China sanctioned Rep. Michael McCaul, R-Texas, following his visit last week to Taiwan. McCaul, the chairman of the House Foreign Affairs Committee, was subjected to an asset freeze and travel ban, China's Ministry of Foreign Affairs said April 13, according to an unofficial translation. The ministry said his leadership of a bipartisan delegation of U.S. lawmakers to Taiwan and previous comments on Taiwan interfere with Chinese internal affairs.
The Bureau of Industry and Security is looking for new candidates to serve on each of its six technical advisory committees, the agency said this week. The TAC members -- selected from industry, academia and government -- will help advise the Commerce Department on export controls and may serve terms of not more than four consecutive years. Applicants should send a resume and other required information to Yvette.Springer@bis.doc.gov by June 13.
The U.S. should create an outbound investment screening regime that focuses on capturing “smart money” investments in critical technology industries in China, said Emily Kilcrease, a senior fellow with the Center for a New American Security and former National Security Council official. Smart money investments would include those that are “accompanied by managerial expertise or other intangible benefits” that could advance China’s “indigenous technology capabilities,” she said.
Public U.S. companies should update their China-related risk disclosures to factor in a range of potential trade restrictions on the horizon, including possible U.S. sanctions against Beijing for aiding Russia and new outbound investment restrictions, said Carl Valenstein, a trade lawyer with Morgan Lewis.
Nasim Fussell, former top trade counsel for the Senate Finance Committee, has left Holland & Knight for Lot Sixteen, a public relations and lobbying firm. Fussell wrote in her bio at Lot Sixteen: "As a trade partner in a big Washington law firm, I represented corporate, trade association and government clients on trade policy and regulatory issues across the spectrum. Having been in my clients’ shoes during my own time in the corporate and trade association worlds, I understood how to make them happy." Fussell joined Lot Sixteen as senior vice president this month, according to her LinkedIn bio.
David Vance Lucas, former head of Bradley Arant's international practice group, has joined Womble Bond as a partner in the Corporate and Securities Group, the firm announced. Lucas' practice will center on his experience providing advice on intellectual property, international trade and complex litigation matters, the firm said. Specifically, Lucas has worked on proceedings involving foreign direct investment, export controls and data protection throughout the U.S. and Europe and before the Committee on Foreign Investment in the U.S.
The Commerce Department’s proposed guardrails for recipients of Chips Act funding could lead to compliance risks for semiconductor companies, especially as the agency bolsters its enforcement arm, law firms said. They also said companies should carefully review how the proposals intersect with chip export restrictions.
The U.K. amended or corrected two entries under its Russia sanctions list and another under its Cyber sanctions list, according to the Office of Financial Sanctions Implementation. The entry for Volodymir Vasilyovich Saldo, founder of the Salvation Committee for Peace and Order in Kherson, was amended to add his address. The entry for Vladimir Konstantinovich Markov, manager for Gazprom, had a correction made to his date of birth. Under the Cyber sanctions list, OFSI amended the entry for Vitaliy Nikolayevich Kovalev to clarify use of an alias.
DOJ’s recent emphasis on corporate compliance may cause companies to update how they conduct due diligence on investment transactions, Morgan Lewis said in a new report released this month. The firm said DOJ is increasingly playing a more active role in the Committee on Foreign Investment in the U.S., which could prompt investors to reassess their procedures for evaluating sensitive deals.
The U.K. government and Parliament's Business, Energy and Industrial Strategy (BEIS) Committee officially agreed on an oversight deal last month that will allow lawmakers to scrutinize U.K. foreign investment review decisions. The deal, outlined in a memorandum of understanding first agreed to in 2021, was delayed by “ministerial changes” within the BEIS Committee as well as “lengthy negotiations on the substance,” Linklaters said in a recent client alert.