Notice requirements

(a) Investor notice requirement (1) In general Each person making an investment that the person believes is a covered investment shall— (A) at the beginning of the investment— (i) notify FIRA in writing of the investment; (ii) notify FIRA in writing of the covered foreign investment commitment to which the covered investment relates; and (iii) provide FIRA in writing with— (I) a list of the owners of the person making the investment, including beneficial owners thereof; (II) a list of the owners of the person receiving the investment, including beneficial owners thereof; (III) a list of any financial advisers involved in making the investment; (IV) a list of any persons participating in the financing or underwriting of the investment; and (V) a list of any other interested parties to the investment; and (B) provide FIRA with written quarterly updates on the investment until the investment is complete. (2) Requirement applicable to all covered investments Any person making an investment that FIRA determines is a covered investment shall be subject to the requirements under paragraph (1) regardless of whether the person believes the investment is a covered investment. (3) Exception for certain unavailable information If a person is required to provide information under paragraph (1)(A)(iii) that the person does not have at the time the person is required to provide the information, the person may instead provide FIRA with such information not later than 5 days after the information becomes known to such person. (4) Attestation requirement With respect to each notice and update required under this subsection, both a senior official of the person making the investment and a senior official of the recipient of the investment shall file a signed attestation stating whether— (A) the investment provides a net economic benefit to the United States; (B) with respect to each element of the net economic benefit definition described in subparagraphs (A) through (F) of section 2(5), the investment meets such element; and (C) the persons making, receiving, or negotiating the investment have complied with any applicable ethics and transparency rules issued under section 8. (b) Disclosures by senior Government officials The President, Vice President, and each cabinet level official shall file a disclosure with FIRA if they determine or have reason to believe that they or any family member is a beneficiary of any covered investment or any investment that they believe is a covered investment. (c) Distribution of notices FIRA shall ensure that the Chief Ethics Officer and the Public Oversight Board have real-time access to all notices, updates, attestations, and disclosures made under this section. (d) Civil penalty In addition to such other penalties that may be available, including section 1001 of title 18, United States Code, any person that fails to make a notice, update, or attestation, required under this section, or who knowingly fails to file a disclosure required under this section, or commits a material misstatement or omission in connection with the foregoing, shall be subject to— (1) in the case of a notice, update, or attestation required under this section, a fine in an amount not to exceed 10 percent of the value of the investment; or (2) in the case of a disclosure required under this section, a fine in an amount not to exceed 10 percent of the value of the undisclosed interest.