,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #fcdi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #i1 #bjbc,mr4
 ,mc,caul 7= himself & ,mr4 ,meeks7     
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,=eign ,affairs  ,a    
,,bill  ,to prohibit or require         
notification ) respect to c]ta9         
activities ( ,unit$ ,/ates p]sons       
involv+ c\ntries ( conc]n1 & = o!r      
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,prev5t+ ,adv]s>ies f      
,develop+ ,critical ,capabilities ,act4 
#b4 ,ex]cise ( au?orities "u !          
,int]national ,em]g5cy ,economic ,p[]s  
,act  7a7 ,9 g5]al ,! ,presid5t may     
ex]cise all au?orities provid$ "u !     
,int]national ,em]g5cy ,economic ,p[]s  
,act 7#ej ,u4,s4,c4 #agja et seq47      
necess>y to c>ry out ! provisions ( ?is 
,act1 includ+ au?orities to impose      
p5alties "u section #bjf ( su* ,act4    
7b7 ,delegation ,! ,presid5t may        
delegate ! au?orities describ$ 9        
subsection 7a7 to ! head ( any ,f$]al   

ag5cy ! ,presid5t det]m9es appropriate 9
 ord] to c>ry out ! provisions ( ?is    
,act4  #c4 ,prohibition on cov]$        
activities 9 cov]$ sectors t pose       
p>ticul>ly acute ?reats to ,unit$ ,/ates
 national security  7a7 ,id5tification (
 categories ( te*nologies & products    
7#a7 ,9 g5]al ,n lat] ?an "o ye> aft] ! 
date ( ! enactm5t ( ?is ,act1 & annually
 !reaft] z describ$ 9 p>agraph 7#b71 !  
,presid5t-- 7,a7 %all id5tify categories
 ( te*nologies & products 9 cov]$       
sectors t may pose a p>ticul>ly acute   
?reat to ! national security ( ! ,unit$ 
,/ates if develop$ or acquir$ by a      
c\ntry ( conc]n2 &  7,b7 publi% a li/ ( 
! categories ( te*nologies & products   
id5tifi$ "u p>agraph 7#a7 9 ! ,f$]al    
,regi/]4  7#b7 ,updates ,! ,presid5t    
%all annually review & update ! li/ ( ! 
categories ( te*nologies & products     
id5tifi$ "u p>agraph 7#a77;,a7 & update 
! ,f$]al ,regi/] "u p>agraph 7#a77;,b7 z
 appropriate4  7b7 ,prohibition on cov]$
 activities ,! ,presid5t %all1 on or    

aft] ! date on :i* ! initial li/ (      
categories ( te*nologies & products is  
publi%$ 9 ! ,f$]al ,regi/] pursuant to  
subsection 7a77#a77;,b71 prescribe1     
subject to public notice & comm5t1      
regulations to prohibit a ,unit$ ,/ates 
p]son f engag+1 directly or indirectly1 
9 a cov]$ activity involv+ a category ( 
te*nologies & products on su* li/ (     
categories ( te*nologies & products 9 a 
cov]$ sector4 ,su* regulations %\ld--   
7#a7 require t a ,unit$ ,/ates p]son    
take all reasonable /eps to prohibit &  
prev5t any transaction by a =eign entity
 "u ! control ( ! ,unit$ ,/ates p]son t 
w\ld be a prohibit$ transaction if      
engag$ 9 by a ,unit$ ,/ates p]son2 &    
7#b7 exclude any transaction consi/+ ( !
 acquisition ( an equity or o!r int]e/ 9
 an entity locat$ outside a c\ntry (    
conc]n1 :]e ! ,presid5t has det]m9$ t ! 
gov]nm5t ( ! c\ntry 9 :i* t entity is   
e/abli%$ or has its pr9cipal place (    
bus9ess has 9 place a program = !       
re/riction ( c]ta9 activities involv+   

