,,ii  #aai? ,,congress  #a/ ,session    
,s4 #ajec  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ac1 #bjbe ,mr4   
,cornyn 7= himself1 ,ms4 ,cortez ,ma/o1 
,mr4 ,scott ( ,s\? ,c>ol9a1 ,mr4 ,s*um]1
 ,mr4 ,sullivan1 ,ms4 ,w>r51 ,mr4       
,hag]ty1 ,mr4 ,kim1 ,mr4 ,ricketts1 ,ms4
 ,slotk91 ,mr4 ,banks1 ,mr4 ,b5net1 ,mr4
 ,mc,cormick1 & ,mr4 ,fett]man7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to protect ! national security 
( ! ,unit$ ,/ates by impos+ sanctions ) 
respect to c]ta9 p]sons ( ! ,p's        
,republic ( ,*9a & prohibit+ & requir+  
notifications ) respect to c]ta9        
inve/m5ts by ,unit$ ,/ates p]sons 9 !   
,p's ,republic ( ,*9a1 & = o!r purposes4
  #a4 ,%ort title2 table ( cont5ts  7a7 
,%ort title ,?is title may be cit$ z !  
,=eign ,inve/m5t ,gu>drails to ,help    
,?w>t ,*9a ,act ( #bjbe or ,,fight ,*9a 
,act ( #bjbe4  7b7 ,table ( cont5ts ,!  
table ( cont5ts = ?is ,act is z foll[s3 

,sec4 #a4 ,%ort title2 table ( cont5ts4 
,sec4 #b4 ,secret>y def9$4 ,sec4 #c4    
,sev]ability4 ,sec4 #d4 ,au?orization ( 
appropriations4 ,sec4 #e4 ,t]m9ation4   
,,title ,i--,imposition ( sanctions     
,sec4 #aja4 ,imposition ( sanctions4    
,sec4 #ajb4 ,def9itions4 ,,title        
,,ii--,prohibition & notification on    
inve/m5ts relat+ to cov]$ national      
security transactions ,sec4 #bja4       
,prohibition & notification on inve/m5ts
 relat+ to cov]$ national security      
transactions4 ,,title ,,iii--,securities
 & relat$ matt]s ,sec4 #cja4            
,requirem5ts relat+ to ! ,non-,,sdn     
,*9ese ,milit>y-,indu/rial ,complex     
,companies ,li/4  #b4 ,secret>y def9$   
,except z o!rwise provid$1 9 ?is ,act1 !
 t]m ,secret>y means ! ,secret>y ( !    
,treasury4  #c4 ,sev]ability ,if any    
provision ( ?is ,act1 or ! application  
!re(1 is held invalid1 ! validity ( !   
rema9d] ( ?is ,act & ! application ( su*
 provision to o!r p]sons & circum/ances 
%all n be affect$ !reby4  #d4           

,au?orization ( appropriations  7a7 ,9  
g5]al ,!re is au?oriz$ to be appropriat$
 #aej1jjj1jjj to ! ,dep>tm5t ( !        
,treasury1 out ( :i* am\nts may be      
transf]r$ to ! ,dep>tm5t ( ,comm]ce to  
jo9tly conduct outrea* to indu/ry &     
p]sons affect$ by ?is ,act1 = ea* ( !   
fir/ two fiscal ye>s beg9n+ on or aft] !
 date ( ! enactm5t ( ?is ,act1 to c>ry  
out ?is ,act4  7b7 ,hir+ au?ority  7#a7 
,by ! ,presid5t ,! ,presid5t may appo9t1
 )\t reg>d to ! provisions ( sections   
#ccji ?r\gh #ccah ( title #e1 ,unit$    
,/ates ,code1 n m ?an #ae individuals   
directly to positions 9 ! competitive   
s]vice 7z def9$ 9 section #bajb ( t     
title7 to c>ry out ?is ,act4  7#b7 ,by  
ag5cies ,! ,secret>y & ! ,secret>y (    
,comm]ce may appo9t1 )\t reg>d to !     
provisions ( sections #ccji ?r\gh #ccah 
( title #e1 ,unit$ ,/ates ,code1        
individuals directly to positions 9 !   
competitive s]vice 7z def9$ 9 section   
#bajb ( t title7 ( ! ,dep>tm5t ( !      
,treasury & ! ,dep>tm5t ( ,comm]ce1     

respectively1 to c>ry out ?is ,act4  #e4
 ,t]m9ation ,?is ,act %all cease to h   
any =ce or effect on ! date on :i* !    
,secret>y ( ,comm]ce revises section    
#gia4d ( title #ae1 ,code ( ,f$]al      
,regulations1 to remove ! ,p's ,republic
 ( ,*9a f ! li/ ( =eign adv]s>ies       
conta9$ 9 su* section4  ,i ,imposition (
 sanctions  #aja4 ,imposition (         
sanctions  7a7 ,9 g5]al ,! ,presid5t may
 impose ! sanctions describ$ 9          
subsection 7b7 ) respect to any =eign   
p]son det]m9$ by ! ,secret>y1 9         
consultation ) ! ,secret>y ( ,/ate1 to  
be a cov]$ =eign p]son4  7b7 ,sanctions 
describ$ ,! ,presid5t may ex]cise all ( 
! p[]s grant$ to ! ,presid5t "u !       
,int]national ,em]g5cy ,economic ,p[]s  
,act 7#ej ,u4,s4,c4 #agja et seq47 to ! 
ext5t necess>y to block & prohibit all  
transactions 9 prop]ty & int]e/s 9      
prop]ty ( a =eign p]son t is det]m9$ to 
be a cov]$ =eign p]son pursuant to      
subsection 7a7 if su* prop]ty & int]e/s 
9 prop]ty are 9 ! ,unit$ ,/ates1 come )9

 ! ,unit$ ,/ates1 or are or come )9 !   
possession or control ( a ,unit$ ,/ates 
p]son4  7c7 ,p5alties ,! p5alties       
provid$ = 9 subsections 7b7 & 7c7 (     
section #bjf ( ! ,int]national ,em]g5cy 
,economic ,p[]s ,act 7#ej ,u4,s4,c4     
#agje7 %all apply to any p]son :o       
violates1 attempts to violate1 conspires
 to violate1 or causes a violation ( any
 prohibition ( ?is section1 or an ord]  
or regulation prescrib$ "u ?is section1 
to ! same ext5t t su* p5alties apply to 
a p]son t commits an unlawful act       
describ$ 9 section #bjf7;a7 ( su* ,act  
7#ej ,u4,s4,c4 #agje7;a774  7d7         
,exception = intellig5ce & law en=cem5t 
activities ,sanctions "u ?is section    
%all n apply ) respect to any activity  
subject to ! report+ requirem5ts "u     
title ,v ( ! ,national ,security ,act ( 
#aidg 7#ej ,u4,s4,c4 #cjia et seq47 or  
any au?oriz$ intellig5ce activities ( ! 
,unit$ ,/ates4  7e7 ,exception = ,unit$ 
,/ates ,gov]nm5t activities ,no?+ 9 ?is 
section %all prohibit transactions = !  

conduct ( ! (ficial bus9ess ( ! ,f$]al  
,gov]nm5t by employees1 grantees1 or    
contractors !re(4  7f7 ,report to       
,congress ,n lat] ?an #cfe days aft] !  
date ( ! enactm5t ( ?is ,act1 & annually
 !reaft] = #g ye>s1 ! ,secret>y %all    
submit to ! appropriate congressional   
committees a report t--  7#a7 /ates :e!r
 ea* =eign p]son on ! ,non-,,sdn ,*9ese 
,milit>y-,indu/rial ,complex ,companies 
,li/ is a cov]$ =eign p]son2 &  7#b7    
%all be submitt$ 9 unclassifi$ =m1 b may
 include a classifi$ annex4  7g7        
,consid]ation ( c]ta9 in=mation 9 impos+
 sanctions ,9 det]m9+ :e!r a =eign p]son
 is a cov]$ =eign p]son1 ! ,presid5t--  
7#a7 may consid] cr$ible in=mation      
obta9$ by o!r c\ntries1 nongov]nm5tal   
organizations1 or ! appropriate         
congressional committees t relates to ! 
=eign p]son2 &  7#b7 may consid] any o!r
 in=mation t ! ,secret>y deems relevant4
  7h7 ,adm9i/rative provisions ,!       
,presid5t may ex]cise all au?orities    
provid$ "u sections #bjc & #bje ( !     

