This legislation, titled the Sovereign Wealth Fund Transparency Act, seeks to enhance the transparency and enforcement capabilities of the Foreign Agents Registration Act of 1938 (FARA). It introduces significant changes across three key areas: clarifying exemptions, empowering investigative authority, and establishing civil penalties. The overall goal is to ensure that individuals and entities acting on behalf of foreign interests, particularly those with political or public influence, are properly registered and compliant. One crucial amendment clarifies the existing commercial activities exemption under FARA. It specifies that this exemption will no longer apply to agents of a foreign principal whose activities promote the public or political interests of a foreign government or political party. Significantly, this clarification explicitly includes "any and all activities undertaken on behalf of a sovereign wealth fund ," thereby closing a potential loophole for such entities. The bill grants the Attorney General new authority to issue civil investigative demands (CIDs) to gather information related to potential FARA violations. These CIDs can compel the production of documents, answers to written interrogatories, or oral testimony even before civil or criminal proceedings are initiated. This investigative power is subject to a 5-year sunset clause and requires the Attorney General to submit annual reports to Congress detailing its usage and outcomes. Furthermore, the legislation introduces a comprehensive framework of civil penalties for FARA non-compliance. Failing to file a timely or complete registration statement can incur a fine of up to $10,000 per violation, which cannot be paid by the foreign principal. Failure to file timely or complete supplements carries a penalty of up to $1,000 per violation. More severe penalties, up to $200,000, are imposed for knowingly failing to remedy deficient filings or knowingly failing to comply with other FARA provisions, with all collected fines dedicated to defraying enforcement costs.