The ICTS Supply Chain rule could be a major burden on businesses that use ICTS products and services. Companies will need to take the time to assess the risk of their supply chain and take steps to mitigate that risk. They will also need to provide information to the government about their supply chain. This could be a costly and time-consuming process, and it's unclear how much of a benefit it will provide. It's important to consider the potential costs and benefits of this rule before implementing it.
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Commerce Finalizes ICTS Supply Chain Rule: What Does It Mean?
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On June 16, 2023, the U.S. Department of Commerce (“Commerce”) issued a long-awaited final rule (the “Final Rule”), effective July 17, 2023, related to the Information and Communications Technology Supply Chain. The Final Rule clarifies the scope of the ICTS Supply Chain rule, which requires companies to assess the risk of their supply chain and take steps to mitigate that risk. The Final Rule also requires companies to provide information to the government about their supply chain. This rule could have a significant impact on businesses that use ICTS products and services.
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