,int]national ,em]g5cy ,economic ,p[]s  
,act 7#ej ,u4,s4,c4 #agjb & #agjd7 to   
c>ry out ?is section4  7i7 ,delegation  
,! ,presid5t %all delegate ! au?orities 
grant$ by ?is section to ! ,secret>y4   
#ajb4 ,def9itions ,9 ?is title3  7#a7   
,appropriate congressional committees ,!
 t]m appropriate congressional          
committees means-- 7,a7 ! ,committee on 
,f9ancial ,s]vices & ! ,committee on    
,=eign ,affairs ( ! ,h\se (             
,repres5tatives2 &  7,b7 ! ,committee on
 ,bank+1 ,h\s+1 & ,urban ,affairs & !   
,committee on ,=eign ,relations ( !     
,s5ate4  7#b7 ,c\ntry ( conc]n ,! t]m   
c\ntry ( conc]n--  7,a7 means ! ,p's    
,republic ( ,*9a2 &  7,b7 includes !    
,hong ,kong ,special ,adm9i/rative      
,region & ! ,macau ,special             
,adm9i/rative ,region4  7#c7 ,cov]$     
=eign p]son ,! t]m cov]$ =eign p]son    
means a =eign p]son-- 7,a7 7i7 t is     
incorporat$ 91 has a pr9cipal place (   
bus9ess 91 or is organiz$ "u ! laws ( a 
c\ntry ( conc]n2  7ii7 ! equity         

securities ( :i* are prim>ily trad$ 9 ! 
ord9>y c\rse ( bus9ess on "o or m       
ex*anges 9 a c\ntry ( conc]n2  7iii7 t  
is a memb] ( ! ,c5tral ,committee ( !   
,*9ese ,communi/ ,p>ty2  7iv7 t is !    
/ate or ! gov]nm5t ( a c\ntry ( conc]n1 
z well z any political subdivision1     
ag5cy1 or in/rum5tality !re(2  7v7 t is 
subject to ! direction or control ( any 
entity describ$ 9 clause 7i71 7ii71     
7iii71 or 7iv72 or  7vi7 t is own$ 9 !  
aggregate1 directly or indirectly1 #ej  
p]c5t or m by an entity or a gr\p (     
entities describ$ 9 clause 7i71 7ii71   
7iii71 or 7iv72 &  7,b7 t kn[+ly engag$ 
9 significant op]ations 9 ! def5se &    
relat$ mat]iel sector or ! surveillance 
te*nology sector ( ! economy ( a c\ntry 
( conc]n4  7#d7 ,=eign p]son ,! t]m     
=eign p]son means a p]son1 c\ntry1 /ate1
 or gov]nm5t 7& any political           
subdivision1 ag5cy1 or in/rum5tality    
!re(7 t is n a ,unit$ ,/ates p]son4     
7#e7 ,non-,,sdn ,*9ese                  
,milit>y-,indu/rial ,complex ,companies 

,li/ ,! t]m ,non-,,sdn ,*9ese           
,milit>y-,indu/rial ,complex ,companies 
,li/ means ! li/ ma9ta9$ by ! ,(fice (  
,=eign ,assets ,control ( ! ,dep>tm5t ( 
! ,treasury "u ,executive ,ord] #aciei1 
z am5d$ by ,executive ,ord] #adjcb 7#ej 
,u4,s4,c4 #agja note2 relat+ to address+
 ! ?reat f securities inve/m5ts t f9ance
 c]ta9 companies ( ! ,p's ,republic (   
,*9a71 or any successor ord]4  7#f7     
,unit$ /ates p]son ,! t]m ,unit$ ,/ates 
p]son means-- 7,a7 any ,unit$ ,/ates    
citiz5 or an ali5 lawfully admitt$ =    
p]man5t resid5ce to ! ,unit$ ,/ates2    
7,b7 an entity organiz$ "u ! laws ( !   
,unit$ ,/ates or ( any jurisdiction )9 !
 ,unit$ ,/ates 7includ+ any =eign bran* 
( su* an entity72 or  7,c7 any p]son 9 !
 ,unit$ ,/ates4  ,,ii ,prohibition &    
notification on inve/m5ts relat+ to     
cov]$ national security transactions    
#bja4 ,prohibition & notification on    
inve/m5ts relat+ to cov]$ national      
security transactions ,! ,def5se        
,production ,act ( #aiej 7#ej ,u4,s4,c4 

#deja et seq47 is am5d$ by add+ at ! end
 ! foll[+3  ,,viii ,prohibition &       
notification on inve/m5ts relat+ to     
cov]$ national security transactions    
#hja4 ,prohibition on inve/m5ts  7a7 ,9 
g5]al ,! ,secret>y may prohibit1 9      
accordance ) regulations issu$ "u       
subsection 7e71 a ,unit$ ,/ates p]son f 
kn[+ly engag+ 9 a cov]$ national        
security transaction 9 a prohibit$      
te*nology4  7b7 ,evasion ,any           
transaction by a ,unit$ ,/ates p]son or 
)9 ! ,unit$ ,/ates t evades or avoids1  
has ! purpose ( evad+ or avoid+1 causes 
a violation (1 or attempts to violate ! 
prohibition set =? 9 subsection 7a7 is  
prohibit$4  7c7 ,waiv] ,subject to      
subsection 7d71 ! ,secret>y is au?oriz$ 
to exempt f ! prohibition set =? 9      
subsection 7a7 any activity det]m9$ by !
 ,presid5t1 9 consultation ) !          
,secret>y1 ! ,secret>y ( ,comm]ce &1 z  
appropriate1 ! heads ( o!r relevant     
,f$]al dep>tm5ts & ag5cies1 to be 9 !   
national int]e/ ( ! ,unit$ ,/ates4  7d7 

,congressional notification ,! ,secret>y
 %all-- 7#a7 notify ! appropriate       
congressional committees n lat] ?an #e  
bus9ess days aft] issu+ a waiv] "u      
subsection 7c72 &  7#b7 include 9 su*   
notification an id5tification ( !       
national int]e/ ju/ify+ ! use ( ! waiv]4
  7e7 ,regulations  7#a7 ,9 g5]al ,!    
,secret>y1 9 consultation ) ! ,secret>y 
( ,comm]ce &1 z appropriate1 ! heads (  
o!r relevant ,f$]al dep>tm5ts & ag5cies1
 may issue regulations to c>ry out ?is  
section 9 accordance ) sub*apt] ,,ii (  
*apt] #e & *apt] #g ( title #e1 ,unit$  
,/ates ,code 7commonly kn[n z           
,adm9i/rative ,proc$ure ,act74  7#b7    
,non-b9d+ fe$back  7,a7 ,9 g5]al ,!     
regulations issu$ "u p>agraph 7#a7 %all 
include a process "u :i* a p]son c      
reque/ non-b9d+ fe$back on a confid5tial
 basis z to :e!r a transaction w\ld     
con/itute a cov]$ national security     
transaction 9 a prohibit$ te*nology4    
7,b7 ,au?ority to limit frivol\s fe$back
 reque/s ,9 e/abli%+ ! process requir$  

