attributes jobs to prospective ten-
ants occupying commercial real 
estate created or improved by 
capital investments if the number 
of such jobs estimated to be cre-
ated has been determined by an 
economically 
and 
statistically 
valid methodology and such jobs 
are not existing jobs that have 
been relocated. 
‘‘(bb) PUBLICLY AVAILABLE 
BONDS.—The 
Secretary 
of 
Homeland Security shall pre-
scribe regulations to ensure that 
alien investor capital may not be 
utilized, by a new commercial en-
terprise or otherwise, to purchase 
municipal bonds or any other 
bonds, if such bonds are available 
to the general public, either as 
part of a primary offering or 
from a secondary market. 
‘‘(cc) CONSTRUCTION ACTIV-
ITY JOBS.—If the number of di-
rect jobs estimated to be created 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
has been determined by an eco-
nomically and statistically valid 
methodology, and such direct 
jobs are created by construction 
activity lasting less than 2 years, 
the number of such jobs that 
may be considered direct jobs for 
purposes of clause (iv) shall be 
calculated by multiplying the 
total number of such jobs esti-
mated to be created by the frac-
tion of the 2-year period that the 
construction activity lasts. 
‘‘(vi) AMENDMENTS.—The Secretary 
of Homeland Security shall— 
‘‘(I) require a regional center— 
‘‘(aa) to notify the Sec-
retary, not later than 120 days 
before the implementation of sig-
nificant proposed changes to its 
organizational structure, owner-
ship, or administration, including 
the sale of such center, or other 
arrangements which would result 
in individuals not previously sub-
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
ject to the requirements under 
subparagraph (H) becoming in-
volved with the regional center; 
or 
‘‘(bb) 
if 
exigent 
cir-
cumstances are present, to pro-
vide the notice described in item 
(aa) to the Secretary not later 
than 5 business days after a 
change described in such item; 
and 
‘‘(II) adjudicate business plans 
under subparagraph (F) and petitions 
under section 204(a)(1)(H) during 
any notice period as long as the 
amendment to the business or petition 
does not negatively impact program 
eligibility. 
‘‘(vii) RECORD
KEEPING
AND
AU-
DITS.— 
‘‘(I) RECORD
KEEPING.—Each 
regional center shall make and pre-
serve, during the 5-year period begin-
ning on the last day of the Federal 
fiscal year in which any transactions 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
occurred, books, ledgers, records, and 
other documentation from the regional 
center, new commercial enterprise, or 
job-creating entity used to support— 
‘‘(aa) any claims, evidence, 
or certifications contained in the 
regional center’s annual state-
ments under subparagraph (G); 
and 
‘‘(bb) associated petitions by 
aliens seeking classification under 
this section or removal of condi-
tions under section 216A. 
‘‘(II) AUDITS.—The Secretary 
shall audit each regional center not 
less frequently than once every 5 
years. Each such audit shall include a 
review of any documentation required 
to be maintained under subclause (I) 
for the preceding 5 years and a review 
of the flow of alien investor capital 
into any capital investment project. 
To the extent multiple regional cen-
ters are located at a single site, the 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
Secretary may audit multiple regional 
centers in a single site visit. 
‘‘(III) TERMINATION.—The Sec-
retary shall terminate the designation 
of a regional center that fails to con-
sent to an audit under subclause (II) 
or deliberately attempts to impede 
such an audit. 
