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The Biden Administration released the highly anticipated, "Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern" (Executive Order) on August 9, which places increased importance on due diligence when investing in specific foreign countries. The Executive Order will regulate outbound investments in China with a focus on key technologies critical to safeguarding U.S. national security. It also directs the Treasury Department and other agencies to promulgate regulations that will place restrictions on investments within three sectors of China's economy: semiconductors and microelectronics, quantum information technologies, and technologies involved with artificial intelligence.
The full implementation of the regulations is a long way away, as the Treasury Department released its Advanced Notice of Proposed Rulemaking (ANPRM) in parallel with the Executive Order. The timeline provides for a 45-day public comment period, to be followed by draft regulations issued by Treasury and a subsequent comment opportunity prior to the finalization of the regulations.
|The key facets of the outbound investment regulations as stated in the Executive Order and proposed in the ANPRM include:
|Once final regulations are promulgated, there will be an additional 12 months for the Treasury Department to evaluate the effectiveness of the regulations, and subsequent revisions may be proposed should the rules not be meeting their desired outcomes or catch too many unanticipated investments — just as occurred with the FIRRMA regulations that were modified after a short experience with the original regulations. Given the runway ahead, there is time for organizations and investors to prepare for what this means for the future.
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