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AI Summary: This regulation strengthens customs enforcement by revising importer eligibility, import disclosure, and certification requirements. Key provisions include requiring Importers of Record (IORs) to maintain a minimum level of domestic assets or bonding, increasing required bond coverage, and demanding more comprehensive data and identification from IORs, such as ownership details and anticipated import volumes. The regulation also prohibits foreign IORs from filing informal entries and imposes stricter requirements for foreign IORs filing formal entries, including limitations on continuous bonds and potential validation through the Customs Trade Partnership Against Terrorism (CTPAT) program. Furthermore, all IORs must maintain "good standing" with U.S. Customs and Border Protection (CBP), which will be defined based on compliance history and payment of liabilities, with specific examples of non-compliance including importing illicit substances. The regulation mandates updates to the IOR registry, including removing inactive IORs and creating risk-based tiers, and establishes enhanced vetting procedures for individuals and entities involved in importation activities. Heightened import disclosure and certification requirements will be implemented, including certifying compliance with supply chain laws and disclosing foreign tax and global business identifiers. Enforcement measures are bolstered through stricter penalties, including a minimum penalty floor and elimination of mitigation for repeat offenders, and expedited seizure and disposal of non-compliant imports. Transparency in customs operations will be enhanced through periodic review of confidentiality requests and publication of annual enforcement reports. The regulation also defines "U.S. IOR" and "foreign IOR" and outlines criteria for determining an entity's location in the United States.