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Instead of trying to be everything to everybody, we’ve made a name for ourselves by delivering what our clients need most: in-depth, hands-on legal counsel throughout the financial services sector — and beyond.

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Throughout our history, Schulte has provided comprehensive pro bono services to local and national nonprofit organizations. Today, we serve more than 50 nonprofits and work to advance a variety of social justice causes.

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Inside the firm, we work hard to attract diverse, talented lawyers and encourage their career growth and advancement. And outside the office, we’re active in volunteer drives and local initiatives that support underrepresented groups.

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Offices

  • New York

    • 919 Third Avenue
    • New York, NY 10022
    • United States of America
      • +1 212.756.2000 Phone
      • +1 212.593.5955 Fax
  • Washington, DC

    • 901 Fifteenth Street, NW, Suite 800
    • Washington, DC 20005
    • United States of America
      • +1 202.729.7470 Phone
      • +1 202.730.4520 Fax
  • London

    • One Eagle Place
    • London SW1Y 6AF
    • United Kingdom
      • +44 (0) 20 7081 8000 Phone
      • +44 (0) 20 7081 8010 Fax

On Nov. 12, 2020, President Donald Trump signed an Executive Order[1] that, effective Jan. 11, 2021, will impose a ban on trading by U.S. persons in the securities (and derivatives thereof) of 31 entities[2] deemed to be supporting the People’s Liberation Army of China (each, a “Covered Company,” a complete list of these companies is appended to this Alert). The Executive Order does not impose an immediate trading ban, and a temporary safe harbor is provided for divestment from Covered Companies.

Timing and Effectiveness

The Executive Order’s ban does not go into effect until early January. Furthermore, the Executive Order permits otherwise prohibited “purchases for value or sales,” through Nov. 11, 2021, if made “solely to divest” (wholly or partially) from Covered Companies.

Click here to read this Alert.

Authored by Brian T. Daly, Gary Stein, Betty Santangelo, Gregory L. Kinzelman, Hannah M. Thibideau and Joshua B. Wright.


[1] See Executive Order on Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies (Nov. 12, 2020), available here.

[2] See Qualifying Entities Prepared in Response to Section 1237 of the National Defense Authorization Act for Fiscal Year 1999 (PUBLIC LAW 105–261), Tranche 1, available here; and Tranche 2, available here.


This communication is issued by Schulte Roth & Zabel LLP for informational purposes only and does not constitute legal advice or establish an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. ©2020 Schulte Roth & Zabel LLP.

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