; and (B) carry out the procedures developed and issued under subparagraph (A). (2) Manner of presentation The information shared with private entities under paragraph (1)(A)(i) shall be presented in a manner that identifies, assesses, and prioritizes risks, the mitigation of risks, and opportunities for asymmetric advantage. (3) Information shared with or provided to the Federal Government (A) No waiver of privilege or protection The provision of information to the Federal Government by a private entity under clause (i) or (iii) of paragraph (1)(A) shall not constitute a waiver of any applicable privilege or protection provided by law, including trade secret protection. (B) Proprietary information Information provided to the Federal Government by a private entity under clause (i) or (iii) of paragraph (1)(A) shall be considered the commercial, financial, and proprietary information of the private entity. (C) Exemption from disclosure under FOIA Information provided to the Federal Government by a private entity under clause (i) or (iii) of paragraph (1)(A) shall be exempt from disclosure under section 552(b)(3) of title 5, United States Code. (D) Exemption from Federal regulatory authority Information provided to the Federal Government by a private entity under clause (i) or (iii) of paragraph (1)(A) shall not be used by any Federal entity to regulate, including through an enforcement action, the lawful activities of the private entity. (E) Protection from liability No cause of action shall lie or be maintained in any court against a private entity, and such action shall be promptly dismissed, if the action is related to or arises out of the provision of information to the Federal Government by the private entity under clause (i) or (iii) of paragraph (1)(A). (d) Report to Congress (1) In general Not later than 1 year after the date of enactment of this section, and biennially thereafter, the Secretary, in coordination with the head of each appropriate Federal entity, shall submit to the appropriate committees of