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Home News

Treasury Rule Comment Deadline Nears

July 5, 2024
Reading Time: 2 mins read
in News
Treasury Rule Comment Deadline Nears

The U.S. Department of the Treasury’s Notice of Proposed Rulemaking (NPRM), issued on June 21, 2024, is set to impose restrictions on certain outbound U.S. investments in technologies and products deemed critical for national security. Comments on this NPRM are due by August 4, 2024. The proposed regulations target investments in semiconductors, quantum information technologies, and artificial intelligence (AI) that are crucial for military and intelligence purposes, particularly in countries of concern like China, Hong Kong, and Macau.

The NPRM follows President Biden’s Executive Order from August 2023, which mandates the Treasury to regulate outbound investments involving “”covered foreign persons”” that might threaten U.S. national security. The proposed rule requires U.S. persons to either notify the government of certain transactions or refrain from engaging in prohibited transactions involving these foreign entities. This regulation aims to control investments that could enhance the military or intelligence capabilities of countries deemed risky.

The rule outlines specific transaction types that are covered, including equity investments, convertible loans, and joint ventures involving covered foreign persons. It provides exemptions for certain public securities, non-control limited partnerships, and transactions made before the order’s effective date. The NPRM also includes detailed provisions on the types of covered transactions and the obligations for notifying or requesting exemptions from the Treasury.

Enforcement of these regulations will involve significant penalties for non-compliance, including civil fines and potential criminal charges. U.S. entities involved in covered transactions will need to perform due diligence to ensure compliance and may face severe consequences for violations. The NPRM’s final rules are anticipated to align closely with the proposed guidelines, reinforcing the need for companies to stay informed and proactive in their investment activities.

Reference:
  • Deadline Looms for U.S. Rule on Outbound Investments
Tags: AIChinaCyber NewsCyber News 2024Cyber threatsDepartment of the TreasuryHong KongJuly 2024MacauUSA
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