Treasury Takes Next Step on Implementation of Outbound Investment Regime, Clarifies Certain Aspects of Prior Proposal

The U.S. Department of the Treasury (“Treasury”) recently issued a long-awaited Notice of Proposed Rulemaking (the “Proposed Rule”) that would create an outbound investment regime whereby U.S. persons would be prohibited from making, or required to notify the U.S. government regarding, certain investments in entities engaged in certain activities relating to semiconductors and microelectronics, quantum information technologies, and artificial intelligence in “countries of concern” (presently limited to China, Hong Kong, and Macau).

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