The Most Important Compliance Best Practices You Need to Know

United States, like most countries, has laws and regulations which control the export of certain products and technologies as a means to promote national security interests and foreign policy objectives. These regulations contain legal restrictions on what one is allowed to sell to whom and required (and prohibited) business conduct. Failure to comply with these regulations can result in penalties including fines, loss of export privileges, and even jail terms.

Over the last several years, the regulatory framework for export controls and economic sanctions in the U.S. has undergone significant changes. At the same time the risk of enforcement in the event of non-compliance has grown. Most products and technologies contemplated for export from the U.S. fall under the requirements of the Export Administration Regulations EAR. Determining how a product is classified, the controls associated with a classification and eligibility for license exceptions involves a step-by-step process. This article describes licensing requirements under EAR export control s and penalties for non-complying with them.

The global nature of international trade – facilitated by the implementation of agreements such as NAFTA – has created a confusing array of regulatory compliance procedures that most businesses haven’t fully understood. Requirements such as Country of Origin Marking and HTS Classification are crucial to achieve Customs compliance in the US and avoid hindrances for businesses. This White Paper discusses the best practices that importers and any company or individual dealing with international trade must follow in order to achieve Customs compliance and avoid heavy fines or seizure of goods.

The Dodd-Frank Act requires publicly traded companies to take steps to verify and to publicly report their use of so-called “conflict minerals.” The SEC has now passed a final rule implementing the Act's requirements. In this article, Gregory Husisian, an expert on export control issues and trade compliance, explains the various steps companies have to take in order to ensure compliance with the SEC regulations.

About the Author

Gregory Husisian is a partner with Foley & Lardner LLP and has extensive experience in export controls and economic sanctions, the Foreign Corrupt Practices Act (FCPA), corporate risk management and compliance, and issues arising from international trade. Mr. Husisian is a member of the firm’s Government Enforcement, Compliance & White Collar Defense, Securities Enforcement & Litigation, Automotive, Appellate, and International Practices and the Insurance & Reinsurance Industry Team. For more information, please visit: www.foley.com/gregory-husisian/

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