; and (II) shall automatically cancel any other valid visa or entry documentation that is in the possession of the alien who is the subject of such revocation. (3) Penalties The penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) shall apply to a person that knowingly violates, attempts to violate, conspires to violate, or causes a violation of regulations promulgated to carry out this section to the same extent that such penalties apply to a person that knowingly commits an unlawful act described in section 206(a) of such Act. (4) Regulatory authority (A) In general The President may exercise all authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act ( 50 U.S.C. 1702 and 1704) for purposes of carrying out this section. (B) Issuance of regulations Not later than 180 days after the date of the enactment of this Act, the President shall, promulgate regulations as necessary for the implementation of this section and the amendments made by this section. (C) Notification to congress Not later than ten days before the promulgation of regulations under subparagraph (B), the President shall brief the appropriate congressional committees on the proposed regulations and the provisions of this section that the regulations are implementing. (5) Rule of construction Nothing in this section may be construed to limit the authority of the President pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) or any other relevant provision of law. (d) Waiver The President may waive the application of sanctions under this section for periods not to exceed 120 days with respect to a foreign person, or an agency or instrumentality of a foreign state, if the President reports to the appropriate congressional committees that such waiver is vital to the national security interests of the United States. (e) Exemptions Any activity subject to the reporting requirements