On August 9, 2023, President Joe Biden issued a highly anticipated Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern (the “Executive Order”). The Executive Order declares a national emergency related to the development of sensitive technologies by “countries of concern” and directs the Secretary of the US Department of the Treasury (“Treasury”), in cooperation with the US Department of Commerce (“Commerce”), to establish a program regulating certain US investments in entities involved in semiconductors and microelectronics, quantum information technologies, and artificial intelligence if such entities are located in or are owned by nationals from the People’s Republic of China, including the Special Administrative Region of Hong Kong and the Special Administrative Region of Macau (together, “China”).
