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139 STAT. 257 PUBLIC LAW 119–21—JULY 4, 2025 enable the licensee to produce the eligible component or components subject to the contract, agreement, or other arrangement without further involvement from the contractual counterparty or a specified for- eign entity. ‘‘(GG) Such contract, agreement, or other arrangement was entered into (or modified) on or after the date of enactment of this paragraph. ‘‘(bb) EXCEPTION.— ‘‘(AA) IN GENERAL.—Item (aa) shall not apply in the case of a bona fide pur- chase or sale of intellectual property. ‘‘(BB) BONA FIDE PURCHASE OR SALE.—For purposes of item (aa), any pur- chase or sale of intellectual property where the agreement provides that owner- ship of the intellectual property reverts to the contractual counterparty after a period of time shall not be considered a bona-fide purchase or sale. ‘‘(IV) PERSONS RELATED TO THE TAXPAYER.— For purposes of subclauses (I), (II), and (III), the term ‘taxpayer’ shall include any person related to the taxpayer. ‘‘(V) CONTRACTUAL COUNTERPARTY.—For pur- poses of this clause, the term ‘contractual counterparty’ means an entity with which the tax- payer has entered into a contract, agreement, or other arrangement. ‘‘(iii) GUIDANCE.—Not later than December 31, 2026, the Secretary shall issue such guidance as is necessary to carry out the purposes of this subpara- graph, including establishment of rules to prevent enti- ties from evading, circumventing, or abusing the application of the restrictions against impermissible technology licensing arrangements with specified for- eign entities, such as through temporary transfers of intellectual property, retention by a specified foreign entity of a reversionary interest in transferred intellec- tual property, or otherwise. ‘‘(E) PUBLICLY TRADED ENTITIES.— ‘‘(i) IN GENERAL.— ‘‘(I) NONAPPLICATION OF CERTAIN FOREIGN- CONTROLLED ENTITY RULES.—Subparagraph (C)(v) shall not apply in the case of any entity the securi- ties of which are regularly traded on— ‘‘(aa) a national securities exchange which is registered with the Securities and Exchange Commission, ‘‘(bb) the national market system estab- lished pursuant to section 11A of the Securi- ties and Exchange Act of 1934, or ‘‘(cc) any other exchange or other market which the Secretary has determined in guid- ance issued under section 1296(e)(1)(A)(ii) has Deadline. Regulations. Intellectual property.