,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #iafb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #be1 #bjbd,mr4  
,luetkemey] 7= himself1 ,mr4 ,mool5a>1 &
 ,mr4 ,ne:\se7 introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! securities laws to require c]ta9      
disclosures & reports ) respect to !    
exposure ( issu]s to ,*9a & ! ?reat (   
sudd5 loss ( m>ket access betwe5 !      
,unit$ ,/ates & ,*9a1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,,prc ,risk ,transp>5cy ,act4  #b4    
,*9a exposure disclosures  7a7 ,cov]$   
issu] disclosures ,section #ac ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghm7 is am5d$ by add+ at !   
end ! foll[+3  7t7 ,*9a exposure        
disclosures  7#a7 ,9 g5]al ,ea* cov]$   
issu] requir$ to file an annual report  
"u subsection 7a7 %all disclose 9 t     
report ! foll[+ in=mation1 to ! ext5t ! 
in=mation w\ld be mat]ial to inve/ors1 )
 respect to ! p]iod #a ye> prior to !   

disclosure "u ?is subsection3 7,a7 ,*9a 
exposure  7i7 ,! p]c5tage ( ! total     
rev5ue & pr(its ( ! issu] t are d]iv$ f 
ea* (-- 7,i7 ! ,p's ,republic ( ,*9a    
7,*9a72  7,,ii7 ,hong ,kong2 &  7,,iii7 
! ,x9jiang ,uyghur ,autonom\s ,region4  
7ii7 ,! p]c5tage & ! total value ( !    
capital inve/m5t ( ! issu] t is locat$ 9
 ea* (-- 7,i7 ,*9a2  7,,ii7 ,hong ,kong2
 &  7,,iii7 ! ,x9jiang ,uyghur          
,autonom\s ,region4  7iii7 ,! p]c5tage &
 ! total value ( ! supply *a9 ( ! issu] 
t is s\rc$ f ea* (-- 7,i7 ,*9a2  7,,ii7 
,hong ,kong2 &  7,,iii7 ! ,x9jiang      
,uyghur ,autonom\s ,region4  7iv7       
,details on any jo9t v5ture ) a cov]$   
entity1 includ+-- 7,i7 ! cov]$ entity 9 
! jo9t v5ture2  7,,ii7 ! p]c5tage (     
total rev5ue & ( total pr(its ( ! issu] 
t are d]iv$ f ! jo9t v5ture2 &  7,,iii7 
! p]c5tage & ! total value ( ! capital  
inve/m5t associat$ ) ! jo9t v5ture4     
7,b7 ,?reat ( sudd5 loss ( m>ket access 
7i7 ,! anticipat$ impact ( ! sc5>io     
describ$ 9 p>agraph 7#b7 on ! bus9ess   

op]ations1 supply *a91 rev5ues & pr(its1
 & future e>n+s ( ! issu]1 to ! ext5t x 
w\ld be mat]ial to inve/ors4  7ii7 ,:e!r
 ! issu] has a plan 9 place to deal ) ! 
sc5>io describ$ 9 p>agraph 7#b74  7iii7 
,! outl9es ( ! plan describ$ 9 clause   
7ii7 & any actions ! issu] is tak+ to   
prep>e = ! sc5>io describ$ 9 p>agraph   
7#b74  7,c7 ,relation%ips ) c]ta9       
entities ,a li/ ( bus9ess relation%ips )
 any ( ! foll[+ entities1 _! affiliates1
 & _! subsidi>ies3 7i7 ,any entity on ! 
,non-,,sdn ,*9ese ,milit>y-,indu/rial   
,complex ,companies ,li/ 7,,ns-,,cmic   
,li/7 ma9ta9$ by ! ,(fice ( ,=eign      
,assets ,control ( ! ,dep>tm5t ( !      
,treasury "u ,executive ,ord] #adjcb    
7#hf ,f$4 ,reg4 #cjade2 relat+ to       
address+ ! ?reat f securities inve/m5ts 
t f9ance c]ta9 companies ( ! ,p's       
,republic ( ,*9a71 or any successor     
ord]4  7ii7 ,any ,*9ese milit>y company 
id5tifi$ by ! ,secret>y ( ,def5se       
pursuant to section #abfj;,h ( !        
,william ,m4 7,mac7 ,?ornb]ry ,national 

