OFAC Issues GL Related to Chinese Military Companies
The Office of Foreign Assets Control issued a general license authorizing certain transactions involving securities of companies affiliated with the Chinese military. General License No. 1, issued Jan. 8, authorizes certain transactions involving publicly traded securities with an entity with…
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a name that “closely” matches the name of a company identified in President Donald Trump’s November executive order (see 2011130026) but that has not yet been identified on OFAC’s Chinese military companies list (see 2012290017). The authorization also applies to transactions involving “any securities that are derivative of” those publicly traded securities or “designed to provide investment exposure to such securities.” The transactions are authorized through 9:30 a.m. EST Jan. 28.