,,ii  #aai? ,,congress  #a/ ,session    
,s4 #ceee  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ag1 #bjbe,mr4
 ,cornyn 7= himself1 ,ms4 ,cortez ,ma/o1
 ,mr4 ,scott ( ,s\? ,c>ol9a1 ,ms4 ,w>r51
 & ,mr4 ,sullivan7 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 c\ntries ( conc]n4  #a4 
,%ort title2 ,table ( cont5ts  7a7 ,%ort
 title ,?is ,act may be cit$ z !        
,compreh5sive ,outb\nd ,inve/m5t        
,national ,security ,act ( #bjbe4  7b7  
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title2 ,table ( cont5ts4,,title         
,i--,g5]al ,matters,sec4 #aja4 ,secret>y
 def9$4,sec4 #ajb4 ,sev]ability4,sec4   
#ajc4 ,au?orization (                   

appropriations4,sec4 #ajd4 ,s5se (      
,congress4,sec4 #aje4 ,t]m9ation4,,title
 ,,ii--,imposition ( ,sanctions,sec4    
#bja4 ,imposition ( sanctions4,sec4     
#bjb4 ,def9itions4,sec4 #bjc4 ,exception
 relat+ to importation ( goods4,,title  
,,iii--,prohibition & notification on   
inve/m5ts relat+ to cov]$ national      
security transactions,sec4 #cja4        
,prohibition & notification on inve/m5ts
 relat+ to cov]$ national security      
transactions4,,title ,,iv--,securities &
 ,relat$ ,matters,sec4 #dja4            
,requirem5ts relat+ to ! ,non-,,sdn     
,*9ese ,milit>y-,indu/rial ,complex     
,companies ,li/4  ,i ,g5]al ,matt]s     
#aja4 ,secret>y def9$ ,except z o!rwise 
provid$1 9 ?is ,act1 ! t]m ,secret>y    
means ! ,secret>y ( ! ,treasury4  #ajb4 
,sev]ability ,if any provision ( ?is    
,act or any am5dm5t made by ?is ,act1 or
 ! application !re(1 is held invalid1 ! 
validity ( ! rema9d] ( ?is ,act or any  
am5dm5t made by ?is ,act & ! application
 ( su* provision to o!r p]sons &        

circum/ances %all n be affect$ !reby4   
#ajc4 ,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 ,act or any       
am5dm5t made by ?is ,act1 & to adm9i/] !
 provisions ( ?is ,act or any am5dm5t   
made by ?is ,act1 = ea* ( ! fir/ two    
fiscal ye>s beg9n+ on or aft] ! date ( !
 enactm5t ( ?is ,act1 to c>ry out ?is   
,act or any am5dm5t made by ?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 ,act or any am5dm5t made by ?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 ,act or   
any am5dm5t made by ?is ,act4  #ajd4    
,s5se ( ,congress ,x is ! s5se (        
,congress t-- 7#a7 due to ! fact t !re  
are c\ntless kn[n & unkn[n entities 9   
c\ntries ( conc]n1 to include ! ,p's    
,republic ( ,*9a 7,,prc71 develop+      
dual-use /rategic te*nologies t b5efit a
 =eign adv]s>y's milit>y mod]nization   
ef=ts1 surveillance /ates1 & human      
rights abuses1 re/rict+ c]ta9 ,unit$    
,/ates outb\nd inve/m5ts into ^!        
te*nologies 9 c\ntries ( conc]n is      
necess>y to prev5t h>m to ,unit$ ,/ates 
national security & =eign policy        
int]e/s2 &  7#b7 ! ,presid5t %\ld !re=e 
ex]cise ! au?orities grant$ 9 ?is ,act  
or any am5dm5t made by ?is ,act to      
prev5t c\ntries ( conc]n f exploit+     
,unit$ ,/ates capital to und]m9e ,unit$ 

