MULTILATERAL REGIME.

SEC. 201. MULTILATERAL REGIME.(a) Waiver.—Section 4(c) of the Iran and Libya Sanctions Act of 1996 (50 U.S.C. 1701 note) is amended to read as follows:“(c) Waiver.—“(1) In general.—The President may, on a case by case basis, waive for a period of not more than six months the application of section 5(a) with respect to a national of a country, if the President certifies to the appropriate congressional committees at least 30 days before such waiver is to take effect that such waiver is vital to the national security interests of the United States.“(2) Subsequent renewal of waiver.—If the President determines that, in accordance with paragraph (1), such a waiver is appropriate, the President may, at the conclusion of the period of a waiver under paragraph (1), renew such waiver for subsequent periods of not more than six months each.”.(b) Investigations.—Section 4 of such Act (50 U.S.C. 1701 note) is amended by adding at the end the following new subsection:“(f) Investigations.—“(1) In general.—The President should initiate an investigation into the possible imposition of sanctions under section 5(a) against a person upon receipt by the United States of credible information indicating that such person is engaged in investment activity in Iran as described in such section.“(2) Determination and notification.—Not later than 180 days after an investigation is initiated in accordance with paragraph (1), the President should determine, pursuant to section 5(a), if a person has engaged in investment activity120 STAT. 1346 in Iran as described in such section and shall notify the appropriate congressional committees of the basis for any such determination.”.