,,ii  #aahth ,,congress  #ast ,session  
,s4 #hee  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #af1         
#bjbc,mr4 ,scott of ,florida 7for       
himself and ,mr4 ,van ,hollen7          
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to amend   
the ,securities ,exchange ,act of #aicd 
to require national securities exchanges
 to identify issuers that are           
consolidated variable interest entities1
 and for other purposes4  #a4 ,short    
title ,this ,act may be cited as the    
,trading and ,investing with ,clear     
,knowledge and ,expectations about ,risk
 ,act or the ,,ticker ,act4  #b4 ,sense 
of ,congress ,it is the sense of        
,congress that-- 7#a7 variable interest 
entities based in foreign jurisdictions1
 including the ,people's ,republic of   
,china1 pose a specific and significant 
risk to investors in the ,united        
,states1 including because investors    

that purchase shares of those entities--
 7,a7 have no equity or direct ownership
 interest2 and  7,b7 lack legal         
recourse2 and  7#b7 investors in the    
,united ,states should more clearly be  
made aware of the risk described in     
paragraph 7#a7 in a transparent1 easily 
accessible1 and standardized manner that
 is recognizable to all persons that    
have invested1 or seek to invest1 in    
entities that are described in that     
paragraph and are listed on exchanges in
 the ,united ,states1 such as through   
clearly visible warning indicators on   
ticker symbols and other company symbols
 used by those exchanges4  #c4          
,identification of risk with respect to 
certain entities  7a7 ,definitions ,in  
this section-- 7#a7 the terms broker1   
dealer1 exchange1 and security have the 
meanings given those terms in section   
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a772     
7#b7 the term ,commission means the     
,securities and ,exchange ,commission2  

7#c7 the term covered entity means a    
consolidated variable interest entity2  
7#d7 the term national securities       
exchange means an exchange that is      
registered as a national securities     
exchange pursuant to section #f of the  
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;f71 as amended by        
subsection 7b7 of this section2 and     
7#e7 the term variable interest entity  
has the meaning given the term under    
generally accepted accounting           
principles4  7b7 ,requirements  7#a7    
,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 ,in this paragraph1 the term       
covered entity has the meaning given the
 term in section #c7;a7 of the ,trading 
and ,investing with ,clear ,knowledge   
and ,expectations about ,risk ,act4     
7,b7 ,the rules of the exchange require 
the identification of each covered      

entity1 the securities of which are     
listed on the exchange1 as a covered    
entity in the symbol for the covered    
entity used on the exchange4  4  7,b7   
,effective date2 applicability ,the     
amendment made by subparagraph 7,a7     
shall-- 7i7 take effect on the date that
 is #ahj days after the date of         
enactment of this ,act2 and  7ii7 apply 
with respect to a covered entity1 the   
securities of which are listed on a     
national securities exchange on or after
 the date described in clause 7i74  7#b7
 ,brokers and dealers ,beginning not    
later than #ahj days after the date of  
enactment of this ,act1 the ,commission 
shall require brokers and dealers to    
provide warnings to investors investing 
in covered entities that those investors
 may lack legal recourse with respect to
 such an investment4