China's New Blocking Statute: Implications for Multinational Companies, Reporting Obligations, Impact on Affiliates

A live 90-minute CLE video webinar with interactive Q&A


Wednesday, July 14, 2021

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, June 18, 2021

or call 1-800-926-7926

This CLE webinar will guide counsel to multinational companies operating in China on China's new Blocking Statute. The panel will examine the new Blocking Statute and the impact on multinational companies in China. The panel will address the obligations placed on multinational companies and their China-based affiliates and offer best practices for ensuring compliance.

Description

In January 2021, China's Ministry of Commerce (MOFCOM) published The Rules on Counteracting Unjustified Extraterritorial Application of Foreign Legislation and Sanctions (the Blocking Statute), which was immediately effective. The law is intended to counter the impact of foreign sanctions on Chinese persons.

Multinational companies that comply with sanctions against China or Chinese persons considered illegal under the Blocking Statute may face litigation. The Blocking Statute provides a legal basis and avenue to allow Chinese citizens and organizations to seek remedies resulting from economic and trade restrictions with persons and organizations of other countries.

Companies subject to both foreign sanctions requirements and the new Blocking Statute will likely face challenges in complying with both. Companies that have commercial contracts with Chinese entities should carefully review them to ensure compliance with the different applicable laws.

Listen as our authoritative panel of international trade attorneys examines China's new Blocking Statute and related developments and the impact on multinational companies operating in China. The panel will address the obligations placed on multinational companies and their China-based affiliates. The panel will also discuss the need to review commercial contracts with Chinese entities to ensure compliance.

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Outline

  1. China's new Blocking Statute
    1. Reporting obligations
    2. Implicated foreign laws
    3. Exemption
    4. Private right of action
    5. Noncompliance
  2. Implications for multinational companies
    1. Obligations on multinationals
    2. Reporting obligations
    3. Potential liability and exposure to litigation
    4. Impact on affiliates
  3. Best practices
    1. Compliance
    2. Reviewing commercial contracts with Chinese entities

Benefits

The panel will review these and other key issues:

  • What does China's new Blocking Statute mean for multinational companies operating in China?
  • What steps should multinational companies in China take when facing inconsistent compliance obligations?
  • What penalties could result from noncompliance?

Faculty

Cinelli, Giovanna
Giovanna M. Cinelli

Partner
Morgan, Lewis & Bockius

Ms. Cinelli is the leader of the firm’s international trade and national security practice. As a practitioner for...  |  Read More

Additional faculty
to be announced.
Attend on July 14

Early Discount (through 06/18/21)

Cannot Attend July 14?

Early Discount (through 06/18/21)

You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include program handouts.

To find out which recorded format will provide the best CLE option, select your state:

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