Specialty Fabrics Review March 2022 - 43

Supply Chain Business Advisory,
however, the compliance bar will
likely be set very high and will require
significant compliance resources for
most companies with supply chains
that touch China.
Sanctions explained
The new law empowers the U.S.
Treasury Dept.'s Office of Foreign
Assets Control (OFAC) to impose
sanctions on any non-U.S. person
believed to be involved in or to be
" contributing to " or " assisting in " forced
labor or other human rights violations
in Xinjiang or related to the Uyghur
minority in China. This adds to OFAC's
existing authority to sanction human
rights violators. In recent years, OFAC
has used this authority to sanction
state-owned companies in Xinjiang by
including them on OFAC's Specially
Designated Nationals and Blocked
Persons List (SDN List).
Companies that do business with
SDN List companies and individuals
can face severe civil and criminal
penalties, including up to $1 million in
fines and 20 years imprisonment. As a
result, careful screening of all parties
to any transaction that involves China
will be critical to ensure compliance.
Public company reporting
Companies subject to U.S. Securities
and Exchange Commission (SEC)
financial reporting requirements
under Section 13 of the Exchange
Act of 1934, as amended-a category
that includes most publicly-listed
companies on U.S. securities
exchanges-will be required to report
publicly on any activities related to
Xinjiang and forced labor in China
in which they knowingly engage. The
new reporting requirement will apply
to all Exchange Act reports filed on or
after June 21, 2022.
The term " knowingly, " as used
in the new law, can be applied very
broadly to conduct by a company and
its subsidiaries, affiliates, employees
and agents that can be imputed to the
company under a " know or reason
to know " standard. It is expected
that future shareholder and financial
reports will be carefully evaluated by
current and prospective investors and
activist shareholders and may lead to
divestments and litigation involving
public companies believed to have
violated the restrictions of the new law.
Compliance tips
As can be seen, the new law increases
the pressure for companies in the
advanced textile industry to carefully
New public company
reporting requirements
go into effect after
June 21, 2022.
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Specialty Fabrics Review March 2022

Table of Contents for the Digital Edition of Specialty Fabrics Review March 2022

Specialty Fabrics Review March 2022 - Cover1
Specialty Fabrics Review March 2022 - Cover2
Specialty Fabrics Review March 2022 - 1
Specialty Fabrics Review March 2022 - 2
Specialty Fabrics Review March 2022 - 3
Specialty Fabrics Review March 2022 - 4
Specialty Fabrics Review March 2022 - 5
Specialty Fabrics Review March 2022 - 6
Specialty Fabrics Review March 2022 - 7
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Specialty Fabrics Review March 2022 - Cover3
Specialty Fabrics Review March 2022 - Cover4
Specialty Fabrics Review March 2022 - Fabric Conference Brochure
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