; and (2) such expanded sanctions would generate greater public scrutiny and enhanced due diligence procedures by the private sector and others. 3. Regulations to expand sanctions against persons owned or controlled by Iran’s Revolutionary Guard Corps (a) In general Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe regulations to apply the definition of own or control described in subsection (b) for purposes of blocking property or interests in property pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) of persons who are owned or controlled by Iran’s Revolutionary Guard Corps. (b) Definition of own or control The term own or control described in this subsection means, with respect to a person— (1) to hold more than 25 percent of the equity interest by vote or value in the person; (2) to hold a majority of seats on the board of directors of the person; or (3) to otherwise control the actions, policies, or personnel decisions of the person. (c) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (a) or any regulation, license, or order issued to carry out subsection (a) shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.