BIS Enhances Voluntary Self-Disclosure Process and Enforcement Guidance

BIS Improves Voluntary Self-Disclosure Process

The U.S. Department of Commerce's Bureau of Industry and Security ('BIS') recently published a final rule that introduces significant changes to its voluntary self-disclosure process.

Key Changes in BIS Enforcement Guidance

These enhancements reflect BIS's commitment to ensuring that regulations are efficiently exercised:

• Clarification of self-disclosure requirements.
• Streamlining of investigative processes related to disclosures.
• Increased guidance on potential penalties for non-compliance.

Objectives of the New Rule

This rule targets key areas for compliance and aims to:

1. Encourage companies to report violations without fear of excessive penalties.
2. Enhance transparency and predictability in enforcement actions.
3. Strengthen the overall integrity of trade regulations.

For more information on these changes, visit the official BIS site for comprehensive details.