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139 STAT. 258 PUBLIC LAW 119–21—JULY 4, 2025 rules adequate to carry out the purposes of part VI of subchapter P of chapter 1 of subtitle A. ‘‘(II) NONAPPLICATION OF CERTAIN FOREIGN- INFLUENCED ENTITY RULES.—Subparagraph (D)(i)(I) shall not apply in the case of any entity— ‘‘(aa) the securities of which are regularly traded in a manner described in subclause (I), or ‘‘(bb) for which not less than 80 percent of the equity securities of such entity are owned directly or indirectly by an entity which is described in item (aa). ‘‘(III) EXCLUSION OF EXCHANGES OR MARKETS IN COVERED NATIONS.—Subclause (I)(cc) shall not apply with respect to any exchange or market which— ‘‘(aa) is incorporated or organized under the laws of a covered nation, or ‘‘(bb) has its principal place of business in a covered nation. ‘‘(ii) ADDITIONAL FOREIGN-CONTROLLED ENTITY REQUIREMENTS FOR PUBLICLY TRADED COMPANIES.—In the case of an entity described in clause (i)(I), such entity shall be deemed to be a foreign-controlled entity under subparagraph (C)(v) if such entity is controlled (as determined under subparagraph (G)) by— ‘‘(I) 1 or more specified foreign entities (as determined without regard to subparagraph (B)(v)) that are each required to report their beneficial ownership pursuant to a rule described in clause (iii)(I)(bb), or ‘‘(II) 1 or more foreign-controlled entities (as determined without regard to subparagraph (C)(v)) that are each required to report their beneficial ownership pursuant to a rule described in such clause. ‘‘(iii) ADDITIONAL FOREIGN-INFLUENCED ENTITY REQUIREMENTS FOR PUBLICLY TRADED COMPANIES.—In the case of an entity described in clause (i)(II), such entity shall be deemed to be a foreign-influenced entity under subparagraph (D)(i)(I) if— ‘‘(I) during the taxable year— ‘‘(aa) a specified foreign entity has the authority to appoint a covered officer of such entity, ‘‘(bb) a single specified foreign entity required to report its beneficial ownership under Rule 13d-3 of the Securities and Exchange Act of 1934 (or, in the case of an exchange or market described in clause (i)(I)(cc), an equivalent rule) owns not less than 25 percent of such entity, or ‘‘(cc) 1 or more specified foreign entities that are each required to report their bene- ficial ownership under Rule 13d-3 of the Secu- rities and Exchange Act of 1934 own, in the