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Outbound Investment Security Program Regulations
Plain English Summary
New regulations are being proposed that affect U.S. individuals and businesses involved in foreign investments. These rules require them to notify the U.S. Department of the Treasury about certain transactions with foreign entities that deal with specific technologies. Additionally, there are restrictions on engaging in transactions with foreign entities that work with prohibited technologies. Insurance agents should stay informed about these changes and ensure compliance with the new notification requirements.
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This proposed rule sets forth regulations that would implement Subtitle C of the Comprehensive Outbound Investment National Security Act, which is codified at Title VIII of the Defense Production Act. The proposed rule would require United States persons to provide notification to the U.S. Department of the Treasury regarding certain transactions involving foreign persons that are engaged in notifiable technologies; and prohibit United States persons from engaging in certain other transactions involving foreign persons that are engaged in prohibited technologies. Where consistent with Title VIII, the proposed rule incorporates certain definitions and concepts from the current regulations governing the Outbound Investment Security Program. The proposed rule also would add applicability dates to the regulations, such that those regulations would continue to apply to activities that occurred within the relevant timeframe.