; or (B) divesting themselves of any investment under subsection (b). (b) Divestiture A covered person may sell a covered investment during the 6-month period beginning on— (1) the date on which the covered person takes office or begins employment, as applicable; or (2) the date of enactment of this Act. 5. Trusts (a) In general On a case-by-case basis, the Select Committee on Ethics may authorize a covered person to place their securities holdings in a qualified blind trust approved by the committee under section 102(f) of the Ethics in Government Act of 1978 (5 U.S.C. App.). (b) Blind trust A blind trust permitted under this subsection shall meet the criteria in section 102(f)(4)(B) of the Ethics in Government Act of 1978 (5 U.S.C. App.), unless an alternative arrangement is approved by the Select Committee on Ethics. 6. Administration and enforcement (a) Administration (1) In general The provisions of this Act shall be administered by the Select Committee on Ethics of the Senate and the Committee on Ethics of the House of Representatives. (2) Guidance The Select Committee on Ethics of the Senate and the Committee on Ethics of the House of Representatives are authorized to issue guidance on any matter contained in this Act, including— (A) whether a covered person may hold an employee stock option, or similar instrument, that had not vested before the date on which the covered person was elected; and (B) the process and timeline for when a covered person shall no longer serve as an officer or member of any board of any for-profit association, corporation, or other entity. (b) Enforcement Whoever knowingly fails to comply with this Act shall be subject to a civil penalty of not less than 10 percent of the value of the covered investment that was purchased or sold or the security in which a net short position was created in violation of this Act, as applicable.