Outbound Investment Notifications

Forms and Documents

Document Name	Status
Outbound Investment Notifications Form	New
1505-NEW Outbound PRA Supporting Statement (NPRM).docx Supporting Statement A	2024-07-08

IC Document Collections

IC ID	Document Title	Status
269242	Outbound Investment Notifications Form	New

ICR Details

OMB Control No:	ICR Reference No: 202407-1505-002
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: Outbound Investment Notifications
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/08/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	212	0
Time Burden (Hours)	19,080	0
Cost Burden (Dollars)	0	0

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Abstract: On August 9, 2023, the President issued Executive Order 14105, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern,” 88 FR 54867 (the Outbound Order), pursuant to his authority under the Constitution and the laws of the United States, including the International Emergency Economic Powers Act (IEEPA) (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code. In the Outbound Order, the President declared a national emergency to address the threat to the United States posed by countries of concern, which seek to develop and exploit sensitive technologies or products critical for military, intelligence, surveillance, or cyber-enabled capabilities. The Outbound Order directs the Secretary of the Treasury to issue regulations to prohibit or require notification of certain types of transactions by a U.S. person involving a person of a country of concern that is engaged in certain activities involving specific categories of advanced technologies and products. The Outbound Order also authorizes the Secretary of the Treasury to exempt from applicable prohibitions or notification requirements any transaction or transactions determined to be in the national interest of the United States and to investigate and make requests for information relative to notifiable or prohibited transactions. The Outbound Order identifies three categories of national security technologies and products: semiconductors and microelectronics, quantum information technologies, and artificial intelligence. In an Annex to the Outbound Order, the President identified the People’s Republic of China, along with the Special Administrative Regions of Hong Kong and Macau, as a country of concern. The Outbound Order directs the Secretary of the Treasury to issue regulations that identify categories of notifiable transactions that involve the national security technologies and products that the Secretary, in consultation with the Secretary of Commerce and, as appropriate, the heads of other relevant agencies, determines may contribute to the threat to the national security of the United States identified in the Outbound Order. U.S. persons are required to notify the Department of the Treasury (Treasury) of each such transaction and include relevant information about the transaction in each notification. On July 5, 2024, Treasury issued a Notice of Proposed Rulemaking, 89 FR 55846, to implement the Outbound Order. The Proposed Rule would require U.S. persons to submit a notification with respect to (i) any “notifiable transaction”, as defined in the Proposed Rule; (ii) any transaction by a controlled foreign entity that would be a notifiable transaction if engaged in by a U.S. person; and (iii) any transaction for which a U.S. person acquires actual knowledge after the completion date of the transaction that the transaction would have been a prohibited or notifiable transaction if such knowledge had been possessed by the relevant U.S. person at the time of the transaction (collectively, “notifiable transactions and other notifiable activities”). Such notification would include relevant details on the U.S. person involved in the transaction as well as information about the transaction and the foreign person involved.

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Authorizing Statute(s): EO: EO 14105 Name/Subject of EO: Addressing United States Investments in Certain National Security Technologies and Products in Count
   US Code: 50 USC 1701 et seq. Name of Law: International Emergency Economic Powers Act
   US Code: 50 USC 1601 et seq. Name of Law: National Emergencies Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1505-AC82	Proposed rulemaking	89 FR 55846	07/05/2024

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Outbound Investment Notifications	None	Outbound Investment Notification Form

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	212	0	0	212	0	0
Annual Time Burden (Hours)	19,080	0	0	19,080	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a request for a new OMB Control Number in connection with the proposed rule.

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Annual Cost to Federal Government: $13,000,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/08/2024

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