; (B) is not likely to be repeated in the future; and (C) has been reversed or otherwise mitigated through positive countermeasures taken by that foreign financial institution. (3) Notification required If the President makes a determination under paragraph (1) or (2) to exclude or remove a foreign person or foreign financial institution from a report under subsection (a) or (b), as the case may be, the President shall notify the appropriate congressional committees and leadership of the determination and the reasons for the determination. (e) Update of reports (1) In general Each report submitted under subsections (a) and (b) shall be updated in an ongoing manner and, to the extent practicable, updated reports shall be resubmitted with the annual report under section 301 of the United States-Hong Kong Policy Act of 1992 ( 22 U.S.C. 5731 ). (2) Rule of construction Nothing in this subsection shall be construed to terminate the requirement to update the reports under subsections (a) and (b) upon the termination of the requirement to submit the annual report under section 301 of the United States-Hong Kong Policy Act of 1992 ( 22 U.S.C. 5731 ). (f) Form of reports (1) In general Each report under subsection (a) or (b) (including updates under subsection (e)) shall be submitted in unclassified form and made available to the public. (2) Classified annex The explanations and descriptions included in the report under subsection (a)(2) (including updates under subsection (e)) may be expanded on in a classified annex. (g) Material contributions related to obligations of China described For purposes of this section, a foreign person materially contributes to the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law if the person— (1) took action that resulted in the inability of the people of Hong Kong— (A) to enjoy freedom of assembly, speech, press, or independent rule of law; or (B) to participate in democratic outcomes