,def5se ,au?orization ,act = ,fiscal    
,ye> #bjba 7,public ,law #aaf-bhc2 #aj  
,u4,s4,c4 #aac note74  7iii7 ,any entity
 includ$ on any ( ! foll[+ li/s ma9ta9$ 
by ! ,dep>tm5t ( ,comm]ce 9 ! foll[+    
locations ( ! ,export ,adm9i/ration     
,regulations set =? 9 sub*apt] ,c (     
*apt] ,,vii ( title #ae1 ,code ( ,f$]al 
,regulations3 7,i7 ,! ,entity ,li/ set  
=? 9 ,supplem5t ,no4 #d to "p #gdd ( !  
,export ,adm9i/ration ,regulations or   
any successor regulations4  7,,ii7 ,!   
,d5i$ ,p]sons ,li/ z describ$ 9 section 
#gfd4c7;a77#b7 ( ! ,export ,adm9i/ration
 ,regulations or any successor          
regulations4  7,,iii7 ,! ,milit>y ,end  
,us] ,li/ set =? 9 ,supplem5t ,no4 #g to
 "p #gdd ( ! ,export ,adm9i/ration      
,regulations or any successor           
regulations4  7iv7 ,any entity on :i*   
sanctions h be5 impos$ by ! ,(fice (    
,=eign ,assets ,control ( ! ,dep>tm5t ( 
! ,treasury 9 connection ) human rights 
abuses4  7v7 ,any entity t produces     
equipm5t t is prohibit$ "u ! ,report &  

,ord]1 ,ord]1 & ,fur!r ,notice (        
,propos$ ,rulemak+ ( ! ,f$]al           
,communications ,commission 9 ! matt] ( 
,protect+ ,aga9/ ,national ,security    
,?reats to ! ,communications ,supply    
,*a9 ?r\gh ! ,equipm5t ,au?orization    
,program 7,,et ,no4 #ba-bcb7 & ,protect+
 ,aga9/ ,national ,security ,?reats to !
 ,communications ,supply ,*a9 ?r\gh !   
,competitive ,bidd+ ,program 7,,ea      
,docket ,no4 #ba-bcc2 ,,fcc #bb-hd2     
adopt$ ,novemb] #aa1 #bjbb74  7vi7 ,an  
entity on ! ,uyghur ,=c$ ,labor         
,prev5tion ,act ,entity ,li/ ( ! ,=c$   
,labor ,en=cem5t ,task ,=ce4  7,d7 ,ties
 to ! gov]nm5t ( ! ,p's ,republic ( ,*9a
 ,a li/ ( ! foll[+3 7i7 ,employees ) a  
managem5t role 9 ! issu] t are memb]s ( 
! ,*9ese ,communi/ ,p>ty1 includ+ ea*   
employee's role )9 ! issu]4  7ii7 ,any  
bus9ess relation%ips ) an ag5cy or      
in/rum5tality ( ! gov]nm5t ( ! ,p's     
,republic ( ,*9a1 includ+ ! provision ( 
goods1 s]vices1 or te*nology to ! ,p's  
,lib]ation ,army1 ! ,m9i/ry ( ,/ate     

,security1 or o!r security or           
intellig5ce s]vices 9 ! ,p's ,republic (
 ,*9a4  7iii7 ,any inve/m5t receiv$ f ! 
gov]nm5t ( ! ,p's ,republic ( ,*9a or an
 ag5cy or in/rum5tality !re(4  7iv7 ,any
 reque/s f any ,*9ese ,communi/ ,p>ty   
(ficial or ag5cy or in/rum5tality ( !   
gov]nm5t ( ! ,p's ,republic ( ,*9a      
7includ+ reque/s made "u ! ,p's         
,republic ( ,*9a ,intellig5ce ,law (    
#bjag or ! ,c\nt]-,espionage ,law7 t    
conflict ) ! issu]'s obligations "u ?is 
,act1 ! ,securities ,act ( #aicc1 or !  
,s>banes-,oxley ,act ( #bjjb4  7#b7     
,sc5>io  7,a7 ,9 g5]al ,! sc5>io        
describ$ 9 ?is p>agraph is a sc5>io :]e1
 ow+ to an act ( ,*9ese milit>y         
aggression-- 7i7 ! ,presid5t imposes    
sanctions on ,*9a1 ,*9ese entities1 & ^?
 :o transact ) ,*9a or ,*9ese entities (
 a simil> type & magnitude z ! sanctions
 impos$ on ! ,russian ,f$]ation1        
,russian entities1 & ^? :o transact ) ! 
,russian ,f$]ation or ,russian entities 
9 response to ! ,russian ,f$]ation's    

