The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) continues their campaign to increase corporate accountability and transparency measures and incentivize companies to invest in compliance programs by announcing four significant policy changes to the Export Administration Regulations (EAR). As our U.S. trade team outlines in their latest alert, these new policies, which are effective immediately, include:
- Significantly higher penalties for non-compliance
- Non-monetary resolutions for less serious violations
- The elimination of “no admit, no deny” settlements
- The implementation of dual-track processing for VSDs
For more information about what these changes entail and what companies can do to minimize their risk of violations, check out the team’s full article at reedsmith.com.