by subp>agraph 7,a71 ! ,secret>y may    
prescribe limitations on reque/s =      
fe$back id5tifi$ z frivol\s = purposes (
 ?is subsection4  7#c7 ,notice &        
opportunity to cure  7,a7 ,9 g5]al ,!   
regulations issu$ "u p>agraph 7#a7 %all 
acc\nt = :e!r a ,unit$ ,/ates p]son has 
self-id5tifi$ a violation ( !           
prohibition set =? 9 subsection 7a7 9   
det]m9+ ! legal consequ5ces ( t         
violation4  7,b7 ,self-disclosure lett]s
 ,! regulations issu$ "u p>agraph 7#a7  
%all dictate ! =m & cont5t ( a lett] (  
self-disclosure1 :i* %all include       
relevant facts ab\t ! violation1 :y !   
,unit$ ,/ates p]son believes its        
activity to h violat$ ! prohibition set 
=? 9 subsection 7a71 & a proposal =     
mitigation ( ! h>m ( su* action4  7#d7  
,public notice & comm5t ,! regulations  
issu$ "u p>agraph 7#a7 %all be subject  
to public notice & comm5t4  7#e7        
,l[-burd5 regulations ,9 issu+          
regulations "u p>agraph 7#a71 !         
,secret>y %all balance ! priority (     

protect+ ! national security int]e/ ( ! 
,unit$ ,/ates :ile1 to ! ext5t          
practicable--  7,a7 m9imiz+ ! co/ &     
complexity ( compliance = affect$       
p>ties1 includ+ ! duplication ( report+ 
requirem5ts "u curr5t regulations2  7,b7
 adopt+ ! lea/ burd5some alt]native t   
a*ieves regulatory objectives2 &  7,c7  
prioritiz+ transp>5cy & /akehold]       
involvem5t 9 ! process ( issu+ ! rules4 
7#f7 ,p5alties  7,a7 ,9 g5]al ,!        
regulations issu$ "u p>agraph 7#a7 %all 
provide = ! imposition ( civil p5alties 
describ$ 9 subp>agraph 7,b7 = violations
 ( ! prohibition set =? 9 subsection    
7a74  7,b7 ,p5alties describ$  7i7      
,unlawful acts ,x %all be unlawful = a  
p]son to violate1 attempt to violate1   
conspire to violate1 or cause a         
violation ( any lic5se1 ord]1           
regulation1 notification requirem5t1 or 
prohibition issu$ "u ?is section4  7ii7 
,civil p5alty ,! ,secret>y may impose a 
civil p5alty on any p]son :o commits an 
unlawful act describ$ 9 clause 7i7 9 an 

am\nt n to exce$ ! great] (--  7,i7     
#bej1jjj2 or  7,,ii7 an am\nt t is twice
 ! am\nt ( ! transaction t is ! basis ( 
! violation ) respect to :i* ! p5alty is
 impos$4  7iii7 ,dive/m5t ,! ,secret>y  
may compel ! dive/m5t ( a cov]$ national
 security transaction 9 a prohibit$     
te*nology det]m9$ to be 9 violation (   
?is title4  7iv7 ,relief ,! ,presid5t   
may direct ! ,attorney ,g5]al ( ! ,unit$
 ,/ates to seek appropriate relief1     
includ+ dive/m5t relief1 9 ! di/rict    
c\rts ( ! ,unit$ ,/ates1 9 ord] to      
implem5t & en=ce ?is title4  7#g7 ,burd5
 ( pro( ,9 accordance ) section #eef7;d7
 ( title #e1 ,unit$ ,/ates ,code1 9 an  
en=cem5t action = a violation ( !       
prohibition set =? 9 subsection 7a71 !  
burd5 ( pro( %all be ^u ! ,secret>y4    
#hjb4 ,notification on inve/m5ts  7a7   
,m&atory notification ,n lat] ?an #dej  
days aft] ! date ( ! enactm5t ( ?is     
title1 ! ,secret>y %all issue           
regulations prescrib$ 9 accordance )    
subsection 7b71 to require a ,unit$     

,/ates p]son t engages 9 a cov]$        
national security transaction 9 a       
prohibit$ te*nology 7unless ! ,secret>y 
has ex]cis$ ! au?ority provid$ by       
section #hja7;a7 to prohibit kn[+ly     
engag+ 9 su* cov]$ national security    
transaction7 or a notifiable te*nology  
to submit to ! ,secret>y a writt5       
notification ( ! transaction n lat] ?an 
#cj days aft] ! completion date ( !     
transaction4  7b7 ,regulations  7#a7 ,9 
g5]al ,n lat] ?an #dej days aft] ! date 
( ! enactm5t ( ?is title1 ! ,secret>y1 9
 consultation ) ! ,secret>y ( ,comm]ce  
&1 z appropriate1 ! heads ( o!r relevant
 ,f$]al dep>tm5ts & ag5cies1 %all issue 
regulations to c>ry out ?is section 9   
accordance ) sub*apt] ,,ii ( *apt] #e & 
*apt] #g ( title #e1 ,unit$ ,/ates ,code
 7commonly kn[n z ,adm9i/rative         
,proc$ure ,act74  7#b7 ,public notice & 
comm5t ,! regulations issu$ "u p>agraph 
7#a7 %all be subject to public notice & 
comm5t4  7#c7 ,l[-burd5 regulations ,9  
issu+ regulations "u p>agraph 7#a71 !   

,secret>y %all balance ! priority (     
protect+ ! national security int]e/ ( ! 
,unit$ ,/ates :ile1 to ! ext5t          
practicable-- 7,a7 m9imiz+ ! co/ &      
complexity ( compliance = affect$       
p>ties1 includ+ ! duplication ( report+ 
requirem5ts "u curr5t regulation2  7,b7 
adopt+ ! lea/ burd5some alt]native t    
a*ieves regulatory objectives2 &  7,c7  
prioritiz+ transp>5cy & /akehold]       
involvem5t 9 ! process ( issu+ ! rules4 
7#d7 ,p5alties  7,a7 ,9 g5]al ,!        
regulations issu$ "u p>agraph 7#a7 %all 
provide = ! imposition ( civil p5alties 
describ$ 9 subp>agraph 7,b7 = violations
 ( ! notification requirem5t set =? 9   
subsection 7a74  7,b7 ,p5alties describ$
  7i7 ,unlawful acts ,x %all be unlawful
 = a p]son to violate1 attempt to       
violate1 conspire to violate1 or cause a
 violation ( any lic5se1 ord]1          
regulation1 notification requirem5t1 or 
prohibition issu$ "u ?is section4  7ii7 
,civil p5alty ,a civil p5alty may be    
impos$ on any p]son :o commits an       

unlawful act describ$ 9 clause 7i7 9 an 
am\nt n to exce$ ! great] (-- 7,i7      
#bej1jjj2 or  7,,ii7 an am\nt t is twice
 ! am\nt ( ! transaction t is ! basis ( 
! violation ) respect to :i* ! p5alty is
 impos$4  7#e7 ,burd5 ( pro( ,9         
accordance ) section #eef7;d7 ( title   
#e1 ,unit$ ,/ates ,code1 9 an en=cem5t  
action = a violation ( ! prohibition set
 =? 9 subsection 7a71 ! burd5 ( pro(    
%all be ^u ! ,secret>y4  7#f7           
,complet5ess ( notification  7,a7 ,9    
g5]al ,! ,secret>y %all1 ^u receipt ( a 
notification "u subsection 7a71 & 9     
consultation ) ! ,secret>y ( ,comm]ce1  
promptly inspect ! notification =       
complet5ess4  7,b7 ,incomplete          
notifications ,if a notification        
submitt$ "u subsection 7a7 is           
incomplete1 ! ,secret>y %all promptly   
in=m ! ,unit$ ,/ates p]son t submits !  
notification t ! notification is n      
complete & provide an explanation (     
relevant mat]ial respects 9 :i* !       
notification is n complete4  7#g7       

