Today, OFAC replaced Global Magnitsky General License 2… with 2A, and issued an updated FAQ about it:
835. What does Global Magnitsky General License 2A authorize?
On July 31, 2020, OFAC designated, pursuant to E.O. 13818, the Xinjiang Production and Construction Corps (XPCC) for its connection to serious human rights abuse in the Xinjiang Uyghur Autonomous Region (XUAR). Concurrent with this action, OFAC issued Global Magnitsky General License (GL) 2. GL 2 was replaced and superseded by Global Magnitksy General License 2A on September 25, 2020. GL 2A does not authorize any transactions involving the XPCC itself; however, GL 2A does authorize, subject to certain conditions, U.S. persons to engage in transactions and activities prohibited by the Global Magnitsky Sanctions Regulations (GSMR) that are ordinarily incident and necessary to the wind down of transactions involving any entity in which the XPCC owns, directly or indirectly, a 50 percent or greater interest (Blocked XPCC Subsidiary), through 12:01 a.m. eastern standard time, November 30, 2020.
GL 2A also authorizes, subject to certain conditions, transactions and activities that are ordinarily incident and necessary to (1) divest or transfer debt, equity, or other holdings of any Blocked XPCC Subsidiary to a non-U.S. person, or (2) facilitate the transfer of debt, equity, or other holdings in any Blocked XPCC Subsidiary by a non-U.S. person to another non-U.S. person, through 12:01 a.m. eastern standard time, November 30, 2020. GL 2 does not authorize divestment activities involving the XPCC itself, nor does it authorize U.S. persons to sell to, purchase or invest in, or facilitate such transactions with any blocked person — including Blocked XPCC Subsidiaries, except for such purchases of or investments in Blocked XPCC Subsidiaries that are ordinarily incident and necessary to effectuate authorized divestment transactions. Further, GL 2A does not authorize any debit to the account of any Blocked XPCC Subsidiary on the books of a U.S. financial institution.
After the expiration of this general authorization, U.S. persons will be prohibited from engaging in or facilitating transactions with Blocked XPCC Subsidiaries unless exempt or authorized by OFAC. U.S. persons unable to wind down transactions with, or divest from, any Blocked XPCC Subsidiary before 12:01 a.m. eastern standard time, November 30, 2020, are encouraged to seek guidance from OFAC.
Non-U.S. persons may wind down transactions with, or divest from, a Blocked XPCC Subsidiary without exposure to sanctions under E.O. 13818, provided that such wind-down activity is consistent with GL 2A. Wind-down transactions involving non-U.S. persons may be processed through the U.S. financial system or involve U.S. persons as long as the transactions comply with the terms and conditions in GL 2A. Non-U.S. persons unable to wind down transactions with, or divest from, a Blocked XPCC Subsidiary before 12:01 a.m. eastern standard time, November 30, 2020, are encouraged to seek guidance from OFAC.
The unblocking of any property blocked pursuant to any other part of 31 C.F.R. chapter V is not authorized under GL 2A.
Addditionally, they published an FAQ about Hong Kong:
840. If an official of the Government of the Hong Kong Special Administrative Region (HKSAR) is designated as a Specially Designated National (SDN), does that mean that the HKSAR government is blocked? What are the prohibitions on U.S. persons dealing with a designated HKSAR government official?
The designation of an official of the Government of the HKSAR does not itself block the HKSAR government or any government agency where the SDN is an official or otherwise exercises control. Accordingly, engaging in a routine interaction with an agency in which an SDN is an official, but which does not involve the SDN directly or indirectly, is not prohibited.
U.S. persons are prohibited from engaging in transactions or dealings with, and dealing in the property or interests in property of, designated HKSAR government officials, including any entities that are directly or indirectly owned 50 percent or more in the aggregate by one or more blocked persons. U.S. persons should be cautious in dealings with HKSAR government agencies in which an SDN is an official to ensure that they are not engaged in transactions or dealings, directly or indirectly, with an SDN (e.g., by entering into contracts that are signed by an SDN, entering into negotiations with an SDN, or processing transactions, directly or indirectly, on behalf of the SDN), absent authorization from OFAC or an applicable exemption. However, U.S. persons may, for example, enter into HKSAR government contracts signed by a non-SDN official of the HKSAR to whom the HKSAR government has delegated the authority to enter such contracts.