In this episode, we are joined once again by our colleagues Brian Curran and Anne Salladin, to discuss the release of the long awaited Executive Order (EO) on outbound investment screening. Our March episode with Brian & Anne previewing the outbound investment program is here [add link]. We discuss what is covered in the EO and the related Advance Notice of Proposed Rulemaking (ANPRM) issued by Treasury that solicits input from the public on the proposed framework for the regime, including the expected timing for developing implementing regulations. We delve into the three advanced technologies covered in the ANPRM: (1) semiconductors and microelectronics; (2) quantum computing; and (3) Artificial Intelligence (AI). We explore the types of transaction that are covered by the outbound investment program, and we discuss whether this is really consistent with the “small yard, high fence” approach to protecting critical technologies as the administration claims.  Finally, we discuss the likelihood of similar action by allied nations, potential repercussions by China, and related legislation on outbound investment screening currently working through Congress.