Law360 (September 22, 2020, 5:45 PM EDT) — The U.S. Department of the Treasury published a final rule on Sept. 15, revising provisions in the regulations of the Committee on Foreign Investment in the United States that implement Section 721 of the Defense Production Act, as amended by the Foreign Investment Risk Review Modernization Act of 2018.
The rule becomes effective Oct. 15, and once in place, will do away with the critical technology mandatory declaration based on North American Industry Classification System codes, which are applicable to U.S. businesses in one of 27 industries, that were part of a rule published Jan. 17.
In that rule, the Treasury…
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