RTX Corporation Settles ITAR Violations

By Bobby Samwell • Saturday, August 31 07:57 • Permanent Link

Thank you for sharing the press release. Here's the article based on the information provided:

RTX Corporation, a Delaware Corporation, has entered into a Consent Agreement with the United States Department of State, Bureau of Political-Military Affairs, to settle potential civil charges, penalties, and sanctions arising from violations of the International Traffic in Arms Regulations (ITAR).

As part of the agreement, RTX Corporation has committed to implementing various remedial measures to ensure compliance with the Arms Export Control Act (AECA) and ITAR. These measures are to remain in effect for a period of three years and include the dedication of adequate resources to ITAR compliance, the appointment of a Designated Official for Consent Agreement Compliance and Oversight, and the incorporation of these measures into any future business acquisitions involved in AECA and ITAR-regulated activities.

The Designated Official appointed by RTX Corporation will oversee the implementation of the agreed-upon measures, including monitoring the company's AECA and ITAR compliance program, maintenance and protection of ITAR-controlled technical data, screening and control of unauthorized personnel, and the reporting and investigation of any violations.

In addition, RTX Corporation has agreed that any successor entities resulting from corporate restructuring or acquisition events will be bound by the terms and conditions of the Consent Agreement to the same extent as RTX Corporation, unless otherwise approved by the Director, Office of Defense Trade Controls Compliance (DTCC).

The Consent Agreement emphasizes RTX Corporation's commitment to conducting its business transparently and without misrepresentation or omission in all transactions subject to AECA and ITAR regulations.

The company has also agreed to cooperate with all reasonable requests of the Designated Official and to take no action to interfere with or impede the Designated Official's ability to monitor compliance with the Consent Agreement, the AECA, and the ITAR.

The Consent Agreement marks a significant step for RTX Corporation in addressing potential ITAR violations and ensuring ongoing compliance with U.S. export control regulations. The market has reacted to these announcements by moving the company's shares 0.9% to a price of $123.34. For the full picture, make sure to review RTX's 8-K report.

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