On October 22, 2026, the U.S. Department of the Treasury (“Treasury Department”) issued a Notice of Proposed Rulemaking (“NPRM”) that proposes to solidify and significantly expand the U.S. Outbound Investment Rule (“OIR”) program in accordance with the requirements of the Comprehensive Outbound Investment National Security (“COINS”) Act of 2025. The proposed regulations would continue the current OIR regulatory framework, including the various exceptions, while greatly expanding the industry sectors subject to the rule. Of particular importance, the proposed regulations would include hypersonic and advanced aerospace systems as well as certain biotechnologies. The NPRM also would broaden the scope of the semiconductor, artificial intelligence and quantum computing technologies currently covered by the OIR. Finally, the NPRM would include Russia, Iran, Cuba and North Korea as “countries of concern” subject to the OIR. Comments on the proposed regulations are due no later than December 7, 2026, and final regulations are not expected until Q1 2027.
