; and (B) transmit to the President and each House of the Congress a report on the Secretary’s findings and conclusions regarding— (i) each analysis and determination made under paragraph (1); and (ii) the effectiveness and efficiency of the reporting requirements contained in section 2 in providing the information required to be reported by such section. (2) In this subsection, the term covered period means each of the following periods: (A) The 10-year period beginning on the date of the enactment of Agricultural Foreign Investment Disclosure Reform Act . (B) Each 10-year period thereafter. . 4. Civil penalty for failure to report or mis­re­port­ing Section 3(b) of the Agricultural Foreign Investment Disclosure Act of 1978 ( 7 U.S.C. 3502(b) ) is amended by striking , except that such amount shall not exceed 25 percent of the fair market value, on the date of the assessment of such penalty, of the interest in agricultural land with respect to which such violation occurred . 5. Clarification of foreign person definition (a) In general Section 9(3)(C)(ii) of the Agricultural Foreign Investment Disclosure Act of 1978 ( 7 U.S.C. 3508(3)(C)(ii) ) is amended, in the matter preceding subclause (I), by striking a significant interest or substantial control and inserting not less than 25-percent interest or not less than 25-percent control . (b) Effective date The amendment made by subsection (a) shall apply beginning with the first report submitted under section 2 of the Agricultural Foreign Investment Disclosure Act of 1978 ( 7 U.S.C. 3501 ) after the date of the enactment of this Act.