Eric Lorber recently spoke with Thomson Reuters Regulatory Intelligence concerning a new law passed in China to counter foreign sanctions. The article, “In Wake of China Counter-Sanctions Law, Banks Should Be Contingency Planning, Experts Say” (25 June 2021), notes that though there is some vagueness in when or how the Chinese government may implement their counter to foreign sanctions, financial institutions should seek to update their programs.
According to Eric, “While waiting for more clarity as to how and when the Chinese will implement the legislation, multinational financial institutions should be creating contingency plans in cases where Chinese government officials may threaten sanctions against them for complying with U.S., EU, or UK sanctions—as they may be required to do. . . . Such plans could include determining when and how to approach relevant regulatory and enforcement agencies to seek licenses or guidance for how to respond without violating these financial institutions’ legal obligations.”
Read the full article on Thomson Reuters Regulatory Compliance (registration may be required).