; (II) whether the United States has in effect with that country a mutual arrangement to safeguard national security as it pertains to foreign investment; (III) the national security review process for foreign investment of that country; and (IV) any other criteria that the Committee determines to be appropriate. (iii) Exemption of certain contributions The Committee may, by regulation, define circumstances in which contributions otherwise described in subparagraph (B)(v) are excluded from the term covered transaction on the basis of a determination that other provisions of law are adequate to identify and address any potential national security risks posed by such contributions. (iv) Transfers of certain assets pursuant to bankruptcy proceedings or other defaults The Committee shall prescribe regulations to clarify that the term covered transaction includes any transaction described in subparagraph (B) that arises pursuant to a bankruptcy proceeding or other form of default on debt. (D) Passive investment defined (i) In general For purposes of subparagraph (B)(iii), the term passive investment means an investment by a foreign person in a United States business— (I) that is not described in subparagraph (B)(i); (II) that does not afford the foreign person— (aa) access to any nonpublic technical information in the possession of the United States business; (bb) access to any nontechnical information in the possession of the United States business that is not available to all investors; (cc) membership or observer rights on the board of directors or equivalent governing body of the United States business or the right to nominate an individual to such a position; or (dd) any involvement, other than through voting of shares, in substantive decisionmaking pertaining to any matter involving the United States business