are likely to pose limited risk, the Committee may prescribe regulations to permit parties to the transaction to submit a declaration with basic information regarding the transaction, unless the parties submit a written notice under clause (i). (II) Mandatory declarations (aa) In general The Committee may prescribe regulations to require the parties to a covered transaction to submit a declaration described in subclause (I) with respect to the transaction if the transaction involves an investment that results in the acquisition, directly or indirectly, of a substantial interest in a United States business by a foreign person in which a foreign government has, directly or indirectly, a substantial interest. (bb) Submission of written notice as an alternative Parties to a covered transaction for which a declaration is required under this clause may instead elect to submit a written notice under clause (i). (cc) Timing of submission With respect to the regulations described under subclause (I), the Committee may not require a declaration to be submitted more than 30 days in advance of the completion of the transaction. (III) Penalties The Committee may impose a penalty pursuant to subsection (h)(3)(A) with respect to a party that fails to comply with this clause. (IV) Committee response to declaration (aa) In general Upon receiving a declaration under this clause with respect to a transaction, the Committee may, at its discretion— (AA) request that the parties to the transaction file a written notice under clause (i), provided that the Committee includes an explanation of the reasons for the request