On October 28, 2024, the US Treasury issued a final rule to implement Executive Order 14105, establishing an Outbound Investment Program (OIP) that regulates US investments in certain technology sectors related to national security in China, Hong Kong, and Macau. Effective January 2, 2025, the rule requires US persons to comply with notification and prohibition requirements, impacting private equity and venture capital investments. Companies must develop compliance programs to avoid significant civil and criminal penalties for violations. While submissions to the government under the OIP are generally confidential, exceptions exist that could lead to disclosure in specific circumstances.