; and (II) include the percentage of private fund assets disclosed by a covered entity or exempt reporting adviser, as applicable. (B) Rule of construction Nothing in this subsection may be construed to permit the Commission to make available any information that appears on Form PF or Form ADV other than the information that is included on Form PF or Form ADV as a result of the requirements under paragraph (1). (d) Exempted transactions (1) In general The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) is amended by inserting after section 13A ( 15 U.S.C. 78m–1 ) the following: 13B. Disclosure requirements relating to certain exempted transactions (a) Definitions In this section: (1) Beneficial owner The term beneficial owner means a person that is determined to be a beneficial owner under section 240.13d–3 of title 17, Code of Federal Regulations, or any successor regulation. (2) Country of concern The term country of concern — (A) has the meaning given the term covered nation in section 4872(d) of title 10, United States Code; and (B) includes a jurisdiction that the Commission, in consultation with the Secretary of State and the Secretary of the Treasury, determines to be subject to the political and legal control of a covered nation, as defined in section 4872(d) of title 10, United States Code. (3) Covered exempted transaction The term covered exempted transaction means an offer or sale of a security that is— (A) exempt from registration under section 5 of the Securities Act of 1933 ( 15 U.S.C. 77e ); and (B) structured or intended to comply with— (i) section 230.506(b) of title 17, Code of Federal regulations, or any successor regulation; (ii) sections 230.901, 230.902, and 230.903 of title 17, Code of Federal Regulations, or any successor regulations