Les Carnegie is a partner in the Washington, D.C. office, co-head of the Export Controls, Economic Sanctions & Customs Practice, as well as a leader of Latham’s CFIUS & US National Security Practice. He has extensive experience in a wide variety of international trade and national security matters.
Mr. Carnegie’s practice focuses on legal, policy, and enforcement issues arising under US export controls, trade and economic sanctions, antiboycott restrictions, and national security reviews of foreign investments in the United States conducted by the Committee on Foreign Investment in the United States (CFIUS). Mr. Carnegie’s work cuts across a wide range of industries, with extensive experience in the aerospace, defense, life sciences, energy, financial, and high technology industries.
Mr. Carnegie was highlighted by The Legal 500 US 2014 – 2018 as a Leading Lawyer for his international trade practice and has been recognized as a recommended lawyer in white collar criminal defense. He is a frequent speaker on issues relating to US export controls and economic sanctions.
Mr. Carnegie represents and counsels clients regarding various legal regimes that govern international trade, technology transfers, investment, and cross-border business activities, including:
- National security reviews of foreign investments in the US under the Exon-Florio amendments, administered by CFIUS
- Trade and economic sanctions administered by the Treasury Department's Office of Foreign Assets Control (OFAC)
- Defense trade controls under the International Traffic in Arms Regulations (ITAR) administered by the US Department of State (DDTC)
- Dual-use, commercial, and defense-related export controls under the Export Administration Regulations (EAR), the Foreign Trade Regulations (FTR), and antiboycott regulations administered by the US Department of Commerce
Prior to entering private practice, Mr. Carnegie clerked for Judge Gerald B. Tjoflat of the US Court of Appeals for the Eleventh Circuit (1999 – 2000).
- Co-author, “New Law Governing Foreign Direct Investment in the United States Brings Significant Changes to CFIUS Review” Client Alert (August 2018)
- Co-author, “EU Responds to the Snap-Back of US Sanctions Against Iran: Between a Rock and a Hard Place,” Client Alert, August 9, 2018
- Co-author, “Top 10 Things to Know About President Trump's Decision to Withdraw from the Iran Nuclear Agreement,” Client Alert, May 10, 2018
- Co-author, “US Treasury Department’s New Designations Under the Russia-Related Sanctions: 3 Key Takeaways,” Client Alert, April 9, 2018
- Co-author, “US Treasury Department Issues Anticipated List of Russian Parties, Pursuant to Recent Legislation,” Client Alert, January 31, 2018
- Co-author, “CFIUS Reconstructed: The Foreign Investment Risk Review Modernization Act of 2017,” Client Alert, December 21, 2017
- Co-author, “Venezuela Restructuring: A Long Road Ahead?” Client Alert, November 8, 2017
- Co-author, “10 Takeaways From the CFIUS Annual Report to Congress,” Client Alert, October 3, 2017
- Co-author, “The Trump Administration's New Venezuela Sanctions: Top 10 Takeaways,” Client Alert, August 29, 2017
- Co-author, “Expanded Russia, Iran, and North Korea Sanctions: Top 10 Takeaways,” Client Alert, August 2, 2017
- Co-author, “Among Final Actions, Obama Administration Suspends Core of US Sanctions Against Sudan,” Client Alert, January 30, 2017
- Co-author, “Six Months After Implementation of Iran Nuclear Agreement: Top 10 Observations,” Client Alert, August 1, 2016
- Co-author, “8 Key Takeaways From the CFIUS Annual Report to Congress,” Client Alert, February 26, 2016
- Co-author, “Top 10 Things to Know About the Implementation of the Iran Nuclear Agreement,” Client Alert, January 19, 2016
- Co-author, “Movement Towards Implementation of Iran Nuclear Agreement Brings Limited Easing of Sanctions into Focus,” Client Alert, October 29, 2015
- Co-author, “Cuba Embargo: What New Rules Mean,” Latinvex Latin America Business News & Analysis, September 23, 2015
- Co-author, “Free Flow of Information: Exporting Telecommunications Items and Services to Cuba,” Bloomberg BNA International Trade Daily Bulletin, July 24, 2015
- Co-author, “Top 10 Things to Know About the Easing of Sanctions Under the Iran Nuclear Agreement,” Client Alert, July 16, 2015
- Co-author, “Top 10 Things to Know About President Obama’s Cuba-Related Announcement,” Client Alert, December 18, 2014
Mr. Carnegie has extensive experience in the following areas:
US Trade Controls:
- Organizing and conducting internal investigations, preparing voluntary disclosures to the US government, and negotiating resolutions with the relevant US agencies
- Developing, implementing, and enhancing US foreign trade control compliance programs and strategies as well as preparing and delivering US trade compliance training
- Organizing international trade due diligence in connection with contemplated mergers, acquisitions, joint ventures, or other business activities, including advising clients on compliance with US sanctions in the financing context
- Securing government approvals, commodity jurisdiction rulings, and advisory opinions from the relevant US agencies, including the Commerce Department’s Bureau of Industry and Security (BIS), DDTC, and OFAC
- Advising companies, in and outside the United States, on the process of securing national security clearance from CFIUS, and related export control reviews
Mr. Carnegie's CFIUS representations have included:
- Avago Technologies Limited, a Singaporean semiconductor company, in its successful efforts to obtain CFIUS approval in connection with its US$37 billion acquisition of Broadcom, a major manufacturer of telecommunications and networking equipment.
- Siemens AG, a German multinational company, in its strategic acquisition of Dresser-Rand Group for US$7.8 billion, a supplier of custom-engineered rotating equipment solutions. As part of our broad representation, we successfully obtained CFIUS approval for the transaction.
- Representation before CFIUS in connection with US$1.43 billion sale of a 50% stake in the 680-mile Ruby Pipeline to Veresen Inc., a Canadian energy infrastructure company.
- A US broadband access equipment company in connection with its acquisition by a leading global network solution company in South Korea.
- Mattson Technologies, Inc., a US manufacturer of semiconductor tools, in its successful efforts to obtain CFIUS approval in connection with its acquisition by E-Town Dragon, a Chinese investment group.
- An emerging sustainable chemistry company in connection with CFIUS review involving potential acquisition by Saudi Arabian Oil Company of this development stage sustainable materials company.
- A Japanese multinational company, in obtaining CFIUS clearance in connection with Hitachi’s acquisition of the interests held by a rail technology company and a rolling stock manufacturing company.
- A defense and engineering group in its successful efforts to obtain CFIUS approval in connection with its acquisition of an engine wash business.
- Newegg, an online computer hardware and consumer electronics retailer, in its successful effort to obtain CFIUS clearance of the sale of a controlling stake to a PRC-based company.
- A PRC-based insurance company, in its successful effort to obtain CFIUS clearance of its investment in and acquisition of a US$2 billion mixed use real estate development in New York City.
- Perusa Partners, an international private equity fund, in its successful effort to obtain CFIUS clearance in connection with its acquisition of the Schroth businesses of TransDigm Group Inc., a manufacturer of mechanical components for aircraft.