,id5tification ( non-notifi$ activity ,!
 ,secret>y1 9 coord9ation ) ! ,secret>y 
( ,comm]ce1 %all e/abli% a process to   
id5tify cov]$ national security         
transactions 9 a prohibit$ te*nology or 
a notifiable te*nology = :i*-- 7,a7 a   
notification is n submitt$ to !         
,secret>y "u subsection 7a72 &  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$
 ) ! ,secret>y 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 ,! 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 ( 
! ,secret>y to any dome/ic gov]nm5tal   
entity1 or to any =eign gov]nm5tal      
entity ( an ally or p>tn] ( ! ,unit$    
,/ates1 "u ! direction & au?orization ( 
! ,secret>y1 only to ! ext5t necess>y = 
national security purposes1 & subject to
 appropriate confid5tiality &           
classification requirem5ts4  7,d7       
,in=mation t ! p>ties h cons5t$ to be   
disclos$ to ?ird p>ties4  7,e7          
,in=mation :]e ! disclosure ( su*       
in=mation is det]m9$ by ! ,secret>y to  
be 9 ! national security int]e/4  7d7   
,inapplicability ,if ! ,secret>y        
prohibits a cov]$ national security     
transaction 9 a prohibit$ te*nology "u  
section #hja1 ! requirem5ts ( ?is       
section %all n apply ) respect to !     
cov]$ national security transaction4    
#hjc4 ,report  7a7 ,9 g5]al ,n lat] ?an 
"o ye> aft] ! date on :i* ! regulations 
issu$ "u section #hja7;e7 take effect1 &
 n less frequ5tly ?an annually !reaft] =

 #g ye>s1 ! ,secret>y1 9 consultation ) 
! ,secret>y ( ,comm]ce1 %all submit to !
 appropriate congressional committees a 
report t--  7#a7 li/s all en=cem5t      
actions tak5 subject to ! regulations   
dur+ ! ye> prec$+ submission ( ! report1
 :i* includes1 ) respect to ea* su*     
action1 a description (-- 7,a7 !        
prohibit$ te*nology or notifiable       
te*nology2  7,b7 ! cov]$ national       
security transaction2 &  7,c7 ! cov]$   
=eign p]son2  7#b7 provides an assessm5t
 ( :e!r ,congress %\ld am5d ! def9ition 
( ! t]m prohibit$ te*nology by-- 7,a7   
id5tify+ additional te*nologies1 n      
curr5tly li/$ z a prohibit$ te*nology1 t
 ! ,secret>y1 9 consultation ) !        
,secret>y ( ,comm]ce &1 z applicable1 ! 
,secret>y ( ,def5se1 ! ,secret>y (      
,/ate1 ! ,secret>y ( ,en]gy1 ! ,director
 ( ,national ,intellig5ce1 & ! heads (  
any o!r relevant ,f$]al ag5cies1        
det]m9es may pose an acute ?reat to !   
national security ( ! ,unit$ ,/ates if  
develop$ or acquir$ by a c\ntry (       

conc]n2  7,b7 expla9+ :y ea* te*nology  
id5tifi$ 9 subp>agraph 7,a7 may pose an 
acute ?reat to ! national security ( !  
,unit$ ,/ates if develop$ or acquir$ by 
a c\ntry ( conc]n2 &  7,c7 recomm5d+ !  
repeal ( te*nologies f ! category (     
prohibit$ te*nology to ! ext5t t !      
te*nologies no long] pose an acute ?reat
 to ! national security ( ! ,unit$      
,/ates if develop$ or acquir$ by a      
c\ntry ( conc]n2  7#c7 li/s all         
notifications submitt$ "u section #hjb  
dur+ ! ye> prec$+ submission ( ! report 
& includes1 ) respect to ea* su*        
notification-- 7,a7 basic in=mation on  
ea* p>ty to ! cov]$ national security   
transaction ) respect to :i* !          
notification 0 submitt$2 &  7,b7 !      
nature ( ! cov]$ national security      
transaction t 0 ! subject to !          
notification1 includ+ ! elem5ts ( !     
cov]$ national security transaction t   
necessitat$ a notification2  7#d7       
includes a summ>y ( ^? notifications1   
disaggregat$ by prohibit$ te*nology1    

notifiable te*nology1 by cov]$ national 
security transaction1 & by c\ntry (     
conc]n2  7#e7 provides additional       
context & in=mation reg>d+ tr5ds 9 !    
prohibit$ te*nology1 notifiable         
te*nology1 ! types ( cov]$ national     
security transaction1 & ! c\ntries      
involv$ 9 ^? notifications2 &  7#f7     
assesses ! ov]all impact ( ^?           
notifications1 includ+ recomm5dations   
=--  7,a7 exp&+ exi/+ ,f$]al programs to
 support ! production or supply (       
prohibit$ te*nologies or notifiable     
te*nologies 9 ! ,unit$ ,/ates1 includ+ !
 pot5tial ( exi/+ au?orities to address 
any relat$ national security conc]ns2   
7,b7 inve/m5ts ne$$ to enhance prohibit$
 te*nologies or notifiable te*nologies &
 r$uce dep5d5ce on c\ntries ( conc]n    
reg>d+ ^? te*nologies2 &  7,c7 !        
cont9uation1 expansion1 or modification 
( ! implem5tation & adm9i/ration ( ?is  
title1 includ+ recomm5dations ) respect 
to :e!r ! def9ition ( ! t]m #8c\ntry (  
conc]n' "u section #hjg7b7 %\ld be am5d$

 to add or remove c\ntries4  7b7        
,consid]ation ( c]ta9 in=mation ,9      
prep>+ ! report pursuant to subsection  
7a71 ! ,secret>y--  7#a7 %all consid]   
in=mation provid$ jo9tly by ! *airp]son 
& rank+ memb] ( any ( ! appropriate     
congressional committees2  7#b7 may     
consid] cr$ible in=mation obta9$ by o!r 
c\ntries & nongov]nm5tal organizations t
 monitor ! milit>y1 surveillance1       
intellig5ce1 or te*nology capabilities (
 a c\ntry ( conc]n2 &  7#c7 may consid] 
any o!r in=mation t ! ,secret>y deems   
relevant4  7c7 ,=m ( report ,ea* report 
requir$ by ?is section %all be submitt$ 
9 unclassifi$ =m1 b may include a       
classifi$ annex4  7d7 ,te/imony requir$ 
,n lat] ?an "o ye> aft] ! date ( !      
enactm5t ( ?is title1 & annually !reaft]
 = five ye>s1 ! ,secret>y & ! ,secret>y 
( ,comm]ce %all ea* provide to !        
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives te/imony ) respect to ! 

national security ?reats relat+ to      
inve/m5ts by ,unit$ ,/ates p]sons 9     
c\ntries ( conc]n & broad] int]national 
capital fl[s4  7e7 ,reque/s by          
appropriate congressional committees    
7#a7 ,9 g5]al ,aft] receiv+ a reque/ t  
meets ! requirem5ts ( p>agraph 7#b7 )   
respect to :e!r a te*nology %\ld be     
includ$ 9 ! am5dm5ts z describ$ 9       
subsection 7a77#b71 ! ,secret>y %all1 9 
prep>+ ! report pursuant to subsection  
7a7--  7,a7 det]m9e if t te*nology may  
pose an acute ?reat to ! national       
security ( ! ,unit$ ,/ates if develop$  
or acquir$ by a c\ntry ( conc]n2 &  7,b7
 include 9 ! report pursuant to         
subsection 7a7 an explanation ) respect 
to t det]m9ation t includes--  7i7 a    
/atem5t ( :e!r or n ! te*nology1 z      
det]m9$ by ! ,secret>y1 may pose an     
acute ?reat to ! national security ( !  
,unit$ ,/ates if develop$ or acquir$ by 
a c\ntry ( conc]n2 &  7ii7 if !         
,secret>y det]m9es t--  7,i7 ! te*nology
 may pose an acute ?reat to ! national  

