---
kind: "section"
citation: "31 C.F.R. § 801.209"
title: "31"
number: "801.209"
heading: "Pilot program covered investment."
url: "https://uscodex.org/cfr/31/801.209"
---

# §801.209. Pilot program covered investment.


The term pilot program covered investment means an investment, direct or indirect, by a foreign person in an unaffiliated pilot program U.S. business that could not result in control by a foreign person of a pilot program U.S. business and that affords the foreign person:

- (a) Access to any material nonpublic technical information in the possession of the pilot program U.S. business;
- (b) Membership or observer rights on the board of directors or equivalent governing body of the pilot program U.S. business or the right to nominate an individual to a position on the board of directors or equivalent governing body of the pilot program U.S. business; or
- (c) Any involvement, other than through voting of shares, in substantive decisionmaking of the pilot program U.S. business regarding the use, development, acquisition, or release of critical technology.

## Notes

### Authority

Authority: 50 U.S.C. 4565; Pub. L. 115-232.

### Source

Source: 83 FR 51327, Oct. 11, 2018, unless otherwise noted.