,,ii ,cal5d> ,no4 #bid #aai? ,,congress #a/ ,session ,s4 #adih ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,april #bh1 #bjbe,mr4 ,hawley 7= himself1 ,mr4 ,mor5o1 ,mr4 ,oss(f1 ,mr4 ,pet]s1 & ,mr4 ,m]kley7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,homel& ,security & ,gov]nm5tal ,affairs ,decemb] #aj1 #bjbe,report$ by ,mr4 ,paul1 ) an amendment,strike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic ,a ,,bill ,to am5d *apt] #aca ( title #e1 ,unit$ ,/ates ,code1 to prohibit transactions involv+ c]ta9 f9ancial in/rum5ts by ,memb]s ( ,congress4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,prev5t+ ,elect$ ,lead]s f ,own+ ,securities & ,inve/m5ts 7,,pelosi7 ,act4 #b4 ,bann+ insid] trad+ 9 ,congress 7a7 ,9 g5]al ,*apt] #aca ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 ,,iv ,bann+ insid] trad+ 9 ,congress #acafa4 ,def9itions ,9 ?is sub*apt]3 7#a7 ,cov]$ f9ancial in/rum5t 7,a7 ,9 g5]al ,! t]m cov]$ f9ancial in/rum5t means-- 7i7 any inve/m5t 9-- 7,i7 a security 7z def9$ 9 section #c7;a7 ( ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 7,,ii7 a security future 7z def9$ 9 t section72 or 7,,iii7 a commodity 7z def9$ 9 section #a;a ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a;a772 & 7ii7 any economic int]e/ comp>able to an int]e/ describ$ 9 clause 7i7 t is acquir$ ?r\gh syn!tic means1 su* z ! use ( a d]ivative1 includ+ an option1 a w>rant1 or o!r simil> means4 7,b7 ,exclusions ,! t]m cov]$ f9ancial in/rum5t does n include-- 7i7 a div]sifi$ mutual fund2 7ii7 a div]sifi$ ex*ange-trad$ fund2 7iii7 a ,unit$ ,/ates ,treasury bill1 note1 or bond2 or 7iv7 comp5sation f ! prim>y occupation ( a sp\se or dep5d5t *ild ( a ,memb] ( ,congress4 7#b7 ,dep5d5t *ild2 ,memb] ( ,congress ,! t]ms dep5d5t *ild & ,memb] ( ,congress h ! mean+s giv5 ^? t]ms 9 section #acaja4 7#c7 ,sup]vis+ e?ics committee ,! t]m sup]vis+ e?ics committee means1 z applicable-- 7,a7 ! ,select ,committee on ,e?ics ( ! ,s5ate2 & 7,b7 ! ,committee on ,e?ics ( ! ,h\se ( ,repres5tatives4 #acafb4 ,prohibition on c]ta9 transactions & hold+s involv+ cov]$ f9ancial in/rum5ts 7a7 ,prohibition ,except z provid$ 9 subsection 7b71 a ,memb] ( ,congress1 or any sp\se ( a ,memb] ( ,congress1 may n1 dur+ ! t]m ( s]vice ( ! ,memb] ( ,congress1 hold1 pur*ase1 or sell any cov]$ f9ancial in/rum5t4 7b7 ,exceptions ,! prohibition "u subsection 7a7 %all n apply to a sale by a ,memb] ( ,congress1 or a sp\se ( a ,memb] ( ,congress1 t is complet$ by ! date t is-- 7#a7 = a ,memb] ( ,congress s]v+ on ! date ( enactm5t ( ! ,prev5t+ ,elect$ ,lead]s f ,own+ ,securities & ,inve/m5ts 7,,pelosi7 ,act1 #ahj days aft] t date ( enactm5t2 & 7#b7 = any ,memb] ( ,congress :o comm5ces s]vice z a ,memb] ( ,congress aft] ! date ( enactm5t ( ! ,prev5t+ ,elect$ ,lead]s f ,own+ ,securities & ,inve/m5ts 7,,pelosi7 ,act1 #ahj days aft] ! fir/ date ( ! initial t]m ( s]vice4 7c7 ,p5alties 7#a7 ,disgorgem5t ,a ,memb] ( ,congress %all disgorge to ! ,treasury ( ! ,unit$ ,/ates any pr(it f a transaction or hold+ involv+ a cov]$ f9ancial in/rum5t t is conduct$ 9 violation ( ?is section4 7#b7 ,f9es ,a ,memb] ( ,congress :o holds or conducts a transaction involv+1 or ^: sp\se holds or conducts a transaction involv+1 a cov]$ f9ancial in/rum5t 9 violation ( ?is section may be subject to a civil f9e assess$ by ! applicable sup]vis+ e?ics committee "u section #acafd4 #acafc4 ,c]tification ( compliance 7a7 ,9 g5]al ,n