,i #aafth ,,congress #b;d ,session ,h4 ,r4 #gaha ,,in ,,the ,,house ,,of ,,representatives ,june #aa1 #bjbj,mr4 ,nunes 7for himself1 ,mr4 ,conaway1 ,mr4 ,crawford1 ,mr4 ,turner1 ,mr4 ,stewart1 ,ms4 ,stefanik1 ,mr4 ,wenstrup1 ,mr4 ,calvert1 ,mr4 ,marshall1 ,mr4 ,gibbs1 ,mr4 ,gaetz1 ,mr4 ,wilson of ,south ,carolina1 ,mr4 ,holding1 ,mr4 ,collins of ,georgia1 ,mr4 ,diaz-,balart1 ,mr4 ,garcia of ,california1 ,mr4 ,cook1 ,mr4 ,kustoff of ,tennessee1 ,mr4 ,mc,clintock1 ,mr4 ,bishop of ,north ,carolina1 ,mr4 ,spano1 ,mr4 ,brooks of ,alabama1 and ,mr4 ,rouzer7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committees on the ,judiciary1 and ,education and ,labor1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,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 to prohibit certain nationals of the ,people's ,republic of ,china from receiving nonimmigrant visas1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,holding ,china ,accountable ,act4 #b4 ,disclosures and prohibition against the listing of certain firms on national securities exchanges 7a7 ,disclosure 7#a7 ,list of certain foreign issuers and covered foreign public accounting firms 7,a7 ,in general ,the ,commission shall maintain a publicly available list of-- 7i7 each foreign issuer1 an audit report of which-- 7,i7 is prepared by a foreign public accounting firm2 and 7,,ii7 the ,board is not able to inspect or investigate because of a position taken by an authority that is outside of the ,united ,states2 7ii7 each covered foreign public accounting firm that has prepared an audit report identified under clause 7i72 and 7iii7 the jurisdiction in which each covered foreign public accounting firm identified under clause 7ii7 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 subparagraph 7,a74 7#b7 ,annual report disclosure 7,a7 ,disclosure ,each applicable foreign issuer shall disclose in each covered form filed by the applicable foreign issuer-- 7i7 that1 during the period covered by covered form1 a covered foreign public accounting firm has prepared an audit report for the issuer2 7ii7 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 7iii7 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 7iv7 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 rules ,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 rules 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 subparagraph 7,b74 7#c7 ,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 and foreign issuer have the meanings given the terms in section #b of the ,,equitable ,act4 4 7b7 ,prohibition against the listing of certain firms on national securities exchanges 7#a7 ,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 ,act4 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 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 ,act4 4 7#b7 ,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 7c7 ,definitions ,in this section-- 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 ,restriction on issuance of nonimmigrant visas to nationals of ,china 7a7 ,restriction ,the ,secretary of ,state may not issue a visa to1 and the ,secretary of ,homeland ,security shall deny entry to the ,united ,states of1 an alien under section #aja7;a77#ae7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaja7;a77#ae77 if the alien is a national of the ,people's ,republic of ,china seeking to enter the ,united ,states for the purpose of-- 7#a7 studying science1 technology1 engineering1 mathematics1 or a related field2 7#b7 employment in science1 technology1 engineering1 mathematics1 or a related field2 or 7#c7 attending a business meeting1 conference1 or academic or cultural exchange1 that includes activities related to science1 technology1 engineering1 mathematics1 or a related field4 7b7 ,applicability ,the restriction under subsection 7a7 shall not apply for any year in which the ,president certifies to ,congress that-- 7#a7 the ,people's ,republic of ,china has not provided state support of cyber espionage against a ,united ,states company during the preceding year2 and 7#b7 no individual or entity present in the ,united ,states has engaged in espionage against a ,united ,states company on behalf of the ,people's ,republic of ,china during the preceding year4 7c7 ,definitions ,in this section3 7#a7 ,cyber espionage ,the term cyber espionage means unauthorized access to a communications network1 a communications system1 or a device connected to such a network or system that-- 7,a7 is carried out by a foreign government or any individual or entity working on behalf of a foreign government2 and 7,b7 is for the purpose of-- 7i7 collecting information related to a copyrighted or copyrightable work1 patented or patentable invention1 trademarked good or service1 or trade secret 7as such term is defined in section #ahci of title #ah1 ,united ,states ,code72 or 7ii7 disruption1 destruction1 or manipulation of1 or other change to1 such network1 system1 or device or any information stored on or transmitted by such network1 system1 or device4 7#b7 ,espionage ,the term espionage means unauthorized access to or collection of information related to a copyrighted or copyrightable work1 patented or patentable invention1 trademarked good or service1 or trade secret 7as such term is defined in section #ahci of title #ah1 ,united ,states ,code7 by a foreign government or any individual or entity working on behalf of a foreign government4 7#c7 ,united ,states company ,the term ,united ,states company means an organization organized under the laws of the ,united ,states or a ,state or political subdivision thereof4 #d4 ,disclosures of foreign gifts 7a7 ,short title ,this section may be cited as the ,foreign ,adversary ,funding in ,higher ,education ,act4 7b7 ,special rule ,section #aag7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajaa;f7a77 is amended-- 7#a7 by striking ,whenever any and by inserting the following3 7#a7 ,in general ,subject to paragraph 7#b71 whenever any 2 and 7#b7 by adding at the end the following3 7#b7 ,special rule 7,a7 ,in general ,notwithstanding paragraph 7#a71 whenever any institution is owned or controlled by a foreign source listed in subparagraph 7,b7 or receives a gift from or enters into a contract with that foreign source1 paragraph 7#a7 shall be applied by substituting #be1jjj for #bej1jjj4 7,b7 ,foreign source ,a foreign source listed in this subparagraph is3 7i7 ,the ,people's ,republic of ,china4 7ii7 ,the ,russian ,federation4 7iii7 ,the ,islamic ,republic of ,iran4 7iv7 ,the ,democratic ,people's ,republic of ,korea4 4 7c7 ,enforcement ,section #aag7;f77#b7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajaa;f7f77#b77 is amended by inserting an amount equal to the amount that the institution failed to report under this section and before the full costs4 7d7 ,web portal ,section #aag of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajaa;f7 is further amended-- 7#a7 by redesignating subsections 7g7 and 7h7 as subsections 7h7 and 7i71 respectively2 and 7#b7 by inserting after subsection 7f71 the following3 7g7 ,web portal ,not later than #ahj days after the date of enactment of the ,foreign ,adversary ,funding in ,higher ,education ,act1 the ,secretary shall establish a publicly available web portal that-- 7#a7 enables electronic filing of disclosure reports under this section2 and 7#b7 includes any reports filed before such date of enactment4 4