European Commission adjusts export regulations on COVID-19 vaccines
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On 24th March 2021, the European Commission implemented regulation (EU) 2021/521 entitled “making specific arrangements to the mechanism making the exportation of certain products subject to the production of an export authorisation.” This regulation adjusts the export regulation considerations for COVID-19 vaccines and related goods, as well as the countries affected. This Regulation entered into force on 24th March 2021 and applies for six weeks.
BIS revises CCL and EAR
The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has revised the Commerce Control List (CCL) and relevant portions of the Export Administration Regulations (EAR). This revision implements changes to the Wassenaar Arrangement List of Dual-Use Goods and Technologies (WA List) that were decided upon in the December 2019 WA Plenary meeting by participating governments. The ruling is effective 29th March 2021 and available via PST.AG's data feed notification
OFAC issues Burma-related designations, general licenses and FAQs; amends Federal Civil Penalties
On 25th March 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued four Burma-related General Licenses (1, 2, 3, 4). OFAC also published two related Frequently Asked Questions (FAQs 882 and 883) and updated the Specially Designated Nationals and Blocked Persons List. For more details see OFAC’s recent actions. Additionally, effective 17th March 2021, OFAC amended the Federal Civil Penalties Inflation Adjustment Act of 1990 to correct for
BIS amends EAR by updating the Entity List
The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has amended the Export Administration Regulations (EAR) by adding fourteen entities to the Entity List under the destinations of Germany, Russia, and Switzerland. These entities are considered to be “acting contrary to the national security or foreign policy interests of the United States.” This ruling also corrects six entries on the Entity List. This rule is effective 4th March 2021 and details can be
OFAC issues new General License, FAQs and sanctions
On 2nd March 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Cyber-related General License (1B) entitled, “Authorizing Certain Transactions with the Federal Security Service.” OFAC also amended related Frequently Asked Questions (FAQs) 501, 502 and 503. In addition, OFAC updated its Specially Designated Nationals and Blocked Persons List (SDN list). For further details, see OFAC’s recent actions and press release.
US SEC suspends trading in companies with dubious social media activity
On 25th February 2021, the U.S. Securities and Exchange Commission (SEC) suspended trading in the securities of 15 companies due to questionable trading and social media activity. The suspension prohibits trading in a stock for 10 days and also prohibits a broker-dealer from soliciting investors until reporting requirements are met. Since the beginning of 2021, six other companies have been suspended by the SEC for their social media activity: Bangi Inc., Sylios Corp., Marath
BIS publishes new China/Hong Kong related FAQs
The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) has recently published a new Frequently Asked Questions (FAQs) document about China/Hong Kong export regulations. These and other FAQs from BIS can be found on their FAQ-landing page.
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