Treasury Proposes Rule to Implement COINS Act Outbound Investment Regime
Treasury's October 22, 2026 NPRM would implement the COINS Act enacted in December 2025, previewing a broader outbound investment regime; the source does not detail the proposed scope, comment period, or final rule timing.
On October 22, 2026, the U.S. Department of the Treasury issued a Notice of Proposed Rulemaking to implement the Comprehensive Outbound Investment National Security Act (COINS Act), enacted in December 2025. The NPRM is framed as broadening the outbound investment regime, and the Ropes & Gray alert is presented as "OISP 2.0," signalling a second phase of the outbound investment security program.
Why sophisticated counsel should care: outbound investment screening has become a standing national-security gate for transactions involving U.S. nexus technology and capital, and an NPRM is the point at which clients can still shape the operative text through comment. The scope of covered transactions, covered technology and sectors, and any exemptions or reporting mechanics in the proposed text will determine whether a transaction is reportable, permitted, or prohibited — and therefore whether deal timetables, diligence protocols, and covenant packages need revision. Because the source summary does not set out the proposal's substantive detail, its precise reach and any changes from the enacted statute remain unconfirmed in this material.
Concrete next steps and watch items: read the NPRM text and its regulatory impact analysis; map covered counterparties and technologies against the client's pipeline; assess comment-submission strategy; and monitor for the comment period's closing date and the final rule, including any interagency guidance.