Foreign Investment Control Act of 1981

Foreign Investment Control Act of 1981 - Establishes the National Foreign Investment Control Commission to prohibit any person who is not a U.S. citizen or who is controlled by a non-U.S. citizen from acquiring any interest in any voting security of an issuer: (1) involved in an area essential to U.S. national or economic security; and (2) involved in an area important to U.S. national or economic security if after acquisition by such person a majority of such issuer's stock would be owned or controlled by such persons. Sets forth the membership and format of the Commission.

Directs the Commission to notify issuers who are designated as issuers involved in an essential or important area. Requires the Commission to publish the names of such issuers. Requires such issuers to submit to the Commission the names and nationalities of all non-U.S. citizens who own voting securities. Requires persons controlling such stock for a non-U.S. citizen to submit the name and nationality of each such person.

Requires non-U.S. citizens and persons controlled by a non-U.S. citizen whose names were submitted to the Commission to sell their stock in issuers substantially involved in an area essential to U.S. security and to sell certain amounts of their stock in issuers substantially involved in an area important to U.S. security.

Requires the Commission to transmit to specified Federal agencies the list of issuers determined to be substantially involved in an area essential or important to U.S. security. Requires such Federal agencies to transmit the list to the brokers, dealers, or banks over which such agencies have jurisdiction.

Requires such brokers, dealers, banks, and any other persons: (1) not to sell to any individual who is not a U.S. citizen any stock of a listed issuer substantially involved in an area essential to U.S. security; (2) to receive Commission approval before selling such stock to any person who is not an individual; and (3) to inform the Commission immediately after selling stock of a listed issuer substantially involved in an area important to U.S. security. Requires the Commission to monitor each listed issuer and to order sales of such securities when specified conditions are met.

Requires the Securities and Exchange Commission (SEC), after publication of the list of issuers substantially involved in an area essential or important to U.S. security, to delay the effectiveness of the registration statement for any acquisition of any listed issuer for which such a statement must be filed with the SEC until specified requirements are met. Requires the SEC to notify the Commission of the person attempting to acquire such issuer. Requires the Commission to determine whether to allow such acquisition.

Requires any person acquiring any listed issuer after such list is published to file a statement with the SEC before it may acquire such issuer. Sets forth the conditions for approval of such acquisition by the Commission.

Requires the Commission to determine which minerals, agricultural lands, timber lands, and other resources to include in a list of resources strategic to U.S. security.

Prohibits the sale or lease of such realty to any individual not a U.S. citizen. Requires the seller or lessor of such realty to notify the Commission before selling or leasing to a person not an individual or to any agent for such a person. Authorizes such sale or lease only if the Commission notifies the seller or lessor that such person is owned or controlled by a U.S. citizen.

Sets a fine for noncompliance with this Act. Requires a non-U.S. citizen who purchases any voting security of a listed issuer or any real estate in violation of this Act to sell such security or real estate to a U.S. citizen.

Requires non-U.S. citizens who own stock in an issuer substantially involved in an area important to U.S. security to report specified information to the Commission. Requires such information to be retained in a National Registry of Foreign Investment, to be used for policy making and statistical purposes, and to be kept confidential.