,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cabd  ,,in ,,the ,,house ,,of  
,,representatives  ,june #e1 #bjai,mr4  
,conaway 7for himself1 ,mr4 ,ryan1 and  
,mr4 ,gallagher7 introduced the         
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to amend the                
,sarbanes-,oxley ,act of #bjjb to       
require the ,public ,company ,accounting
 ,oversight ,board to maintain a list of
 certain foreign issuers1 and for other 
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,ensuring ,quality  
,information and ,transparency for      
,abroad-,based ,listings on our         
,exchanges of #bjai or the ,,equitable  
,act of #bjai4  #b4 ,definitions ,in    
this ,act--  7#a7 the term applicable   
foreign issuer means a foreign issuer-- 
7,a7 that is required to file a covered 
form2 and  7,b7 for which1 during the   
period covered by the filing described  
in subparagraph 7,a71 a covered foreign 
public accounting firm has prepared an  

audit report for the issuer2  7#b7 the  
term audit report has the meaning given 
the term in section #b7;a7 of the       
,sarbanes-,oxley ,act of #bjjb 7#ae     
,u4,s4,c4 #gbja7;a772  7#c7 the term    
,board means the ,public ,company       
,accounting ,oversight ,board2  7#d7 the
 term ,commission means the ,securities 
and ,exchange ,commission2  7#e7 the    
term covered foreign public accounting  
firm means a foreign public accounting  
firm that the ,board is unable to       
inspect or investigate under the        
,sarbanes-,oxley ,act of #bjjb 7#ae     
,u4,s4,c4 #gbja et seq47 because of a   
position taken by an authority outside  
of the ,united ,states2  7#f7 the term  
covered form-- 7,a7 means--  7i7 the    
form described in section #bdi4caj of   
title #ag1 ,code of ,federal            
,regulations1 or any successor          
regulation2 and  7ii7 the form described
 in section #bdi4bbj;f of title #ag1    
,code of ,federal ,regulations1 or any  
successor regulation2 and  7,b7 includes

 a form that-- 7i7 is the equivalent of1
 or substantially similar to1 the form  
described in clause 7i7 or 7ii7 of      
subparagraph 7,a72 and  7ii7 a foreign  
issuer files with the ,commission under 
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gh;a et seq47 or rules  
issued under that ,act2  7#g7 the term  
covered jurisdiction means the foreign  
jurisdiction in which the position      
described in paragraph 7#e7 is taken    
with respect to a covered foreign public
 accounting firm that prepares an audit 
report for an applicable foreign issuer2
  7#h7 the term exchange has the meaning
 given the term in section #c7;a7 of the
 ,securities ,exchange ,act of #aicd    
7#ae ,u4,s4,c4 #gh;a7a772  7#i7 the term
 foreign issuer has the meaning given   
the term in section #bdj4c;b-#d of title
 #ag1 ,code of ,federal ,regulations1 or
 any successor regulation2  7#aj7 the   
term foreign public accounting firm has 
the meaning given the term in section   
#ajf7;g7 of the ,sarbanes-,oxley ,act of

 #bjjb 7#ae ,u4,s4,c4 #gbaf7;g772  7#aa7
 the term national securities exchange  
means an exchange that is registered    
with the ,commission under section #f of
 the ,securities ,exchange ,act of #aicd
 7#ae ,u4,s4,c4 #gh;f72 and  7#ab7 the  
term public accounting firm has the     
meaning given the term in section #b7;a7
 of the ,sarbanes-,oxley ,act of #bjjb  
7#ae ,u4,s4,c4 #gbja7;a774  #c4         
,disclosure  7a7 ,list of certain       
foreign issuers and covered foreign     
public accounting firms  7#a7 ,in       
general ,the ,commission shall maintain 
a publicly available list of-- 7,a7 each
 foreign issuer1 an audit report of     
which--  7i7 is prepared by a foreign   
public accounting firm2 and  7ii7 the   
,board is not able to inspect or        
investigate because of a position taken 
by an authority that is outside of the  
,united ,states2  7,b7 each covered     
foreign public accounting firm that has 
prepared an audit report identified     
under subparagraph 7,a72 and  7,c7 the  

jurisdiction in which each covered      
foreign public accounting firm          
identified under subparagraph 7,b7 is   
organized or operating4  7#b7 ,role of  
the ,board ,not less frequently than    
annually1 the ,board shall provide to   
the ,commission the information that is 
required for the ,commission to carry   
out paragraph 7#a74  7b7 ,annual report 
disclosure  7#a7 ,disclosure ,each      
applicable foreign issuer shall disclose
 in each covered form filed by the      
applicable foreign issuer--  7,a7 that1 
during the period covered by covered    
form1 a covered foreign public          
accounting firm has prepared an audit   
report for the issuer2  7,b7 the        
percentage of the shares of the issuer  
owned by governmental entities in the   
foreign jurisdiction in which the issuer
 is incorporated or otherwise organized2
  7,c7 whether governmental entities in 
a covered jurisdiction with respect to  
any covered foreign public accounting   
firm that has prepared an audit report  

