Treasury Department Issues Final Rule to Implement Outbound Investment Executive Order

On October 28, 2024, the U.S. Department of the Treasury (“Treasury”) issued its final rule (the “Final Rule”) to implement Executive Order 14105, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” issued by President Biden on August 9, 2023 (the “Outbound Order”). As we described in our analysis of Treasury’s advance notice of proposed rulemaking (the “ANPRM”) last August and our analysis of Treasury’s notice of proposed rulemaking (“NPRM”) in June, the Outbound Order marks the first time that the United States, or any other major Western democratic economy, has sought to regulate and control outbound capital flows and other investments for national security reasons.