The Department of Justice has announced new regulations, including higher taxes and longer waiting periods, on braces that transform a pistol into a short-barreled rifle so it can fire faster.

Manufacturers, dealers and gun owners now have 120 days to register tax-free any stabilizing braces covered by the rule. The Justice Department also said Friday that they can surrender their stabilizing braces to the Bureau of Alcohol, Tobacco, Firearms and Explosives.

The new rule goes into effect once it is published in the Federal Register next week.

“Today’s action will save lives,” President Biden said in a statement, adding that the rule will make it harder for “individuals intending to inflict carnage to obtain these weapons.”

Gun rights groups swiftly condemned the rule.

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