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Federal Register / Vol. 86, No. 124 / Thursday, July 1, 2021 / Rules and Regulations determined by the Federal tenant in consultation with the Interagency Security Committee, the Department of Homeland Security, and the General Services Administration. Facility security levels and the process for determining these are outlined in the Interagency Security Committees publication The Risk Management Process. 1

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New Disclosure Requirements Section 3 of the Act imposes the following requirements:
Prior to entering into a lease agreement with a covered entity or allowing such a landlord to convey its interest in a leased space that qualifies as a high-security leased space meaning a lease with a security level of Level III, IV, or Va Federal lessee must require the landlord to identify and disclose whether the immediate owner or highest-level owner of the leased space, including an entity involved in the financing thereof, is a foreign person or a foreign entity, and to identify the country associated with each ownership entity. A covered entity is a person, corporation, company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group, or any governmental entity or instrumentality of a government. Leases entered into by the Department of Defense and for Federal tenants within the intelligence community as defined in the National Security Act of 1947, 50
U.S.C. 3003 are expressly excluded from these requirements.
The Act requires disclosure of the immediate owner the entity that has direct control of the offeror of a lease, as defined by ownership or interlocking management, identity of interests among family members, shared facilities and equipment, and the common use of employees and highest-level owner the entity that owns or controls an immediate owner of the offeror of a lease or that owns or controls one or more entities that control the immediate owner.
The Act also requires disclosure of whether an entity is involved in the financing of the leased space is a foreign person or entity. GSA has provided a definition of financing at 552.27033.
Once a lease is executed, the Act requires annual disclosure of the foreign ownership of the landlord and financing of the property with respect to each prior one year period.
1 Interagency Security Committees publication The Risk Management Process, March 2021

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Section 3 of the Act applies to any lease or novation agreement entered into on or after June 30, 2021.
This Section of the Act requires that a covered entity i.e., a person, corporation, company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group; or any governmental entity or instrumentality of a government identify and disclose whether the immediate or highest-level owner of the leased space, including an entity involved in financing of the property, is a foreign person or a foreign entity, including the country of origin associated with the ownership, before a Federal lessee enters into a lease agreement with a covered entity or approves a novation agreement with a covered entity that involves a change of ownership under a lease for highsecurity leased space.
Under the Act, an immediate owner is an entity, other than the offeror of a lease, that has direct control of the offeror, including ownership or interlocking management, identity of interests among family members, shared facilities and equipment, and the common use of employees and a highest-level owner is the entity that owns or controls an immediate owner of the offeror of a lease, or that owns or controls 1 or more entities that control an immediate owner of the offeror. If a disclosure is made, the Federal lessee is required to notify the Federal tenant of the building or other improvement that will be used for high-security space and to consult with the Federal tenant regarding security concerns and to determine whether mitigation measures are necessary prior to lease award or approval of the novation agreement.
A covered entity is required to provide this ownership information in response to a solicitation for offers issued by the Federal lessee or before approving a novation agreement for a lease. Covered entities also must update the information provided to the Federal lessee annually. The information that must be provided on an annual basis includes: The list of immediate or highest-level owners of the covered entity during the preceding one-year period of Federal occupancy or the information required to be provided relating to each such immediate or highest-level owner.
Section 4 of the Act is not addressed in this regulation. It will be implemented through separate rulemaking and is outlined here for awareness. Section 4 also imposes disclosure requirements for beneficial ownership:

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Subject to the development of GSAs government-wide plan for obtaining ownership information outlined in Section 4 of the Act, covered entities also will be required to disclose information about beneficial ownership.
A beneficial owner is with respect to a covered entity, each natural person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwisei exercises control over the covered entity; or ii has a substantial interest in or receives substantial economic benefits from the assets of the covered entity. However, a beneficial owner of a covered entity does not include: A minor child, a person acting as a nominee, intermediary, custodian, or agent on behalf of another person; a person acting solely as an employee of the covered entity and whose control over or economic benefits from the covered entity derives solely from the employment status of the person; a person whose only interest in the covered entity is through a right of inheritance or a creditor of the covered entity unless either also meets the definition of beneficial owner. This disclosure will be addressed in a future rule.
Comments are welcome on foreign ownership, including beneficial ownership, with the understanding that such comments may help inform a future regulatory action.
Additional Lease Language Lease agreements for high-security leased space will be required to include language that limits the access to the leased space by the covered entity and any member of the property management company responsible for the space without prior approval from the Federal tenant. The Federal tenant may only grant access to the highsecurity leased space or any property or information located in the space if the tenant determines that access is clearly consistent with its mission and responsibilities. The Federal lessee is required to have written procedures, signed by both the Federal lessee and the covered entity, that govern access to the high-security leased space in case of emergencies that may damage the leased property.
Government-Wide Plan for Obtaining Ownership Information Section 4 of the Act requires GSA, in conjunction with the Office of Management and Budget OMB, to develop a government-wide plan for agencies to identify all immediate, highest-level, or beneficial owners of high-security leased spaces before
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