July 21, 2017, Covington Alert

On June 16, 2017, China’s Ministry of Commerce (MOFCOM) released for public comment a draft of the Export Control Law (“the Draft Law”). While China has a number of regulations relating to export controls and has signed numerous nonproliferation agreements, the Draft Law would be China’s first law specifically addressing export controls and would implement an export controls system that protects China’s national security and consolidates its nonproliferation efforts. This new law, if enacted as drafted, would bring China’s system somewhat closer to other export control regimes, although certain provisions are still inconsistent with the approach of other jurisdictions. The Draft Law also introduces new restrictions on the provision of “export control-related” information” outside of China, highlighting the government’s desire to tighten the control of cross-border transfers of technical data related to controlled items. The Draft Law is expected to be introduced to the National People’s Congress for a first reading in 2018.

January 3, 2017, Covington Alert

On December 29, 2016, General Cable Corporation (“GCC”), a global manufacturer of wire and cable products, agreed to pay approximately $75.8 million in connection with a non-prosecution agreement with the Department of Justice (“DOJ”) and a cease and desist order with the U.S. Securities and Exchange Commission (“SEC”) to settle allegations that it violated the anti-bribery, books and records, and internal controls provisions of the U.S. Foreign Corrupt Practices Act (“FCPA”). The settlement, which includes an admission of factual allegations but no criminal charges, requires GCC to pay a criminal penalty of $20.5 million to the DOJ and $55.3 million in disgorgement and pre-judgment interest to the SEC.

February 29, 2016, Covington Alert