; or (2) necessary to prevent undue economic harm to the people of Hong Kong. 8. Implementation; regulations; penalties (a) Implementation The President 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 Act. (b) Regulatory authority The President shall issue such regulations, licenses, and orders as are necessary to carry out this section. (c) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of section 5 or 6 or any regulation, license, or order issued to carry out either such section 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.