FCC to Vote on Section 214 Overhaul: 5% Disclosure and Foreign Adversary Rules
The FCC's October 29 vote would cut Section 214 ownership disclosure from 10% to 5%, impose a one-time collection on existing authorization holders, and propose presumptive disqualification of foreign adversary-linked applicants.
On October 29, 2026, the FCC is scheduled to vote on a draft Report and Order and Further Notice of Proposed Rulemaking (FCC-CIRC 2610-05, circulated October 8) rewriting international Section 214 authorization rules. The draft would cut the ownership disclosure threshold in application and transfer filings from 10% to 5% of equity and voting interests, with indirect equity attributed pass-through but voting interests computed under separate rules, and would exempt interests held through a US public company absent its actual knowledge. It would also require all existing authorization holders to file one-time 5% ownership and control information, with noncompliance risking forfeiture and revocation, plus 30-day notice of material changes. The Further Notice proposes presumptive disqualification, rebuttable only by clear and convincing evidence, for applicants owned by or directed by a foreign adversary, including Covered List entities and applicants with foreign adversary financing or leadership links.
Why it matters: funds, co-investors and sovereign strategic investors must map direct and indirect 5% interests, review fund and side-letter confidentiality restrictions, and allocate compliance responsibility between signing and closing.
The draft is not official Commission action and may change before the vote; most rules would take effect 60 days after Federal Register publication, with the collection awaiting OMB review.