On Aug. 9, President Joe Biden issued the long-awaited executive order (EO) imposing outbound investment controls on certain types of investments by U.S. persons in China and Chinese-owned companies in the semiconductor, quantum computing and artificial intelligence sectors. The EO was released alongside an advance notice of proposed rulemaking (ANPRM) from the U.S. Department of the Treasury (Treasury), which outlines how the Treasury is considering implementing the EO's requirements, and poses 83 questions for public comment relating to the key concepts and definitions that will be refined in regulations.