CGCC Trade Committee Holds Seminar on U.S. International Trading Regulations
November 28, 2012 -- China General Chamber of Commerce, along with Deheng Law Offices and Morrison & Foerster (MoFo), organized a panel on the topic of "U.S. Trade Sanction, Export Control and International Trade Regulations Trend Impact on Chinese Companies" for CGCC's members and friends. Over 30 of companies and organizations participated such event.
The seminar was hosted by managing partner of Deheng Law Offices Mr. CHEN Xiaomin Esq., who was also the legal advisor of CGCC. Mr. DONG Hui, Chairman of Trade Committee of CGCC, President of Shanghai International Holding Corp. , addressed in the beginning of the panel, expressing his gratitude to the panelists on behalf of the President of CGCC and all the members.
During the Seminar, panelists gave speeches on various topics related to the impact of US laws on Chinese companies doing business globally.
Ms. Deborah S. Prutzman, the Senior Advisor of Deheng Law Offices and the CEO of Regulatory Fundamentals Group LLC presented on the topic of "Beyond to borders: The Impact of U.S. Laws on Chinese Financial Institutions", focus on the U.S. oversights on U.S. and non-U.S. business activities in the finance industry.
Mr. Nicholas J. Spiliotes, partner of MoFo, and Mr. Panagiotis (“Aki”) C. Bayz, Senior Consul of MoFo, gave a joint speech with the topic "Extraterritorial Effects of U.S. Trade Sanctions and Export Controls", introduced the functions and impacts of regulatory actions and bodies of international trading within the U.S. government overseeing the international trade activities, including Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), Iran Threat Reduction and Syria Human Rights Act, Revision and Clarification of Controls for China, Office of Foreign Assets Control (OFAC), and Bureau of Industry and Security Export Controls and etc.
Ms. Patricia A. Martone, partner of MoFo, talked about the impact of International Trade Regulation Section 337 Actions to the export of Chinese companies. Section 337 Actions The ITC provides several key advantages over the federal courts, including a highly accelerated procedure for investigating complaints and powerful remedies in the form of exclusion orders that are not available in federal courts. Section 337 is a section included in the Tariff Act of 1930 provides for the investigation of any unfair act in the importation of articles into the United States, including the enforcement of intellectual property rights.
The seminar gave members of CGCC a lesson on the scope of U.S. regulation and oversight in the international trading area, and alerted the Chinese companies that we should beware of the potentially infringement of U.S. regulations even without any U.S. operations.