,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #ijbh  ,,in ,,the ,,house ,,of  
,,representatives  ,may #bf1 #bjbf,mr4  
,lawler 7for himself and ,mr4           
,gottheimer7 introduced the following   
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend the securities laws to
 prohibit brokers1 dealers1 and         
investment advisers with certain        
connections to the ,people's ,republic  
of ,china from registering with the     
,securities and ,exchange ,commission1  
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,,prc ,broker-,dealers and ,investment  
,advisers ,moratorium ,act4  #b4        
,prohibitions  7a7 ,broker or dealer    
registration  7#a7 ,in general ,section 
#ae of the ,securities ,exchange ,act of
 #aicd 7#ae ,u4,s4,c4 #gho7 is amended  
by adding at the end the following3  7p7
 ,prohibition on registration as a      
broker or dealer related to ,chinese    
ownership  7#a7 ,control defined ,in    

this subsection1 the term control means 
beneficially owning1 either directly or 
through #a or more companies1 more than 
#ae percent of the voting securities of 
an entity4  7#b7 ,prohibition ,a broker 
or dealer shall be prohibited from being
 registered as a broker or dealer under 
subsection 7b7 if--  7,a7 the broker or 
dealer is an entity organized under the 
laws of the ,people's ,republic of      
,china2  7,b7 the broker or dealer is   
controlled by an entity organized under 
the laws of the ,people's ,republic of  
,china2  7,c7 the broker or dealer is   
controlled by a national of the         
,people's ,republic of ,china who       
resides in the ,people's ,republic of   
,china2 or  7,d7 there is an associated 
person of the broker or dealer organized
 under the laws of the ,people's        
,republic of ,china that provides the   
broker or dealer with services1 related 
to--  7i7 platform infrastructure2  7ii7
 network services2 or  7iii7 software or
 product development1 maintenance1 or   

support4  4  7#b7 ,termination ,on the  
date that is #e years after the date of 
enactment of this ,act1 section #ae of  
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gho7 is amended by      
striking subsection 7p71 as added by    
paragraph 7#a7 of this subsection4  7b7 
,investment adviser registration  7#a7  
,in general ,section #bjc of the        
,investment ,advisers ,act of #aidj 7#ae
 ,u4,s4,c4 #hj;b-#c7 is amended by      
adding at the end the following3  7o7   
,prohibition on registration as an      
investment adviser related to ,chinese  
ownership  7#a7 ,control defined ,in    
this subsection1 the term control means 
beneficially owning1 either directly or 
through #a or more companies1 more than 
#ae percent of the voting securities of 
an entity4  7#b7 ,prohibition ,a person 
may not be registered as an investment  
adviser if-- 7,a7 the person is an      
entity organized under the laws of the  
,people's ,republic of ,china2  7,b7 the
 person is controlled by an entity      

organized under the laws of the         
,people's ,republic of ,china2  7,c7 the
 person is controlled by a national of  
the ,people's ,republic of ,china who   
resides in the ,people's ,republic of   
,china2 or  7,d7 an affiliate of the    
person is organized under the laws of   
the ,people's ,republic of ,china that  
provides the person with services1      
including-- 7i7 software development or 
support2  7ii7 product development2 or  
7iii7 customer service4  4  7#b7        
,termination ,on the date that is #e    
years after the date of enactment of    
this ,act1 section #bjc of the          
,investment ,advisers ,act of #aidj 7#ae
 ,u4,s4,c4 #hj;b-#c7 is amended by      
striking subsection 7o71 as added by    
paragraph 7#a7 of this subsection4