,febru>y #bjbb invasion ( ,ukra9e2  7ii7
 ! ,secret>y ( ,comm]ce implem5ts export
 controls ) respect to ,*9a ( a simil>  
type z ! ,secret>y implem5t$ ) respect  
to ! ,russian ,f$]ation foll[+ !        
,russian ,f$]ation's ,febru>y #bjbb     
invasion ( ,ukra9e2  7iii7 trade betwe5 
! ,unit$ ,/ates & ,*9a decl9es by #hj   
p]c5t & completely ceases 9 goods )     
milit>y end-use or dual-use             
applications2  7iv7 ! ,*9ese gov]nm5t   
imposes simil> sanctions1 export        
controls1 & trade re/rictions on !      
,unit$ ,/ates & ,unit$ ,/ates companies 
z ! ,russian ,f$]ation gov]nm5t did     
foll[+ ! ,russian ,f$]ation's ,febru>y  
#bjbb invasion ( ,ukra9e2 &  7v7 !      
,*9ese gov]nm5t seizes all ,*9a-bas$    
assets ( ,am]ican companies t c\ld be   
re-purpos$ = milit>y production4  7,b7  
,revisions ,on ,janu>y #a1 #bjbh1 & e #c
 ye>s !reaft]1 ! ,f9ancial ,/ability    
,ov]sight ,c\ncil may revise ! sc5>io   
describ$ "u subp>agraph 7,a7 by publi%+ 
a new sc5>io t1 aft] consultations ) o!r

 executive bran* (ficials1 seems mo/    
likely to occur z a result ( ,*9ese     
milit>y aggression4  7#c7 ,bo>d (       
directors c]tification ,! bo>d (        
directors ( a cov]$ issu] requir$ to    
make a disclosure "u p>agraph 7#a7 %all 
c]tify t ! bo>d has review$ & affirm$ ! 
disclosure4  7#d7 ,rulemak+  7,a7 ,9    
g5]al ,n lat] ?an ! end ( ! #fj-;day    
p]iod beg9n+ on ! date ( enactm5t ( ?is 
subsection1 ! ,commission %all issue    
rules to c>ry out ! am5dm5ts made by ?is
 section4  7,b7 ,propriet>y in=mation & 
trade secrets ,9 issu+ ! rules requir$  
"u subp>agraph 7,a71 ! ,commission %all1
 9 consultation ) ! ,attorney ,g5]al & !
 ,national ,security ,c\ncil1 ensure t  
issu]s may make ! disclosure ( in=mation
 requir$ "u su* rules )\t disclos+      
propriet>y in=mation or trade secrets4  
7,c7 ,safe ,h>bor ,9 issu+ ! rules      
requir$ "u subp>agraph 7,a71 !          
,commission %all e/abli% rules "u :i* a 
cov]$ issu] %all n be held liable =     
/atem5ts t 7 compil$ ) reasonable due   

