Outbound Investment Security Program Regulations
New proposed rules would require US investors to report or ban certain investments in foreign companies working on sensitive technologies deemed national security risks.
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Plain English
New proposed rules would require US investors to report or ban certain investments in foreign companies working on sensitive technologies deemed national security risks.
Why it matters
The Treasury Department has proposed regulations to implement the Outbound Investment Security Program, which targets US investments in foreign entities involved in sensitive technologies. The rules would require Americans to notify Treasury before completing certain transactions with foreign persons in 'notifiable' technology sectors, and would outright prohibit transactions involving 'prohibited' technologies. This effort is grounded in the Defense Production Act and is designed to prevent US capital and expertise from potentially strengthening foreign adversaries in critical technology areas.
Who it affects
- Treasury Department
- Investment Security Office
What happens next
Current
Signed
Published Oct 26, 2026.
Next
Takes effect
View full path
- ProposedPublished Oct 26, 2026
- SignedStatus: Signed · Published Oct 26, 2026
- In effectNo effective date on record yet.
- ChallengedNo challenge record stored beyond status. See the Federal Register source for litigation history.
- ClosedNo closed-state date on record yet.
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Deeper context
Long-form analysis, legal background, and source material
Read analysisAnalysis · Official text · Sage perspective
DEEPER READ
This proposed rule implements Subtitle C of the Comprehensive Outbound Investment National Security Act, which is codified within Title VIII of the Defense Production Act. It establishes two tiers of restrictions on outbound investments by US persons: a notification requirement for transactions involving foreign persons engaged in certain 'notifiable technologies,' and an outright prohibition on transactions involving foreign persons engaged in 'prohibited technologies.' The specific technologies targeted in each tier are defined by the underlying statute and incorporated definitions. The legal authority for this rule flows from the Defense Production Act, a longstanding national security law that grants the executive branch broad authority to regulate transactions affecting US security. The proposed rule also incorporates definitions and concepts from existing Outbound Investment Security Program regulations, aiming for consistency between the new statutory framework and prior administrative practice. US persons, including individual investors, venture capital firms, private equity funds, corporations, and other entities subject to US jurisdiction, would be directly affected. Those engaging in covered transactions involving targeted foreign persons would need to either file notifications with Treasury or refrain from the transaction entirely, depending on the technology category involved. The proposal includes applicability dates ensuring that the existing regulations continue to apply to activities that occurred within prior relevant timeframes, providing legal continuity. As a proposed rule, it is open for public comment before any final version takes effect, meaning the specific requirements could change based on feedback received during the rulemaking process.
AS PUBLISHED
This proposed rule sets forth regulations that would implement Subtitle C of the Comprehensive Outbound Investment National Security Act, which is codified at Title VIII of the Defense Production Act. The proposed rule would require United States persons to provide notification to the U.S. Department of the Treasury regarding certain transactions involving foreign persons that are engaged in notifiable technologies; and prohibit United States persons from engaging in certain other transactions involving foreign persons that are engaged in prohibited technologies. Where consistent with Title VIII, the proposed rule incorporates certain definitions and concepts from the current regulations governing the Outbound Investment Security Program. The proposed rule also would add applicability dates to the regulations, such that those regulations would continue to apply to activities that occurred within the relevant timeframe.
THE SAGE'S PERSPECTIVE
AI analysis
This proposed rule would create a new compliance obligation for US investors and businesses engaging in transactions with certain foreign entities in sensitive technology sectors, requiring either government notification or a complete prohibition depending on the technology involved. It represents a significant expansion of federal oversight into outbound capital flows, a policy area that has grown in prominence as concerns about technology transfer to foreign adversaries have increased. The rule is still in the proposed stage and subject to public comment, so its final form and scope may differ from the current proposal.
Sources
- Federal Register entryPrimary record
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