c\ntries ( conc]n t is comp>able to !   
provisions provid$ = 9 ?is ,act4  7c7   
,s5se ( ,congress ,x is ! s5se (        
,congress t ! cov]$ sectors include     
c]ta9 categories ( te*nologies &        
products t w\ld pose a p>ticul>ly acute 
?reat to ! national security ( ! ,unit$ 
,/ates if develop$ or acquir$ by a      
c\ntry ( conc]n1 & t ! ,presid5t %\ld   
id5tify c]ta9 te*nologies & products 9 !
 cov]$ sectors z categories (           
te*nologies & products 9 cov]$ sectors =
 purposes ( subsection 7a77#a74  #d4    
,m&atory notification ( cov]$ activities
 9 cov]$ sectors t may pose ?reats to   
,unit$ ,/ates national security  7a7    
,id5tification ( categories (           
te*nologies & products ,n lat] ?an "o   
ye> aft] ! date ( ! enactm5t ( ?is ,act1
 ! ,presid5t %all-- 7#a7 id5tify        
categories ( te*nologies & products 9   
cov]$ sectors t may pose a ?reat to !   
national security ( ! ,unit$ ,/ates if  
develop$ or acquir$ by a c\ntry (       
conc]n2  7#b7 publi% a li/ ( !          

categories ( te*nologies & products     
id5tifi$ "u p>agraph 7#a7 9 ! ,f$]al    
,regi/]2 &  7#c7 annually !reaft]1      
review ! categories ( te*nologies &     
products id5tifi$ "u p>agraph 7#a7 &    
publi% an updat$ li/ ( ! categories (   
te*nologies & products 9 ! ,f$]al       
,regi/] "u p>agraph 7#b7 if ! li/       
id5tifi$ 9 p>agraph 7#b7 has *ang$4  7b7
 ,m&atory notification  7#a7 ,9 g5]al   
,beg9n+ on ! date t is #ij days aft] !  
date on :i* ! initial li/ ( categories (
 te*nologies & products is publi%$ 9 !  
,f$]al ,regi/] pursuant to subsection   
7a77#b71 a ,unit$ ,/ates p]son engag+ 9 
a cov]$ activity involv+ a category     
id5tifi$ 9 subsection 7a77#a71 or       
controll+ a =eign entity engag+ 9 an    
activity t w\ld be a cov]$ activity if  
engag$ 9 by a ,unit$ ,/ates p]son1 %all 
submit to ! ,presid5t a complete writt5 
notification ( ! activity n lat] ?an #ad
 days aft] ! completion date ( !        
activity4  7#b7 ,circulation (          
notification  7,a7 ,9 g5]al ,! ,presid5t

 %all1 ^u receipt ( a notification "u   
p>agraph 7#a71 promptly inspect !       
notification = complet5ess4  7,b7       
,incomplete notification ,if a          
notification submitt$ "u p>agraph 7#a7  
is incomplete1 ! ,presid5t %all promptly
 in=m ! ,unit$ ,/ates p]son t submits ! 
notification t ! notification is n      
complete & provide an explanation =     
relevant mat]ial respect 9 :i* !        
notification is n complete4  7#c7       
,id5tification ( non-notifi$ activity ,!
 ,presid5t %all e/abli% a process to    
id5tify a cov]$ activity involv+ a      
category id5tifi$ "u subsection 7a77#a7 
= :i*-- 7,a7 a notification is n        
submitt$ to ! ,presid5t "u p>agraph     
7#a72 &  7,b7 in=mation is reasonably   
available4  7c7 ,confid5tiality (       
in=mation  7#a7 ,9 g5]al ,except z      
provid$ 9 p>agraph 7#b71 any in=mation  
or docum5t>y mat]ial fil$ ) ! ,presid5t 
pursuant to ?is section %all be exempt f
 disclosure "u section #eeb7;b77#c7 (   
title #e1 ,unit$ ,/ates ,code1 & no su* 

in=mation or docum5t>y mat]ial may be   
made public by any gov]nm5t ag5cy or    
,memb] ( ,congress4  7#b7 ,exceptions   
,subject to appropriate confid5tiality &
 classification requirem5ts1 ! exemption
 f disclosure provid$ by p>agraph 7#a7  
%all n prev5t ! disclosure ( ! foll[+3  
7,a7 ,in=mation relevant to any         
adm9i/rative or judicial action or      
proce$+4  7,b7 ,in=mation provid$ to    
,congress or any ( ! appropriate        
congressional committees4  7,c7         
,in=mation important to national        
security analysis or actions ( !        
,presid5t to any dome/ic gov]nm5t       
entity1 or to any =eign gov]nm5tal      
entity ( an ally or p>tn] ( ! ,unit$    
,/ates1 "u ! direction & au?orization ( 
! ,presid5t1 only to ! ext5t necess>y = 
national security purposes4  7,d7       
,in=mation t ! p>ties h cons5t$ to be   
disclos$ to ?ird p>ties4  #e4 ,report+  
requirem5ts  7a7 ,9 g5]al ,n lat] ?an "o
 ye> aft] ! date on :i* ! regulations   
prescrib$ "u section #f take effect1 & n

