; (ii) an application under the Act titled An Act relating to the landing and operation of submarine cables in the United States, approved May 27, 1921 ( 47 U.S.C. 34 et seq. ; 42 Stat. 8) for— (I) a submarine cable landing license; or (II) an assignment, modification, or transfer of control of a submarine cable landing license; or (iii) an application for a new license, or for the transfer, assignment, or disposal of an existing license under section 310(d) of the Communications Act of 1934 ( 47 U.S.C. 310(d) ), that is— (I) subject to approval by the Commission under section 310(b)(4) of such Act ( 47 U.S.C. 310(b)(4) ); or (II) eligible, under the rules of the Commission, for forbearance under section 10 of such Act ( 47 U.S.C. 160 ) from the application of paragraph (3) of section 310(b) of such Act ( 47 U.S.C. 310(b) ). (B) Limitation The term covered application does not include the following: (i) An application described in subparagraph (A) with respect to which the applicant seeks to transfer, assign, or otherwise dispose of an authorization or license to an entity that— (I) is owned or controlled by such applicant; (II) owns or controls such applicant; or (III) is under common ownership or control with such applicant. (ii) An application described in subparagraph (A) with respect to which the applicant— (I) is an applicant that has been previously approved under the review process established pursuant to subsection (a); and (II) at the time of such application does not have a level of foreign ownership that is more than 10 percent greater than the level of foreign ownership of such applicant— (aa) except as provided in item (bb), at any time such applicant was previously approved under the review process established pursuant to subsection (a)