; or (2) the date on which the Exchange Stabilization Fund of the Department of the Treasury ceases the direct lending, loan guarantee, and investment activities for carriers and businesses designated to receive such assistance under the CARES Act, H.R. 748 (116th Congress) (or any successor program established under Federal law). 5. Conflicts of interest (a) Standards required The Director of the Office of Management and Budget shall issue regulations or guidelines necessary to address and manage or to prohibit conflicts of interest that may arise in connection with the administration and execution of the authorities provided under the COVID-19 Relief Program. (b) Timing Regulations or guidelines required by this section shall be issued as soon as practicable after the date of enactment of this Act. 6. Executive compensation and corporate governance (a) Applicability Any private entity that receives loans, loan guarantees, grants, or other assistance through the Exchange Stabilization Fund of the Department of the Treasury shall be subject to the executive compensation requirements of subsection (b) and the provisions under the Internal Revenue Code of 1986, as applicable. (b) Criteria The standards required under this subsection shall include— (1) limits on compensation that exclude incentives for senior executive officers of a private entity to take unnecessary and excessive risks that threaten the value of such entity during the period in which the entity receives financial assistance in response to the COVID-19 outbreak