‘‘(F) BUSINESS
PLANS
FOR
REGIONAL 
CENTER INVESTMENTS.— 
‘‘(i) APPLICATION FOR APPROVAL OF 
AN
INVESTMENT
IN
A
COMMERCIAL
EN-
TERPRISE.—A regional center shall file an 
application with the Secretary of Home-
land Security for each particular invest-
ment offering through an associated new 
commercial enterprise before any alien files 
a petition for classification under this 
paragraph by reason of investment in that 
offering. The application shall include— 
‘‘(I) a comprehensive business 
plan for a specific capital investment 
project; 
‘‘(II) a credible economic analysis 
regarding estimated job creation that 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
is based upon economically and statis-
tically valid and transparent meth-
odologies; 
‘‘(III) any documents filed with 
the Securities and Exchange Commis-
sion under the Securities Act of 1933 
(15 U.S.C. 77a et seq.) or with the 
securities regulator of any State, as 
required by law; 
‘‘(IV) any investment and offer-
ing documents, including subscription, 
investment, partnership, and oper-
ating agreements, private placement 
memoranda, term sheets, biographies 
of management, officers, directors, 
and any person with similar respon-
sibilities, the description of the busi-
ness plan to be provided to potential 
alien investors, and marketing mate-
rials used, or drafts prepared for use, 
in connection with the offering, which 
shall contain references, as appro-
priate, to— 
‘‘(aa) all material invest-
ment risks associated with the 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
new commercial enterprise and 
the job-creating entity; 
‘‘(bb) any conflicts of inter-
est that currently exist or may 
arise among the regional center, 
the new commercial enterprise, 
the job-creating entity, or the 
principals, attorneys, or individ-
uals responsible for recruitment 
or promotion of such entities; 
‘‘(cc) any pending material 
litigation or bankruptcy, or mate-
rial adverse judgments or bank-
ruptcy orders issued during the 
most recent 10-year period, in 
the United States or in another 
country, affecting the regional 
center, the new commercial enter-
prise, any associated job-creating 
entity, or any other enterprise in 
which any principal of any of the 
aforementioned entities held ma-
jority ownership at the time; and 
‘‘(dd)(AA) any fees, ongoing 
interest, or other compensation 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
paid, or to be paid by the re-
gional center, the new commer-
cial enterprise, or any issuer of 
securities intended to be offered 
to alien investors, to agents, find-
ers, or broker dealers involved in 
the offering of securities to alien 
investors in connection with the 
investment; 
‘‘(BB) a description of the 
services performed, or that will 
be performed, by such person to 
entitle the person to such fees, 
interest, or compensation; and 
‘‘(CC) the name and contact 
information of any such person, 
if known at the time of filing; 
‘‘(V) a description of the policies 
and procedures, such as those related 
to internal and external due diligence, 
reasonably designed to cause the re-
gional center and any issuer of securi-
ties intended to be offered to alien in-
vestors in connection with the relevant 
capital investment project, to comply, 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
as applicable, with the securities laws 
of the United States and the laws of 
the applicable States in connection 
with the offer, purchase, or sale of its 
securities; and 
‘‘(VI) a certification from the re-
gional center, and any issuer of secu-
rities intended to be offered to alien 
investors in connection with the rel-
evant capital investment project, that 
their respective agents and employees, 
and any parties associated with the 
regional center and such issuer of se-
curities affiliated with the regional 
center are in compliance with the se-
curities laws of the United States and 
the laws of the applicable States in 
connection with the offer, purchase, or 
sale of its securities, to the best of the 
certifier’s knowledge, after a due dili-
gence investigation. 
‘‘(ii) EFFECT
OF
APPROVAL
OF
A 
BUSINESS PLAN FOR AN INVESTMENT IN A 
REGIONAL CENTER’S COMMERCIAL ENTER-
PRISE.—The approval of an application 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
under this subparagraph, including an ap-
proval before the date of the enactment of 
this subparagraph, shall be binding for 
purposes of the adjudication of subsequent 
petitions seeking classification under this 
paragraph by immigrants investing in the 
same offering described in such applica-
tion, and of petitions by the same immi-
grants filed under section 216A unless— 
‘‘(I) the applicant engaged in 
fraud, misrepresentation, or criminal 
misuse; 
‘‘(II) such approval would threat-
en public safety or national security; 
‘‘(III) there has been a material 
change that affects eligibility; 
‘‘(IV) the discovery of other evi-
dence affecting program eligibility was 
not disclosed by the applicant during 
the adjudication process; or 
‘‘(V) the previous adjudication 
involved a material mistake of law or 
fact. 
