(a) Upon receiving a declaration submitted under § 802.401 with respect to a covered real estate transaction, the Committee may, at the discretion of the Committee:
(1) If the Committee has reason to believe that the transaction may raise national security considerations, request that the parties to the transaction file a written notice under subpart E;
(2) Inform the parties to the transaction that the Committee is not able to conclude action under section 721 with respect to the transaction on the basis of the declaration and that the parties may file a written notice under subpart E to seek written notification from the Committee that the Committee has concluded all action under section 721 with respect to the transaction;
(3) Initiate a unilateral review of the transaction under § 802.501(c); or
(4) Notify the parties in writing that the Committee has concluded all action under section 721 with respect to the transaction.
(b) The Committee shall take action under paragraph (a) of this section within the time period set forth in § 802.403(b).