The State Department approved a potential $2.8 billion military sale to Spain for “PATRIOT Configuration-3+ Modernized Fire Units” and related equipment, the Defense Security Cooperation Agency said Oct. 4. The prime contractors will be Raytheon Corp. and Lockheed Martin.
The Federal Maritime Commission last week dismissed a charge complaint against Mediterranean Shipping Company lodged by SOFi Paper Products after MSC refunded SOFi for a congestion surcharge that allegedly violated U.S. shipping regulations. The FMC also determined no violations "of the Shipping Act were proven in this proceeding."
The State Department approved a potential $70 million military sale to Oman for “TOW 2B Radio Frequency Missiles (BGM-71F-7-RF) and Support” and related equipment, the Defense Security Cooperation Agency said Oct. 3. The principal contractor will be Raytheon Missiles & Defense.
The Office of the U.S. Trade Representative canceled two public hearings on China's and Russia's compliance with World Trade Organization commitments, the agency announced this week. USTR said it received 22 comments and three requests to participate in the China-focused hearing, which "subsequently were withdrawn," and the agency canceled the meeting as a result. USTR also canceled its Russia-focused hearing after receiving two comments and one request to participate in the hearing, which also was withdrawn. The hearing on China had been scheduled to take place Oct. 4; the meeting on Russia, Oct. 12.
The Commerce Department is asking companies to use its Semiconductor Alert Mechanism, which collects reports on chip supply chain disruptions so the government can look to address those issues, including with trading partners. The agency said it’s “calling on companies, manufacturers, and other interested parties to submit information regarding any new, ongoing, or potential disruptions to microelectronics and semiconductor manufacturing facilities and their related supply chains around the world,” adding that it “will review submissions on a rolling basis and will follow up with parties as needed.”
The Treasury Department’s Financial Crimes Enforcement Network is seeking public comments on two information collections, involving beneficial ownership information reports and the FinCEN Identifier Application. FinCEN recently published a rule to require certain entities to report to the agency information about their beneficial owners, which would help U.S. authorities determine whether sanctioned parties or others are illegally hiding money or property in the U.S. (see 2309280006). Under the rule, parties can apply for a “FinCEN Identifier,” a unique identifying number that entities can submit instead of their identifying information, which can serve as a “data security” tool. Comments are due by Oct. 30.
Two semiconductor companies said they have filed for approval from the Committee on Foreign Investment in the U.S. for a merger, Squire Patton said in a Sept. 28 blog post. Renesas Electronics Corporation has offered to acquire all outstanding ordinary and American Depositary Shares of Sequans, and "Completion of the Offer is conditioned on the receipt of ‘CFIUS Approval,’” according to a recent SEC filing.
The Treasury Department’s Financial Crimes Enforcement Network released a proposed rule this week that could delay the deadline for certain companies to comply with its new beneficial ownership information reporting requirements (see 2308160023). The agency is proposing to delay the deadline only for companies created or registered on or after the rule takes effect Jan. 1. The proposal would extend that filing deadline from “30 days to 90 days for entities created or registered on or after January 1, 2024, and before January 1, 2025, to give those entities additional time to understand the new reporting obligation and collect the necessary information to complete the filing,” FinCEN said. Entities created or registered on or after Jan. 1, 2025, would have 30 days to file their reports with FinCEN. Comments are due by Oct. 30.
Investors in the American energy and biotechnology sectors should be paying close attention to investment review risks based on remarks made by officials during the Committee on Foreign Investment in the U.S. conference earlier this month (see 2309150038), Dechert said in a client alert. The firm said the Biden administration’s focus on clean energy “appears to be an increasingly important consideration in CFIUS’ case reviews,” adding that “a number of officials” at the conference stressed the “importance of preserving U.S. leadership in the energy infrastructure space.” The firm said it expects to see “increasing interest” from CFIUS in transactions involving clean energy products that could be used to fight climate change, such as batteries, aerial vehicles, hydrogen and other energy alternatives.
The State Department approved a potential military sale to Kuwait for $150 million and to Saudi Arabia for $500 million, the Defense Security Cooperation Agency said Sept. 20. The sale to Kuwait includes repair and recertification services of “Patriot Advanced Capability-3 Missiles," and the principal contractor will be Lockheed Martin. The sale to Saudi Arabia includes a "Foreign Military Sales Order (FMSO) II to provide funds for blanket order requisitions under a Cooperative Logistics Supply Support Agreement," and there are no principal contractors involved with this sale.