On January 13, 2020, the U.S. Department of Treasury (the “Treasury”) issued two final regulations to implement Foreign Investment Risk Review Modernization Act (“FIRRMA”). This series of updates on is about the various aspects of the final regulations.
CFIUS Update I : General - 1/23/2020
U.S. Department of Treasury Releases Final Regulations Reforming National Security Reviews for Certain Foreign Investment Click here for details
CFIUS Update II - 2/4/2020
Fund Exemption Under FIRRMA Click here for details
CFIUS Update III - 2/10/2020
Critical Infrastructure Under FIRRMA Click here for details
CFIUS Update IV - 2/18/2020
Sensitive Personal Data under FIRRMA Click here for details
CFIUS Update V - 2/25/2020
Critical Technology under FIRRMA Click here for details
U.S. DEPARTMENT of COMMERCE PROPOSES NEW RULE TO REVIEW ICTS TRANSACTIONS
On November 27, 2019, the U.S. Department of Commerce proposed a new rule (the “Proposed Rule”) pursuant to an Executive Order of May 15, 2019, entitled “Securing the Information and Communications Technology and Services Supply Chain” (Executive Order 13873). The Proposed Rule sets forth the scope, criteria, process and procedures for reviewing certain information and communications technology and services transactions that would pose an undue or unacceptable risk to the national security of the U.S. or to the safety of U.S. persons. Under the Proposed Rule,...
DATA PROECTION FOR CAYMAN ISLANDS INVESTMENT FUNDS
The Cayman Islands Data Protection Law (the “DPL”) became effective on 30 September, 2019. The DPL governs how a “data controller” may process, use and retain personal data. An investment fund structured as a Cayman Islands company, or a limited liability company, or a partnership, or a foreign company registered under the Cayman Islands that acts as a general partner (“GP”) of an investment fund, will be deemed as a data controller. ......
NVCA RECOMMENDS MORE CLARITY ON PROPOSED CFIUS RULES
On October 17, 2019, the National Venture Capital Association (“NVCA”) submitted to the Committee on Foreign Investment in the United States (“CFIUS”) eleven comments on the Department of the Treasury’s September 17, 2019 proposed final rules (the “Proposed Rules”) for implementing the Foreign Investment Risk Review Modernization Act of 2018 (“FIRMMA”). In its comments, NVCA highlighted the lack of clarity on the scope of the Proposed Rules.......
TWENTY-EIGHT CHINA-BASED ENTITIES INCLUDED IN BIS LIST
The U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) recently issued a rule to amend the Export Administration Regulations (“EAR”) by adding twenty-eight additional entities located in China to the Entity List. The rule became effective on October 9, 2019. A copy of the rule, together with the newly added entities, can be viewed here.
For the entities listed in the Entity List, including those newly listed entities, BIS imposes a license requirement for all items subject to EAR and a license review policy of case-by-case review for items under certain Export Control Classification Numbers. BIS has also adopted a license review policy of presumption of denial for license applications to these entities with limited exceptions.
CA AB5 LAW EFFECTIVE BEGINNING 2020
On September 18, 2019, Governor Gavin Newsom signed Assembly Bill 5 (AB5) into law, which codifies the “ABC” test for employee versus independent contractor classification in California. The new law will become effective on January 1, 2020. ......
UNDERSTAND CALIFORNIA’S NEW CONSUMER PRIVACY ACT OF 2018
For our clients that do business in California and collect personal information of California residents, it is advisable to understand California’s new Consumer Privacy Act of 2018 (the “Act”) and to start preparing for compliance with the Act, if the Act applies to your business.......
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