StacksVerified U.S. regulatory reference

31 CFR §801.303

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
Transactions that are not pilot program covered transactions include, without limitation:
  1. (a)An investment by a foreign person in a U.S. business that manufactures a technology that it utilizes in connection with its activity in one or more pilot program industries, but does not produce, design, test, manufacture, fabricate, or develop one or more critical technologies.
  2. (b)An investment by a foreign person in a pilot program U.S. business that does not afford the foreign person any of the rights specified in paragraphs (a), (b), or (c) of § 801.209 or any control rights.
  3. (c)A transaction that results or could result in control by a foreign person of a U.S. business that is not a pilot program U.S. business.