,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #ggeg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #bj1 #bjbd,mr4   
,%]man 7= himself & ,mrs4 ,sp>tz7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to require disclosures )   
respect to c]ta9 f9ancial risks relat+  
to ! ,p's ,republic ( ,*9a1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,*9a ,risk ,report+ ,act4  
#b4 ,disclosure ) respect to c]ta9      
f9ancial risks relat+ to ! ,p's         
,republic ( ,*9a  7a7 ,s5se ( ,congress 
,x is ! s5se ( ,congress t inve/+ 9 ,*9a
 poses unique risks t inve/ors %\ld     
c>efully consid]4  7b7 ,annual          
disclosures ,section #ac ( ! ,securities
 ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4   
#ghm7 is am5d$ by add+ at ! end !       
foll[+3  7t7 ,disclosure ) respect to   
c]ta9 f9ancial risks relat+ to ! ,p's   
,republic ( ,*9a  7#a7 ,9 g5]al ,ea*    
issu] requir$ to file an annual report  

"u subsection 7a7 %all include 9 su*    
report-- 7,a7 ) respect to ea* cov]$    
=eign m>ket1 a description 7includ+     
quantification1 if possible7 (-- 7i7 !  
degree to :i* ea* supply *a9 ( su* issu]
 relies ^u or is expos$ to ! cov]$ =eign
 m>ket2 &  7ii7 ! op]ations ( su* issu] 
9 ! cov]$ =eign m>ket2  7,b7 a n>rative 
description ( ! issu]'s ,*9a risk2 &    
7,c7 if ! issu] id5tifies a mat]ial ,*9a
 risk1 a n>rative description ) respect 
to ea* ,*9a risk id5tifi$ by ! issu] (--
 7i7 ! actions ! issu] has tak5 or w    
take to m9imize t ,*9a risk2 &  7ii7 !  
additional actions ! issu] may take to  
m9imize t ,*9a risk if a cov]$ ev5t     
occurs4  7#b7 ,rule ( con/ruction ,no?+ 
9 ?is subsection %all be con/ru$ to     
require an issu] to-- 7,a7 disclose !   
assessm5t ( su* issu] z to ! likelihood 
t a cov]$ ev5t or any ,*9a risk w occur2
 or  7,b7 provide any ?ird-p>ty         
assessm5t ( su* likelihood4  7#c7       
,def9itions ,9 ?is subsection3 7,a7 ,*9a
 risk ,! t]m ,*9a risk means an issu]'s 

exposure to mat]ial f9ancial consequ5ces
 caus$ by ! ,*9ese ,communi/ ,p>ty1 !   
,gov]nm5t ( ! ,p's ,republic ( ,*9a1 or 
firms or o!r entities op]at+ 9 ! ,p's   
,republic ( ,*9a /emm+ f reasonably     
likely1 imm95t1 or ongo+ factors1       
includ+-- 7i7 consequ5ces = ! op]ations 
( ! issu]-- 7,i7 9 a cov]$ =eign m>ket2 
&  7,,ii7 caus$ by disruptions to supply
 *a9s1 includ+ supply *a9s =-- 7aa7     
goods or s]vices orig9at+ 9 a cov]$     
=eign m>ket2 &  7bb7 goods transport$   
?r\gh or ov] ! ,ea/ ,*9a ,sea or ,s\?   
,*9a ,sea2  7ii7 devaluation1 seizure1  
expropriation1 d5ial ( access1 or       
nationalization ( assets1 includ+       
intellectual prop]ty1 ( ! issu] 9 a     
cov]$ =eign m>ket2  7iii7 imp]fect rule 
( law1 unequal or imp]fect en=cem5t (   
intellectual prop]ty rights1 or bias$   
judicial proce$+s2  7iv7 ) respect to   
any equity inve/m5ts ! issu] has )9 a   
cov]$ =eign m>ket1 imp$im5ts to ex]cis+ 
full vot+ rights ( ,am]ican or          
non-,*9ese %>ehold]s or any firm 9 :i* !

 issu] has an equity inve/m5t tak+      
actions aga9/ ! int]e/s ( ! firm's      
%>ehold]s 9 favor ( ! int]e/s ( ! ,*9ese
 ,communi/ ,p>ty or ! ,gov]nm5t ( ! ,p's
 ,republic ( ,*9a2 &  7v7 o!r mat]ial   
f9ancial impact on ! op]ations ( ! issu]
 caus$ by ! ,*9ese ,communi/ ,p>ty1 !   
,gov]nm5t ( ! ,p's ,republic ( ,*9a1 or 
firms or o!r entities op]at+ 9 ! ,p's   
,republic ( ,*9a4  7,b7 ,cov]$ ev5t ,!  
t]m cov]$ ev5t-- 7i7 means a significant
 disruption to ! economic relations     
betwe5 ! ,unit$ ,/ates & ! ,p's         
,republic ( ,*9a1 includ+-- 7,i7 a      
p>tial or full trade emb>go ( ! ,p's    
,republic ( ,*9a by ! ,unit$ ,/ates 7or 
vice v]sa72  7,,ii7 trade or f9ancial   
sanctions impos$ on ! ,p's ,republic (  
,*9a by ! ,unit$ ,/ates 7or vice v]sa72 
&  7,,iii7 ! ,unit$ ,/ates revok+       
p]man5t normal trade relations ) ! ,p's 
,republic ( ,*9a 7or vice v]sa72 &  7ii7
 includes disruptions result+ f ,,prc   
milit>y action aga9/ ,taiwan4  7,c7     
,cov]$ =eign m>ket ,! t]m cov]$ =eign   

m>ket means ma9l& ,*9a1 ! ,hong ,kong   
special adm9i/rative region1 ! ,macau   
special adm9i/rative region1 ,taiwan1   
,japan1 ,mongolia1 ! ,democratic ,p's   
,republic ( ,korea1 & ! ,republic (     
,korea4  7,d7 ,ma9l& ,*9a ,! t]m ma9l&  
,*9a means ! ,p's ,republic ( ,*9a1     
exclud+ ! ,hong ,kong special           
adm9i/rative region & ! ,macau special  
adm9i/rative region4  7,e7 ,op]ations ,!
 t]m op]ations may include1 ) respect to
 an issu] requir$ to file an annual     
report "u subsection 7a71 ! assets1     
p]sonnel1 sales & rev5ue1 liabilities1  
te*nology1 intellectual prop]ty1 & o!r  
notable ties or activities ( su* issu]4 
7,f7 ,,prc milit>y action aga9/ ,taiwan 
,! t]m ,,prc milit>y action aga9/       
,taiwan-- 7i7 means a campaign ( arm$   
aggression by ! ,p's ,republic ( ,*9a   
aga9/ ! ,gov]nm5t ( ,taiwan 7or !       
t]ritories "u its control72 &  7ii7     
includes-- 7,i7 a firep[] /rike         
campaign2  7,,ii7 an isl& l&+ campaign2 
&  7,,iii7 a full or p>tial blockade 7by

 sea or air74  4  7c7 ,disclosure at "t 
( regi/ration ,section #ab7;b7 ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7b77 is am5d$ by add+ at !
 end ! foll[+3  7#d7 ,! in=mation       
describ$ "u section #ac7t77#a74  4  7d7 
,effective date ,! am5dm5ts made by ?is 
section %all take effect on ! date t is 
#ahj days aft] ! date ( ! enactm5t ( ?is
 section4