Emerson Siegle
Counsel
Emerson Siegle focuses his practice on U.S. regulations governing trade and foreign investment. He routinely counsels clients on the Committee on Foreign Investment in the United States (CFIUS), including by assisting clients navigate the CFIUS review process, assess CFIUS risk in connection with particular investments, and assess the CFIUS impact of various transactional and fund structures. Emerson also regularly advises clients on the full scope of U.S. trade laws, including economic sanctions regulations, export controls, import laws, and anti-boycott laws. As a trade lawyer, Emerson both advises on regulatory compliance matters and assists with internal and government investigations related to these laws and regulations. Emerson writes frequently about CFIUS, economic sanctions, and other international risk topics.
Emerson maintains an active pro bono practice. He worked on the landmark marriage equality case Obergefell v. Hodges and litigation defending the legality of the Deferred Action for Childhood Arrivals (DACA) program, and has also drafted amicus briefs before various appellate courts, represented an organization dedicated to increasing openness and transparency in government, and led litigation to defend voting rights.
Experience
CFIUS – Reviews and Investigations
- Guided Asia-based technology company in obtaining CFIUS pre-clearance for acquisition of U.S. semiconductor company
- Guided Asia-based investor in obtaining CFIUS pre-clearance for investment in U.S.-based travel company
- Guided U.S. health care software company in obtaining CFIUS clearance for investment by Asia-based investor
- Guided U.S. health care management company in obtaining CFIUS pre-clearance in connection with the acquisition of board rights by a European investor
- Guided German-based metals company in obtaining CFIUS pre-clearance for acquisition of U.S. metal company
- Guided German-based lubricants company in obtaining CFIUS pre-clearance for acquisition of U.S. lubricants company
- Guided U.S.-based insurance company in obtaining CFIUS pre-clearance for acquisition by Canadian firm
- Guided U.S. infrastructure platform backed by European and Middle Eastern institutional investors in CFIUS filings in connection with the acquisition of infrastructure assets
- Guided European asset management firm in obtaining CFIUS clearance in connection with the transfer of a sensitive infrastructure asset located on a U.S. military base to a Canadian investor
- Guided investment firm in obtaining CFIUS pre-clearance in connection with an investment in a sensitive software company
- Guided U.S. storage company in obtaining CFIUS pre-clearance for investment by Canadian institutional investor
- Guided Asia-based investor in obtaining favorable resolution in connection with CFIUS filing in connection with investment in U.S. government contractor
- Guided Asia-based investor in obtaining favorable resolution in connection with CFIUS filing in connection with investment in IT services company
- Guided U.S.-based manufacturing company in navigating non-notified CFIUS inquiry and filing concerning investment by Asia-based investor
CFIUS – Compliance and Due Diligence
- Assisted leading life sciences company develop and implement a customized CFIUS playbook of policies and procedures
- Assists multiple private equity firms, venture capital firms, and sovereign wealth funds conduct CFIUS assessments of hundreds of investment targets per year
- Assists funds clients and law firms assess the CFIUS risk profile of various transactional structures, and consider alternative investment vehicles and other structuring solutions
Trade – Investigations and Disclosures
- Represented non-U.S. financial institution in voluntary disclosure and favorable settlement negotiations with OFAC concerning potential violations of sanctions
- Represented international freight forwarding company in internal and government-initiated investigations and disclosures related to potential violations of OFAC sanctions regulations and Export Administration Regulations
- Represented international life sciences company in internal investigations and disclosures related to potential violations of OFAC sanctions regulations, Export Administration Regulations, International Traffic in Arms Regulations, and Foreign Trade Regulations
