International Trade > AG Trade Law
07 Mar '17

Cree Inc. (“Cree”), the U.S.-based LED lighting and semiconductor company, announced last month that it is terminating its agreement to sell its Wolfspeed Power & RF division (“Wolfspeed”) to Infineon Technologies AG of Germany (“Infineon”) for USD $850 million. The decision to terminate the deal came shortly after Cree announced that CFIUS raised objections to the acquisition and that the parties were working within the deal structure to mitigate CFIUS’ concerns. This outcome underscores that CFIUS risk can exist in transactions involving buyers from countries that are closely allied to the United States. 

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01 Mar '17

Background

On February 27, 2017, FinCEN announced a $7 million civil monetary penalty against Merchants for willful violations of the BSA. Additionally, the Office of the Comptroller of the Currency (OCC), Merchants’ federal functional regulator, identified deficiencies in Merchants’ processes that resulted in violations of the 2010 and 2014 consent orders that Merchants entered into with the OCC, as well as continued violations of 12 C.F.R. § 21.21 (i.e., the requirement that a bank’s AML compliance program must be reasonably designed to assure and monitor compliance with the BSA’s recordkeeping and reporting requirements). The OCC is assessing an additional, separate $1 million penalty for the violations.1

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23 Feb '17

British American Business’s NETWORK has published the article “Akin Gump: A Time for Negotiation & Implications of A New Administration,” written by Akin Gump international trade partners Davina Garrod and Hal Shapiro. The article presents a look-ahead to pertinent trade issues in the United Kingdom and United States following Brexit and the U.S. election.

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06 Feb '17

On February 2, 2017, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Cyber-related General License (GL) 1, a general license that authorizes certain transactions with Russia’s Federal Security Service (Federalnaya Sluzhba Bezopasnosti or FSB).  GL 1 authorizes U.S. persons (i.e., individuals and companies) to request, receive, use, pay for or deal in licenses, permits, certifications, or notifications issued or registered by the FSB for information technology (IT) products in Russia, provided that (i) the relevant IT goods or technology are subject to the U.S. Export Administration Regulations (EAR) and are licensed or otherwise authorized by the U.S. Department of Commerce’s Bureau of Industry and Security (BIS); and (ii) payment of fees to the FSB for such licenses and other authorization or notification does not exceed $5,000 in any calendar year. GL 1 also authorizes transactions or activities that are necessary and ordinary incident to complying with law enforcement or administrative actions or investigations involving the FSB or rules and regulations administered by the FSB.

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02 Feb '17

On January 31, 2017, Acting Chairman of the Securities and Exchange Commission (SEC), Michael S. Piwowar, issued two statements calling for comments on the SEC’s enforcement of the conflict minerals reporting requirements of the Dodd-Frank Act. Congress implemented the conflict minerals reporting requirements in an effort to reduce funding to armed groups that commit human rights abuses and contribute to conflict in the Democratic Republic of Congo (DRC).

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30 Jan '17

Introduction

On January 27, 2017, President Trump announced restrictions on entry to the United States by several categories of non-citizens. The EO titled “Protecting the Nation from Foreign Terrorist Entry into the United States” cites authority vested in the President under the U.S. Constitution, the Immigration and Nationality Act (INA), and the national security objective “to protect the American people from terrorist attacks by foreign nationals admitted to the United States.” The EO contains 11 sections. This analysis focuses on two of those sections: Section 3, which addresses the suspension of visas and other immigration benefits for countries of particular concern, and Section 5, which addresses the suspension of the U.S. Refugee Admissions Program (USRAP).

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