less frequ5tly ?an annually1 ea* ,memb] ( ,congress %all submit to ! applicable sup]vis+ e?ics committee a writt5 c]tification t ! ,memb] ( ,congress has a*iev$ compliance ) ! requirem5ts ( ?is sub*apt]4 7b7 ,publication ,! sup]vis+ e?ics committees %all publi% ea* c]tification submitt$ "u subsection 7a7 on a publicly available website4 #acafd4 ,au?ority ( sup]vis+ e?ics committees 7a7 ,9 g5]al ,! sup]vis+ e?ics committees may implem5t & en=ce ! requirem5ts ( ?is sub*apt]1 includ+ by-- 7#a7 issu+-- 7,a7 = ,memb]s ( ,congress-- 7i7 rules gov]n+ t implem5tation2 & 7ii7 #a or m reasonable ext5sions to a*ieve compliance ) ?is sub*apt]1 if ! applicable sup]vis+ e?ics committee det]m9es t a ,memb] ( ,congress is mak+ a good fai? ef=t to dive/ any cov]$ f9ancial in/rum5ts2 & 7,b7 guidance relat+ to cov]$ f9ancial in/rum5ts2 7#b7 publi%+ on ! int]net c]tifications submitt$ by ,memb]s ( ,congress "u section #acafc7;a72 & 7#c7 assess+ civil f9es aga9/ any ,memb] ( ,congress :o is 9 violation ( ?is sub*apt]1 subject to subsection 7b74 7b7 ,requirem5ts = civil f9es 7#a7 ,9 g5]al ,be=e impos+ a f9e pursuant to ?is section1 ! applicable sup]vis+ e?ics committee %all provide to ! applicable ,memb] ( ,congress-- 7,a7 a writt5 notice describ+ ea* cov]$ f9ancial in/rum5t transaction = :i* a f9e w be assess$2 & 7,b7 an opportunity1 ) respect to ea* su* cov]$ f9ancial in/rum5t transaction-- 7i7 = a he>+2 & 7ii7 to a*ieve compliance ) ! requirem5ts ( ?is sub*apt]4 7#b7 ,en=cem5t 7,a7 ,9 g5]al ,9 ! ev5t ( cont9u+ noncompliance aft] issuance ( ! notice describ$ 9 p>agraph 7#a71 ! applicable sup]vis+ e?ics committee %all impose a civil p5alty1 9 ! am\nt describ$ 9 subp>agraph 7,b71 on ! ,memb] ( ,congress to :om a notice 0 provid$-- 7i7 on ! date t is #cj days aft] ! date ( provision ( ! notice2 & 7ii7 dur+ ! p]iod 9 :i* su* noncompliance cont9ues1 n less frequ5tly ?an once e #cj days !reaft]4 7,b7 ,am\nt ,! am\nt ( ea* civil p5alty impos$ on a ,memb] ( ,congress pursuant to subp>agraph 7,a7 %all be an am\nt equal to #aj p]c5t ( ! value ( ea* cov]$ f9ancial in/rum5t t 0 n dive/$ 9 violation ( ?is sub*apt] dur+ ! p]iod cov]$ by ! p5alty4 7#c7 ,publication ,ea* sup]vis+ e?ics committee %all publi% on a publicly available website a description (-- 7,a7 ea* f9e assess$ by ! sup]vis+ e?ics committee pursuant to ?is section2 7,b7 ! reasons :y ea* su* f9e 0 assess$2 & 7,c7 ! result ( ea* assessm5t1 includ+ any he>+ "u p>agraph 7#a77;,b77i7 relat+ to ! assessm5t4 7#d7 ,appeal ,a ,memb] ( ,congress may appeal ! assessm5t ( a f9e "u ?is section to a vote on ! floor ( ! ,s5ate or ! ,h\se ( ,repres5tatives1 z applicable1 z a privileg$ motion4 #acafe4 ,audit by ,gov]nm5t ,acc\ntability ,(fice ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ! ,prev5t+ ,elect$ ,lead]s f ,own+ ,securities & ,inve/m5ts 7,,pelosi7 ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all-- 7#a7 conduct an audit ( ! compliance by ,memb]s ( ,congress ) ! requirem5ts ( ?is sub*apt]2 & 7#b7 submit to ! sup]vis+ e?ics committees a report describ+ ! results ( ! audit conduct$ "u p>agraph 7#a74 4 7b7 ,con=m+ am5dm5ts 7#a7 ,table ( sections ,! table ( sections = *apt] #aca ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 ,,sub*apt] ,,iv--,bann+ insid] trad+ 9 ,congress #acafa4 ,def9itions4 #acafb4 ,prohibition on c]ta9 transactions & hold+s involv+ cov]$ f9ancial in/rum5ts4 #acafc4 ,c]tification ( compliance4 #acafd4 ,au?ority ( sup]vis+ e?ics committees4 #acafe4 ,audit by ,gov]nm5t ,acc\ntability ,(fice4 4 7#b7 ,p]sons requir$ to file ,section #acajc7;f7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 9 p>agraph 7#i71 by /rik+ 8z def9$ 9 section #acaja ( ?is title02 7,b7 9 p>agraph 7#aj71 by /rik+ 8z def9$ 9 section #acaja ( ?is title02 7,c7 9 p>agraph 7#aa71 by /rik+ 8z def9$ 9 section #acaja ( ?is title02 & 7,d7 9 p>agraph 7#ab71 by /rik+ 8z def9$ 9 section #acaja ( ?is title04 7#c7 ,lobby+ ,disclosure ,act ( #aiie ,section #c7d77;,d7 ( ! ,lobby+ ,disclosure ,act ( #aiie 7#b ,u4,s4,c4 #afjb7d77;,d77 is am5d$ by /rik+ legislative bran* employee s]v+ 9 a position describ$ "u section #acaja7ac7 ( title #e1 ,unit$ ,/ates ,code & ins]t+ (fic] or employee ( ,congress 7z def9$ 9 section #acaja ( title #e1 ,unit$ ,/ates ,code74 #a4 ,%ort title ,?is ,act may be cit$ z ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act4 #b4 ,dive/m5t ( c]ta9 assets ( ,memb]s ( ,congress1 ! ,presid5t1 ! ,vice ,presid5t1 & _! sp\ses & dep5d5t *ildr5 7a7 ,9 g5]al ,*apt] #aca ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 ,,iv ,c]ta9 assets ( ,memb]s ( ,congress1 ! ,presid5t1 ! ,vice ,presid5t1 & _! sp\ses & dep5d5t *ildr5 #acafa4 ,def9itions ,9 ?is sub*apt]3 7#a7 ,commodity ,! t]m commodity has ! mean+ giv5 ! t]m 9 section #a;a ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a;a74 7#b7 ,cov]$ inve/m5t 7,a7 ,9 g5]al ,! t]m cov]$ inve/m5t means-- 7i7 an inve/m5t 9-- 7,i7 a security2 7,,ii7 a commodity2 7,,iii7 a future2 or 7,,iv7 a digital asset2 7ii7 any economic int]e/ comp>able to an int]e/ describ$ 9 clause 7i7 t is acquir$ ?r\gh syn!tic means1 su* z ! use ( a d]ivative1 includ+ an option1 w>rant1 or o!r simil> means2 or 7iii7 any int]e/ describ$ 9 clause 7i7 or 7ii7 t is held directly1 or 9 :i* an individual has an indirect1 b5eficial1 or economic int]e/1 ?r\gh-- 7,i7 an inve/m5t fund or hold+ company2 7,,ii7 a tru/2 7,,iii7 an employee b5efit plan2 or 7,,iv7 a def]r$ comp5sation plan1 includ+ a c>ri$ int]e/ or o!r agreem5t ti$ to ! p]=mance ( an inve/m5t1 o!r ?an a fix$ ca% paym5t4 7,b7 ,exclusions ,! t]m cov]$ inve/m5t does n include-- 7i7 a div]sifi$ mutual fund 7includ+ any hold+s ( su* a fund72 7ii7 a div]sifi$ ex*ange-trad$ fund 7includ+ any hold+s ( su* a fund72 7iii7 a ,unit$ ,/ates ,treasury bill1 note1 or bond2 7iv7 comp5sation f ! prim>y occupation ( ! sp\se ( a cov]$ p]son1 or any security t is issu$ or paid by an op]at+ bus9ess t is ! prim>y employ] ( su* a sp\se t is issu$ or paid to su* a sp\se2 7v7 hold+ & acquir+ any security t is issu$ or paid z comp5sation f corporate bo>d s]vice by ! sp\se ( a cov]$ p]son1 includ+ ! divid5d re9ve/m5t 9 ! same security receiv$ f ! corporate bo>d s]vice by ! sp\se ( a cov]$ p]son2 7vi7 any cov]$ inve/m5t t is trad$ by ! sp\se ( a cov]$ p]son 9 ! c\rse ( p]=m+ ! prim>y occupation ( su* a sp\se1 provid$ ! inve/m5t is n own$ by a cov]$ p]son or ! sp\se or dep5d5t *ild ( a cov]$ p]son2 7vii7 any inve/m5t fund held 9 a ,f$]al1 ,/ate1 or local gov]nm5t employee retirem5t plan2 7viii7 a tax-free ,/ate or municipal bond2 7ix7 an int]e/ 9 a small bus9ess conc]n1 if ! sup]vis+ e?ics (fice det]m9es t ! small bus9ess conc]n does n pres5t a conflict ( int]e/1 &1 9 ! case ( an inve/m5t 9 a family f>m or ran* t qualifies z an int]e/ 9 a small bus9ess conc]n1 a future or commodity directly relat$ to ! f>m+ activities & products ( ! f>m