OFAC Compliance in a Securities Offering Checklist

Summary

This checklist provides quick guidance for determining whether a securities offering may conflict with the sanctions programs of the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). All participants in an offering in the United States or that involves the United States or U.S. persons (including underwriters, attorneys, counsel, and other offering participants), must ensure that such offering is conducted in compliance with U.S. law. OFAC has put certain national security and economic sanctions in place which restrict U.S. persons from participating in securities offerings involving entities that are subject to certain foreign sanctions or that have engaged in certain sanctioned activities. The below checklist summarizes certain questions that U.S. offering participants should consider (through both their own due diligence and through questions to the issuer and its directors, officers, and affiliates) to ascertain whether OFAC sanctions would prohibit them ...