On August 9, 2023, U.S. President Joe Biden signed an Executive Order ("EO") titled "Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concerns," mandating the establishment of an outbound investment regulatory regime. On the same day, the Department of the Treasury published, an advance notice of proposed rulemaking, "Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern," 88 Fed. Reg. 54961 (Aug. 14, 2023), which solicited comments for regulations to implement that EO. Please see our summary of this EO and the advance notice of proposed rulemaking in our prior publication here.
Squire Patton Boggs (US) LLP, after numerous discussions with industry participants likely to be impacted by the proposed outbound regulatory regime, prepared comments to the proposed regulations. The overarching theme of our comments concerned the need for objective criteria to assess the scope and application of the proposed rule, the need to foster a multilateral approach with allies and partners to avoid prejudicing U.S. investment and innovation, and the importance of manageable notification requirements. Please see our full comments to Treasury here.
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