; or (2) to the extent necessary to prevent commercial operation of the covered company in the United States, are or come within the possession or control of a United States person. (b) Inapplicability of national emergency requirement The requirements of section 202 of the International Emergency Economic Powers Act ( 50 U.S.C. 1701 ) shall not apply for purposes of this section. (c) Implementation (1) In general Except as provided in paragraph (2), the President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section. (2) Exceptions The exceptions under subsection (b) of section 203 of the International Emergency Economic Powers Act ( 50 U.S.C. 1702 ) shall not apply to the use by the President in carrying out this section of the authorities under such section 203. (d) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (e) National security and research exceptions Sanctions under this section shall not apply with respect to law enforcement activities, national security interests and activities, and security research activities, as provided under the standards and guidelines developed by the Director of the Office of Management and Budget under section 102(b)(1) of the No TikTok on Government Devices Act (division R of Public Law 117–328 ). (f) Covered company defined In this section, the term covered company means— (1) ByteDance Limited, or any successor entity to ByteDance Limited, if ByteDance Limited or the successor entity— (A) is involved in matters relating to the social networking service TikTok, or any