[Code of Federal Regulations]
[Title 28, Volume 1]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 28CFR5.304]

[Page 220-221]
 
                    TITLE 28--JUDICIAL ADMINISTRATION
 
                    CHAPTER I--DEPARTMENT OF JUSTICE
 
PART 5_ADMINISTRATION AND ENFORCEMENT OF FOREIGN AGENTS REGISTRATION ACT OF 
 
Sec.  5.304  Exemptions under sections 3(d) and (e) of the Act.

    (a) As used in section 3(d), the term trade or commerce shall 
include the exchange, transfer, purchase, or sale of commodities, 
services, or property of any kind.
    (b) For the purpose of section 3(d) of the Act, activities of an 
agent of a foreign principal as defined in section 1(c) of the Act, in 
furtherance of the bona fide trade or commerce of such foreign

[[Page 221]]

principal, shall be considered ``private,'' even though the foreign 
principal is owned or controlled by a foreign government, so long as the 
activities do not directly promote the public or political interests of 
the foreign government.
    (c) For the purpose of section 3(d)(2) of the Act, a person engaged 
in political activities on behalf of a foreign corporation, even if 
owned in whole or in part by a foreign government, will not be serving 
predominantly a foreign interest where the political activities are 
directly in furtherance of the bona fide commercial, industrial, or 
financial operations of the foreign corporation, so long as the 
political activities are not directed by a foreign government or foreign 
political party and the political activities do not directly promote the 
public or political interests of a foreign government or of a foreign 
political party.
    (d) The exemption provided by section 3(e) of the Act shall not be 
available to any person described therein if he engages in political 
activities as defined in section 1(o) of the Act for or in the interests 
of his foreign principal.

[Order No. 376-67, 32 FR 6362, Apr. 22, 1967, as amended by Order No. 
463-71, 36 FR 12212, June 29, 1971; Order No. 2674-2003, 68 FR 33630, 
June 5, 2003]