Cleary International Trade and Sanctions Watch

Blog Authors

Latest from Cleary International Trade and Sanctions Watch

Cleary International Trade and Sanctions Watch

Evolving European Foreign Direct Investment Review During the COVID-19 Pandemic

April 2, 2020

On March 25, the European Commission issued guidance on the screening of foreign direct investment in the context of the COVID-19 pandemic. The Commission calls Member States to make use of existing FDI regimes to protect critical health infrastructure, supply of critical inputs, and other critical sectors. Further details can be found in our memorandum, accessible here. As the final CFIUS regulations implementing FIRRMA take effect in the U.S. (and the Trump Administration issues…

Cleary International Trade and Sanctions Watch

CFIUS Releases Proposed Rule on Filing Fees

By Paul Marquardt, John P. McGill, Jr., Nathanael Kurcab, Sameer Jaywant & Hani Isam Bashour

March 12, 2020

Update: Treasury has clarified that comments on the Proposed Rule are due April 3, 2020, instead of the previously provided deadline. On March 9, 2020, the U.S. Department of the Treasury published a proposed rule implementing the filing fee provisions of the Foreign Investment Risk Review Modernization Act. The Proposed Rule would assess tiered filing fees for all voluntary notifications to the Committee on Foreign Investment in the United States and is open for public…

Cleary International Trade and Sanctions Watch

Upcoming Changes to the German Foreign Direct Investment Control Regime

By Mirko von Bieberstein

March 10, 2020

With a draft bill to amend the Foreign Trade and Payments Act (Außenwirtschaftsgesetz – AWG) issued on January 30, 2020, the German Federal Ministry of Economics and Energy (Bundesministerium für Wirtschaft und Energie – BMWi) has started a legislative process to change the German foreign direct investment control regime (FDI Regime). This will be the third amendment to the FDI Regime since 2017. While the German Government continues to emphasize that Germany maintains an investment-friendly…

Cleary International Trade and Sanctions Watch

French Foreign Investment Control – New Rules Applicable as From April 1st, 2020

By Cleary Gottlieb

March 9, 2020

On December 31, 2019 the French Government adopted a Decree and a Ministerial Order, which implement the reform of the French foreign investment control regime initiated by the Law n°2019-486 of May 22, 2019. Since many years, foreign direct investment in certain sensitive sectors for French national interests has been subject to prior clearance by the Minister for the Economy. The Decree notably aims to expand the scope of sectors subject to prior foreign investment…

Cleary International Trade and Sanctions Watch

New FAQs Provide Little Clarity on Expanded OFAC Reporting Obligations for Non-Financial Institutions

By Paul Marquardt & Nathanael Kurcab

February 27, 2020

In June of 2019, OFAC amended its Reporting, Procedures and Penalties Regulations (RPPR), apparently effecting a radical expansion of the obligation of non-financial institutions in the U.S. to report “rejected” transactions involving U.S.-sanctioned persons. OFAC has long required financial institutions to report rejected financial transactions involving sanctioned persons. (“Rejected” transactions involve persons who are not Specially Designated Nationals (SDNs) or other persons whose property within U.S. jurisdiction is blocked, but with whom transactions are nevertheless…

Cleary International Trade and Sanctions Watch

EU Trade Quarterly Summary

By Cleary Gottlieb

February 18, 2020

This Trade Summary provides an overview of WTO dispute settlement decisions and panel activities, and EU decisions and measures on commercial policy, customs policy and external relations, for the fourth quarter of 2019. If you have any questions regarding the above, do not hesitate to contact fclaprevote@cgsh.com or tmuelleribold@cgsh.com.…

Cleary International Trade and Sanctions Watch

District Court Decision Incorrectly Holds that OFAC Sanctions Bar PdVSA from Making Payment on Pre-Sanctions Debts

By Paul Marquardt & Michael G. Sanders

February 13, 2020

On February 11, 2020, Judge Stanton of the U.S. District Court for the Southern District of New York denied Dresser-Rand Company’s (Dresser Rand) motion for summary judgment in a suit to collect on a promissory note issued by Petróleos de Venezuela, S.A. (PdVSA). The Court’s decision turned on a finding that payment by PdVSA was legally impossible under U.S. sanctions. That finding was based on incomplete briefing by the parties and appears seriously flawed given…

Cleary International Trade and Sanctions Watch

UK Competition Law After Brexit – Plus Ça Change…

By Paul Gilbert

February 4, 2020

Brexit has happened. The UK is no longer an EU Member State. What does that mean for competition law in the UK? Has Anything Changed? In the short term, nothing will change. Until the end of the transition period set out in the UK Withdrawal Agreement, the rights and obligations of EU law continue to apply just as they did before. That transition period is due to end on 31 December 2020, unless both…

Cleary International Trade and Sanctions Watch

Brexit: No Change Until end-2020; Uncertainty Thereafter

By Ferdisha Snagg

February 3, 2020

Brexit has happened. The United Kingdom is no longer part of the European Union or the European Economic Area. But in the short term, nothing really changes. The UK has entered a transition period during which it remains bound by EU rules and trade policy. Until the end of the transition period, which is set out in the UK Withdrawal Agreement, the rights and obligations of EU law continue to apply in the UK…

Cleary International Trade and Sanctions Watch

CFIUS Releases Final FIRRMA Regulations

By Paul Marquardt, John P. McGill, Jr., Nathanael Kurcab, Sameer Jaywant & Hani Isam Bashour

January 22, 2020

On January 13, 2020, the U.S. Department of the Treasury (“Treasury”) released final regulations (the “Final Regulations”) implementing the updates to the foreign investment review process of the Committee on Foreign Investment in the United States (“CFIUS”) contained in the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). The Final Regulations, effective February 13, 2020, largely track the September 2019 proposed regulations (the “Proposed Regulations”) to implement FIRRMA’s expansion of CFIUS’s jurisdiction. FIRRMA in…

Cleary International Trade and Sanctions Watch

Blog Authors

Evolving European Foreign Direct Investment Review During the COVID-19 Pandemic

CFIUS Releases Proposed Rule on Filing Fees

Upcoming Changes to the German Foreign Direct Investment Control Regime

French Foreign Investment Control – New Rules Applicable as From April 1st, 2020

New FAQs Provide Little Clarity on Expanded OFAC Reporting Obligations for Non-Financial Institutions

EU Trade Quarterly Summary

District Court Decision Incorrectly Holds that OFAC Sanctions Bar PdVSA from Making Payment on Pre-Sanctions Debts

UK Competition Law After Brexit – Plus Ça Change…

Brexit: No Change Until end-2020; Uncertainty Thereafter

CFIUS Releases Final FIRRMA Regulations

Stay Connected

Company

Support

New to the Network