,/ates national security & =eign policy 
int]e/s4  #aje4 ,t]m9ation ,?is ,act &  
any am5dm5t made by ?is ,act %all cease 
to h any =ce or effect on ! date t is   
sev5 ye>s aft] ! date ( ! enactm5t ( ?is
 ,act4  ,,ii ,imposition ( ,sanctions   
#bja4 ,imposition ( sanctions  7a7 ,9   
g5]al ,! ,presid5t may impose !         
sanctions describ$ 9 subsection 7b7 )   
respect to any =eign p]son det]m9$ 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 prohibit any ,unit$   
,/ates p]son f inve/+ 9 or pur*as+      
significant am\nts ( equity or debt     
in/rum5ts ( a =eign p]son t is det]m9$  
to be a cov]$ =eign p]son pursuant to   
subsection 7a74  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-- 7#a7 any activity subject 
to ! report+ requirem5ts "u title ,v ( !
 ,national ,security ,act ( #aidg 7#ej  
,u4,s4,c4 #cjia et seq472 or  7#b7 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  7#a7 ,9 g5]al ,n lat] ?an "o 
ye> aft] ! date ( ! enactm5t ( ?is ,act1
 & annually !reaft] = sev5 ye>s1 !      

,presid5t %all submit to ! appropriate  
congressional committees a report t     
/ates :e!r any =eign p]son on !         
,non-,,sdn ,*9ese ,milit>y-,indu/rial   
,complex ,companies ,li/ is a cov]$     
=eign p]son4  7#b7 ,=m ,! report requir$
 by p>agraph 7#a7 %all be submitt$ 9    
unclassifi$ =m1 b may include a         
classifi$ annex4  7g7 ,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 
7h7 ,rule ( con/ruction ,no?+ 9 ?is     
section may be con/ru$ to limit !       
au?ority ( ! ,presid5t to designate     
=eign p]sons = ! imposition ( sanctions 
pursuant to any o!r provision ( ,f$]al  
law1 includ+ ! ,int]national ,em]g5cy   
,economic ,p[]s ,act 7#ej ,u4,s4,c4     
#agja et seq474  #bjb4 ,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 means !   
,p's ,republic ( ,*9a1 includ+ ! ,hong  
,kong & ,macau ,special ,adm9i/rative   
,regions4  7#c7 ,cov]$ =eign p]son ,!   
t]m cov]$ =eign p]son means a =eign     
p]son-- 7,a7 t is incorporat$ 91 has a  
pr9cipal place ( bus9ess 91 or is       
organiz$ "u ! laws ( a c\ntry ( conc]n2 
7,b7 t is a memb] ( ! ,c5tral ,committee
 ( ! ,*9ese ,communi/ ,p>ty or memb] ( !
 political lead]%ip ( a c\ntry ( conc]n2
  7,c7 t is ! /ate or ! gov]nm5t ( a    
c\ntry ( conc]n1 z well z any political 
subdivision1 ag5cy1 or in/rum5tality    
!re(2  7,d7 t is subject to ! direction 
or control ( any entity describ$ 9      
subp>agraphs 7,a7 ?r\gh 7,c72 or  7,e7 t
 is own$ 9 ! aggregate1 directly or     
indirectly1 #ej p]c5t or m by an entity 

or a gr\p ( entities describ$ 9         
subp>agraphs 7,a7 ?r\gh 7,c72 &  7,f7 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]son t is n a ,unit$ ,/ates p]son4     
7#e7 ,kn[+ly ,! t]m kn[+ly1 ) respect to
 conduct1 a circum/ance1 or a result1   
means t a p]son has actual k1 or %\ld h 
kn[n1 ( ! conduct1 ! circum/ance1 or !  
result4  7#f7 ,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#g7     
,p]son ,! t]m p]son means an individual 

or entity4  7#h7 ,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  #bjc4
 ,exception relat+ to importation (     
goods  7a7 ,9 g5]al ,! au?orities &     
requirem5ts to impose sanctions au?oriz$
 "u ?is ,act %all n include ! au?ority  
or requirem5t to impose sanctions on !  
importation ( goods4  7b7 ,good def9$ ,9
 ?is section1 ! t]m good means any      
article1 natural or manmade sub/ance1   
mat]ial1 supply or manufactur$ product1 
includ+ inspection & te/ equipm5t1 &    
exclud+ te*nical data4  ,,iii           
,prohibition & notification on inve/m5ts
 relat+ to cov]$ national security      
transactions  #cja4 ,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]son1 includ+ its controll$ =eign     
entities1 f kn[+ly engag+ 9 a cov]$     
national security transaction 9 any     
prohibit$ te*nology4  7b7 ,evasion ,any 
action 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$4   
7c7 ,exemptions  7#a7 ,national int]e/  
exemption ,subject to subsection 7d71 ! 
,secret>y is au?oriz$ to exempt f !     
prohibition set =? 9 subsection 7a7 any 
activity det]m9$ by ! ,presid5t1 9      
consultation ) ! ,secret>y1 or delegat$ 
to ! ,secret>y1 9 coord9ation ) !       
,secret>y ( ,comm]ce1 ! ,secret>y (     