security ( ! ,unit$ ,/ates if develop$  
or acquir$ by a c\ntry ( conc]n1 an     
explanation = su* det]m9ation & a       
recomm5dation :e!r t te*nology %\ld be  
nam$ a prohibit$ te*nology or a         
notifiable te*nology2 &  7,,ii7 !       
te*nology w\ld n pose an acute ?reat to 
! national security ( ! ,unit$ ,/ates if
 develop$ or acquir$ by a c\ntry (      
conc]n1 an explanation = su*            
det]m9ation4  7#b7 ,requirem5ts ,a      
reque/ "u p>agraph 7#a7 ) respect to    
:e!r a te*nology may pose an acute ?reat
 to ! national security ( ! ,unit$      
,/ates if develop$ or acquir$ by a      
c\ntry ( conc]n %all be submitt$ to !   
,secret>y 9 writ+ jo9tly by ! *airp]son 
& rank+ memb] ( "o or m ( ! appropriate 
congressional committees4  #hjd4        
,multilat]al engagem5t & coord9ation    
7a7 ,au?orities ,! ,secret>y1 9         
coord9ation ) ! ,secret>y ( ,/ate1 !    
,secret>y ( ,comm]ce1 & ! heads ( 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$ures to facilitate ! effective     
implem5tation ( & appropriate compliance
 ) ! prohibitions pursuant to ?is title2
  7#b7 ^u adoption ( protocols &        
proc$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 ( _! own1 = ! exclusive
 purpose ( prev5t+ ! developm5t or      
acquisition ( prohibit$ te*nologies by a
 c\ntry ( conc]n4  7b7 ,/rategy =       
multilat]al engagem5t & coord9ation ,n  
lat] ?an #ahj days aft] ! date ( !      
enactm5t ( ?is title1 ! ,secret>y1 9    
consultation ) ! ,secret>y ( ,/ate1 !   
,secret>y ( ,comm]ce1 & ! 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 pursuant to
 ?is title1 = ! exclusive purpose (     
prev5t+ ! developm5t & acquisition (    
prohibit$ te*nologies by a c\ntry (     
conc]n2 &  7#b7 assess opportunities to 
provide te*nical assi/ance to ^?        
c\ntries ) respect to ! developm5t ( ^? 
me*anisms4  7c7 ,report ,n lat] ?an "o  
ye> aft] ! date ( ! enactm5t ( ?is      
title1 & annually !reaft] = f\r ye>s1 ! 
,secret>y %all submit to ! appropriate  
congressional committees a report t     
includes-- 7#a7 a discussion ( any      
/rategy develop$ pursuant to subsection 
7b77#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 prohibitions2  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  7d7 ,appropriate   
congressional committees def9$ ,9 ?is   
section1 ! t]m appropriate congressional
 committees means--  7#a7 ! ,committee  
on ,=eign ,relations & ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate2 &  7#b7 ! ,committee on ,=eign  
,affairs & ! ,committee on ,f9ancial    
,s]vices ( ! ,h\se ( ,repres5tatives4   
#hje4 ,public database ( cov]$ =eign    
p]sons  7a7 ,9 g5]al ,! ,secret>y1 9    
consultation ) ! ,secret>y ( ,comm]ce1  
may e/abli% a publicly accessible1      
non-exhau/ive database t id5tifies cov]$
 =eign p]sons 9 a prohibit$ te*nology   
pursuant to ?is title4  7b7             
,confid5tiality ( evid5ce ,! ,secret>y  
%all e/abli% a me*anism = ! public1     
includ+ ,congress1 /akehold]s1 inve/ors1
 & nongov]nm5tal organizations1 to      
submit evid5ce on a confid5tial basis   
reg>d+ :e!r a =eign p]son is a cov]$    
=eign p]son 9 a prohibit$ te*nology &   
%\ld be includ$ 9 ! database describ$ 9 
subsection 7a71 if any4  7c7 ,exemption 

f disclosure  7#a7 ,9 g5]al ,except z   
provid$ 9 p>agraph 7#b71 any in=mation  
or docum5t>y mat]ial fil$ ) ! ,secret>y 
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 7o!r ?an ! id5tity ( a cov]$
 =eign p]son 9 accordance ) subsection  
7b774  7#b7 ,exceptions ,p>agraph 7#a7  
%all n prohibit ! disclosure ( ! foll[+3
  7,a7 ,in=mation relevant to any       
adm9i/rative or judicial action or      
proce$+4  7,b7 ,in=mation to ,congress  
or any duly au?oriz$ committee or       
subcommittee ( ,congress4  7,c7         
,in=mation important to ! national      
security analysis or actions ( !        
,secret>y to any dome/ic gov]nm5tal     
entity1 or to any =eign gov]nm5tal      
entity ( a ,unit$ ,/ates ally or p>tn]1 
"u ! exclusive direction & au?orization 
( ! ,secret>y1 only to ! ext5t necess>y 
= national security purposes1 & subject 
to appropriate confid5tiality &         

classification requirem5ts4  7,d7       
,in=mation t ! p>ties h cons5t$ to be   
disclos$ to ?ird p>ties4  7d7 ,rule (   
con/ruction ,! database describ$ 9      
subsection 7a71 if any1 %all n be       
consid]$ to be an exhau/ive or          
compreh5sive li/ ( cov]$ =eign p]sons = 
! purposes ( ?is title4  #hjf4 ,rule (  
con/ruction ,no?+ 9 ?is title may be    
con/ru$ to 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  #hjg4 ,def9itions ,9 ?is
 title3 7#a7 ,appropriate congressional 
committees ,except z provid$ by section 
#hjd7;d71 ! t]m appropriate             
congressional committees means--  7,a7 !
 ,committee on ,f9ancial ,s]vices1 !    
,committee on ,=eign ,affairs1 !        
,committee on ,en]gy & ,comm]ce1 & !    
,committee on ,appropriations ( ! ,h\se 

( ,repres5tatives2 &  7,b7 ! ,committee 
on ,bank+1 ,h\s+1 & ,urban ,affairs & ! 
,committee on ,appropriations ( !       
,s5ate4  7#b7 ,c\ntry ( conc]n ,! t]m   
c\ntry ( conc]n-- 7,a7 means ! ,p's     
,republic ( ,*9a2 &  7,b7 includes !    
,hong ,kong ,special ,adm9i/rative      
,region & ! ,macau ,special             
,adm9i/rative ,region4  7#c7 ,cov]$     
=eign p]son ,subject to regulations     
prescrib$ 9 accordance ) ?is title1 !   
t]m cov]$ =eign p]son means a =eign     
p]son t--  7,a7 is incorporat$ 91 has a 
pr9cipal place ( bus9ess 91 or is       
organiz$ "u ! laws ( a c\ntry ( conc]n2 
7,b7 is a memb] ( ! ,c5tral ,committee (
 ! ,*9ese ,communi/ ,p>ty2  7,c7 is     
subject to ! direction or control ( a   
c\ntry ( conc]n1 an entity describ$ 9   
subp>agraph 7,a7 or 7,b71 or ! /ate or !
 gov]nm5t ( a c\ntry ( conc]n 7includ+  
any political subdivision1 ag5cy1 or    
in/rum5tality !re(72 or  7,d7 is own$ 9 
! aggregate1 directly or indirectly1 #ej
 p]c5t or m by a c\ntry ( conc]n1 an    

entity describ$ 9 subp>agraph 7,a7 or   
7,b71 or ! /ate or ! gov]nm5t ( a c\ntry
 ( conc]n 7includ+ any political        
subdivision1 ag5cy1 or in/rum5tality    
!re(74  7#d7 ,cov]$ national security   
transaction  7,a7 ,9 g5]al ,subject to  
su* regulations z may be issu$ 9        
accordance ) ?is title1 ! t]m cov]$     
national security transaction means any 
activity engag$ 9 by a ,unit$ ,/ates    
p]son t involves-- 7i7 ! acquisition (  
an equity int]e/ or cont+5t equity      
int]e/ 9 a cov]$ =eign p]son2  7ii7 !   
provision ( a loan or simil> debt f9anc+
 arrangem5t to a cov]$ =eign p]son1 :]e 
su* debt f9anc+-- 7,i7 is conv]tible to 
an equity int]e/2 or  7,,ii7 af=ds or w 
af=d ! ,unit$ ,/ates p]son ! "r to make 
managem5t decisions ) respect to or on  
behalf ( a cov]$ =eign p]son or ! "r to 
appo9t memb]s ( ! bo>d ( directors 7or  
equival5t7 ( ! cov]$ =eign p]son2  7iii7
 ! entrance by su* ,unit$ ,/ates p]son  
into a jo9t v5ture ) a cov]$ =eign      
p]son2  7iv7 ! conv]sion ( a cont+5t    