‘‘(iii) AMENDMENTS.— 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(I) APPROVAL.—The Secretary 
of Homeland Security may establish 
procedures by which a regional center 
may seek approval of an amendment 
to an approved application under this 
subparagraph that reflects changes 
specified by the Secretary to any in-
formation, documents, or other as-
pects of the investment offering de-
scribed in such approved application 
not later than 30 days after any such 
changes. 
‘‘(II) 
INCORPORATION.—Upon 
the approval of a timely filed amend-
ment to an approved application, any 
changes reflected in such amendment 
may be incorporated into and consid-
ered in determining program eligibility 
through adjudication of— 
‘‘(aa) pending petitions from 
immigrants investing in the offer-
ing described in the approved ap-
plication who are seeking classi-
fication under this paragraph; 
and 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(bb) petitions by immi-
grants described in item (aa) 
that are filed under section 
216A. 
‘‘(iv) SITE VISITS.—The Secretary of 
Homeland Security shall— 
‘‘(I) perform site visits to re-
gional centers not earlier than 24 
hours after providing notice of such 
site visit; and 
‘‘(II) perform at least 1 site visit 
to, as applicable, each new commercial 
enterprise or job-creating entity, or 
the business locations where any jobs 
that are claimed as being created. 
‘‘(G) REGIONAL CENTER ANNUAL STATE-
MENTS.— 
‘‘(i) IN GENERAL.—Each regional cen-
ter designated under subparagraph (E) 
shall submit an annual statement, in a 
manner prescribed by the Secretary of 
Homeland Security. Each such statement 
shall include— 
‘‘(I) a certification stating that, 
to the best of the certifier’s knowl-
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
edge, after a due diligence investiga-
tion, the regional center is in compli-
ance with clauses (i) and (ii) of sub-
paragraph (H); 
‘‘(II) a certification described in 
subparagraph (I)(ii)(II); 
‘‘(III) a certification stating that, 
to the best of the certifier’s knowl-
edge, after a due diligence investiga-
tion, the regional center is in compli-
ance with subparagraph (K)(iii); 
‘‘(IV) a description of any pend-
ing material litigation or bankruptcy 
proceedings, or material litigation or 
bankruptcy proceedings resolved dur-
ing the preceding fiscal year, involving 
the regional center, the new commer-
cial enterprise, or any affiliated job- 
creating entity; 
‘‘(V) an accounting of all indi-
vidual alien investor capital invested 
in the regional center, new commercial 
enterprise, and job-creating entity; 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(VI) for each new commercial 
enterprise associated with the regional 
center— 
‘‘(aa) an accounting of the 
aggregate capital invested in the 
new commercial enterprise and 
any job-creating entity by alien 
investors under this paragraph 
for 
each 
capital 
investment 
project being undertaken by the 
new commercial enterprise; 
‘‘(bb) a description of how 
the capital described in item (aa) 
is being used to execute each 
capital investment project in the 
filed business plan or plans; 
‘‘(cc) evidence that 100 per-
cent of the capital described in 
item (aa) has been committed to 
each capital investment project; 
‘‘(dd) detailed evidence of 
the progress made toward the 
completion of each capital invest-
ment project; 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00021
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(ee) an accounting of the 
aggregate direct jobs created or 
preserved; 
‘‘(ff) to the best of the re-
gional center’s knowledge, for all 
fees, 
including 
administrative 
fees, loan monitoring fees, loan 
management fees, commissions 
and 
similar 
transaction-based 
compensation, 
collected 
from 
alien investors by the regional 
center, the new commercial enter-
prise, any affiliated job-creating 
entity, any affiliated issuer of se-
curities intended to be offered to 
alien investors, or any promoter, 
finder, broker-dealer, or other en-
tity engaged by any of the afore-
mentioned entities to locate indi-
vidual investors— 
‘‘(AA) a description of 
all fees collected; 
‘‘(BB) an accounting of 
the entities that received 
such fees; and 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00022
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(CC) the purpose for 
which such fees were col-
lected; 
‘‘(gg) any documentation re-
ferred 
to 
in 
subparagraph 
(F)(i)(IV) if there has been a 
material change during the pre-
ceding fiscal year; and 
‘‘(hh) a certification by the 
regional center that the informa-
tion provided under items (aa) 
through (gg) is accurate, to the 
best of the certifier’s knowledge, 
after a due diligence investiga-
tion; and 
‘‘(VII) a description of the re-
gional center’s policies and procedures 
that are designed to enable the re-
gional center to comply with applica-
ble Federal labor laws. 