,/ate1 &1 z appropriate1 ! heads ( o!r  
relevant ,f$]al dep>tm5ts & ag5cies1 to 
be 9 ! national int]e/ ( ! ,unit$       
,/ates4  7#b7 ,intellig5ce exemption    
,regulations issu$ "u subsection 7e7    
%all n apply to any au?oriz$ intellig5ce
 activities ( ! ,unit$ ,/ates4  7d7     
,congressional notification ,! ,secret>y
 %all-- 7#a7 notify ! appropriate       
congressional committees n lat] ?an five
 bus9ess days aft] issu+ an exemption "u
 subsection 7c72 &  7#b7 include 9 su*  
notification an id5tification ( !       
national int]e/ ju/ify+ ! use ( !       
exemption1 subject to appropriate       
confid5tiality & classification         
requirem5ts4  7e7 ,regulations  7#a7 ,9 
g5]al ,! ,secret>y1 9 consultation ) !  
,secret>y ( ,comm]ce1 ! ,secret>y (     
,/ate &1 z appropriate1 ! heads ( o!r   
relevant ,f$]al dep>tm5ts & ag5cies1 may
 issue or update exi/+ regulations to   
c>ry out ?is section subject to public  
notice & comm5t 9 accordance ) sub*apt] 
,,ii ( *apt] #e & *apt] #g ( title #e1  

,unit$ ,/ates ,code1 & n subject to !   
requirem5ts ( section #gji4 ,!          
regulations issu$ pursuant to ?is       
p>agraph %all1 z necess>y1 am5d1        
t]m9ate1 sup]s$e1 revoke1 or /reaml9e   
exi/+ requirem5ts 9 "p #hej ( title #ca1
 ,code ( ,f$]al ,regulations 7! ,outb\nd
 ,inve/m5t ,rule7 & %all provide a      
reasonable timeframe = compliance4  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/ to receive non-b9d+ fe$back on a 
confid5tial basis1 or z anonymiz$       
guidance to ! public1 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 ,notice2         
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$ & self-disclos$ 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 ,l[-burd5 regulations ,9  
issu+ regulations "u p>agraph 7#a71 !   
,secret>y %\ld 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#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  #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 itself or ^: controll$   
=eign entity kn[+ly 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]ce1 
! ,secret>y ( ,/ate1 &1 z appropriate1 !
 heads ( o!r relevant ,f$]al dep>tm5ts &
 ag5cies1 %all issue regulations to c>ry
 out ?is section subject to public      
notice & comm5t 9 accordance ) sub*apt] 
,,ii ( *apt] #e & *apt] #g ( title #e1  
,unit$ ,/ates ,code1 & n subject to !   
requirem5ts ( section #gji4 ,!          
regulations issu$ pursuant to ?is       
p>agraph %all z necess>y1 am5d1 t]m9ate1
 sup]s$e1 revoke1 or /reaml9e exi/+     
requirem5ts 9 "p #hej ( title #ca1 ,code
 ( ,f$]al ,regulations 7! ,outb\nd      
,inve/m5t ,rule7 & %all provide a       
reasonable timeframe = compliance4  7#b7
 ,l[-burd5 regulations ,9 issu+         
regulations "u p>agraph 7#a71 !         
,secret>y %\ld 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#c7 ,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#d7 ,complet5ess (    
notification  7,a7 ,9 g5]al ,! ,secret>y
 %all1 ^u receipt ( a notification "u   
subsection 7a71 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#e7       
,id5tification ( non-notifi$ activity ,!

 ,secret>y %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 
,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 
#ah mon?s aft] ! date ( enactm5t ( ?is  
title1 & n less frequ5tly ?an annually  
!reaft]1 ! ,secret>y1 9 consultation ) !
 ,secret>y ( ,comm]ce &1 z appropriate1 
! heads ( o!r relevant ,f$]al dep>tm5ts 
& ag5cies1 %all submit to ! appropriate 
congressional committees a report1      
subject to appropriate confid5tiality & 
classification requirem5ts1 t-- 7#a7    
li/s all en=cem5t actions tak5 subject  
to ! exi/+ regulations & regulations    

