Sheppard Mullin congratulates Seema Hingorani on her award of France’s Chevalier of the National Order of the Legion d’honneur. The Order of Légion d’Honneur is the highest order of merit for military and civil merits, established in 1802 by Napoleon Bonaparte. Seema is the first Asian American recipient of this award.

Seema was recognized for her work in founding Girls Who Invest (“GWI”), a non-profit organization dedicated to increasing the number of women in portfolio management and executive leadership in the asset management industry.…
Continue Reading Frances’s Chevalier of the National Order of the Legion d’Honneur Awarded to Seema Hingorani Founder of Girls Who Invest

On January 2, 2021 the National Defense Authorization Act (“NDAA”) became law.  Importantly, the NDAA included sweeping legislative reforms to anti-money laundering (“AML”) laws, which are now codified in the Anti-Money Laundering Act of 2020 (“AMLA”) (NDAA §§ 6001-6511). Designed to enhance national security concerns, these AML amendments will significantly impact financial institutions, certain types of businesses—both domestic and foreign, and High Net Worth Individuals (“HNWIs”).  While HNWIs legitimately seek to maintain confidentiality in their corporate entities or wealth management structures, the AMLA will make that more difficult and potentially more dangerous.…
Continue Reading The New Anti-Money Laundering Act of 2020 and Potential Effects on Foreign Businesses and High Net Worth Individuals

On March 3, 2021, the U.S. Embassy to France announced significant changes in the criteria for granting “National Interest Exemptions” (“NIE waiver”) to certain foreign travelers coming to the United States. The U.S. Embassy strongly advised persons currently in the United States on E, H, L, O, or P visas not leave the United States for trips back to France unless “they understand that they may not be able to re-enter the United States for some time.” In particular, these changes will favor specialists in critical infrastructures to get a NIE waiver, as opposed to senior executives who will generally be denied. The U.S. Embassy further indicated that no information has been provided as to when such new criteria for exceptions will be lifted.  These changes will likely be enforced by all of the U.S. Embassies in Europe for at least the near future.…
Continue Reading U.S. Embassy in Paris Substantially Limits the Eligibility of National Interest Exemptions for Foreign Travelers

Key Takeaways:

  • Threatened 25% tariffs on French luxury goods are suspended.
  • USTR is still looking at tariffs in retaliation for taxes on U.S. global tech companies.
  • Biden’s new USTR will face immense pressure to negotiate the digital taxation issue in the first few weeks of her tenure.

In the last few weeks of former President Trump’s term in office, the United States Trade Representative (USTR) suspended its previous plans to impose tariffs on certain French luxury goods, as we discussed here and here.…
Continue Reading USTR Suspends Tariffs on Certain French Luxury Goods: A Potential Shift in Trade Talks

On January 6, 2020, the SBA published its 26th Interim Final Rule (the First Draw PPP IFR) and 27th Interim Final Rule (the Second Draw PPP IFR)[1] with respect to the Paycheck Protection Program (PPP), as reauthorized and modified under Title III (cited as the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act)) of Division N of the Consolidated Appropriations Act, 2021.  The PPP was originally enacted under the Coronavirus Aid, Relief, and Economic Security Act (as amended, supplemented or otherwise modified from time to time prior to the enactment of the Economic Aid Act, including by the Paycheck Protection Program and Health Care Enhancement Act, the Paycheck Protection Program Flexibility Act, applicable federal regulations and interpretive guidance issued by the SBA and Treasury, the CARES Act). …
Continue Reading Paycheck Protection Program: SBA Issues Guidance on First Draw and Second Draw PPP Loans and Releases PPP Applications Pursuant to the Economic Aid Act

Over the past few weeks, we have been speculating on the international trends and tides we expect to see in the next four years under a new U.S. presidential administration. So that you can enjoy our prognostications (before our program gets greenlighted as a Netflix special) we provide here:

  1. A recording of our webinar, entitled “The Four Years in International Business Webinar”
    (for those playing along at home, see if you can spot the part where Scott’s power goes out while we’re discussing tariff reductions!)
  1. A bulleted summary of the key takeaways of our webinar.

…
Continue Reading The Next Four Years in International Business

On October 15, 2020, CFIUS will officially tie mandatory filings to U.S. export control regimes, including the Export Administration Regulations (EAR) and the International Traffic in Arms Regulations (ITAR).  While that change may draw a clearer line of what constitutes a mandatory filing, it also pulls your CFIUS review into the complex (and somewhat nerdy) world of export regulations.…
Continue Reading Lend Me Your EARs: CFIUS Makes Export Controls a Trigger for Mandatory Filings

Hiring employees does not usually call to mind international trade compliance obligations. However, together U.S. export controls and anti-discrimination laws create a web that is overlooked or misunderstood by many types of employers of all sizes across many industries. Anti-discrimination laws prohibit unlawful citizenship status restrictions when hiring, and U.S. export controls prohibit disclosing controlled information to foreign nationals without authorization. Together, these law limit acceptable job descriptions and hiring practices.…
Continue Reading Export Control HR Pitfalls To Avoid When Hiring

Opening Salvos: The Proposed Tariffs

On June 26, 2020, the U.S. Trade Representative (USTR) published a notice that it is considering new tariffs on exports such as olives, coffee, beer, gin, and trucks coming into the United States from France, Germany, Spain, and the United Kingdom.[1] The list of potential targets also includes various types of bread, pastries, cakes, and other baked products. That new list of goods may face duties of up to 100%, potentially doubling the price of certain goods. [2] The announcement caused European stocks to fall, particularly for shares of beverage companies, luxury goods companies, and truck makers.…
Continue Reading A Trade War on Two Fronts: U.S. Considers More Tariffs on European Goods

Relief on Substantial Presence and Treaty Day-Count Tests.

On May 30th, the IRS issued Revenue Procedure 2020-20 which provides non-U.S. individuals present in the U.S. some limited relief from the day-count tests for U.S. tax residency and for eligibility for certain treaty benefits.  The relief comes in the form of the “COVID-19 Medical Condition Travel Exception”.  The name of the exception is a misnomer because individuals need not have had any medical condition (including the COVID-19 virus) to claim its benefits. …
Continue Reading IRS Provides Some Relief to Offset COVID-19 Related Travel Restrictions

Presidential Proclamation

On June 22, 2020, the White House announced an extension and expansion of Proclamation 10014, which was originally announced on April 22, 2020 and restricted the issuance of and entry on immigrant visas.  The new visa ban expands the restrictions to certain non-immigrant categories.…
Continue Reading How the New Presidential Proclamation Regarding Non-Immigrant Visas Affects Your Company