‘‘(ii) AMENDMENT OF ANNUAL STATE-
MENTS.—The Secretary of Homeland Se-
curity— 
‘‘(I) shall require the regional 
center to amend or supplement an an-
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00023
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
nual statement required under clause 
(i) if the Secretary determines that 
such statement is deficient; and 
‘‘(II) may require the regional 
center to amend or supplement such 
annual statement if the Director de-
termines that such an amendment or 
supplement is appropriate. 
‘‘(iii) SANCTIONS.— 
‘‘(I) EFFECT
OF
VIOLATION.— 
The Director shall sanction any re-
gional center entity in accordance 
with subclause (II) if the regional cen-
ter fails to submit an annual state-
ment or if the Director determines 
that the regional center— 
‘‘(aa) knowingly submitted 
or caused to be submitted a 
statement, certification, or any 
information submitted pursuant 
to this subparagraph that con-
tained an untrue statement of 
material fact; or 
‘‘(bb) is conducting itself in 
a manner inconsistent with its 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00024
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
designation under subparagraph 
(E), including any willful, undis-
closed, and material deviation by 
new commercial enterprises from 
any filed business plan for such 
new commercial enterprises. 
‘‘(II) AUTHORIZED SANCTIONS.— 
The Director shall establish a grad-
uated set of sanctions based on the 
severity of the violations referred to in 
subclause (I), including— 
‘‘(aa) fines equal to not 
more than 10 percent of the total 
capital invested by alien investors 
in the regional center’s new com-
mercial enterprises or job-cre-
ating entities directly involved in 
such violations, the payment of 
which shall not in any cir-
cumstance utilize any of such 
alien investors’ capital invest-
ments, and which shall be depos-
ited into the EB–5 Integrity 
Fund established under subpara-
graph (J); 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00025
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(bb) temporary suspension 
from participation in the pro-
gram described in subparagraph 
(E), which may be lifted by the 
Director if the individual or enti-
ty cures the alleged violation 
after being provided such an op-
portunity by the Director; 
‘‘(cc) permanent bar from 
participation in the program de-
scribed in subparagraph (E) for 
1 or more individuals or business 
entities associated with the re-
gional center, new commercial 
enterprise, or job-creating entity; 
and 
‘‘(dd) termination of re-
gional center designation. 
‘‘(iv) 
AVAILABILITY
OF
ANNUAL 
STATEMENTS
TO
INVESTORS.—Not later 
than 30 days after a request from an alien 
investor, a regional center shall make 
available to such alien investor a copy of 
the filed annual statement and any amend-
ments filed to such statement, which shall 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00026
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
be redacted to exclude any information un-
related to such alien investor or the new 
commercial enterprise or job creating enti-
ty into which the alien investor invested. 
