; and (II) automatically cancel any other valid visa or entry documentation that is in the foreign person’s possession. (b) Penalties The penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) shall apply to a person that violates, attempts to violate, conspires to violate, or causes a violation of regulations promulgated under section 306(2) to carry out subsection (a)(1) to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act. (c) Exception Sanctions under subsection (a)(2) shall not apply to an alien if admitting or paroling the alien into the United States is necessary to permit the United States to comply with the Agreement regarding the Headquarters of the United Nations, signed at Lake Success June 26, 1947, and entered into force November 21, 1947, between the United Nations and the United States, or other applicable international obligations of the United States. 205. Waiver (a) In general The President may waive the application of sanctions imposed on a foreign person under this title if the President— (1) determines that such a waiver is in the national interest of the United States; and (2) not later than the date on which such waiver will take effect, submits to the appropriate congressional committees a notice of and justification for such waiver. (b) Appropriate congressional committees defined In this subsection, the term appropriate congressional committees means— (1) the Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives; and (2) the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate. 206. Implementation and regulatory authority The President— (1) may exercise all authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act ( 50 U.S.C. 1702 and 1704) to carry out this title