; or (B) a foreign entity that is eligible for registration, or that is registered to do business, under the laws of a State or Indian Tribe. (3) Foreign private issuer The term foreign private issuer means a foreign issuer, other than a foreign government, except that the term does not include a foreign issuer that, as of the last business day of the most recently completed fiscal quarter of the issuer, satisfies the following conditions: (A) More than 50 percent of the outstanding voting securities of the issuer are directly or indirectly owned by residents of the United States. (B) Any of the following: (i) The majority of the executive officers or directors of the issuer are citizens or residents of the United States. (ii) More than 50 percent of the assets of the issuer are located in the United States. (iii) The business of the issuer is principally administered in the United States. (b) Disclosure requirements (1) Initial compliance with specified periodic disclosure requirements Subject to paragraphs (4) and (5), an issuer engaged in business in or affecting interstate commerce, or that is organized outside of the United States and is not a foreign private issuer, that offers, sells, or otherwise provides a security through an arrangement or scheme that constitutes an investment contract, as that term is used in section 2(a)(1) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(1) ), and that provides or proposes to provide any holder of the security with an ancillary asset, shall be subject to the periodic disclosure requirements under subsection (c) for the 1-year period beginning on the date that is 180 days after the first date on which the security is offered, sold, or otherwise provided by the issuer, if— (A) the average daily aggregate value of all ancillary assets offered, sold, or otherwise provided by the issuer in relation to the offer, sale, or provision of the security in all spot markets open to the public in the United States (based on the knowledge of the issuer after due inquiry) is greater