equity int]e/ 7or int]e/ equival5t to a 
cont+5t equity int]e/7 or conv]sion (   
debt to an equity int]e/ 9 a cov]$ =eign
 p]son2  7v7 ! acquisition1 leas+1 or   
o!r developm5t ( op]ations1 l&1 prop]ty1
 or o!r assets 9 a c\ntry ( conc]n t w  
result 91 or t ! ,unit$ ,/ates p]son    
int5ds to result 9--  7,i7 ! e/abli%m5t 
( a cov]$ =eign p]son2 or  7,,ii7 !     
engagem5t ( a p]son ( a c\ntry ( conc]n 
9 a prohibit$ te*nology :]e x 0 n       
previ\sly engag$ 9 su* prohibit$        
te*nology2  7vi7 kn[+ly direct+         
transactions by =eign p]sons t ! ,unit$ 
,/ates p]son has k at ! "t ( !          
transaction w\ld con/itute an activity  
describ$ 9 clause 7i71 7ii71 7iii71     
7iv71 or 7v71 if engag$ 9 by a ,unit$   
,/ates p]son2 or  7vii7 ! acquisition ( 
a limit$ p>tn] or equival5t int]e/ 9 a  
v5ture capital fund1 private equity     
fund1 fund ( funds1 or o!r pool$        
inve/m5t fund t ! ,unit$ ,/ates p]son   
has k at ! "t ( ! acquisition1 int5ds to
 engage 9 an activity describ$ 9 clause 

7i71 7ii71 7iii71 7iv71 7v71 or 7vi74   
7,b7 ,exceptions ,subject to notice &   
comm5t regulations prescrib$ 9          
consultation ) ,congress & 9 accordance 
) ?is title1 ! t]m cov]$ national       
security transaction does n include--   
7i7 any transaction ! value ( :i* !     
,secret>y det]m9es is de m9imis2  7ii7  
any category ( transactions t !         
,secret>y det]m9es is 9 ! national      
int]e/ ( ! ,unit$ ,/ates2  7iii7 an     
inve/m5t--  7,i7 9 a security 7z def9$ 9
 section #c7;a7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a777 
t is trad$ on an ex*ange or !           
ov]-!-c\nt] m>ket 9 any jurisdiction2   
7,,ii7 9 a security issu$ by an inve/m5t
 company 7z def9$ 9 section #c ( !      
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#c77 t is regi/]$ ) !   
,securities & ,ex*ange ,commission2     
7,,iii7 made z a limit$ p>tn] or        
equival5t 9 a v5ture capital fund1      
private equity fund1 fund ( funds1 or   
o!r pool$ inve/m5t fund 7o!r ?an z      

describ$ 9 subclause 7,,ii77 :]e-- 7aa7 
! limit$ p>tn] or equival5t's committ$  
capital is n m ?an #b1jjj1jjj1 aggregat$
 across any inve/m5t & co-inve/m5t      
vehicles ( ! fund2 or  7bb7 ! limit$    
p>tn] or equival5t has secur$ a b9d+    
contractual assurance t its capital 9 ! 
fund w n be us$ to engage 9 a           
transaction t w\ld be a cov]$ national  
security transaction if engag$ 9 by a   
,unit$ ,/ates p]son2 or  7,,iv7 9 a     
d]ivative ( a security describ$ "u      
subclause 7,i71 7,,ii71 or 7,,iii72     
7iv7 any ancill>y transaction und]tak5  
by a f9ancial in/itution 7z def9$ 9     
section #ecab ( title #ca1 ,unit$ ,/ates
 ,code72  7v7 ! acquisition by a ,unit$ 
,/ates p]son ( ! equity or o!r int]e/   
own$ or held by a cov]$ =eign p]son 9 an
 entity or assets locat$ outside ( a    
c\ntry ( conc]n 9 :i* ! ,unit$ ,/ates   
p]son is acquir+ ! totality ( ! int]e/ 9
 ! entity held by ! cov]$ =eign p]son2  
7vi7 an intracompany transf] ( funds1 z 
def9$ 9 regulations prescrib$ 9         

accordance ) ?is title1 f a ,unit$      
,/ates p>5t company to a subsidi>y      
locat$ 9 a c\ntry ( conc]n or a         
transaction t1 b = ?is clause1 w\ld be a
 cov]$ national security transaction    
betwe5 a ,unit$ ,/ates p]son & its      
controll$ =eign p]son t supports        
op]ations t are n cov]$ national        
security transactions or t ma9ta9s cov]$
 national security transactions t !     
controll$ =eign p]son 0 engag$ 9 prior  
to ,janu>y #b1 #bjbe2  7vii7 a          
transaction second>y to a cov]$ national
 security transaction1 includ+--  7,i7  
contractual arrangem5ts or ! procurem5t 
( mat]ial inputs = any cov]$ national   
security transaction 7su* z raw         
mat]ials72  7,,ii7 bank l5d+2  7,,iii7 !
 process+1 cle>+1 or s5d+ ( paym5ts by a
 bank2  7,,iv7 und]writ+ s]vices2  7,v7 
debt rat+ s]vices2  7,,vi7 prime        
brok]age2  7,,vii7 global cu/ody2       
7,,viii7 equity rese>* or analysis2 or  
7,,ix7 o!r simil> s]vices2  7viii7 any  
ord9>y or adm9i/rative bus9ess          

transaction z may be def9$ 9 su*        
regulations2 or  7ix7 any transaction   
complet$ be=e ! date ( ! enactm5t ( ?is 
title4  7,c7 ,ancill>y transaction def9$
 ,9 ?is p>agraph1 ! t]m ancill>y        
transaction means--  7i7 ! process+1    
settl+1 cle>+1 or s5d+ ( paym5ts & ca%  
transactions2  7ii7 und]writ+ s]vices2  
7iii7 cr$it rat+ s]vices2 &  7iv7 o!r   
s]vices ord9>ily incid5t to & "p ( !    
provision ( f9ancial s]vices1 su* z op5+
 deposit acc\nts1 direct cu/ody s]vices1
 =eign ex*ange s]vices1 remittances     
s]vices1 & safe deposit s]vices4  7#e7  
,=eign p]son ,! t]m =eign p]son means a 
p]son t is n a ,unit$ ,/ates p]son4     
7#f7 ,notifiable te*nology  7,a7 ,9     
g5]al ,! t]m notifiable te*nology means 
a te*nology ) respect to :i* a cov]$    
=eign p]son--  7i7 designs any advanc$  
integrat$ circuit t is n cov]$ "u       
p>agraph 7#h77;,a77iii72  7ii7          
fabricates any integrat$ circuit t is n 
cov]$ "u p>agraph 7#h77;,a77iv72  7iii7 
packages any integrat$ circuit t is n   

cov]$ "u p>agraph 7#h77;,a77v72 or  7iv7
 develops any artificial intellig5ce    
sy/em t is n cov]$ "u clause 7vii71     
7viii71 7ix71 or 7xvi7 ( p>agraph       
7#h77;,a71 & t is--  7,i7 design$ to be 
us$ =-- 7aa7 any milit>y end use 7su* z 
= weapons t>get+1 t>get id5tification1  
combat simulation1 milit>y vehicle or   
weapons control1 milit>y decision-mak+1 
weapons design 7includ+ *emical1        
biological1 radiological1 or nucle>     
weapons71 or combat sy/em logi/ics &    
ma9t5ance72 or  7bb7 any gov]nm5t       
intellig5ce or mass-surveillance end use
 7su* z ?r\gh incorporation ( features  
su* z m9+ text1 audio1 or video1 image  
recognition1 location track+1 or        
surreptiti\s li/5+ devices72  7,,ii7    
int5d$ by ! cov]$ =eign p]son or jo9t   
v5ture to be us$ =--  7aa7 cyb]security 
applications2  7bb7 digital =5sics      
tools2  7cc7 p5etration te/+ tools2 or  
7dd7 control ( robotic sy/ems2 or       
7,,iii7 tra9$ us+ a quantity ( comput+  
p[] great] ?an #ajbc computational      