‘‘(H) BONA FIDES OF PERSONS INVOLVED 
WITH REGIONAL CENTER PROGRAM.— 
‘‘(i) IN GENERAL.—The Secretary of 
Homeland Security may not permit any 
person to be involved with any regional 
center, new commercial enterprise, or job- 
creating entity if— 
‘‘(I) the person has been found to 
have committed— 
‘‘(aa) a criminal or civil of-
fense involving fraud or deceit 
within the previous 10 years; 
‘‘(bb) a civil offense involv-
ing fraud or deceit that resulted 
in 
a 
liability 
in 
excess 
of 
$1,000,000; or 
‘‘(cc) a crime for which the 
person was convicted and sen-
tenced to a term of imprisonment 
of more than 1 year; 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00027
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(II) the person is subject to a 
final order, for the duration of any 
penalty imposed by such order, of a 
State securities commission (or an 
agency or officer of a State per-
forming similar functions), a State 
authority that supervises or examines 
banks, savings associations, or credit 
unions, a State insurance commission 
(or an agency or officer of a State 
performing similar functions), an ap-
propriate Federal banking agency, the 
Commodity Futures Trading Commis-
sion, the Securities and Exchange 
Commission, a financial self-regu-
latory organization recognized by the 
Securities and Exchange Commission, 
or the National Credit Union Admin-
istration, which is based on a violation 
of any law or regulation that— 
‘‘(aa) prohibits fraudulent, 
manipulative, or deceptive con-
duct; or 
‘‘(bb) 
bars 
the 
person 
from— 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(AA) association with 
an entity regulated by such 
commission, authority, agen-
cy, or officer; 
‘‘(BB) appearing before 
such commission, authority, 
agency, or officer; 
‘‘(CC) engaging in the 
business of securities, insur-
ance, or banking; or 
‘‘(DD) engaging in sav-
ings association or credit 
union activities; 
‘‘(III) the Secretary determines 
that the person is engaged in, has 
ever been engaged in, or seeks to en-
gage in— 
‘‘(aa) any illicit trafficking 
in any controlled substance or in 
any listed chemical (as defined in 
section 102 of the Controlled 
Substances Act); 
‘‘(bb) any activity relating to 
espionage, sabotage, or theft of 
intellectual property; 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(cc) any activity related to 
money laundering (as described 
in section 1956 or 1957 of title 
18, United States Code); 
‘‘(dd) any terrorist activity 
(as 
defined 
in 
section 
212(a)(3)(B)); 
‘‘(ee) any activity consti-
tuting or facilitating human traf-
ficking or a human rights of-
fense; 
‘‘(ff) any activity described 
in section 212(a)(3)(E); or 
‘‘(gg) the violation of any 
statute, regulation, or Executive 
order regarding foreign financial 
transactions or foreign asset con-
trol; or 
‘‘(IV) the person— 
‘‘(aa) is, or during the pre-
ceding 10 years has been, in-
cluded on the Department of 
Justice’s List of Currently Dis-
ciplined Practitioners; or 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(bb) during the preceding 
10 years, has received a rep-
rimand or has otherwise been 
publicly disciplined for conduct 
related to fraud or deceit by a 
State bar association of which 
the person is or was a member. 
‘‘(ii) FOREIGN INVOLVEMENT IN RE-
GIONAL CENTER PROGRAM.— 
‘‘(I) 
LAWFUL
STATUS
RE-
QUIRED.—A person may not be in-
volved with a regional center unless 
the person— 
‘‘(aa) is a national of the 
United States or an individual 
who has been lawfully admitted 
for permanent residence (as such 
terms are defined in paragraphs 
(20) and (22) of section 101(a)); 
and 
‘‘(bb) is not the subject of 
rescission 
or 
removal 
pro-
ceedings. 