- Assisted asset management firm in resolving an OFAC investigation and subsequent regulatory considerations concerning potential blocked property
- Represented life sciences company in disclosure to the U.S. Department of Justice concerning potential misconduct involving sanctioned jurisdictions
- Represented individual in U.S. Department of Justice investigation relating to potential violations of OFAC sanctions regulations and Export Administration Regulations
- Represented U.S. private equity firm and its portfolio company, a manufacturer of sensitive equipment, in responding to OFAC subpoena concerning potential diversion concerns
- Represented European manufacturer in disclosure relating to potential violations of OFAC sanctions regulations targeting Iran
- Represented customs broker in responding to and successfully concluding U.S. Customs and Border Protection investigation into duty claims for goods entry
- Represented an oil and gas company in submitting a disclosure relating to potential violations of the anti-boycott regulations administered by the U.S. Department of Commerce
- Represented international life sciences company in reinstating Customs Trade Partnership Against Terrorism (CTPAT) status
- Represented ship management company in navigating disclosure and licensing issues concerning SDN designation of counterparty
- Assisted marine electronics company assess sanctions compliance concerns in connection with various potential sanctioned country touchpoints
Trade – Compliance and Due Diligence
- Represented multiple Fortune 500 companies in conducting comprehensive compliance program reviews, with a focus on trade compliance
- Represented an oil and gas company in global trade compliance diagnostic review and assisted company to enhance controls related to economic sanctions, import and export compliance, and anti-boycott laws
- Assisted multiple life sciences companies review and assess controls related to export, deemed export, import, and anti-boycott compliance
- Regularly advises shipping and logistics providers on the sanctions and export risk of proposed transactions
- Represented online marketplace company in conducting comprehensive diagnostic of sanctions compliance policies and procedure
- Represented consumer goods company in connection with assessing sanctions compliance concerns in connection with hostage crisis situation
- Assisted U.S. private equity firm conduct a comprehensive risk assessment of its portfolio companies for sanctions compliance concerns
- Routinely advises global investment management firm on economic sanctions and anti-money laundering compliance issues
- Routinely conducts pre- and post-acquisition economic sanctions, export control, and anti-corruption due diligence for corporate and private equity clients, and develops and enhances international risk policies and procedures
Pro Bono
- Part of the Ropes & Gray team involved in representing plaintiffs in Tanco v. Haslam, one of four marriage equality cases decided by the United States Supreme Court in Obergefell v. Hodges, in which the Supreme Court held that the fundamental right to marry is guaranteed to same-sex couples
- Part of the Ropes & Gray team involved in defending the legality of the Deferred Action for Childhood Arrivals (DACA) program
- Numerous amicus briefs before the United States Supreme Court and circuit courts of appeal, with a particular focus on LGBTQ equality and religious liberty, including in cases such as King v. Burwell, Gloucester County School Board v. G.G., Masterpiece Cakeshop Ltd. v. Colorado Civil Rights Commission, and Fulton v. City of Philadelphia
- Represents coalition pursuing openness and transparency in D.C. government
- Represented voting rights organization in litigating protection of federal voting rights
Publications
- Co-author, “CFIUS Enforcement Guidelines Signal Need for Tailored Compliance,” Bloomberg Law (November 2, 2022)
- Co-author, “Is CFIUS Sharpening Its Knife? Publication of First-Ever CFIUS Enforcement and Penalty Guidelines,” Ropes & Gray Alert (October 24, 2022)
- Co-author, “Louisiana’s Higher Education Foreign Security Act of 2022 Signals Continued Scrutiny of Foreign Influence in American Academia,” Ropes & Gray Alert (October 18, 2022)
