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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 15 - Commerce and Foreign Trade |
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Subtitle B—Regulations Relating to Commerce and Foreign Trade |
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Chapter II—National Institute of Standards and Technology, Department of Commerce |
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SubChapter C—Chips Program |
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Part 231 - Clawbacks of Chips Funding |
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Subpart B - General |
§ 231.205 - Retention of records.
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§ 231.205 Retention of records.
(a) During the 10-year period beginning on the date of the Federal financial assistance award under 15 U.S.C. 4652 and for a period of seven years following any significant transaction involving the material expansion of semiconductor manufacturing capacity in a foreign country of concern, a covered entity or member of the affiliated group planning or engaging in any such significant transaction involving the material expansion of semiconductor manufacturing capacity in a foreign country of concern shall maintain records related to the significant transaction in a manner consistent with the recordkeeping practices used in their ordinary course of business for such transactions.
(b) A covered entity that is notified that a transaction is being reviewed by the Secretary shall immediately take steps to retain all records relating to such transaction, including if those records are maintained by a member of the affiliated group or by related entities.