; (ii) terminate on the date that is 5 years after the date of enactment of this paragraph, except that the Secretary of the Treasury may extend the pilot program for up to two years upon submitting a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that includes— (I) a certification that the extension is in the national interest of the United States, with a detailed explanation of the reasons therefor; (II) an evaluation of the usefulness of the pilot program, including a detailed analysis of any illicit activity identified or prevented as a result of the program; and (III) a detailed legislative proposal providing for a long-term extension of the pilot program activities, including expected budgetary resources for the activities, if the Secretary of the Treasury determines that a long-term extension is appropriate. (C) Prohibition involving certain jurisdictions In issuing the regulations required under subparagraph (A), the Secretary of the Treasury may not permit a financial institution to share information on reports under this subsection with a foreign branch, subsidiary, or affiliate located in a jurisdiction that— (i) is subject to countermeasures imposed by the Federal Government; or (ii) the Secretary has determined cannot reasonably protect the privacy and confidentiality of such information. (D) Implementation updates Not later than 360 days after the date on which rules are issued under subparagraph (A), and annually thereafter for 3 years, the Secretary of the Treasury, or the Secretary’s designee, shall brief the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on— (i) the degree of any information sharing permitted under the pilot program, and a description of criteria used by the Secretary to evaluate the appropriateness of the information sharing