- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Senate Banking Committee this week advanced the Foreign Investment Risk Review Modernization Act. Among its ammendments: prohibiting the President from changing the penalties on Chinese telecommunication companies that have sanctions levied against them.
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New legislation clarifies and strengthens ability of government agencies to review, and potentially block, cross-border deals in the name of national security.
A proposal by the Treasury Department would allow the Committee on Foreign Investment in the United States to seek more information as part of its review activities and enable “substantially” larger penalties in instances of noncompliance with relevant regulations.
The Committee on Foreign Investment in the United States issued its first-ever enforcement and penalty guidelines for entities that violate mitigation agreements with CFIUS or otherwise run afoul of the Defense Production Act of 1950.