for the issuer during the period covered
 by the form have a controlling         
financial interest with respect to the  
issuer2 and  7,d7 the name of any       
official of the ,chinese ,communist     
,party who is a member of the board of  
directors of the issuer or the operating
 entity with respect to the issuer4     
7#b7 ,update of regulations ,not later  
than #bgj days after the date of        
enactment of this ,act1 and after       
providing the opportunity for public    
notice and comment1 the ,commission     
shall make any amendments to the        
regulations of the ,commission that are 
required as a result of the requirements
 of this subsection4  7#c7 ,effective   
date ,this subsection shall take effect 
on the date on which the ,commission    
completes the amendments required under 
paragraph 7#b74  7c7 ,disclosure by     
brokers and dealers ,section #ae7n7 of  
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gho7n77 is amended--    
7#a7 in paragraph 7#a71 by striking     

,commission may issue and all that      
follows through the period at the end   
and inserting the following3            
8,commission--  7,a7 shall issue rules  
that require a broker and a dealer to   
disclose1 with respect to any advice1   
analysis1 or report of the broker or    
dealer to a retail investor regarding   
the securities of a foreign issuer1     
whether a covered foreign public        
accounting firm has prepared an audit   
report for the foreign issuer2 and  7,b7
 in addition to the rules required under
 subparagraph 7,a71 may issue rules     
designating documents or information    
that shall be provided by a broker or   
dealer to a retail investor before the  
purchase of an investment product or    
service by the retail investor4  2 and  
7#b7 by adding at the end the following3
  7#d7 ,definitions ,in this subsection1
 the terms audit report1 covered foreign
 public accounting firm1 foreign issuer1
 and public accounting firm have the    
meanings given the terms in section #b  

of the ,,equitable ,act of #bjai4  4    
#d4 ,prohibition against the listing of 
certain firms on national securities    
exchanges  7a7 ,in general ,section     
#f7;b7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;f7b77 is   
amended by adding at the end the        
following3  7#aa7  7,a7 ,the rules of   
the exchange prohibit the initial       
listing1 after the date of enactment of 
this paragraph1 of any security of an   
issuer for which a covered foreign      
public accounting firm has prepared an  
audit report4  7,b7 ,nothing in         
subparagraph 7,a7 may be construed to   
prevent an exchange from listing a      
security on the exchange on or after the
 date of enactment of this paragraph if 
that security was listed on the exchange
 or a national securities exchange      
before the date of enactment of this    
paragraph4  7,c7 ,in this paragraph1 the
 terms audit report and covered foreign 
public accounting firm have the meanings
 given the terms in section #b of the   

,,equitable ,act of #bjai4  7#ab7 7,a7  
,the rules of the exchange prohibit the 
listing of any security of a foreign    
issuer that1 beginning in #bjbe1 has    
been identified under section           
#c7;a77#a77;,a7 of the ,,equitable ,act 
of #bjai in #c consecutive years4  7,b7 
,nothing in subparagraph 7,a7 may be    
construed to prevent an exchange from   
listing a security of a foreign issuer  
described in that subparagraph beginning
 on the date on which the issuer submits
 to the ,commission an audit report for 
the issuer that is prepared by a        
registered public accounting firm that  
the ,public ,company ,accounting        
,oversight ,board has inspected1 or is  
able to inspect1 under section #ajd of  
the ,sarbanes-,oxley ,act of #bjjb 7#ae 
,u4,s4,c4 #gbad74  7,c7 ,in this        
paragraph-- 7i7 the terms audit report  
and registered public accounting firm   
have the meanings given the terms in    
section #b7;a7 of the ,sarbanes-,oxley  
,act of #bjjb 7#ae ,u4,s4,c4 #gbja7;a772

 and  7ii7 the terms covered foreign    
public accounting firm and foreign      
issuer have the meanings given the terms
 in section #b of the ,,equitable ,act  
of #bjai4  4  7b7 ,rules  7#a7          
,proposals ,not later than #ij days     
after the date of enactment of this     
,act1 each national securities exchange 
shall1 in accordance with section       
#ai7;b7 of the ,securities ,exchange    
,act of #aicd 7#ae ,u4,s4,c4 #ghs7b77   
and any rules prescribed by the         
,commission under that section1 file    
with the ,commission any proposed change
 to the rules of the exchange that is   
required as a result of the amendments  
made by this section4  7#b7 ,adoption   
,not later than #a year after the date  
of enactment of this ,act1 each national
 securities exchange shall have each    
proposed change described in paragraph  
7#a7 approved by the ,commission4