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Chase Kaniecki’s practice focuses on international trade and national security matters, including CFIUS and global foreign direct investment, economic sanctions, export controls, customs, and trade remedies.

On April 11, the U.S. Department of the Treasury (“Treasury”), as Chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued a Notice of Proposed Rulemaking (the “Proposed Rule”) that would modify and expand CFIUS’s mitigation and enforcement authority. Continue Reading Treasury Issues Proposed Rule to Enhance CFIUS Mitigation and Enforcement

The U.S. National Science and Technology Council (NSTC)[1] recently published an updated list of critical and emerging technologies (CETs) as part of an ongoing effort to identify advanced technologies that are potentially significant to U.S. national security.  We previously summarized the February 2022 list of CETs from the NSTC here.Continue Reading Updates to the Critical and Emerging Technologies List Signal Refinement of Focus

As the second anniversary of the conflict in Ukraine approaches, the United States, the European Union, and the United Kingdom continue to focus on and tighten sanctions against Russia, with a particular emphasis on preventing circumvention and evasion of sanctions.  For example, 2023 ended with several significant regulatory developments, including the EU 12th package of sanctions against Russia, discussed in our earlier alert, and new U.S. sanctions-related authority targeting foreign financial institutions (“FFIs”) supporting Russia’s military-industrial base.  This update focuses on the latter development, which is a significant development for FFIs that remain engaged in business involving Russia, even if such business is undertaken outside of U.S. jurisdiction.Continue Reading Impact of Recent U.S. Secondary Sanctions Authority Targeting Foreign Financial Institutions Supporting Russia’s Military-Industrial Base

On February 1, the United States Court of Appeals for the Eleventh Circuit unanimously granted a preliminary injunction in Shen v. Simpson, enjoining enforcement of a Florida law regulating foreign ownership of U.S. land.  That law prohibits citizens of the People’s Republic of China who are not lawful permanent residents of the United States from purchasing certain real property in Florida.  The Eleventh Circuit’s ruling enjoined enforcement of the law against two individual plaintiffs, and the court held that those plaintiffs had shown a “substantial likelihood of success” on their claim that the Florida law was preempted by the Foreign Risk Review Modernization Act of 2018 (“FIRRMA”), the most recent federal statute expanding the authority of the Committee on Foreign Investment in the United States (“CFIUS”), including with respect to certain real estate transactions.  In concurrence with the majority, Judge Abudu wrote that the plaintiffs also showed a substantial likelihood of success on their argument that Florida’s law violates the Equal Protection Clause of the Fourteenth Amendment to the U.S. Constitution.Continue Reading U.S. Circuit Court Finds that Florida Law Prohibiting Foreign Ownership of U.S. Land Likely Preempted by CFIUS Statute

On January 24, 2024, the European Commission (“EC”) adopted five initiatives as part of the European Economic Security Strategy unveiled in June 2023.[1]  The initiatives are aimed at bolstering the EU’s economic security interests.  Their main focus is a proposal for a new EU FDI Screening Regulation aimed at inbound investments.[2]  But the package also includes a white paper on outbound investment control (the “White Paper”),[3] launching a debate on whether and how to scrutinize investment outflows from the EU for the first time in the Union’s history.Continue Reading EU Takes Time to Ready Outbound Investment Control Toolkit

The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2024”.

In 2024, boards of directors face a well-established, complex and active global foreign direct investment (FDI) landscape in which transactions will regularly trigger multijurisdictional FDI filing and approval processes.  This is the case not only with respect to well-known FDI review regimes such as the Committee on Foreign Investment in the United States (CFIUS), but also with newly established, modified, and/or expanded non-U.S. FDI review regimes, particularly in Europe.  Indeed, as governments around the world have become increasingly empowered and willing to scrutinize, and in some cases prevent, transactions they deem objectionable, FDI approvals have become a significant regulatory issue for many cross-border transactions.Continue Reading FDI Review Regimes are Well-Established and Active; Outbound Investment Regimes are on the Horizon

The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2024”.

Continued volatility in geopolitical events this past year and corresponding responses in sanctions policies highlight the importance of integrating economic sanctions considerations in board agendas for 2024. In particular, boards of directors should be aware of the increasing global collaboration among sanctions authorities as well as the continuing expansion and application of sanctions in new domains such as digital assets. Sanctions developments can be expected to be particularly fluid in 2024 with respect to China, Russia and Venezuela.Continue Reading Economic Sanctions: Developments and Lessons for Boards in 2024

On December 7, 2023, the U.S. and Mexican governments signed a Memorandum of Intent (“MOI”) agreeing to cooperate and bolster foreign investment screening.  Both countries have expressed a commitment to establish a bilateral working group for the exchange of information and best practices on foreign investment, with the goal of helping Mexico develop a CFIUS-like screening regime and strengthening the collective security of the United States and Mexico.    Continue Reading United States and Mexico to Bolster Cooperation in Foreign Direct Investment Screening

On October 18, 2023, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued a number of general licenses easing sanctions targeting Venezuela.  The general licenses authorize: (i) U.S. persons to purchase bonds issued by certain Venezuelan government entities prior to August 25, 2017 on the secondary market, (ii) transactions related to oil and gas sector operations in Venezuela for a six-month period, and (iii) transactions with the Venezuelan state-owned gold mining company.[1]  OFAC also issued additional guidance, including Frequently Asked Questions (“FAQs”) relating to these general licenses. Continue Reading OFAC Eases Venezuela Sanctions; Lifts Secondary Market Trading Ban on U.S. Persons