dilig5ce & to ! be/ ( ! cov]$ issu]'s k4
  7#e7 ,def9itions ,9 ?is subsection1 ! 
foll[+ def9itions apply3 7,a7 ,*9a ,!   
t]m ,*9a means ! ,p's ,republic ( ,*9a1 
includ+ all ,special ,adm9i/rative      
,regions4  7,b7 ,control ,! t]m control 
has ! mean+ giv5 9 section #hjj4bjh (   
title #ca1 ,code ( ,f$]al ,regulations  
7z 9 effect on ! date ( enactm5t ( ?is  
subsection74  7,c7 ,cov]$ entity ,! t]m 
cov]$ entity means an entity-- 7i7 t is 
incorporat$ 91 has a pr9cipal place (   
bus9ess 91 or is organiz$ "u ! laws ( ! 
,p's ,republic ( ,*9a2  7ii7 ! equity   
securities ( :i* are prim>ily trad$ 9 ! 
ord9>y c\rse ( bus9ess on "o or m       
ex*anges 9 ! ,p's ,republic ( ,*9a2     
7iii7 t is ! ,*9ese ,communi/ ,p>ty1 or 
! /ate or ! gov]nm5t ( ! ,p's ,republic 
( ,*9a1 z well z any political          
subdivision1 ag5cy1 or in/rum5tality    
!re(2 or  7iv7 t is subject to !        
direction or control ( any entity       
describ$ 9 clause 7i71 7ii71 or 7iii74  
7,d7 ,cov]$ issu] ,! t]m cov]$ issu]    

means-- 7i7 an issu]-- 7,i7 ) respect to
 :i*-- 7aa7 at lea/ #e p]c5t ( ! rev5ue 
( ! issu] is d]iv$ f ! ,*9ese m>ket2    
7bb7 at lea/ #e p]c5t ( ! capital       
inve/m5t ( ! issu]1 by value1 is locat$ 
9 ,*9a2 or  7cc7 at lea/ #e p]c5t ( !   
supply *a9 ( ! issu]1 by value1 is s\rc$
 f ,*9a2 &  7,,ii7 t has a m>ket        
capitalization ( #a1jjj1jjj1jjj or m at 
any po9t 9 ! previ\s #cfe days2 &  7ii7 
an issu] ) respect to :i*-- 7,i7 at lea/
 #be p]c5t ( ! rev5ue ( ! issu] is d]iv$
 f ! ,*9ese m>ket2  7,,ii7 at lea/ #be  
p]c5t ( ! capital inve/m5t ( ! issu]1 by
 value1 is locat$ 9 ,*9a2 or  7,,iii7 at
 lea/ #be p]c5t ( ! supply *a9 ( !      
issu]1 by value1 is s\rc$ f ,*9a4  4    
7b7 ,inve/m5t advis] disclosures        
,section #bjd ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#d7 is
 am5d$ by add+ at ! end ! foll[+3  7g7  
,report on ! loss ( m>ket access to ,*9a
 to private funds advis$ by a cov]$     
inve/m5t advis]  7#a7 ,9 g5]al ,!       
,commission %all1 by rule1 require ea*  

cov]$ inve/m5t advis]1 = ea* private    
fund advis$ by ! cov]$ inve/m5t advisor1
 to disclose to ! private fund & !      
,commission1 e qu>t]1 a pla9 ,engli%    
report t outl9es ! anticipat$ effects1  
to ! ext5t x w\ld be mat]ial to         
inve/ors1 ( a sc5>io ( ! type describ$ 9
 section #ac7t77#b7 ( ! ,securities &   
,ex*ange ,act ( #aicd on ! returns ( su*
 fund4  7#b7 ,safe h>bor ,a cov]$       
inve/m5t advis] t makes a disclosure "u 
p>agraph 7#a71 if su* disclosure is made
 to ! be/ ( ! k ( ! cov]$ inve/m5t      
advis] aft] reasonable inve/igation &   
due dilig5ce & consi/5t ) ! fiduci>y    
duty ( ! cov]$ inve/m5t advis]1 %all n  
be held liable = su* disclosure4  7#c7  
,bo>d ( directors c]tification ,! bo>d (
 directors ( a cov]$ inve/m5t advis]    
requir$ to make a disclosure "u p>agraph
 7#a7 %all c]tify t ! bo>d has review$ &
 affirm$ ! disclosure4  7#d7 ,cov]$     
inve/m5t advis] def9$ ,9 ?is subsection1
 ! t]m cov]$ inve/m5t advis] means an   
inve/m5t advis] ) assets "u managem5t ( 