issu$ "u section #hja7;e7 & #hjb7;b7    
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,d7 ! relevant ,unit$  
,/ates p]son2  7#b7 provides an         
assessm5t ( ! def9ition ( ! t]m         
prohibit$ te*nology "u exi/+ regulations
 or regulations issu$ "u section        
#hja7;e7 or #hjb7;b7 by-- 7,a7 id5tify+ 
additional te*nologies 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$]al      
ag5cies1 det]m9$ "u exi/+ regulations or
 regulations issu$ pursuant to #hja7;e7 
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 describ+ any   
removal ( te*nologies f ! category (    
prohibit$ te*nology "u exi/+ regulations
 or regulations issu$ "u section        
#hja7;e7 dur+ ! report+ p]iod 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 exi/+         
regulations or regulations issu$ 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 ( !           
notification1 includ+ ! elem5ts ( !     
cov]$ national security transaction t   
necessitat$ a notification2  7#d7       

includes a summ>y ( ^? notifications1   
disaggregat$ by prohibit$ te*nology1 by 
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$uce ,unit$ ,/ates dep5d5ce on        
c\ntries ( conc]n reg>d+ ^? te*nologies2
 &  7,c7 ! cont9uation1 expansion1 or   
modification ( ! implem5tation &        
adm9i/ration ( ?is title4  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]ce1 or _! designee1 %all ea*    
provide to ! ,committee on ,bank+1      
,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! 
,committees on ,=eign ,affairs &        
,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] ( #a 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$ures to facilitate ! effective     
implem5tation ( & appropriate compliance
 ) ! prohibitions & notification        
requirem5t pursuant to ?is title2  7#b7 
^u adoption ( protocols & proc$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 (       
prohibit$ te*nologies by a c\ntry (     
conc]n4  7b7 ,/rategy = multilat]al     
engagem5t & coord9ation ,n lat] ?an #ahj
 days aft] ! date ( ! regulations       
implem5t+ enactm5t ( ?is title1 !       
,secret>y1 9 coord9ation ) ! ,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 & notification requirem5ts 
pursuant to ?is title1 = ! exclusive    
purpose ( prev5t+ ! developm5t (        
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 ( ! regulations         
implem5t+ enactm5t ( ?is title1 &       
annually !reaft] = f\r ye>s1 ! ,secret>y
 %all submit to ! appropriate           
congressional committees a report1      
subject to ! appropriate confid5tiality 
& classification requirem5ts1 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 t are ei!r engag$ 9 a     
prohibit$ te*nology or a notifiable     
te*nology pursuant to ?is title4  7b7   
,modification process ,! ,secret>y1 9   
consultation ) ! ,secret>y ( ,comm]ce1  
is au?oriz$ to e/abli% a me*anism = a   

cov]$ =eign p]son to petition = _!      
removal f or inclusion 9 ! publicly     
accessible1 non-exhau/ive database      
describ$ 9 7a74  7c7 ,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 or notifiable       
te*nology & %\ld be includ$ 9 ! database
 describ$ 9 subsection 7a71 if any4  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 includ+ ! ,int]national ,em]g5cy   

,economic ,p[]s ,act 7#ej ,u4,s4,c4     
#agja et seq471 or any o!r au?ority ( ! 
,presid5t or ! ,congress "u !           
,con/itution ( ! ,unit$ ,/ates4  #hjg4  
,p5alties  7a7 ,9 g5]al ,! regulations  
issu$ "u section #hja or #hjb %all      
provide = ! imposition ( civil p5alties 
describ$ 9 subsection 7b74  7b7         
,p5alties describ$  7#a7 ,unlawful acts 
,x %all be unlawful = a p]son to        
violate1 attempt to violate1 conspire to
 violate1 or cause a violation ( any    
ord]1 regulation1 notification          
requirem5t1 or prohibition issu$ "u ?is 
title4  7#b7 ,civil p5alty ,! ,secret>y 
may impose civil p5alties on any p]son  
:o commits an unlawful act describ$ 9   
p>agraph 7#a7 9 am\nts equival5t to     
am\nts provid$ = "u section #bjf7;b7 ( !
 ,int]national ,em]g5cy ,economic ,p[]s 
,act 7#ej ,u4,s4,c4 #agje7;b77 =        
violations "u t ,act4  7#c7 ,dive/m5t ,!
 ,secret>y may compel ! dive/m5t ( a    
cov]$ national security transaction 9 a 
prohibit$ te*nology det]m9$ to be 9     

