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ARTICLE · 17 AUGUST 2023

Executive Order And Rulemaking On U.S. Outbound Investment

Crowell & Moring LLP
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The Outbound Investment Program will be implemented through regulations issued by Treasury that will require notification for, or will otherwise prohibit U.S. persons from undertaking...

United StatesGovernment, Public Sector
Jason Prince
Jason Prince
Adelicia R. Cliffe
Adelicia R. Cliffe
Caroline E. Brown
Caroline E. Brown
Jana del-Cerro
Jana del-Cerro
Robert Holleyman
Robert Holleyman
Evan Y. Chuck
Evan Y. Chuck

The Outbound Investment Program will be implemented through regulations issued by Treasury that will require notification for, or will otherwise prohibit U.S. persons from undertaking, certain transactions involving "covered national security products or technologies" and entities connected to a "country of concern." Accordingly – concurrent with the Executive Order – Treasury released an Advance Notice of Proposed Rulemaking that provides some potential definitions of these terms, but the exact definitions and the details of the regulations will be developed through public notice and comment that concludes on September 28, 2023. Treasury also published a Fact Sheet that provides additional information on the proposed details and scope of the outbound investment prohibitions and notification requirements, which will likely not be finalized until 2024 sometime after Treasury has published draft regulations and gathered another round of public comments.

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