; or (ii) an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity. (2) Determination of significance For the purposes of this section, in determining if transactions are significant, the President may consider the totality of the facts and circumstances, including factors similar to the factors set forth in section 561.404 of title 31, Code of Federal Regulations (or any corresponding similar regulation or ruling). (3) Rule of construction For purposes of this section, a transaction shall not be construed to include— (A) participation in an international standards-setting body or the activities of such a body; or (B) a transaction involving existing third or fourth generation telecommunications networks.