covered transaction

(A)Except as otherwise provided, the term “covered transaction” means— (i)any transaction described in subparagraph (B)(i); and (ii)any transaction described in clauses (ii) through (v) of subparagraph (B) that is proposed, pending, or completed on or after the effective date set forth in section 1727 of the Foreign Investment Risk Review Modernization Act of 2018. (B)A transaction described in this subparagraph is any of the following: (i)Any merger, acquisition, or takeover that is proposed or pending after, by or with any foreign person that could result in foreign control of any United States business, including such a merger, acquisition, or takeover carried out through a joint venture. (ii)Subject to subparagraphs (C) and (E), the purchase or lease by, or a concession to, a foreign person of private or public real estate that— (I)is located in the United States; (III)meets such other criteria as the Committee prescribes by regulation, except that such criteria may not expand the categories of real estate to which this clause applies beyond the categories described in subclause (II). (iii)Any other investment, subject to regulations prescribed under subparagraphs (D) and (E), by a foreign person in any unaffiliated United States business that— (I)owns, operates, manufactures, supplies, or services critical infrastructure; (II)produces, designs, tests, manufactures, fabricates, or develops one or more critical technologies; or (III)maintains or collects sensitive personal data of United States citizens that may be exploited in a manner that threatens national security. (iv)Any change in the rights that a foreign person has with respect to a United States business in which the foreign person has an investment, if that change could result in— (I)foreign control of the United States business; or (II)an investment described in clause (iii). (v)Any other transaction, transfer, agreement, or arrangement, the structure of which is designed or intended to evade or circumvent the application of this section, subject to regulations prescribed by the Committee. (C) (i)A real estate purchase, lease, or concession described in subparagraph (B)(ii) does not include a purchase, lease, or concession of— (I)a single “housing unit”, as defined by the Census Bureau; or (II)real estate in “urbanized areas”, as defined by the Census Bureau in the most recent census, except as otherwise prescribed by the Committee in regulations in consultation with the Secretary of Defense.

Source

50 USC § 4565(a)(4)(A)


Scoping language

In this section
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