The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is adding regulations to implement a November 12, 2020 Executive order related to securities investments that finance Communist Chinese military companies, as amended by a June 3, 2021 Executive order related to the Chinese...
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Until the ACFR grants it official status, the XML rendition of the daily Federal Register on FederalRegister.gov does not provide legal notice to the public or judicial notice to the courts. Legal Status Rule Chinese Military-Industrial Complex Sanctions Regulations A Rule by the Foreign Assets Control Office on 02/16/2022 New folder My Clipboard Document DetailsInformation about this document as published in the Federal Register. Printed version: PDF Publication Date: 02/16/2022 Agencies: Office of Foreign Assets Control Dates: This rule is effective February 16, 2022. Effective Date: 02/16/2022 Document Type: Rule Document Citation: 87 FR 8735 Page: 8735-8740 (6 pages) CFR: 31 CFR 586 Document Number: 2022-03378 Document Details Document StatisticsDocument page views are updated periodically throughout the day and are cumulative counts for this document. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. 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AGENCY: ACTION: SUMMARY: DATES: FOR FURTHER INFORMATION CONTACT: SUPPLEMENTARY INFORMATION: Electronic Availability Background Public Participation Paperwork Reduction Act List of Subjects in 31 CFR Part 586 PART 586—CHINESE MILITARY-INDUSTRIAL COMPLEX SANCTIONS REGULATIONS Subpart A—Relation of This Part to Other Laws and Regulations Subpart B—Prohibitions Subpart C—General Definitions Subpart D—Interpretations Subpart E—Licenses, Authorizations, and Statements of Licensing Policy Subpart F—Reports Subpart G—Penalties and Findings of Violation Subpart H—Procedures Subpart I—Paperwork Reduction Act Subpart A—Relation of This Part to Other Laws and Regulations Subpart B—Prohibitions Subpart C—General Definitions Subpart D—Interpretations Subpart E—Licenses, Authorizations, and Statements of Licensing Policy Subpart F—Reports Subpart G—Penalties and Findings of Violation Subpart H—Procedures Subpart I—Paperwork Reduction Act Appendix A to Part 586—Executive Order 13959 of November 12, 2020 Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies Annex Appendix B to Part 586—Executive Order 14032 of June 3, 2021 Addressing the Threat From Securities Investments That Finance Certain Companies of the People's Republic of China Annex Enhanced Content - Table of Contents Enhanced Content - Submit Public Comment This feature is not available for this document. 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Public Inspection Published DocumentThis document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format. Start Preamble AGENCY: Office of Foreign Assets Control, Treasury. ACTION: Final rule. SUMMARY: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is adding regulations to implement a November 12, 2020 Executive order related to securities investments that finance Communist Chinese military companies, as amended by a June 3, 2021 Executive order related to the Chinese military-industrial complex and Chinese surveillance technology. OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive guidance and definitions, general licenses, and other regulatory provisions. DATES: This rule is effective February 16, 2022. Start Further Info FOR FURTHER INFORMATION CONTACT: OFAC: Assistant Director for Licensing, 202-622-2480; Assistant Director for Regulatory Affairs, 202-622-4855; or Assistant Director for Sanctions Compliance & Evaluation, 202-622-2490. End Further Info End Preamble Start Supplemental Information SUPPLEMENTARY INFORMATION: Electronic Availability This document and additional information concerning OFAC are available on OFAC's website: www.treasury.gov/ofac. Background On November 12, 2020, the President, invoking the authority of, inter alia, the International Emergency Economic Powers Act (50 U.S.C. 1701-1706) (IEEPA), issued Executive Order (E.O.) 13959, “Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies” (85 FR 73185, November 17, 2020). In E.O. 13959, the President found, among other things, that the People's Republic of China (PRC) is increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses, which continues to allow the PRC to directly threaten the United States homeland and United States forces overseas, including by developing and deploying weapons of mass destruction, advanced conventional weapons, and malicious cyber-enabled actions against the United States and its people, and that key to the development of the PRC's military, intelligence, and other security apparatuses is the country's large, ostensibly private economy. The President therefore found that the PRC's military-industrial complex, by directly supporting the efforts of the PRC's military, intelligence, and other security apparatuses, constitutes an unusual and extraordinary threat, which has its source in substantial part outside the United States, to the