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On December 23, 2020, the US Department of Commerce s Bureau of Industry and Security ( BIS ) issued a final rule creating a Military End User List ( MEU List ) under the Export Administration Regulations ( EAR ). The final rule also adopted the first tranche of entities added to the MEU List, identifying more than 100 Chinese and Russian entities as Military End Users ( MEUs ).
1 A BIS license is required for certain exports, reexports, and transfers when a party has knowledge that an MEU is a party to the transaction (e.g., as purchaser, intermediate consignee, ultimate consignee, or end user). In a separate action, BIS also removed Hong Kong as a separate destination under the EAR, largely subjecting Hong Kong to the same requirements and restrictions as China.
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The Holding Foreign Companies Accountable Act (Act), which was signed into law by President Trump on December 18, 2020, amends the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley) and requires the Securities and Exchange Commission (SEC) to
identify reporting public companies using registered public accounting firms located in a foreign country that prevents the Public Company Accounting Oversight Board (PCAOB) from auditing the accounting firm and to
prohibit trading of securities of such public companies in U.S. markets after three consecutive non-inspection years. The Act also
imposes additional public disclosure obligations on foreign issuers subject to the Act.
Dec.29.2020
BIS remains busy during the closing days of the year. On December 18 and 21 the Department of Commerce issued several press releases announcing the addition of 77 entities to the Entity List, and for the first time, a Military End User List. The December 18 press releases (here and here) announced the addition of 77 entities to the Entity List, including several high-profile Chinese companies. And while the new additions were not published in the Federal Register until December 22, the additions became effective on the date of the press release, December 18. Continuing a “rulemaking by press release,” exporters who rely on the Federal Register may have missed the additions. The December 21 press release (here) publicized the creation of a new list, the Military End User List (“MEU List”), related to the MEU rule BIS issued earlier this year (see our prior alert here). The MEU List was published in the Federal Register and went into effect on Decembe
U.S. targets Chinese, Russian companies with military ties
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Secretary of State Mike Pompeo announced visa restrictions on Monday targeting Chinese officials over being connected to human rights abuses committed by the Asian nation. Photo by Kevin Dietsch/UPI | License Photo
Dec. 21 (UPI) The Trump administration on Monday announced trade restrictions on dozens of Chinese and Russian companies, accusing them having military ties.
The Commerce Department unveiled its new Military End User List on Monday, naming 58 Chinese and 45 Russian companies in its first tranche of entities the U.S. government has determined represent an unacceptable risk of use in or diversion to a military end use in China, Russia or Venezuela.
BIS Removes TTI Subsidiary from Military End-User List oaoa.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oaoa.com Daily Mail and Mail on Sunday newspapers.