 less frequ5tly ?an annually !reaft]1 ! 
,presid5t %all submit to ! appropriate  
congressional committees a report t--   
7#a7 li/s all notifications submitt$ "u 
section #d7;b7 dur+ ! ye> prec$+        
submission ( ! report1 disaggregat$ by--
 7,a7 sector2  7,b7 cov]$ activity2     
7,c7 cov]$ =eign entity2 &  7,d7 c\ntry 
( conc]n2  7#b7 an assessm5t ( :e!r to  
am5d ! regulations1 includ+ :e!r to am5d
 ! def9ition ( 8cov]$ sectors0 to       
enhance national security2  7#c7        
provides additional context & in=mation 
reg>d+ tr5ds 9 ! sectors1 ! types (     
cov]$ activity1 & ! c\ntries involv$ 9  
^? notifications1 includ+-- 7,a7 !      
location ( ! relevant cov]$ =eign       
entities2 &  7,b7 ! c\ntry 9 :i* !      
,unit$ ,/ates p]son or =eign entity     
controll$ by su* ,unit$ ,/ates p]son    
involv$ 9 ! relevant cov]$ activity is  
locat$2 &  7#d7 assesses ! ov]all impact
 ( ^? notifications1 includ+            
recomm5dations =-- 7,a7 exp&+ exi/+     
,f$]al programs to support ! production 

or supply ( cov]$ sectors 9 ! ,unit$    
,/ates1 includ+ ! pot5tial ( exi/+      
au?orities to address any relat$        
national security conc]ns2 &  7,b7 !    
cont9uation1 expansion1 or modification 
( ! implem5tation & adm9i/ration ( ?is  
,act4  7b7 ,=m ,ea* report requir$ by   
?is section %all be submitt$ 9          
unclassifi$ =m1 b may include a         
classifi$ annex4  7c7 ,prohibition on   
disclosure ,in=mation conta9$ 9 ea*     
report requir$ by ?is section may be    
)held f disclosure only to ! ext5t      
o!rwise p]mitt$ by /atute1 except t all 
in=mation includ$ pursuant to subsection
 7a77#a7 %all be )held f public         
disclosure4  #f4 ,requirem5t =          
regulations  7a7 ,9 g5]al ,n lat] ?an   
#ahj days aft] ! date on :i* ! initial  
li/ ( categories ( te*nologies &        
products h be5 publi%$ 9 ! ,f$]al       
,regi/] pursuant to sections            
#c7;a77#a77;,b7 & #d7;a77#b71 !         
,presid5t %all prescribe & f9alize      
propos$ regulations to c>ry out ?is     

,act4  7b7 ,elem5ts ,regulations        
prescrib$ to c>ry out ?is ,act %all     
specify-- 7#a7 ! types ( activities t w 
be consid]$ to be cov]$ activities2     
7#b7 ! te*nologies & products 9 cov]$   
sectors ) respect to :i* cov]$          
activities are prohibit$ "u section     
#c7;b7 or require a notification "u     
section #d7;b72 &  7#c7 a process by :i*
 p>ties c ask que/ions & get timely     
guidance z to :e!r a cov]$ activity is  
prohibit$ "u section #c7;b7 or requires 
a notification "u section #d7;b74  7c7  
,requirem5ts = c]ta9 regulations ,!     
,presid5t %all prescribe regulations    
fur!r def9+ ! t]ms us$ 9 ?is ,act1      
includ+ ! t]ms cov]$ activity1 cov]$    
=eign entity1 & p>ty1 to maximize !     
effectiv5ess ( c>ry+ out ?is ,act 9     
accordance ) sub*apt] ,,ii ( *apt] #e & 
*apt] #g ( title #e 7commonly kn[n z !  
,adm9i/rative ,proc$ure ,act74  7d7     
,public notice & comm5t ,regulations    
issu$ pursuant to subsection 7a7 %all be
 subject to public notice & comm5t4  7e7

