(i) In general, Every new commercial enterprise must establish and maintain a separate account for each alien investor's capital investment, including funds held in escrow.

(ii) Use of funds: Funds in a separate account may only be: (I) Transferred to another separate account or a job creating entity; (II) Deployed into the intended capital investment project; or (III) Refunded to the contributing alien investor's capital investment, if permitted under this paragraph.

The Secretary of Homeland Security shall deny or revoke the approval of a petition, application, or benefit described in this paragraph if, in the Secretary's discretion, it is determined that such petition, application, or benefit involved fraud, deceit, intentional material misrepresentation, or criminal misuse, subject to subparagraph (M).

(ii) Debarment If a regional center, new commercial enterprise, or job-creating entity has its designation or participation in the program under this paragraph terminated due to fraud, intentional material misrepresentation, or criminal misuse, any individual associated with such entities, including an alien investor, shall be permanently barred from future participation in the program if the Secretary determines, by a preponderance of the evidence, that such individual knowingly participated in the conduct leading to the termination.

Secretary of Homeland Security Alejandro N. Mayorkas has announced the extension and redesignation of Burma for Temporary Protected Status (TPS) for a duration of 18 months, effective from May 26, 2024, to November 25, 2025. This decision is in response to the extraordinary and temporary conditions prevailing in Burma that pose risks to the safety of individuals, preventing their safe return.

(i) Denial or revocation The Secretary of Homeland Security shall deny or revoke the approval of a petition, application, or benefit described in this paragraph if, in the Secretary's discretion, such approval is deemed contrary to the national interest of the United States due to concerns regarding public safety or national security.

(i) Termination or debarment of EB–5 entity Unless specified in clause (vi), when a regional center, a new commercial enterprise, or a job-creating entity is terminated or debarred from the program under this paragraph: (I) A qualified petition under section 1154(a)(1)(H) of this title or the conditional permanent residence status of an alien admitted to the United States based on an investment in a terminated regional center, new commercial enterprise, or job-creating entity shall remain valid or continue to be authorized, as applicable, in accordance with this subparagraph.

(i) General Requirement

An alien investor must demonstrate that the capital required under subparagraph (A) and any funds used for administrative costs and fees associated with the investment were obtained from a lawful source and through lawful means.

(i) Establishment

A special fund known as the "EB–5 Integrity Fund" (referred to as the "Fund") is established in the United States Treasury. Amounts deposited into the Fund are available to the Secretary of Homeland Security for the purposes outlined in clause (iii).

(ii) Fees

(I) Annual Fee: Commencing on October 1, 2022, and annually thereafter, the Secretary of Homeland Security shall collect an annual fee for the Fund as follows: (aa) $20,000 from each regional center designated under subparagraph (E), unless exempted by item (bb); (bb) $10,000 from each regional center with 20 or fewer total investors in the previous fiscal year in its new commercial enterprises.

(i) Jurisdiction

(I) General Jurisdiction: The United States has jurisdiction over the purchase, sale, or investment advice related to any security offered by a regional center or associated party under securities laws. (II) Compliance with Regulation S: Regional centers and associated parties are allowed to offer or sell securities under Regulation S of the Securities Act of 1933 if such offerings comply with the regulation.

(i) In General

The Secretary of Homeland Security is prohibited from allowing any person to be involved with any regional center, new commercial enterprise, or job-creating entity if: (I) the person has been found to have committed: (aa) a criminal or civil offense involving fraud or deceit within the previous 10 years; (bb) a civil offense involving fraud or deceit resulting in a liability exceeding $1,000,000; or (cc) a crime for which the person was convicted and sentenced to imprisonment exceeding 1 year; (II) the person is subject to a final order, during any penalty duration, from a State securities commission or similar entity, based on a violation of laws prohibiting fraudulent, manipulative, or deceptive conduct, or prohibiting the person from association with regulated entities, appearing before regulatory bodies, or engaging in certain financial activities; (III) the Secretary determines the person is involved in illicit activities such as trafficking, espionage, money laundering, terrorism, human trafficking, human rights violations, or violations of foreign financial transaction laws; (IV) the person is listed on the Department of Justice's List of Currently Disciplined Practitioners or has received public discipline related to fraud or deceit by a State bar association in the past 10 years.

(i) In General

Every regional center designated under subparagraph (E) must submit an annual statement, as prescribed by the Secretary of Homeland Security. The statement should include: (I) a certification stating that, to the best of the certifier's knowledge after a due diligence investigation, the regional center complies with clauses (i) and (ii) of subparagraph (H); (II) a certification as described in subparagraph (I)(ii)(II); (III) a certification stating that, to the best of the certifier's knowledge after a due diligence investigation, the regional center complies with subparagraph (K)(iii); (IV) a description of any pending material litigation or bankruptcy proceedings, or material litigation or bankruptcy proceedings resolved during the preceding fiscal year, involving the regional center, the new commercial enterprise, or any affiliated job-creating entity; (V) an account of all individual alien investor capital invested in the regional center, new commercial enterprise, and job-creating entity; (VI) for each new commercial enterprise associated with the regional center: (aa) an account of the aggregate capital invested in the new commercial enterprise and any job-creating entity by alien investors under this paragraph for each capital investment project being undertaken by the new commercial enterprise; (bb) a description of how the capital described in item (aa) is being used to execute each capital investment project in the filed business plan or plans; (cc) evidence that 100 percent of the capital described in item (aa) has been committed to each capital investment project; (dd) detailed evidence of the progress made toward the completion of each capital investment project; (ee) an account of the aggregate direct jobs created or preserved; (ff) to the best of the regional center's knowledge, for all fees, including administrative fees, loan monitoring fees, loan management fees, commissions, and similar transaction-based compensation, collected from alien investors by the regional center, the new commercial enterprise, any affiliated job-creating entity, any affiliated issuer of securities intended to be offered to alien investors, or any promoter, finder, broker-dealer, or other entity engaged by any of the aforementioned entities to locate individual investors: (AA) a description of all fees collected; (BB) an account of the entities that received such fees; and (CC) the purpose for which such fees were collected;

(gg) any documentation referred to in subparagraph (F)(i)(IV) if there has been a material change during the preceding fiscal year; and (hh) a certification by the regional center that the information provided under items (aa) through (gg) is accurate, to the best of the certifier's knowledge after a due diligence investigation; and

(VII) a description of the regional center's policies and procedures designed to enable the regional center to comply with applicable Federal labor laws.