violation ( section #hja7;a7 or         
regulations issu$ !reund]4  7#d7 ,relief
 ,! ,presid5t may direct ! ,attorney    
,g5]al ( ! ,unit$ ,/ates to seek        
appropriate relief1 includ+ dive/m5t    
relief = violations ( ! prohibition set 
=? 9 subsection #hja7;a71 9 ! di/rict   
c\rts ( ! ,unit$ ,/ates1 9 ord] to      
implem5t & en=ce ?is title4  #hjh4      
,exemption f disclosure  7a7 ,9 g5]al   
,except z provid$ 9 subsection 7b71 any 
in=mation or docum5t>y mat]ial fil$ ) ! 
,secret>y or ! ,secret>y's designee     
pursuant to ?is title %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 public4  7b7 ,exceptions           
,subsection 7a7 %all n prohibit !       
disclosure ( ! foll[+1 subject to       
appropriate confid5tiality &            
classification requirem5ts3 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       
,id5tity ( a cov]$ =eign p]son 9 !      
public database describ$ 9 section #hje4
  7#e7 ,in=mation t ! p>ties h cons5t$  
to be disclos$ to ?ird p>ties4  7#f7    
,in=mation ga!r$ by ! ,secret>y or !    
,secret>y's designee :]e ! disclosure is
 det]m9$ to be 9 ! national security    
int]e/1 :i* may include publication (   
anonymiz$ data4  #hji4 ,def9itions ,9   
?is title3 7#a7 ,appropriate            
congressional committees ,except z      
provid$ 9 section #hjd7;d71 ! t]m       
appropriate congressional committees    
means-- 7,a7 ! ,committee on ,f9ancial  

,s]vices1 ! ,committee on ,=eign        
,affairs1 & ! ,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 means-- 7,a7 ! ,p's     
,republic ( ,*9a1 includ+ ! ,hong ,kong 
& ,macau ,special ,adm9i/rative         
,regions2  7,b7 ! ,republic ( ,cuba2    
7,c7 ! ,islamic ,republic ( ,iran2  7,d7
 ! ,democratic ,p's ,republic ( ,korea2 
7,e7 ! ,russian ,f$]ation2 &  7,f7 !    
,boliv>ian ,republic ( ,v5ezuela "u !   
regime ( ,nicolas ,maduro ,moros4  7#c7 
,cov]$ =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>ty or is a memb] 
( ! political lead]%ip ( a c\ntry (     

conc]n2  7,c7 is subject to ! direction 
or control ( a c\ntry ( conc]n1 z def9$ 
by regulation1 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 a   
,unit$ ,/ates p]son's direct or         
indirect-- 7i7 acquisition ( an equity  
int]e/ or cont+5t equity int]e/ 9 a     
cov]$ =eign p]son t ! ,unit$ ,/ates     
p]son kn[s at ! "t ( ! acquisition is a 
cov]$ =eign p]son2  7ii7 provision ( a  
loan or simil> debt f9anc+ arrangem5t to

 a cov]$ =eign p]son t ! ,unit$ ,/ates  
p]son kn[s at ! "t ( ! provision is a   
cov]$ =eign p]son1 :]e su* debt f9anc+  
af=ds or w af=d ! ,unit$ ,/ates p]son an
 int]e/ 9 pr(its ( ! cov]$ =eign p]son1 
! "r to appo9t memb]s ( ! bo>d (        
directors 7or equival5t7 ( ! cov]$ =eign
 p]son1 or o!r comp>able f9ancial or    
gov]nance rights *>act]i/ic ( an equity 
inve/m5t b n typical ( a loan2  7iii7   
entrance by su* ,unit$ ,/ates p]son into
 a jo9t v5ture1 :]ev] locat$1 t is =m$ )
 a p]son ( a c\ntry ( conc]n1 & t !     
subject ,unit$ ,/ates p]son kn[s at ! "t
 ( entrance into ! jo9t v5ture t ! jo9t 
v5ture w engage1 or plans to engage1 9 a
 prohibit$ te*nology or notifiable      
te*nology2  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 !      
,unit$ ,/ates p]son kn[s at ! "t ( su*  

