; and (B) submits a report to the appropriate congressional committees that describes the reasons for such determination. (2) Form The report required under paragraph (1)(B) shall be submitted in unclassified form, but may contain a classified annex. (c) Special rule To allow for termination of sanctionable activity The President shall not be required to apply sanctions to a foreign financial institution described in subsection (a) if the President certifies in writing to the appropriate congressional committees that— (1) the foreign financial institution— (A) is no longer engaging in the activity described in subsection (a)(2); or (B) has taken and is continuing to take significant verifiable steps toward terminating the activity described in that subsection; and (2) the President has received reliable assurances from the government with primary jurisdiction over the foreign financial institution that the foreign financial institution will not engage in any activity described in subsection (a)(2) in the future. (d) Definitions In this section: (1) Account; correspondent account; payable-through account The terms account , correspondent account , and payable-through account have the meanings given such terms in section 5318A(e) of title 31, United States Code. (2) Financial institution The term financial institution means a financial institution described in subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (K), (M), (N), (P), (R), (T), (Y), or (Z) of section 5312(a)(2) of title 31, United States Code. (3) Foreign financial institution The term foreign financial institution has the meaning given such term in section 1010.605 of title 31, Code of Federal Regulations. (4) ISIL The term ISIL means— (A) the entity known as the Islamic State of Iraq and the Levant and designated by the Secretary of State as a foreign terrorist organization pursuant to section 219(a) of the Immigration and Nationality Act ( 8 U.S.C. 1189(a) )