; and (bb) if the party stipulates that the transaction is a covered transaction under item (aa), stipulate that the transaction is a foreign government-controlled transaction. (II) Basis for stipulation A written notice submitted under clause (i) or a declaration submitted under clause (v) that includes a stipulation under subclause (I) shall include a description of the basis for the stipulation. . 303. Timing for reviews and investigations Section 721(b) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(b) ) is amended— (1) in paragraph (2), by striking subparagraph (C) and inserting the following: (C) Timing (i) In general Except as provided in clause (ii), any investigation under subparagraph (A) shall be completed before the end of the 45-day period beginning on the date on which the investigation commenced. (ii) Extension for extraordinary circumstances (I) In general In extraordinary circumstances (as defined by the Committee in regulations), the chairperson may, at the request of the head of the lead agency, extend an investigation under subparagraph (A) for not more than one 15-day period. (II) Nondelegation The authority of the chairperson and the head of the lead agency referred to in subclause (I) may not be delegated to any person other than the Deputy Secretary of the Treasury or the deputy head (or equivalent thereof) of the lead agency, as the case may be. (III) Notification to parties If the Committee extends the deadline under subclause (I) with respect to a covered transaction, the Committee shall notify the parties to the transaction of the extension.