acquisition1 leas+1 or o!r developm5t w 
result 91 or t ! ,unit$ ,/ates p]son    
plans 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 or notifiable   
te*nology2  7vi7 kn[+ly direct+         
prohibit$ transactions or notifiable    
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  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 79 ea* case :]e ! fund is 
n a ,unit$ ,/ates p]son7 t ! ,unit$     
,/ates p]son has k at ! "t ( !          
acquisition likely w inve/ 9 a p]son ( a
 c\ntry ( conc]n t is 9 "o ( !          
notifiable te*nology or prohibit$       
te*nology sectors1 & su* fund und]takes 
a transaction t w\ld be a cov]$ national

 security transaction if und]tak5 by a  
,unit$ ,/ates p]son2 or  7viii7 any o!r 
transaction id5tifi$ by ! ,secret>y1 9  
consultation ) ! appropriate            
congressional committees & subject to   
public notice & comm5t 9 accordance )   
sub*apt] ,,ii ( *apt] #e & *apt] #g (   
title #e1 ,unit$ ,/ates ,code1 & n      
subject to ! requirem5ts ( section #gji1
 t is contribut+ to ! milit>y1          
intellig5ce1 surveillance1 or           
cyb]-enabl$ capabilities ( a c\ntry (   
conc]n4  7,b7 ,exceptions &             
cl>ifications ,subject to regulations   
prescrib$ 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 ,commission1 or1 
if ! ,secret>y *ooses to include x z an 
exception f a cov]$ national security   
transaction1 9 a security issu$ by a    
non-,unit$ ,/ates inve/m5t company t is 
regi/]$ ) a =eign regulator ) comp>able 
ov]sight /&>ds & regulatory jurisdiction
 to ! ,securities & ,ex*ange ,commission
 z det]m9$ by ! ,secret>y ( ,treasury2  
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 a de m9imis am\nt1 z 
det]m9$ by ! ,secret>y1 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 ! effective date ( ! 
regulations implem5t+ ?is title2  7vii7 
a transaction second>y to a cov]$       
national security transaction1 includ+--
 7,i7 contractual arrangem5ts 7n includ+
 contractual arrangem5ts = te*nology    
transf] or te*nical k transf]7 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]vices       
includ+1 b n limit$ to1 ! tempor>y      
acquisition ( an equity int]e/ = ! sole 
purpose ( facilitat+ 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 means1 subject to           
regulations prescrib$ by ! ,secret>y--  
7i7 ! process+1 settl+1 cle>+1 or s5d+ (
 paym5ts & ca% transactions2  7ii7      
und]writ+ s]vices1 includ+ ! tempor>y   
acquisition ( an equity int]e/ = ! sole 
purpose ( facilitat+ und]writ+ s]vices2 
7iii7 cr$it rat+ s]vices2 &  7iv7 o!r   
s]vices ord9>ily incid5t to & "p ( !    
provision ( f9ancial s]vices1 su* z op5+
 deposit acc\nts1 direct cu/ody s]vices1
 =eign ex*ange s]vices1 remittances     
s]vices1 & safe deposit s]vices4  7#e7  
,=eign p]son ,! t]m =eign p]son has !   
mean+ giv5 t t]m 9 regulations prescrib$
 9 accordance ) ?is title4  7#f7 ,k2 "k 
,! t]ms k or "k mean-- 7,a7 actual k t a
 fact or circum/ance exi/s or is        
sub/antially c]ta9 to occur2  7,b7 an   
aw>5ess ( a high probability ( a fact or
 circum/ance's exi/5ce or future        

occurr5ce2 or  7,c7 reason to "k ( a    
fact or circum/ance's exi/5ce4  7#g7    
,notifiable te*nology  7,a7 ,9 g5]al    
,subject to ! regulations prescrib$ 9   
accordance ) ?is title1 ! t]m notifiable
 te*nology means a te*nology )9 ! foll[+
 areas n already captur$ by ! te*nical  
?re%olds specifi$ by any regulations    
issu$ 9 accordance ) section #hja3 7i7  
,semiconductor te*nology &              
microelectronics4  7ii7 ,artificial     
intellig5ce sy/ems4  7iii7 ,quantum     
in=mation te*nologies4  7iv7            
,high-p]=mance comput+ & sup]comput+4   
7v7 ,hyp]sonic sy/ems4  7,b7 ,updates ,!
 ,secret>y1 9 consultation ) !          
appropriate congressional committees &  
subject to notice & comm5t 9 accordance 
) sub*apt] ,,ii ( *apt] #e & *apt] #g ( 
title #e1 ,unit$ ,/ates ,code1 & n      
subject to ! requirem5ts ( section #gji1
 may prescribe regulations 9 accordance 
) ?is title to-- 7i7 def9e ! te*nical   
p>amet]s ( te*nologies describ$ 9       
subp>agraph 7,a71 z reasonably ne$$ =   

