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On Oct. 28, 2024, the U.S. Department of the Treasury issued a final rule implementing President Biden’s Executive Order 14105, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.” Effective Jan. 2, 2025, the Outbound Investment Security Program (OISP) imposes new notification requirements and prohibitions on U.S. persons making certain types of investments in “countries of concern” (currently defined to include China, Hong Kong, and Macau). The OISP covers investments in three categories of technologies:
- semiconductors and microelectronics;
- quantum information technologies; and
- artificial intelligence.
Treasury’s Office of Investment Security will administer the OISP. While the United States has long regulated inbound foreign investment through the Committee on Foreign Investment in the United States (CFIUS) process, the OISP is the first time the United States has established a broad framework to regulate U.S. investment in other countries.
Eleanor M. Ross also contributed to this article.