 ,l[-,burd5 regulations ,9 prescrib+    
regulations "u ?is section1 ! ,presid5t 
%all1 to ! ext5t practicable1 /ructure !
 regulations-- 7#a7 to m9imize ! co/ &  
complexity ( compliance = affect$       
p>ties2  7#b7 to ensure ! b5efits ( !   
regulations outweigh _! co/s2  7#c7 to  
adopt ! lea/ burd5some alt]native t     
a*ieves regulatory objectives2  7#d7 to 
prioritize transp>5cy & /akehold]       
involvem5t 9 ! process ( prescrib+ !    
regulations2 &  7#e7 to regul>ly review 
& /reaml9e exi/+ regulations promulgat$ 
pursuant to ?is ,act to r$uce r$undancy 
& complexity4  7f7 ,p5alties ) respect  
to unlawful acts ,regulations issu$ "u  
?is section %all1 consi/5t ) ! au?ority 
provid$ by section #b7;a71 provide = !  
imposition ( civil p5alties = violations
 ( ?is section1 t involve-- 7#a7 engag+ 
9 a cov]$ activity prohibit$ "u section 
#c7;b7 pursuant to ! regulations issu$  
"u ?is section2  7#b7 fail+ to submit a 
timely notification "u section #d7;b7 ) 
respect to a cov]$ activity or to submit

 o!r in=mation z requir$ by ! designat$ 
ag5cy2 or  7#c7 submitt+ a mat]ial      
mis/atem5t or omitt+ a mat]ial fact 9   
any in=mation submitt$ 9 a notification 
"u section #d7;b74  7g7 ,en=cem5t       
,consi/5t ) ! au?ority provid$ by       
section #b7;a71 ! ,presid5t may direct !
 ,attorney ,g5]al to seek appropriate   
relief 9 ! di/rict c\rts ( ! ,unit$     
,/ates1 9 ord] to implem5t & en=ce ?is  
,act4  7h7 ,congressional notification  
,! ,presid5t %all submit to !           
appropriate congressional committees all
 regulations prescrib$ to c>ry out ?is  
,act n lat] ?an #cj days be=e su*       
regulations are to take effect4  #g4    
,multilat]al engagem5t & coord9ation    
7a7 ,9 g5]al ,! ,presid5t %all delegate 
! au?orities & functions "u ?is section 
to ! ,secret>y ( ,/ate4  7b7 ,au?orities
 ,! ,secret>y ( ,/ate1 9 coord9ation ) !
 heads or o!r relevant ,f$]al ag5cies1  
%\ld-- 7#a7 conduct bilat]al &          
multilat]al engagem5t ) ! gov]nm5ts (   
c\ntries t are allies & p>tn]s ( !      

,unit$ ,/ates to promote & increase     
coord9ation ( protocols & proc$ures to  
facilitate ! effective implem5tation ( &
 appropriate compliance ) ! prohibitions
 & notifications pursuant to ?is ,act2  
7#b7 ^u adoption ( protocols & proc$ures
 describ$ 9 p>agraph 7#a71 "w ) ^?      
gov]nm5ts to e/abli% me*anisms = %>+    
in=mation1 includ+ tr5ds1 ) respect to  
su* activities2 &  7#c7 "w ) & enc\rage 
! gov]nm5ts ( c\ntries t are allies &   
p>tn]s ( ! ,unit$ ,/ates to develop     
simil> me*anisms ( _! own4  7c7 ,/rategy
 = multilat]al engagem5t & coord9ation  
,n lat] ?an #ahj days aft] ! date ( !   
enactm5t ( ?is ,act1 ! ,secret>y (      
,/ate1 9 coord9ation ) ! heads ( o!r    
relevant ,f$]al ag5cies1 %\ld-- 7#a7    
develop a /rategy to "w ) ! gov]nm5ts ( 
c\ntries t are allies & p>tn]s ( !      
,unit$ ,/ates to develop me*anisms t are
 comp>able to ! prohibitions &          
notifications pursuant to ?is ,act2 &   
7#b7 assess opportunities to provide    
te*nical assi/ance to ^? c\ntries )     