- Co-author, “Finance, Professional Perspective – FinCEN’s Beneficial Ownership Reporting Requirements,” Bloomberg Law (October 17, 2022)
- Co-author, “FinCEN Issues Final Rule Implementing Beneficial Ownership Reporting Requirements,” Ropes & Gray Alert (October 4, 2022)
- Co-author, “New Executive Order Formalizes Expanded CFIUS Purview,” Ropes & Gray Alert (September 20, 2022)
- Co-author, “Russia/Ukraine Crisis: U.S. Sanctions Escalation Continues,” Ropes & Gray Alert (May 9, 2022)
- Co-author, “Russia/Ukraine Crisis: U.S. Imposes Significant New Sanctions in Response to Russian Atrocities in Ukraine,” Ropes & Gray Alert (April 8, 2022)
- Co-author, “Russia/Ukraine Crisis: OFAC Announces Hundreds of New Sanctions Designations,” Ropes & Gray Alert (March 24, 2022)
- Co-author, “Russia/Ukraine Crisis: Latest Round of U.S. Sanctions,” Ropes & Gray Alert (March 14, 2022)
- Co-author, “Russia/Ukraine Crisis: The Second Tranche of U.S. Sanctions and Export Controls,” Ropes & Gray Alert (February 25, 2022)
- Co-author, “Russia/Ukraine Crisis: The Evolving International Sanctions Response,” Ropes & Gray Alert (February 23, 2022)
- Co-author, “US Broadened Reach of Targeted Sanctions in 2021,” Law360 (December 16, 2021)
- Co-author, “FinCEN’s Proposed Rule Would Broadly Expand Beneficial Ownership Reporting Requirements,” Ropes & Gray Alert (December 14, 2021)
- Co-author, “Bipartisan Legislative Proposal Would Expand CFIUS’s Jurisdiction,” Ropes & Gray Alert (November 10, 2021)
- Co-author, “Biden Sanctions Reinforce Trump-Era Foreign Policy,” Law360 (June 23, 2021)
- Co-author, “Biden Administration Refines Chinese Military Companies Sanctions,” Ropes & Gray Alert (June 4, 2021)
- Co-author, “Back to the Future: New Executive Order Restarts Myanmar Sanctions,” Ropes & Gray Alert (February 12, 2021)
- Co-author, “Comparing China’s New Measures on National Security Review of Foreign Investments with the U.S. CFIUS Review Process,” Ropes & Gray Alert (January 11, 2021)
- Co-author, “A Review of 2020’s Key US Sanctions Developments,” Law360 (December 18, 2020)
- Co-author, “U.S.-China Tensions Continue to Escalate: New Executive Order Bans Investment in 31 Chinese Companies,” Harvard Law School Forum on Corporate Governance (December 2020)
- Co-author, “Between a Rock and a Hard Place: OFAC Issues Advisory on Ransomware Payments,” WorldECR (November 2020)
- Co-author, “OFAC Issues Art Advisory, Highlighting Sanctions Risk in the Art Trade,” Ropes & Gray Alert (November 3, 2020)
- Co-author, “Focus on China: New and Evolving International Risks,” Ropes & Gray Alert (July 21, 2020)
- Co-author, “A Midyear Look At Key US Sanctions Developments,” Law360 (July 1, 2020)
- Co-author, “Proposed Rule Could Affect Scope of Mandatory CFIUS Filings,” Ropes & Gray Alert (May 26, 2020)
- Co-author, “U.S. Sanctions and Export Control Considerations for Suppliers of COVID-19 Relief Items to Latin American Jurisdictions,” Ropes & Gray Alert (May 18, 2020)
- Co-author, “CFIUS' Real Estate Reference Tool Comes With Limitations,” Law360 (April 20, 2020)
- Co-author, “FEMA to Impose COVID-19-Related Export Restrictions on Medical Equipment,” Ropes & Gray Alert (April 9, 2020)
- Co-author, “Pandemic Poses Distressed Debt Opportunities, CFIUS Risks,” Law360 (March 26, 2020)
- Co-author, “Avoiding Inadvertent Sanctions Violations in Latin America,” Law360 (March 10, 2020)
- Co-author, “Treasury Issues Proposed Rule Implementing CFIUS Filing Fee,” Ropes & Gray Alert (March 9, 2020)
- Co-author, “CFIUS Issues Final Rules Implementing FIRRMA: Key Changes and Developments,” Ropes & Gray Alert (January 15, 2020)
- Co-author, “OFAC’s New Iran Sanctions May Not Signal Seismic Change,” Law360 (January 14, 2020)
- Co-author, “Key Takeaways from the First Unilateral Controls Issued Pursuant to the Export Control Reform Act,” Ropes & Gray Alert (January 8, 2020)
- Co-author, “US Strengthened And Expanded Economic Sanctions In 2019,” Law360 (December 10, 2019)
- Co-author, “Kisor May Be A New Dawn For Challenges To FDA Actions,” Law360 (December 2, 2019)
- Co-author, “CFIUS Publishes Proposed FIRRMA Regulations, Part 2: A New Framework for Real Estate Transactions,” Ropes & Gray Alert (September 20, 2019)
