposed rule that would treat two additional types of transactions as activities that are not exports, reexports, retransfers, or temporary imports (“controlled events”) (and, thus, not require authorization) under the International Traffic in Arms Regulations.
On 6 October 2022, the Assistant Secretary for Export Enforcement issued a policy aimed at enhancing enforcement of the antiboycott rules administered by the US Department of Commerce. The following day a final rule came into effect updating Department of Commerce’s guidance on charging and penalty determinations related to violations of the antiboycott provisions of the Export Administration Regulations. The changes are intended to bring penalty determinations in line with the Department of Commerce’s current view of the severity of certain types of antiboycott violations.
Baker McKenzie’s Sanctions Blog published the alert titled BIS issues new FAQs addressing red flags related to Russia/Belarus and semiconductor foundries’ potential entity list dealings on 1 September 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled BIS Adds to Entity List and Imposes License Requirement for Food/Medicine to Russian/Belarussian Military End Users; Commerce Charging Letters to Become Public on 1 July 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Department of Commerce Expands Russia Industry Sector Sanctions to Cover Additional Items on 13 May 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC Issues New General Licenses Authorizing Certain Transactions with the Central Bank of the Russian Federation, Designates Additional Russian Parties as SDNs, and Issues New Guidance on 8 March 2022. Read the article via the link here . Please also visit our Sanctions Blog for the most recent updates.