respect to ! developm5t ( ^? me*anisms4 
7d7 ,report ,n lat] ?an "o ye> aft] !   
date ( ! enactm5t ( ?is ,act1 & annually
 !reaft] = #d ye>s1 ! ,secret>y ( ,/ate 
%all submit to ! appropriate            
congressional committees a report t     
includes-- 7#a7 a discussion ( any      
/rategy develop$ pursuant to subsection 
7c77#a71 includ+ key tools & objectives 
= ! developm5t ( comp>able me*anisms by 
! gov]nm5ts ( allies & p>tn]s ( ! ,unit$
 ,/ates2  7#b7 a li/ ( p>tn] & alli$    
c\ntries to t>get = coop]ation 9        
develop+ _! own scre5+ programs2  7#c7 !
 /atus ( ! /rategy's implem5tation &    
outcomes2 &  7#d7 a description (       
imp$im5ts to ! e/abli%m5t ( comp>able   
me*anisms by gov]nm5ts ( allies & p>tn]s
 ( ! ,unit$ ,/ates4  #h4 ,au?orization (
 appropriations  7a7 ,9 g5]al ,!re is   
au?oriz$ to be appropriat$ #be1jjj1jjj1 
to be d]iv$ f am\nts o!rwise au?oriz$ to
 be appropriat$ to ! ,presid5t1 = ea* ( 
! fir/ two fiscal ye>s beg9n+ on or aft]
 ! date ( ! enactm5t ( ?is ,act1 to c>ry

 out ?is ,act1 includ+ to provide       
outrea* to indu/ry & p]sons affect$ by  
?is ,act4  7b7 ,hir+ au?ority  7#a7     
,presid5t ,! ,presid5t may appo9t1 )\t  
reg>d to ! provisions ( sections #ccji  
?r\gh #ccah ( title #e1 ,unit$ ,/ates   
,code1 n m ?an #ae c&idates directly to 
positions 9 ! competitive s]vice 7z     
def9$ 9 section #bajb ( t title74  7#b7 
,ag5cy ,! head ( ! ,f$]al dep>tm5t or   
ag5cy designat$ "u section #b7;b7 to    
hold prim>y responsibility = adm9i/]+   
?is ,act may appo9t1 )\t reg>d to !     
provisions ( sections #ccji ?r\gh #ccah 
( title #e1 ,unit$ ,/ates ,code1 n few] 
?an #be c&idates directly to positions 9
 ! competitive s]vice 7z def9$ 9 section
 #bajb ( t title7 ( su* dep>tm5t or     
ag5cy4  7#c7 ,prim>y responsibility ,!  
prim>y responsibility ( individuals 9   
positions au?oriz$ to be hir$ "u ?is    
subsection %all be to adm9i/] ?is ,act4 
#i4 ,rule ( con/ruction ,no?+ 9 ?is ,act
 may be con/ru$ to-- 7#a7 re/ra9 or det]
 ,unit$ ,/ates activities abroad if su* 

activities d n pose a risk to ! national
 security ( ! ,unit$ ,/ates2 or  7#b7   
alt] or negate ! au?ority ( ! ,presid5t 
"u any au?ority1 process1 regulation1   
inve/igation1 en=cem5t measure1 or      
review provid$ by or e/abli%$ "u any o!r
 provision ( ,f$]al law1 or any o!r     
au?ority ( ! ,presid5t or ! ,congress "u
 ! ,con/itution ( ! ,unit$ ,/ates4  #aj4
 ,national int]e/ waiv]  7a7 ,9 g5]al   
,subject to subsection 7b71 ! ,presid5t 
is au?oriz$ to exempt f any applicable  
prohibition or notification requirem5t  
any activity det]m9$ by ! ,presid5t1 9  
consultation ) ! heads ( relevant ,f$]al
 ag5cies1 z appropriate1 to be 9 !      
national int]e/ ( ! ,unit$ ,/ates4  7b7 
,congressional notification ,! ,presid5t
 %all-- 7#a7 notify ! appropriate       
congressional committees n lat] ?an #dh 
h\rs aft] issu+ a waiv] "u subsection   
7a72 &  7#b7 include 9 su* notification 
an id5tification ( ! national int]e/    
ju/ify+ ! use ( ! waiv]4  #aa4          
,def9itions ,9 ?is ,act3 7#a7           

,appropriate congressional committees ,!
 t]m appropriate congressional          
committees means-- 7,a7 ! ,committee on 
,=eign ,affairs1 ! ,committee on        
,f9ancial ,s]vices1 ! ,committee on     
,ways & ,means1 ! ,committee on         
,appropriations1 & ! ,p]man5t ,select   
,committee on ,intellig5ce ( ! ,h\se (  
,repres5tatives2 &  7,b7 ! ,committee on
 ,=eign ,relations1 ! ,committee on     
,bank+1 ,h\s+1 & ,urban ,affairs1 !     
,committee on ,f9ance1 ! ,committee on  
,appropriations1 & ! ,select ,committee 
on ,intellig5ce ( ! ,s5ate4  7#b7       
,c\ntry ( conc]n ,! t]m c\ntry (        
conc]n-- 7,a7 means-- 7i7 ! ,democratic 
,p's ,republic ( ,nor? ,korea2  7ii7 !  
,p's ,republic ( ,*9a1 includ+ ! ,hong  
,kong ,special ,adm9i/rative ,region & !
 ,macau ,special ,adm9i/rative ,region2 
7iii7 ! ,russian ,f$]ation2 &  7iv7 !   
,islamic ,republic ( ,iran2 &  7,b7     
includes any o!r c\ntry ! ,presid5t     
det]m9es necess>y to ensure a c\ntry    
specifi$ 9 clause 7i71 7ii71 7iii71 or  

