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On June 21st, 2024, the U.S. Treasury Department issued a Notice of Proposed Rulemaking (the “NPRM”) for implementing EO 14105 Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern, issued in August 2023 (“EO 14105”). The NPRM restricts U.S. investment in sensitive technologies developed in countries of concern, specifically listing the PRC (inclusive Hong Kong and Macau). The NPRM seeks public comment on the entirety of the proposed rule. The public will have until August 4, 2024, to provide comments. A final regulatory text will be issued at an unspecified later date.