31 CFR § 801.209 - Pilot program covered investment.

---
identifier: "/us/cfr/t31/s801.209"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "31 CFR § 801.209 - Pilot program covered investment."
title_number: 31
title_name: "Money and Finance: Treasury"
section_number: "801.209"
section_name: "Pilot program covered investment."
chapter_name: "OFFICE OF INVESTMENT SECURITY, DEPARTMENT OF THE TREASURY"
part_number: "801"
part_name: "PILOT PROGRAM TO REVIEW CERTAIN TRANSACTIONS INVOLVING FOREIGN PERSONS AND CRITICAL TECHNOLOGIES"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "50 U.S.C. 4565; Pub. L. 115-232."
regulatory_source: "83 FR 51327, Oct. 11, 2018, unless otherwise noted."
cfr_part: "801"
---


# 801.209 Pilot program covered investment.

The term *pilot program covered investment* means an investment, direct or indirect, by a foreign person in an unaffiliated pilot program U.S. business that could not result in control by a foreign person of a pilot program U.S. business and that affords the foreign person:

(a) Access to any material nonpublic technical information in the possession of the pilot program U.S. business;

(b) Membership or observer rights on the board of directors or equivalent governing body of the pilot program U.S. business or the right to nominate an individual to a position on the board of directors or equivalent governing body of the pilot program U.S. business; or

(c) Any involvement, other than through voting of shares, in substantive decisionmaking of the pilot program U.S. business regarding the use, development, acquisition, or release of critical technology.