December 1, 2021
Commerce Dept. issues proposed rulemaking with changes to ICTS foreign transaction review process
The Commerce Department is seeking input on a proposal to amend a controversial rulemaking impacting the information and communications technology and services sector as part of an effort to align the Trump era regulation with the Biden administration’s initiatives around “connected software applications” risk.
The ICTS rulemaking set up a process for Commerce to review foreign transactions across six categories and make decisions on prohibition or mitigation. The interim final rule mandated by former President Trump’s Executive Order 13873...