- Co-author, “CFIUS Publishes Proposed FIRRMA Regulations, Part 1: A Sea Change for Foreign Investments in U.S. Businesses,” Ropes & Gray Alert (September 19, 2019)
- Co-author, “U.S. Imposes Partial Embargo on Venezuela,” Ropes & Gray Alert (August 6, 2019)
- Co-author, “Mid-2019 CFIUS Review—The ‘Calm’ Before the Storm,” Bloomberg Law (July 11, 2019)
- Co-author, “OFAC Expands Reporting Requirements for Rejected Transactions,” Ropes & Gray Alert (July 9, 2019)
- Co-author, “A Dramatic 6 Months for OFAC Sanctions Enforcement,” Law360 (June 28, 2019)
- Co-author, “Key Takeaways From OFAC’s Compliance Program Guidance,” Law360 (May 28, 2019)
- Co-author, “INSIGHT: Why Am I Receiving New Questions About My Firm’s Anti-Money Laundering Program?,” Bloomberg Law (May 1, 2019)
- Co-author, “OFAC Is Raising The Compliance Bar,” Law360 (April 3, 2019)
- Co-author, “Grindr, CFIUS And The National Security Risks Of Dating,” Law360 (April 1, 2019)
- Co-author, “OFAC Escalates Venezuela Sanctions,” Law360 (January 31, 2019)
- Co-author, “A Review Of US Economic Sanctions in 2018,” Law360 (December 11, 2018)
- Co-author, “Société Générale: Sanctions Enforcement Is Alive And Well,” Law360 (November 30, 2018)
- Co-author, “CFIUS Pilot Program: Immediate Investment Implications,” Law360 (October 15, 2018)
- Co-author, “US' Secondary China Sanctions Signal New Risks For Cos.,” Law360 (September 26, 2018)
- Co-author, “US sanctions and export controls: What every healthcare and life sciences compliance officer needs to know,” WorldECR (September 2018)
- Co-Author, “Congress Passes Landmark CFIUS Reform Bill,” Ropes & Gray Alert (August 6, 2018)
- Co-author, “Mid-2018 Sanctions Review: A Turbulent Year So Far,” Law360 (June 21, 2018)
- Co-author, “FDA Clarifies Communication Rules for Medical Product Cos.,” Law360 (June 21, 2018)
- Co-author, “How Iran Deal Pullout Will Impact Cos. And Investors,” Law360 (May 9, 2018)
- Co-author, “De-Implementation Day: Preparing for Changes to U.S. Sanctions Targeting Iran,” Ropes & Gray Alert (May 2, 2018)
- Co-author, “A Review Of US Economic Sanctions In 2017,” Law360 (December 20, 2017)
- Co-author, “New Cuba Sanctions Signal Increased Commercial Challenges,” Law360 (November 9, 2017)
- Co-author, “Revoking Sudan Sanctions Brings New Prospects, Old Risks,” Law360 (October 10, 2017)
- Co-author, “The North Korea Executive Order And How It May Affect You,” Law360 (September 22, 2017)
- Co-author, “CFIUS Continues To Present Obstacle To Chinese Acquisitions,” Law360 (September 19, 2017)
- Co-author, “OFAC’s Streak Continues: Takeaways from the TransTel Sanctions Settlement,” Bloomberg BNA’s Corporate Law & Accountability Report (August 4, 2017)
- Co-author, “OFAC Continues To Pursue Oil And Gas Companies” Law360 (July 21, 2017)
- Co-author, “Export Control Enforcement In The Wake Of The ZTE Resolution” Law360 (March 10, 2017)
- Co-author, “U.S. Department of Commerce Establishes Favorable Export Control Policies for India,” Ropes & Gray Alert (February 23, 2017)
- Co-author, “India Supreme Court Clarifies Standard for Enforcement of Indian Prevention of Corruption Act,” Ropes & Gray Alert (July 14, 2016)
Presentations
- Speaker, “FinCEN’s Beneficial Ownership Reporting Requirements: Key Takeaways and Open Questions,” Ropes & Gray Podcast (November 16, 2022)
- Speaker, “Conductive Discussions: CFIUS, Trade Regulations, and the Impact on the Semiconductor Industry,” Ropes & Gray Podcast (April 13, 2021)
- Speaker, “Communist Chinese Military Companies Executive Order: Implications and Key Questions,” Ropes & Gray Podcast (February 11, 2021)
- Speaker, “CFIUS Considerations for Credit Funds,” Ropes & Gray Podcast (August 13, 2020)
- Speaker, “U.S. Anti-Money Laundering Compliance Considerations for Fund Sponsors,” Ropes & Gray Podcast (August 5, 2020)
- Panelist, “The Impact of Export Controls on Service Providers,” Cederquist Compliance Day, Stockholm (October 9, 2019)
Education
- JD, University of Virginia School of Law, 2013; Order of the Coif; Virginia Law Review, editorial board
- BA (Political Science), summa cum laude, Pepperdine University, 2010
Admissions / Qualifications
Qualifications
- District of Columbia, 2014
- Virginia, 2013
Court Admissions
- U.S. District Court for the Eastern District of Virginia, 2016
- U.S. District Court for the Western District of Virginia, 2014