‘‘(II) FOREIGN GOVERNMENTS.— 
No agency, official, or other similar 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
entity or representative of a foreign 
government entity may provide capital 
to, or be directly or indirectly involved 
with the ownership or administration 
of, a regional center, a new commer-
cial enterprise, or a job-creating enti-
ty, except that a foreign or domestic 
investment fund or other investment 
vehicle that is wholly or partially 
owned, directly or indirectly, by a 
bona fide foreign sovereign wealth 
fund or a foreign state-owned enter-
prise otherwise permitted to do busi-
ness in the United States may be in-
volved with the ownership, but not the 
administration, of a job-creating enti-
ty that is not an affiliated job-creating 
entity. 
‘‘(III) RULEMAKING.—Not later 
than 270 days after the date of the 
enactment of the EB–5 Reform and 
Integrity Act of 2021, the Secretary 
shall issue regulations implementing 
subparagraphs (I) and (II). 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(iii) INFORMATION REQUIRED.—The 
Secretary of Homeland Security— 
‘‘(I) shall require such attesta-
tions and information, including the 
submission of fingerprints or other 
biometrics to the Federal Bureau of 
Investigation with respect to a re-
gional center, a new commercial enter-
prise, and any affiliated job creating 
entity, and persons involved with such 
entities (as described in clause (v)), as 
may be necessary to determine wheth-
er such entities are in compliance with 
clauses (i) and (ii); 
‘‘(II) shall perform such criminal 
record checks and other background 
and database checks with respect to a 
regional center, a new commercial en-
terprise, and any affiliated job-cre-
ating entity, and persons involved 
with such entities (as described in 
clause (v)), as may be necessary to de-
termine whether such entities are in 
compliance with clauses (i) and (ii); 
and 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00033
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(III) may, at the Secretary’s 
discretion, require the information de-
scribed to in subclause (I) and may 
perform the checks described in sub-
clause (II) with respect to any job cre-
ating entity and persons involved with 
such entity if there is a reasonable 
basis to believe such entity or person 
is not in compliance with clauses (i) 
and (ii). 
‘‘(iv) TERMINATION.— 
‘‘(I) IN
GENERAL.—The Sec-
retary of Homeland Security may sus-
pend or terminate the designation of 
any regional center, or the participa-
tion under the program of any new 
commercial enterprise or job-creating 
entity under this paragraph if the 
Secretary determines that such enti-
ty— 
‘‘(aa) knowingly involved a 
person with such entity in viola-
tion of clause (i) or (ii) by fail-
ing, within 14 days of acquiring 
such knowledge— 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00034
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(AA) to take commer-
cially reasonable efforts to 
discontinue the prohibited 
person’s involvement; or 
‘‘(BB) to provide notice 
to the Secretary; 
‘‘(bb) failed to provide an 
attestation or information re-
quested by the Secretary under 
clause (iii)(I); or 
‘‘(cc) 
knowingly 
provided 
any false attestation or informa-
tion under clause (iii)(I). 
‘‘(II) 
LIMITATION.—The 
Sec-
retary’s authorized sanctions under 
subclause (I) shall be limited to enti-
ties that have engaged in any activity 
described in subclause (I). 
‘‘(III) INFORMATION.— 
‘‘(aa) NOTIFICATION.—The 
Secretary, after performing the 
criminal record checks and other 
background checks described in 
clause (iii), shall notify a regional 
center, new commercial enter-
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00035
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
prise, 
or 
job-creating 
entity 
whether any person involved with 
such entities is not in compliance 
with clause (i) or (ii), unless the 
information that provides the 
basis for the determination is 
classified or disclosure is other-
wise prohibited under law. 
‘‘(bb) EFFECT OF FAILURE 
TO
RESPOND.—If the regional 
center, new commercial enter-
prise, or job-creating entity fails 
to discontinue the prohibited per-
son’s involvement with the re-
gional center, new commercial 
enterprise, or job-creating entity, 
as applicable, within 30 days 
after receiving such notification, 
such entity shall be deemed to 
have knowledge under subclause 
(I)(aa) that the involvement of 
such person with the entity is in 
violation of clause (i) or (ii). 