national security purposes2 or  7ii7 to 
add & def9e categories to ! li/ 9       
subp>agraph 7,a7 t enable ! milit>y1    
intellig5ce1 surveillance1 or           
cyb]-enabl$ capabilities ( a c\ntry (   
conc]n4  7#h7 ,p>ty ,! t]m p>ty1 )      
respect to a cov]$ national security    
transaction1 has ! mean+ giv5 t t]m 9   
regulations prescrib$ 9 accordance ) ?is
 title4  7#i7 ,p]son ,! t]m p]son       
includes an individual1 corporation1    
p>tn]%ip1 association1 or any o!r       
organiz$ gr\p ( p]sons1 or legal        
successor or repres5tative !re(1 or any 
,/ate or local gov]nm5t or ag5cy !re(4  
7#aj7 ,prohibit$ te*nology  7,a7 ,9     
g5]al ,subject to ! regulations         
prescrib$ 9 accordance ) ?is title1 !   
t]m prohibit$ te*nology means a         
te*nology )9 ! foll[+ areas1 z specifi$ 
by ! regulations3 7i7 ,advanc$          
semiconductor te*nology &               
microelectronics4  7ii7 ,artificial     
intellig5ce sy/ems4  7iii7 ,quantum     
in=mation te*nologies4  7iv7            

,high-p]=mance comput+ & sup]comput+4   
7v7 ,hyp]sonic sy/ems4  7,b7 ,updates ,!
 ,secret>y1 9 consultation ) !          
appropriate congressional committees &  
subject to notice & comm5t 9 accordance 
) sub*apt] ,,ii ( *apt] #e & *apt] #g ( 
title #e1 ,unit$ ,/ates ,code1 & n      
subject to ! requirem5ts ( section #gji1
 may prescribe regulations 9 accordance 
) ?is title to-- 7i7 def9e ! te*nical   
p>amet]s ( te*nologies describ$ 9       
subp>agraph 7,a71 z reasonably ne$$ =   
national security purposes2 or  7ii7 to 
add & def9e categories to ! li/ 9       
subp>agraph 7,a7 t enable ! milit>y1    
intellig5ce1 surveillance1 or           
cyb]-enabl$ capabilities ( a c\ntry (   
conc]n4  7#aa7 ,secret>y ,except z      
o!rwise provid$1 ! t]m ,secret>y means !
 ,secret>y ( ! ,treasury4  7#ab7 ,unit$ 
,/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  ,,iv ,securities &   
,relat$ ,matt]s  #dja4 ,requirem5ts     
relat+ to ! ,non-,,sdn ,*9ese           
,milit>y-,indu/rial ,complex ,companies 
,li/  7a7 ,report  7#a7 ,9 g5]al ,n lat]
 ?an two ye>s aft] ! date ( ! enactm5t (
 ?is ,act1 & bi5nially !reaft] = six    
ye>s1 ! ,presid5t %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,d7 ,any ,,prc p]son  
li/$ on ! ,f$]al ,communications        
,commission's ,cov]$ ,li/ pursuant to ! 
,secure & ,tru/$ ,communications        
,networks ,act ( #bjai 7#dg ,u4,s4,c4   
#afja74  7,e7 ,any ,,prc p]son li/$ on !
 ,uyghur ,=c$ ,labor ,prev5tion ,act    
,entity ,li/ pursuant to ! ,act entitl$ 
,an ,act to ensure t goods made ) =c$   
labor 9 ! ,x9jiang ,uyghur ,autonom\s   
,region ( ! ,p's ,republic ( ,*9a d n   
ent] ! ,unit$ ,/ates m>ket1 & = o!r     
purposes1 approv$ ,decemb] #bc1 #bjba   
7,public ,law #aag-gh2 #bb ,u4,s4,c4    
#fija note7 7commonly ref]r$ to z !     
,uyghur ,=c$ ,labor ,prev5tion ,act74   
7#b7 ,process requir$ ,to prep>e !      
reports requir$ by 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 t 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 to !         
,secret>y = use 9 ! report an ov]view ( 

! crit]ia = entity id5tification or li/+
 on ea* respective li/4  7b7 ,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