; (bb) any country determined by the Secretary of State to be a state sponsor of terrorism; and (cc) any country that— (AA) is subject to a United States arms embargo, as specified in list D:5 of Country Group D in Supplement No. 1 to part 740 of title 15, Code of Federal Regulations; and (BB) is identified as a country of special concern in regulations prescribed by the Committee. (ii) Investment defined For the purposes of this subparagraph, the term investment means the acquisition of an equity interest, including contingent equity interest, as further defined in regulations prescribed by the Committee. (iii) Unaffiliated United States business defined For the purposes of this subparagraph, with respect to an investment described under clause (i), and as further defined in regulations prescribed by the Committee, the term unaffiliated United States business means a United States business that is not subject to the same ultimate ownership of the foreign person undertaking the investment. (iv) Waiver The President may waive any requirement of this subparagraph upon reporting to the Committees on Financial Services and Foreign Affairs of the House and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate that the waiver is important to the national interest of the United States, with a detailed explanation of the reasons therefor. (D) 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 subparagraphs (B) or (C) that arises pursuant to a bankruptcy proceeding or other form of default on debt. (4) Foreign government-controlled transaction The term foreign government-controlled transaction means any covered transaction that could result in control of a United States business by a foreign government or a person controlled by or acting on behalf of a foreign government.