national security, foreign policy, and economy of the United States and declared a national emergency with respect to that threat. On January 13, 2021, the President issued E.O. 13974, “Amending Executive Order 13959—Addressing the Threat From Securities Investments That Finance Communist Chinese Military Companies” (86 FR 4875, January 19, 2021), which amended E.O. 13959. Further, on June 3, 2021, the President issued E.O. 14032, “Addressing the Threat From Securities Investments That Finance Certain Companies of the People's Republic of China” (86 FR 30145, June 7, 2021), which amended E.O. 13959 and revoked E.O. 13974 in its entirety. In E.O. 14032, the President found that additional steps are necessary to address the national emergency declared in E.O. 13959, including the threat posed by the military-industrial complex of the PRC and its involvement in military, intelligence, and security research and development programs, and weapons and related equipment production under the PRC's Military-Civil Fusion strategy. In addition, he found that the use of Chinese surveillance technology outside the PRC and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse constitute unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States and expanded the scope of the national emergency declared in E.O. 13959 to address those threats. OFAC is issuing the Chinese Military-Industrial Complex Sanctions Start Printed Page 8736 Regulations, 31 CFR part 586 (the “Regulations”), to implement E.O. 13959, as amended by E.O. 14032, pursuant to authorities delegated to the Secretary of the Treasury in E.O. 13959, as amended. Copies of E.O. 13959 and E.O. 14032 appear in appendix A and appendix B to this part, respectively. Because E.O. 13974 has been revoked in its entirety, it does not appear in an appendix to this part. The Regulations are being published in abbreviated form at this time for the purpose of providing immediate guidance to the public. OFAC intends to supplement this part 586 with a more comprehensive set of regulations, which may include additional interpretive guidance and definitions, general licenses, and other regulatory provisions. The appendices to the Regulations will be removed when OFAC supplements this part with a more comprehensive set of regulations. Public Participation Because the Regulations involve a foreign affairs function, the provisions of E.O. 12866 of September 30, 1993, “Regulatory Planning and Review” (58 FR 51735, October 4, 1993), and the Administrative Procedure Act (5 U.S.C. 553) requiring notice of proposed rulemaking, opportunity for public participation, and delay in effective date are inapplicable. Because no notice of proposed rulemaking is required for this rule, the Regulatory Flexibility Act (5 U.S.C. 601-612) does not apply. Paperwork Reduction Act The collections of information related to the Regulations are contained in 31 CFR part 501 (the “Reporting, Procedures and Penalties Regulations”). Pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3507), those collections of information have been approved by the Office of Management and Budget under control number 1505-0164. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid control number. Start List of Subjects List of Subjects in 31 CFR Part 586 Administrative practice and procedure Banks, banking Penalties People's Republic of China Reporting and recordkeeping requirements Sanctions Securities End List of Subjects Start Amendment PartFor the reasons set forth in the preamble, OFAC adds part 586 to 31 CFR chapter V to read as follows:End Amendment Part Start Part PART 586—CHINESE MILITARY-INDUSTRIAL COMPLEX SANCTIONS REGULATIONS Subpart A—Relation of This Part to Other Laws and Regulations 586.101 Relation of this part to other laws and regulations. Subpart B—Prohibitions 586.201 Prohibited transactions. Subpart C—General Definitions 586.300 Applicability of definitions. 586.301 Entity. 586.302 Licenses; general and specific. 586.303 OFAC. 586.304 Person. 586.305 Publicly traded securities. 586.306 United States. 586.307 United States person; U.S. person. 586.308 U.S. financial institution. Subpart D—Interpretations 586.401 [Reserved] 586.402 Effect of amendment. 586.403 Transactions ordinarily incident to a licensed transaction. 586.404 Subsidiary entities. Subpart E—Licenses, Authorizations, and Statements of Licensing Policy 586.501 General and specific licensing procedures. 586.502 [Reserved] 586.503 Exclusion from licenses. Subpart F—Reports 586.601 Records and reports. Subpart G—Penalties and Findings of Violation 586.701 Penalties and Findings of Violation. Subpart H—Procedures 586.801 Procedures. 586.802 Delegation of certain authorities of the Secretary of the Treasury. Subpart I—Paperwork Reduction Act 586.901 Paperwork Reduction Act notice. Appendix A to Part 586—Executive Order 13959 of November 12, 2020 Appendix B to Part 586—Executive Order 14032 of June 3, 2021 Start Authority Authority: 3 U.S.C. 301; 31 U.S.C. 321(b); 50 U.S.C. 1601-1651, 1701-1706; Pub. L. 101-410, 104 Stat. 890, as amended (28 U.… truncated (33,471 more characters in archive)