‘‘(v) PERSONS INVOLVED WITH A RE-
GIONAL
CENTER, NEW
COMMERCIAL
EN-
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00036
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
TERPRISE, OR
JOB-CREATING
ENTITY.— 
For the purposes of this paragraph, unless 
otherwise determined by the Secretary of 
Homeland Security, a person is involved 
with a regional center, a new commercial 
enterprise, any affiliated job-creating enti-
ty, as applicable, if the person is, directly 
or indirectly, in a position of substantive 
authority to make operational or manage-
rial decisions over pooling, securitization, 
investment, release, acceptance, or control 
or use of any funding that was procured 
under the program described in subpara-
graph (E). An individual may be in a posi-
tion of substantive authority if the person 
serves as a principal, a representative, an 
administrator, an owner, an officer, a 
board member, a manager, an executive, a 
general partner, a fiduciary, an agent, or 
in a similar position at the regional center, 
new commercial enterprise, or job-creating 
entity, respectively. 
‘‘(I) 
COMPLIANCE
WITH
SECURITIES 
LAWS.— 
‘‘(i) JURISDICTION.— 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00037
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(I) IN
GENERAL.—The United 
States has jurisdiction, including sub-
ject matter jurisdiction, over the pur-
chase or sale of any security offered 
or sold, or any investment advice pro-
vided, by any regional center or any 
party associated with a regional cen-
ter for purposes of the securities laws. 
‘‘(II) COMPLIANCE WITH REGU-
LATION S.—For purposes of section 5 
of the Securities Act of 1933 (15 
U.S.C. 77e), a regional center or any 
party associated with a regional cen-
ter is not precluded from offering or 
selling a security pursuant to Regula-
tion S (17 C.F.R. 230.901 et seq.) to 
the extent that such offering or selling 
otherwise complies with that regula-
tion. 
‘‘(III) 
SAVINGS
PROVISION.— 
Subclause (I) is not intended to mod-
ify any existing rules or regulations of 
the Securities and Exchange Commis-
sion related to the application of sec-
tion 15(a) of the Securities and Ex-
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00038
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
change Act of 1934 (15 U.S.C. 
78o(a)) to foreign brokers or dealers. 
‘‘(ii) REGIONAL
CENTER
CERTIFI-
CATIONS REQUIRED.— 
‘‘(I) INITIAL
CERTIFICATION.— 
The Secretary of Homeland Security 
may not approve an application for re-
gional center designation or regional 
center amendment unless the regional 
center certifies that, to the best of the 
certifier’s knowledge, after a due dili-
gence investigation, the regional cen-
ter is in compliance with and has poli-
cies and procedures, including those 
related to internal and external due 
diligence, reasonably designed to con-
firm, as applicable, that all parties as-
sociated with the regional center are 
and will remain in compliance with 
the securities laws of the United 
States and of any State in which— 
‘‘(aa) the offer, purchase, or 
sale of securities was conducted; 
‘‘(bb) the issuer of securities 
was located; or 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00039
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS
‘‘(cc) the investment advice 
was provided by the regional cen-
ter or parties associated with the 
regional center. 
‘‘(II) REISSUE.—A regional cen-
ter shall annually reissue a certifi-
cation described in subclause (I), in 
accordance with subparagraph (G), to 
certify compliance with clause (iii) by 
stating that— 
‘‘(aa) the certification is 
made by a certifier; 
‘‘(bb) to the best of the cer-
tifier’s knowledge, after a due 
diligence investigation, all such 
offers, purchases, and sales of se-
curities or the provision of invest-
ment advice complied with the se-
curities laws of the United States 
and the securities laws of any 
State in which— 
‘‘(AA) the offer, pur-
chase, or sale of securities 
was conducted; 
VerDate Sep 11 2014 
19:49 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00040
Fmt 6652
Sfmt 6201
E:\BILLS\H2901.IH
H2901
pbinns on DSKJLVW7X2PROD with BILLS