#ejj1jjj1jjj or m at any po9t 9 !       
previ\s #cfe days4  7h7 ,report on      
exposure to cov]$ =eign entities  7#a7  
,9 g5]al ,! ,commission %all1 by rule1  
require ea* cov]$ inve/m5t advis] to    
disclose to ! ,commission1 e qu>t]--    
7,a7 = ea* inve/m5t company advis$ by ! 
cov]$ inve/m5t advisor-- 7i7 ! total    
exposure ( ! inve/m5t company to cov]$  
=eign entities2  7ii7 a li/ ( ea*       
security issu$ by a cov]$ =eign entity &
 held by ! inve/m5t company2 &  7iii7 ! 
value ( ea* hold+2  7,b7 ! total        
exposure ( all inve/m5t companies advis$
 by ! cov]$ inve/m5t advis] to cov]$    
=eign entities2  7,c7 a li/ ( ea*       
security issu$ by a cov]$ =eign entity &
 held by an inve/m5t company advis$ by !
 cov]$ inve/m5t advis]2 &  7,d7 ! value 
( ea* hold+ id5tifi$ "u subp>agraph     
7,c74  7#b7 ,def9itions ,9 ?is          
subsection3 7,a7 ,cov]$ =eign entity ,! 
t]m cov]$ =eign entity means a cov]$    
entity1 z def9$ "u section #ac7t77#e7 ( 
! ,securities & ,ex*ange ,act ( #aicd4  

7,b7 ,cov]$ inve/m5t advis] ,! t]m cov]$
 inve/m5t advis] has ! mean+ giv5 ! t]m 
"u subsection 7g77#d74  4  7c7 ,inve/m5t
 company disclosures ,section #cj ( !   
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#bi7 is am5d$ by add+ at
 ! end ! foll[+3  7l7 ,report on        
exposure to cov]$ =eign entities &      
v>iable int]e/ entities  7#a7 ,9 g5]al  
,! ,commission %all1 by rule1 require   
ea* regi/]$ inve/m5t company to disclose
 to ! ,commission1 e qu>t]-- 7,a7 !     
total exposure ( ! inve/m5t company to  
cov]$ =eign entities1 includ+2 7i7 a li/
 ( ea* security issu$ by a cov]$ =eign  
entity & held by ! inve/m5t company2 &  
7ii7 ! value ( ea* hold+2 &  7,b7 !     
total exposure ( ! inve/m5t company to  
v>iable int]e/ entities1 includ+-- 7i7 a
 li/ ( ea* security issu$ by a v>iable  
int]e/ entity held by ! inve/m5t        
company2 &  7ii7 ! value ( ea* hold+4   
7#b7 ,cov]$ =eign entity def9$ ,9 ?is   
subsection1 ! t]m cov]$ =eign entity    
means a cov]$ entity1 z def9$ "u section

 #ac7t77#e7 ( ! ,securities & ,ex*ange  
,act ( #aicd4  4  7d7 ,v>iable int]e/   
entity exposure ,section                
#bjd7;b77#c77;,c7 ( ! ,inve/m5t ,advis]s
 ,act ( #aidj 7#ae ,u4,s4,c4            
#hj;b-#d7;b77#c77;,c77 is am5d$ by      
ins]t+ be=e ! semicolon ! foll[+3 1     
includ+ total exposure to v>iable int]e/
 entities1 a li/ ( ea* security issu$ by
 a v>iable int]e/ entity held 9 ! fund1 
& ! value ( ^? securities4  7e7 ,no     
expansion ( liability ,no provision "u !
 am5dm5ts made by ?is section requir+ ! 
disclosure ( in=mation %all give rise to
 a claim "u ! ,securities ,act ( #aicc  
or ! ,securities ,ex*ange ,act ( #aicd  
unless ! disclosure is bo?-- 7#a7 false 
or mislead+2 &  7#b7 mat]ial to an      
inve/m5t decision su* t !re is a        
sub/antial likelihood t a reasonable    
inve/or w\ld consid] ! in=mation        
important 9 assess+ ! risk-adju/$       
f9ancial returns f ! inve/m5t decision4