7iv7 ( subp>agraph 7,a7 is unable to    
circumv5t ! provisions ( ?is ,act & !   
regulations issu$ pursuant to ?is ,act4 
7#c7 ,cov]$ activity  7,a7 ,9 g5]al     
,subject to su* regulations z may be    
prescrib$ 9 accordance ) section #g1 &  
except z provid$ 9 subp>agraph 7,b71 !  
t]m cov]$ activity means any activity   
engag$ 9 by a ,unit$ ,/ates p]son t     
involves-- 7i7 an acquisition by su*    
,unit$ ,/ates p]son ( an equity int]e/  
or cont+5t equity int]e/1 or monet>y    
capital contribution1 9 a cov]$ =eign   
entity1 directly or indirectly1 by      
contractual commitm5t or o!rwise1 ) !   
goal ( g5]at+ income or ga92  7ii7 an   
arrangem5t = an int]e/ held by su*      
,unit$ ,/ates p]son 9 ! %ort- or        
long-t]m debt obligations ( a cov]$     
=eign entity t includes gov]nance rights
 t are *>act]i/ic ( an equity inve/m5t1 
managem5t1 or o!r important rights2     
7iii7 ! e/abli%m5t ( a :olly own$       
subsidi>y 9 a c\ntry ( conc]n1 su* z a  
gre5field inve/m5t1 = ! purpose (       

production1 design1 te/+1 manufactur+1  
fabrication1 or developm5t relat$ to "o 
or m cov]$ sectors2  7iv7 ! e/abli%m5t  
by su* ,unit$ ,/ates p]son ( a jo9t     
v5ture 9 a c\ntry ( conc]n or ) a cov]$ 
=eign entity = ! purpose ( production1  
design1 te/+1 manufactur+1 fabrication1 
or rese>*1 or o!r contractual or o!r    
commitm5ts involv+ a cov]$ =eign entity 
to jo9tly rese>* & develop new          
innovation1 includ+ ?r\gh ! transf] (   
capital or intellectual prop]ty or o!r  
bus9ess propriet>y in=mation2 or  7v7 ! 
acquisition by a ,unit$ ,/ates p]son ) a
 cov]$ =eign entity (-- 7,i7 op]ational 
coop]ation1 su* z ?r\gh supply or       
support arrangem5ts2  7,,ii7 ! "r to    
bo>d repres5tation 7z an obs]v]1 ev5 if 
limit$1 or z a memb]7 or an executive   
role 7z may be def9$ ?r\gh regulation7 9
 a cov]$ =eign entity2  7,,iii7 !       
ability to direct or influ5ce su*       
op]ational decisions z may be def9$     
?r\gh su* regulations2  7,,iv7 =mal     
gov]nance repres5tation 9 any op]at+    

affiliate1 su* z a portfolio company1 ( 
a cov]$ =eign entity2 or  7,v7 a new    
relation%ip to %>e or provide bus9ess   
s]vices1 su* z f9ancial s]vices1 m>ket+ 
s]vices1 ma9t5ance1 or assembly         
functions2 or  7vi7 kn[+ly direct+      
transactions by =eign p]sons t w\ld     
con/itute cov]$ activity if engag$ 9 by 
a ,unit$ ,/ates p]son4  7,b7 ,exceptions
 ,! t]m cov]$ activity does n include-- 
7i7 any transaction ! value ( :i* !     
,presid5t det]m9es is de m9imis1 z def9$
 9 regulations prescrib$ 9 accordance ) 
section #f2  7ii7 any category (        
transactions t ! ,presid5t det]m9es is 9
 ! national int]e/ ( ! ,unit$ ,/ates1 z 
may be def9$ 9 regulations prescrib$ 9  
accordance ) section #f2  7iii7 an      
inve/m5t 9-- 7,i7 a publicly trad$      
security 7z su* t]m is def9$ 9 section  
#c7;a77#aj7 ( ! ,securities ,ex*ange    
,act ( #aicd72 or  7,,ii7 an index fund1
 mutual fund1 ex*ange-trad$ fund1 or a  
simil> in/rum5t 7includ+ associat$      
d]ivatives7 (f]$ by an inve/m5t company 

