,,ii  #aah? ,,congress  #a/ ,session    
,s4 #add  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,janu>y #cj1 #bjbc,mr4 
,rubio 7= himself & ,mrs4 ,blackburn7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require issu]s fil+ annual  
reports ) ! ,securities & ,ex*ange      
,commission to disclose :e!r ! issu]s h 
connections ) ! ,*9ese ,communi/ ,p>ty1 
& = o!r purposes4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,no ,*9ese         
,communi/ ,subt]fuge via ,unregi/]$     
,regime ,pres5ce ,r5d]$ ,invisible to   
,%>ehold]s & ,equival5t ,p>ties ,act or 
! ,no ,*9ese ,communi/ ,,surprise       
,p>ties ,act4  #b4 ,report+ requirem5t  
7a7 ,def9itions ,9 ?is section-- 7#a7 ! 
t]m ,commission means ! ,securities &   
,ex*ange ,commission2  7#b7 ! t]m cov]$ 
issu] means an issu]1 includ+ a =eign   
private issu]1 t is requir$ to file     
annual reports ) ! ,commission "u       
section #ac7;a7 ( ! ,securities ,ex*ange

 ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7a772  
7#c7 ! t]m issu] has ! mean+ giv5 ! t]m 
9 section #c7;a7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a772  7#d7 ! t]m jo9t v5ture      
p>tn]1 ) respect to a cov]$ issu]1      
means-- 7,a7 a jo9t v5ture 9 :i* ! cov]$
 issu]1 or a subsidi>y ) respect to !   
cov]$ issu]1 is a p>ty2 or  7,b7 any o!r
 p]son t is a p>ty 9 a jo9t v5ture      
describ$ 9 subp>agraph 7,a72 &  7#e7 !  
t]m subsidi>y1 ) respect to a cov]$     
issu]1 means a :olly or p>tially own$   
subsidi>y ( ! cov]$ issu]4  7b7         
,requirem5t ,ea* cov]$ issu]1 9 ea*     
annual report t ! cov]$ issu] files ) ! 
,commission 7beg9n+ ) ! second annual   
report t ! cov]$ issu] files ) !        
,commission aft] ! date ( enactm5t ( ?is
 ,act71 %all-- 7#a7 disclose :e!r !     
cov]$ issu]1 or any subsidi>y or jo9t   
v5ture p>tn] ) respect to ! cov]$ issu]1
 has e/abli%$ or ma9ta9$ an organization
 ( ! ,*9ese ,communi/ ,p>ty dur+ ! p]iod
 cov]$ by ! report2  7#b7 if an         

organization ( ! ,*9ese ,communi/ ,p>ty 
has p>ticipat$ 9 ! op]ations ( ! cov]$  
issu]1 or ( any subsidi>y or jo9t v5ture
 p>tn] ) respect to ! cov]$ issu]1 dur+ 
! p]iod cov]$ by ! report1 summ>ize t   
p>ticipation2 &  7#c7 disclose :e!r !   
bo>d ( directors ( ! cov]$ issu] 7or !  
equival5t body ) respect to ! cov]$     
issu]71 "u ! laws ( ! jurisdiction 9 :i*
 ! cov]$ issu] is incorporat$ or o!rwise
 organiz$-- 7,a7 owes a fiduci>y duty to
 ! cov]$ issu] & %>ehold]s ( ! cov]$    
issu]2 &  7,b7 is subject to height5$   
scrut9y ) respect to conflict$ controll]
 transactions4  7c7 ,updates to rules ,n
 lat] ?an #a ye> aft] ! date ( enactm5t 
( ?is ,act1 ! ,commission %all make any 
updates to ! rules ( ! ,commission t are
 necess>y z a result ( ?is section4