op]ations 7su* z integ] or float+-po9t  
op]ations74  7,b7 ,updates ,! ,secret>y1
 9 consultation ) ,congress1 may        
prescribe regulations 9 accordance ) ?is
 title to ref9e ! te*nical p>amet]s (   
te*nologies describ$ 9 subp>agraph 7,a7 
z reasonably ne$$ = national security   
purposes or to add or remove categories 
to or f ! li/ 9 subp>agraph 7,a74  7#g7 
,p>ty ,! t]m #8p>ty'1 ) respect to a    
cov]$ national security transaction1 has
 ! mean+ giv5 t t]m 9 regulations       
prescrib$ 9 accordance ) ?is title4     
7#h7 ,prohibit$ te*nology  7,a7 ,9 g5]al
 ,! t]m prohibit$ te*nology means a     
te*nology ) respect to :i* a cov]$ =eign
 p]son--  7i7 develops or produces any  
design automation s(tw>e = ! design (   
integrat$ circuits or advanc$ packag+2  
7ii7 develops or produces any--  7,i7   
electronic design automation s(tw>e = ! 
design ( integrat$ circuits or advanc$  
packag+2  7,,ii7 front-end semiconductor
 fabrication equipm5t design$ = ! volume
 fabrication ( integrat$ circuits1      

includ+ equipm5t us$ 9 ! production     
/ages f a blank waf] or sub/rate to a   
complet$ waf] or sub/rate2 or  7,,iii7  
equipm5t = p]=m+ volume advanc$ packag+2
  7iii7 designs any integrat$ circuit   
designs t meet or exce$ ! specifications
 set 9 ,export ,control ,classification 
,numb] 7,,eccn7 #c;,a#jij 9 ,supplem5t  
,no4 #a to ! ,export ,adm9i/ration      
,regulations1 or integrat$ circuits     
design$ = op]ation at or bel[ #d4e      
,kelv92  7iv7 fabricates integrat$      
circuits t are-- 7,i7 logic integrat$   
circuits us+ a non-plan> transi/or      
ar*itecture or ) a te*nology node (     
#af_/ad nanomet]s or less1 includ+ fully
 deplet$ silicon-on-insulator 7,,fdsoi7 
integrat$ circuits2  7,,ii7 ,,n-,,&     
7,,n&7 memory integrat$ circuits ) #abh 
lay]s or m2  7,,iii7 dynamic r&om-access
 memory 7,,dram7 integrat$ circuits us+ 
a te*nology node ( #ah nanomet]         
half-pit* or less2  7,,iv7 integrat$    
circuits manufactur$ f a gallium-bas$   
comp\nd semiconductor2  7,v7 integrat$  

circuits us+ graph5e transi/ors or c>bon
 nanotubes2 or  7,,vi7 integrat$        
circuits design$ = op]ation at or bel[  
#d4e ,kelv92  7v7 packages any integrat$
 circuit us+ advanc$ packag+ te*niques2 
7vi7 develops1 designs1 or produces any 
commodity1 mat]ial1 s(tw>e1 or te*nology
 design$ exclusively = use 9 or )       
extreme ultraviolet li?ography          
fabrication equipm5t2  7vii7 develops1  
designs1 or produces any artificial     
intellig5ce models tra9$ ) at lea/ #ajbe
 float+ po9t op]ations2  7viii7         
develops1 designs1 or produces any      
artificial intellig5ce models t rely ^u 
or utilize advanc$ integrat$ circuits t 
meet or exce$ ! specifications set 9    
,export ,control ,classification ,numb] 
7,,eccn7 #c;,a#jij 9 ,supplem5t ,no4 #a 
to ! ,export ,adm9i/ration ,regulations2
  7ix7 develops1 designs1 or produces   
any artificial intellig5ce models       
design$ = use by ! ,gov]nm5t ( ! ,p's   
,republic ( ,*9a1 its special           
adm9i/rative regions1 or its ag5cies &  

in/rum5talities2  7x7 develops a quantum
 comput] or produces any critical       
compon5ts requir$ to produce a quantum  
comput] su* z a dilution refrig]ator or 
two-/age pulse tube cryocool]2  7xi7    
develops or produces any quantum s5s+   
plat=m design$ =1 or :i* ! relevant     
cov]$ =eign p]son int5ds to be us$ =1   
any milit>y1 gov]nm5t intellig5ce1 or   
mass-surveillance end use2  7xii7       
develops or produces quantum networks or
 quantum communication sy/ems design$ = 
or int5d$ to be us$ =-- 7,i7 network+ to
 scale up ! capabilities ( quantum      
comput]s1 su* z = ! purposes ( break+ or
 compromis+ encryption2  7,,ii7 secure  
communications1 su* z quantum key       
di/ribution2 or  7,,iii7 any o!r        
application t has any milit>y1 gov]nm5t 
intellig5ce1 or mass-surveillance end   
use2  7xiii7 develops1 designs1 or      
produces mat]ials1 compon5ts1 avionics1 
flight control1 propulsion1 ,global     
,position+ ,sy/em 7,,gps71 data relay1 &
 t>get detection sy/ems design$ = use 9 

hyp]sonic sy/ems or capable ( su/a9able 
op]ations above #a1jjj degrees ,celsius2
  7xiv7 develops1 in/alls1 sells1 or    
produces any sup]comput] enabl$ by      
advanc$ integrat$ circuits t c provide  
!oretical compute capacity ( #ajj or m  
d\ble-precision 7#fd-;bit7 petaflops or 
#bjj or m s+le-precision 7#cb-;bit7     
petaflops ( process+ p[] )9 a #da1fjj   
cubic foot or small] envelope2  7xv7    
develops1 designs1 or produces any o!r  
te*nologies 9 ! advanc$ semiconductors &
 microelectronics sector1 ! artificial  
intellig5ce sector1 ! high-p]=mance     
comput+ & sup]comput+ sector1 !         
hyp]sonic missiles sector1 or ! quantum 
in=mation sci5ce & te*nology sector t   
are-- 7,i7 def5se articles or def5se    
s]vices includ$ on ! ,unit$ ,/ates      
,munitions ,li/ set =? 9 ! ,int]national
 ,traffic 9 ,arms ,regulations "u       
sub*apt] ,m ( *apt] ,i ( title #bb1     
,code ( ,f$]al ,regulations2  7,,ii7    
specially design$ & prep>$ nucle>       
equipm5t1 p>ts or compon5ts1 mat]ials1  

s(tw>e1 or te*nologies cov]$ by "p #haj 
( title #aj1 ,code ( ,f$]al ,regulations
 7relat+ to assi/ance to =eign atomic   
en]gy activities72  7,,iii7 nucle>      
facilities1 equipm5t1 or mat]ials cov]$ 
by "p #aaj ( title #aj1 ,code ( ,f$]al  
,regulations 7relat+ to export & import 
( nucle> equipm5t & mat]ial72 or  7,,iv7
 em]g+ or f\ndational te*nologies       
controll$ pursuant to section #ageh ( ! 
,export ,control ,re=m ,act ( #bjah 7#ej
 ,u4,s4,c4 #dhag72 or  7xvi7 develops   
any artificial intellig5ce sy/em t is   
design$ to be exclusively us$ =1 or :i* 
! relevant cov]$ =eign p]son int5ds to  
be us$ =1 any--  7,i7 milit>y end use   
7su* z = weapons t>get+1 t>get          
id5tification1 combat simulation1       
milit>y vehicle or weapon control1      
milit>y decision-mak+1 weapons design   
7includ+ *emical1 biological1           
radiological1 or nucle> weapons71 or    
combat sy/em logi/ics & ma9t5ance72 or  
7,,ii7 gov]nm5t intellig5ce or          
mass-surveillance end 7su* z ?r\gh      

incorporation ( features su* z m9+ text1
 audio1 or video1 image recognition1    
location track+1 or surreptiti\s li/5+  
devices74  7,b7 ,updates ,! ,secret>y1 9
 consultation ) ,congress1 may prescribe
 regulations 9 accordance ) ?is title to
 make updates to ! te*nical p>amet]s (  
te*nologies describ$ 9 subp>agraph 7,a7 
z reasonably ne$$ = national security   
purposes4  7#i7 ,secret>y ,except z     
o!rwise provid$1 ! t]m ,secret>y means !
 ,secret>y ( ! ,treasury4  7#aj7 ,unit$ 
,/ates p]son ,! t]m ,unit$ ,/ates p]son 
means-- 7,a7 any ,unit$ ,/ates citiz5 or
 an ali5 lawfully admitt$ = p]man5t     
resid5ce to ! ,unit$ ,/ates2  7,b7 an   
entity organiz$ "u ! laws ( ! ,unit$    
,/ates or ( any jurisdiction )9 ! ,unit$
 ,/ates 7includ+ any =eign bran* ( su*  
an entity72 or  7,c7 any p]son 9 !      
,unit$ ,/ates4  4  ,,iii ,securities &  
relat$ matt]s  #cja4 ,requirem5ts relat+
 to ! ,non-,,sdn ,*9ese                 
,milit>y-,indu/rial ,complex ,companies 
,li/  7a7 ,report  7#a7 ,9 g5]al ,n lat]