7z su* t]m is def9$ 9 section #c7;a77#a7
 ( ! ,inve/m5t ,company ,act ( #aidj71  
or by a private inve/m5t fund2  7,,iii7 
a v5ture capital fund1 private equity   
fund1 fund ( funds1 or o!r pool$        
inve/m5t funds1 z ! limit$ p>tn]1 9 ea* 
case 9 :i* ! limit$ p>tn]'s contribution
 is solely capital 9 a limit$ p>tn]%ip  
/ructure &-- 7aa7 ! limit$ p>tn] _c make
 manag]ial decisions1 is n responsible =
 any debts beyond its inve/m5t1 & does n
 h ! ability 7=mally or in=mally7 to    
influ5ce or p>ticipate 9 ! fund's or a  
cov]$ =eign entity's decision mak+ or   
op]ations2 &  7bb7 ! inve/m5t is bel[ a 
de m9imis ?re%old to be det]m9$ by !    
,presid5t2  7iv7 ! acquisition ( !      
equity or o!r int]e/ own$ or held by a  
cov]$ =eign entity 9 an entity or assets
 locat$ outside ( a c\ntry ( conc]n 9   
:i* ! ,unit$ ,/ates p]son is acquir+ all
 int]e/s 9 ! entity or assets held by   
cov]$ =eign entity2  7v7 an intracompany
 transf] ( funds f a ,unit$ ,/ates p>5t 
company to a subsidi>y locat$ 9 a c\ntry

 ( conc]n2  7vi7 a transaction made     
pursuant to a b9d+1 uncall$ capital     
commitm5t ent]$ into be=e ! date on :i* 
! regulations prescrib$ 9 accordance )  
section #f take effect2 or  7vii7 any   
ord9>y or adm9i/rative bus9ess          
transaction z may be def9$ 9 su*        
regulations4  7#d7 ,cov]$ =eign entity  
,subject to regulations prescrib$ 9     
accordance ) section #f1 ! t]m cov]$    
=eign entity means ! foll[+3 7,a7 ,any  
entity t is incorporat$ 91 has a        
pr9cipal place ( bus9ess 91 or is       
organiz$ "u ! laws ( a c\ntry ( conc]n4 
7,b7 ,any entity ! equity securities (  
:i* are trad$ 9 ! ord9>y c\rse ( bus9ess
 on "o or m ex*anges 9 a c\ntry (       
conc]n4  7,c7 ,any ag5cy or             
in/rum5tality ( ! gov]nm5t ( a c\ntry ( 
conc]n4  7,d7 ,any o!r entity t is n a  
,unit$ ,/ates p]son & t meets su*       
crit]ia z may be specifi$ by ! ,presid5t
 9 su* regulations prescrib$ 9          
accordance ) section #f4  7#e7 ,cov]$   
sectors ,subject to regulations         

prescrib$ 9 accordance ) section #f1 !  
t]m cov]$ sectors includes sectors )9 ! 
foll[+ areas3 7,a7 ,semiconductors &    
microelectronics4  7,b7 ,artificial     
intellig5ce4  7,c7 ,quantum in=mation   
sci5ce & te*nology4  7,d7 ,hyp]sonics4  
7,e7 ,high-p]=mance comput+ &           
sup]comput+4  7#f7 ,p>ty ,! t]m p>ty1 ) 
respect to an activity1 has ! mean+ giv5
 t t]m 9 regulations prescrib$ 9        
accordance ) section #g4  7#g7 ,unit$   
,/ates p]son ,! t]m ,unit$ ,/ates p]son 
means-- 7,a7 an individual :o is a      
,unit$ ,/ates citiz5 or an ali5 lawfully
 admitt$ = p]man5t resid5ce to ! ,unit$ 
,/ates2 or  7,b7 an entity organiz$ "u !
 laws ( ! ,unit$ ,/ates or ( any        
jurisdiction )9 ! ,unit$ ,/ates1 includ+
 any =eign bran* ( su* an entity4