,,ii  #aagth ,,congress  #b;d ,session  
,s4 #ceih  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,february #h   
7legislative day1 ,february #c71        
#bjbb,mr4 ,rubio 7for himself and ,mrs4 
,blackburn7 introduced the following    
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
require issuers filing annual reports   
with the ,securities and ,exchange      
,commission to disclose whether the     
issuers have connections with the       
,chinese ,communist ,party1 and for     
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,no ,chinese   
,communist ,subterfuge via ,unregistered
 ,regime ,presence ,rendered ,invisible 
to ,shareholders and ,equivalent        
,parties ,act or the ,no ,chinese       
,communist ,,surprise ,parties ,act4    
#b4 ,reporting requirement  7a7         
,definitions ,in this section-- 7#a7 the
 term ,commission means the ,securities 
and ,exchange ,commission2  7#b7 the    

term covered issuer means an issuer1    
including a foreign private issuer1 that
 is required to file annual reports with
 the ,commission under section #ac7;a7  
of the ,securities ,exchange ,act of    
#aicd 7#ae ,u4,s4,c4 #ghm7a772  7#c7 the
 term issuer has the meaning given the  
term in section #c7;a7 of the           
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a772  7#d7 the term    
joint venture partner1 with respect to a
 covered issuer1 means-- 7,a7 a joint   
venture in which the covered issuer1 or 
a subsidiary with respect to the covered
 issuer1 is a party2 or  7,b7 any other 
person that is a party in a joint       
venture described in subparagraph 7,a72 
and  7#e7 the term subsidiary1 with     
respect to a covered issuer1 means a    
wholly or partially owned subsidiary of 
the covered issuer4  7b7 ,requirement   
,each covered issuer1 in each annual    
report that the covered issuer files    
with the ,commission 7beginning with the
 second annual report that the covered  

issuer files with the ,commission after 
the date of enactment of this ,act71    
shall-- 7#a7 disclose whether the       
covered issuer1 or any subsidiary or    
joint venture partner with respect to   
the covered issuer1 has established or  
maintained an organization of the       
,chinese ,communist ,party during the   
period covered by the report2  7#b7 if  
an organization of the ,chinese         
,communist ,party has participated in   
the operations of the covered issuer1 or
 of any subsidiary or joint venture     
partner with respect to the covered     
issuer1 during the period covered by the
 report1 summarize that participation2  
and  7#c7 disclose whether the board of 
directors of the covered issuer 7or the 
equivalent body with respect to the     
covered issuer71 under the laws of the  
jurisdiction in which the covered issuer
 is incorporated or otherwise           
organized-- 7,a7 owes a fiduciary duty  
to the covered issuer and shareholders  
of the covered issuer2 and  7,b7 is     

subject to heightened scrutiny with     
respect to conflicted controller        
transactions4  7c7 ,updates to rules    
,not later than #a year after the date  
of enactment of this ,act1 the          
,commission shall make any updates to   
the rules of the ,commission that are   
necessary as a result of this section4