Jonathan Wakely and Stephen Bartenstein’s commentary was included in a Law360 article analyzing some of the biggest trade policy developments of 2023.
Stephen commented on new Department of Commerce trade controls aimed at preventing China from obtaining advanced semiconductors, saying that “this is likely not the last salvo with respect to the export control measures.”
Jonathan examined the effects of an executive order by President Joe Biden directing the Treasury Department to review certain investments U.S. persons seek to make overseas. Even with some insight from Treasury's ANPR, critical questions remain, requiring a more complete regulation to show how the agency plans to put the order into action, he explained.
Jonathan added that “those include the scope of covered foreign persons, meaning the scope of Chinese companies into which investments would either be prohibited or notifiable; the definition of 'passive investments' that would be outside the scope of the order; and the extent to which there'd be extraterritorial application, meaning non-U.S. investors whose investments would be subject to notifications or prohibition.” As companies wait to see how those questions are answered, Jonathan said his clients are keeping an eye on the rulemaking process with a view toward developing compliance programs.
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