On September 15, 2022, President Biden issued an Executive Order that provides direction to the Committee on Foreign Investment in the United States (“CFIUS”) regarding some of the factors it should consider when evaluating the national security risks posed by transactions within the jurisdiction of CFIUS.[1]  Although, in many ways, the Executive Order simply codifies the priorities and areas of interest on which people familiar with CFIUS understand CFIUS is focused, the Executive Order puts market participants on clear notice that CFIUS will scrutinize transactions that implicate such priorities and areas of interest.
Continue Reading President Biden Issues CFIUS-Related Executive Order Regarding Evolving National Security Landscape

On September 9, 2022, the U.S. Department of the Treasury issued preliminary guidance (Preliminary Guidance) providing the initial outline of a long-anticipated price cap on Russian-origin crude oil and petroleum products (Price Cap), taking effect December 5, 2022 and February 5, 2023, respectively.[1]  The Price Cap is expected to be implemented by “a coalition of countries including the G7 and the EU” and follows an earlier statement of intent issued September 2, 2022 by G7 finance ministers.[2]
Continue Reading U.S. Treasury Department Issues Preliminary Guidance on Russian Oil Price Cap and Services Ban

The U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) recently published an interim final rule imposing export controls on additional technologies that satisfy the criteria pertaining to emerging and foundational technologies under the Export Control Reform Act of 2018 (“ECRA”).[1]   
Continue Reading New Export Controls on Semiconductor and Gas Turbine Engine Technologies Expand CFIUS Mandatory Notification Requirements

As the next part of our series of updates focusing on the key disputes and risk related issues arising from the conflict in Ukraine, we have highlighted specific instances where EU companies and executives may be exposed to risks of criminal liability. (Our first update focusing on the effect of the conflict on contractual obligations is here). Whether you are directly affected by these risks, or have a counter party which is constrained by them, it is essential to navigate them effectively.
Continue Reading Russia-Ukraine Disputes Taskforce: Risk of Criminal Liability

The United States, the European Union and the United Kingdom, along with a number of other jurisdictions, have responded to the ongoing military conflict in Ukraine by adopting new, additional and/or enhanced economic sanctions, trade restrictions and other restrictive measures targeting, in different ways, Russia, Belarus, and the so-called Donetsk People’s Republic and Luhansk People’s Republic, which Russia has purported to recognize as independent states.  Russia, in turn, has responded to these restrictive measures by adopting its own countermeasures and related regulations affecting, for example, certain dealings involving non-Russians in Russia.
Continue Reading Sanctions Developments Resulting From the Conflict in Ukraine

On March 9, 2022, President Biden signed a wide-ranging Executive Order on Ensuring Responsible Development of Digital Assets. While the Order does not mandate any particular regulatory prescriptions, it lays out key policy goals for a whole-of-government approach to digital asset regulation and directs the U.S. Government to assess the potential for a U.S.

U.S. federal and state authorities recently announced actions that are designed to give effect to economic measures taken against Russia and hold accountable those who violate U.S. laws.  These developments suggest that U.S. authorities’ focus on enforcing U.S. sanctions and export controls, anticorruption and anti-money laundering laws, and the growing scrutiny of cryptocurrency, will continue.  They also point to further coordination and cooperation between authorities in the U.S. and other jurisdictions in investigating and prosecuting violations of their respective laws.
Continue Reading Authorities in U.S. Take Steps to Strengthen Enforcement of U.S. Measures Against Russia

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.
Continue Reading Updates to the Critical and Emerging Technologies List Signal Additional Areas of Focus

In 2022, boards of directors will continue to face a complex and expanding global foreign direct investment landscape that increasingly requires transactions to undergo intensive multijurisdictional FDI reviews and filing and approval processes, alongside merger control reviews and clearances.  This includes longstanding FDI review regimes with which boards of directors may be familiar, such as the Committee on Foreign Investment in the United States, as well as new and recently modified and expanded regimes, particularly in Europe. 
Continue Reading Global FDI Review Landscape Continues to Evolve