 ?an #cfe days aft] ! date ( ! enactm5t 
( ?is ,act1 & bi5nially !reaft] = #f    
ye>s1 ! ,secret>y %all submit to !      
appropriate congressional committees a  
report t /ates :e!r any ( ! foll[+ =eign
 p]sons qualifies = inclusion on !      
,non-,,sdn ,*9ese ,milit>y-,indu/rial   
,complex ,companies ,li/3 7,a7 ,any     
,,prc p]son li/$ on ! ,milit>y ,end-,us]
 ,li/ 7,supplem5t ,no4 #g to "p #gdd ( !
 ,export ,adm9i/ration ,regulations74   
7,b7 ,any ,,prc p]son li/$ pursuant to  
section #abfj;,h ( ! ,william ,m4 7,mac7
 ,?ornb]ry ,national ,def5se            
,au?orization ,act = ,fiscal ,ye> #bjba 
7#aj ,u4,s4,c4 #aac note74  7,c7 ,any   
,,prc p]son li/$ on ! ,dep>tm5t (       
,comm]ce's ,entity ,li/ 7,supplem5t ,no4
 #d to "p #gdd ( ! ,export ,adm9i/ration
 ,regulations74  7#b7 ,process requir$  
,to prep>e ! reports "u p>agraph 7#a71 !
 ,presid5t %all e/abli% a process "u :i*
 ! ,f$]al ag5cies responsible = adm9i/]+
 ! li/s describ$ 9 subp>agraphs 7,a71   
7,b71 & 7,c7 ( p>agraph 7#a7 %all %>e ) 

ea* o!r all relevant in=mation t l$ to !
 id5tification ( ! entities describ$ 9  
su* li/s4  7#c7 ,risk-bas$              
prioritization framework ,9 mak+ !      
initial det]m9ations "u p>agraph 7#a71 !
 ,secret>y may e/abli% a risk-bas$      
prioritization framework factor+ 9      
prioritization ( entity review submitt$ 
to ! ,secret>y by ! ,f$]al ag5cies      
adm9i/]+ ! li/s describ$ 9 subp>agraphs 
7,a71 7,b71 & 7,c7 ( p>agraph 7#a74     
7#d7 ,annual reports to ! appropriate   
congressional committees ,! report "u   
p>agraph 7#a7 may summ>ize f9d+s conc]n+
 entities previ\sly review$ pursuant to 
?is section & d n necessitate additional
 review by ! ,secret>y4  7#e7 ,matt]s to
 be includ$ ,! ,secret>y %all include 9 
! report requir$ by p>agraph 7#a7 an    
ov]view ( ! crit]ia requir$ = li/+ on   
,non-,,sdn ,*9ese ,milit>y-,indu/rial   
,complex ,companies ,li/4 ,! heads ( !  
,f$]al ag5cies adm9i/]+ ! li/s describ$ 
9 subp>agraphs 7,a71 7,b71 & 7,c7 (     
p>agraph 7#a7 %all provide an ov]view ( 

! crit]ia = entity id5tification or li/+
 on ea* respective li/4  7b7 ,requirem5t
 = dive/m5t  7#a7 ,9 g5]al ,! ,presid5t 
%all promulgate rules t prohibit a      
,unit$ ,/ates p]son f kn[+ly hold+      
securities ( entities on ! ,non-,,sdn   
,*9ese ,milit>y-,indu/rial ,complex     
,companies ,li/1 aft] ! date t is #cfe  
days aft] ! date ( enactm5t ( ?is ,act4 
7#b7 ,au?orization ,! prohibitions on   
inve/m5t impos$ "u p>agraph 7#a7 %all n 
apply to a transaction 9 a security t is
 ent]$ into on or be=e ! date t is #cfe 
days aft] ! date ( enactm5t ( ?is ,act  
by a ,unit$ ,/ates p]son1 if su*        
transaction is ent]$ into solely to     
dive/ ( ! security4  7c7 ,waiv]  7#a7 ,9
 g5]al ,! ,presid5t may e/abli% a       
process "u :i* ! requirem5ts (          
subsection 7b7 %all n apply if !        
,presid5t det]m9es to d s is necess>y to
 protect ! national security or =eign   
policy objectives ( ! ,unit$ ,/ates4    
7#b7 ,case-by-case requirem5t           
,det]m9ations "u p>agraph 7#a7 %all be  

issu$ on a case-by-case basis = ea*     
entity on ! ,non-,,sdn ,*9ese           
,milit>y-,indu/rial ,complex ,companies 
,li/4  7#c7 ,notice & brief+ ,!         
,presid5t %all notify ! appropriate     
congressional committees 9 writ+ 9      
advance ( issu+ a det]m9ation "u        
p>agraph 7#a7 & %all provide a          
sub/antive brief+ on ! det]m9ation to ! 
appropriate congressional committees )9 
#cj days ( issu+ a det]m9ation4  7d7    
,def9itions ,9 ?is section3  7#a7       
,appropriate congressional committees ,!
 t]m appropriate congressional          
committees means-- 7,a7 ! ,committee on 
,f9ancial ,s]vices & ! ,committee on    
,=eign ,affairs ( ! ,h\se (             
,repres5tatives2 &  7,b7 ! ,committee on
 ,bank+1 ,h\s+1 & ,urban ,affairs ( !   
,s5ate4  7#b7 ,c\ntry ( conc]n ,! t]m   
c\ntry ( conc]n--  7,a7 means ! ,p's    
,republic ( ,*9a2 &  7,b7 includes !    
,hong ,kong ,special ,adm9i/rative      
,region & ! ,macau ,special             
,adm9i/rative ,region4  7#c7 ,non-,,sdn 

,*9ese ,milit>y-,indu/rial ,complex     
,companies ,li/ ,! t]m ,non-,,sdn ,*9ese
 ,milit>y-,indu/rial ,complex ,companies
 ,li/ means ! li/ ma9ta9$ by ! ,(fice ( 
,=eign ,assets ,control ( ! ,dep>tm5t ( 
! ,treasury "u ,executive ,ord] #aciei1 
z am5d$ by ,executive ,ord] #adjcb 7#ej 
,u4,s4,c4 #agja note2 relat+ to address+
 ! ?reat f securities inve/m5ts t f9ance
 c]ta9 companies ( ! ,p's ,republic (   
,*9a71 & any successor ord]4  7#d7 ,,prc
 p]son ,! t]m ,,prc p]son means a =eign 
p]son t--  7,a7 is incorporat$ 9 a      
pr9cipal place ( bus9ess 91 or is       
organiz$ "u ! laws (1 a c\ntry ( conc]n2
  7,b7 is a memb] ( ! ,c5tral ,committee
 ( ! ,*9ese ,communi/ ,p>ty2  7,c7 is ! 
/ate or ! gov]nm5t ( a c\ntry ( conc]n1 
z well z any political subdivision1     
ag5cy1 or in/rum5tality !re(2 or  7,d7  
is own$ 9 ! aggregate1 directly or      
indirectly1 #ej p]c5t or m by an entity 
or a gr\p ( entities describ$ 9         
subp>agraph 7,a71 7,b71 or 7,c74