On October 21, 2024, an international coalition consisting of the G7 countries—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States[1]—as well as the European Union, Australia, and New Zealand (the “Price Cap Coalition”) issued an updated advisory containing new recommendations and best practices for the maritime oil industry and related
Cleary Foreign Investment and International Trade Watch
Latest from Cleary Foreign Investment and International Trade Watch
Global FDI Update: July – September 2024
- United States: CFIUS releases 2023 Annual Report; expanded scope for CFIUS jurisdiction and filing requirements; new export controls on quantum computing and other advanced technologies.
- United Kingdom: Annual Report published; remedies imposed on four transactions.
- European Union: First merger commitments adopted under EU Foreign Subsidies Regulation.
- Belgium: First Annual Report on Belgian FDI Screening; revised
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Definitive Duties Adopted by the EU on Chinese Battery Electric Vehicles to Counteract Subsidies to Apply by October 30
On October 4, 2024, the European Commission proposal to impose definitive countervailing duties of up to 35.3% on imports of battery electric vehicles (BEVs) from China was adopted by the Council. The duties are imposed on top of the 10% EU import duty for cars. …
U.S., UK, and EU Sanctions Alignment: U.S. IT and Software Sector Service Bans and Export Controls Take Effect as Russia Sanctions Continue to Expand
On September 12, 2024, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) June 12, 2024 determination entitled “Prohibition on Certain Information Technology and Software Services” entered into effect. The determination prohibits the direct or indirect provision to Russia from the United States or by U.S. persons of (1) information…
Commerce Takes Next Step in Furtherance of Import Prohibition on Connected Vehicles and Systems from China and Russia
On September 26, 2024, a Notice of Proposed Rulemaking (NPRM) was published in the Federal Register to establish regulations that would generally prohibit the sale or import into the United States of certain “connected vehicles” integrating specific pieces of hardware and software, or those components sold separately, with a sufficient nexus to the People’s Republic…
UK National Security Regime: Annual Report 2024 and Observations on Recent Practice
On 10 September 2024, the UK Government published its third Annual Report (the “Report”) on the enforcement of the National Security and Investment Act 2021 (the “NSI Act”), covering the period from 1 April 2023 to 31 March 2024.…
Commerce Imposes Export Controls on Quantum Computing and Other Advanced Technologies, Expands Scope of CFIUS Mandatory Filing Requirement
On September 6, 2024, the U.S. Department of Commerce, Bureau of Industry and Security (BIS) published an interim final rule (IFR) implementing new export controls on quantum computing items and other advanced technologies.[1] In addition to subjecting these so-called critical and emerging technologies to more stringent export controls, investments by foreign persons into U.S.…
CFIUS Releases 2023 Annual Report: Key Takeaways
The Committee on Foreign Investment in the United States (CFIUS) recently published its 2023 Annual Report, which provides information regarding transactions reviewed by CFIUS in 2023.[1] Key takeaways from the 2023 Annual Report are below. …
Treasury Takes Next Step on Implementation of Outbound Investment Regime, Clarifies Certain Aspects of Prior Proposal
The U.S. Department of the Treasury (“Treasury”) recently issued a long-awaited Notice of Proposed Rulemaking (the “Proposed Rule”) that would create an outbound investment regime whereby U.S. persons would be prohibited from making, or required to notify the U.S. government regarding, certain investments in entities engaged in certain activities relating to semiconductors and microelectronics, quantum…
Treasury Issues Proposed Rule to Expand CFIUS Jurisdiction Over Real Estate Transactions Near Military Installations
On July 8, 2024, 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 jurisdiction over certain transactions by foreign persons involving real estate in the United States.…