or ran*2 7x7 hold+ inve/m5t-grade corporate bonds1 provid$ t ! corporate bonds are held by an individual :o is a cov]$ p]son1 or a sp\se or dep5d5t *ild ( a cov]$ p]son1 on ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act2 7xi7 any %>e ( ,settlem5t ,common ,/ock issu$ "u section #g7;g77#a77;,a7 ( ! ,alaska ,native ,claims ,settlem5t ,act 7#dc ,u4,s4,c4 #afjf7;g77#a77;,a772 or 7xii7 any %>e ( ,settlem5t ,common ,/ock1 z def9$ 9 section #c ( ! ,alaska ,native ,claims ,settlem5t ,act 7#dc ,u4,s4,c4 #afjb74 7,c7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph %all be con/ru$ to imply t p>ticul> digital assets are n securities1 commodities1 or o!r types ( cov]$ inve/m5ts4 7#c7 ,cov]$ p]son ,! t]m cov]$ p]son means-- 7,a7 a ,memb] ( ,congress2 7,b7 ! ,presid5t ( ! ,unit$ ,/ates2 or 7,c7 ! ,vice ,presid5t ( ! ,unit$ ,/ates4 7#d7 ,cu/ody ,! t]m cu/ody has ! mean+ giv5 ! t]m 9 section #bge4bjf7d7-b7;d7 ( title #ag1 ,code ( ,f$]al ,regulations1 z 9 effect on ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act 7or any successor regulation74 7#e7 ,dep5d5t *ild ,! t]m dep5d5t *ild means1 ) respect to any cov]$ p]son1 any individual :o is-- 7,a7 "u #ai ye>s ( age2 & 7,b7 a dep5d5t ( ! cov]$ p]son )9 ! mean+ ( section #aeb ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#f7 ,digital asset ,! t]m digital asset means any digital repres5tation ( value t is record$ on a cryptographically secur$ di/ribut$ l$g] or any simil> te*nology4 7#g7 ,div]sifi$ ,! t]m div]sifi$1 ) respect to a fund1 tru/1 or plan1 means t ! fund1 tru/1 or plan does n h a /at$ policy ( conc5trat+ its inve/m5ts 9 any s+le indu/ry1 bus9ess1 or s+le c\ntry o!r ?an ! ,unit$ ,/ates4 7#h7 ,future ,! t]m future means-- 7,a7 a security future 7z def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7772 & 7,b7 any o!r contract = ! sale ( a commodity = future deliv]y4 7#i7 ,illiquid inve/m5t ,! t]m illiquid inve/m5t means an int]e/ 9 a private fund1 z def9$ 9 section #bjb7;a7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a774 7#aj7 ,int]e/$ p>ty ,! t]m int]e/$ p>ty has ! mean+ giv5 ! t]m 9 section #acajd7;f77#c77;,e74 7#aa7 ,memb] ( ,congress2 sup]vis+ e?ics (fice ,! t]ms ,memb] ( ,congress & sup]vis+ e?ics (fice h ! mean+s giv5 ^? t]ms 9 section #acaja4 7#ab7 ,qualifi$ bl9d tru/ ,! t]m qualifi$ bl9d tru/ has ! mean+ giv5 ! t]m 9 section #acajd7;f77#c74 7#ac7 ,security ,! t]m security has ! mean+ giv5 ! t]m 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774 7#ad7 ,small bus9ess conc]n ,! t]m small bus9ess conc]n has ! mean+ giv5 ! t]m "u section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74 #acafb4 ,trad+ cov]$ inve/m5ts 7a7 ,ban on trad+ ,except z provid$ 9 subsection 7b7-- 7#a7 effective on ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 a cov]$ p]son %all n pur*ase any cov]$ inve/m5t2 7#b7 effective on ! date t is #ij days aft] ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 a cov]$ p]son %all n sell any cov]$ inve/m5t1 except z provid$ 9 section #acafc7;a77#a72 & 7#c7 on & aft] ! applicable effective date describ$ 9 section #acafc7;j71 an individual :o is a sp\se or dep5d5t *ild ( a cov]$ p]son %all n pur*ase any cov]$ inve/m5t or sell any cov]$ inve/m5t1 except z provid$ 9 section #acafc7;a77#a74 7b7 ,exception ,not)/&+ subsection 7a71 a cov]$ p]son may dive/ a cov]$ inve/m5t z direct$ by ! relevant sup]vis+ e?ics (fice pursuant to ?is sub*apt]4 7c7 ,jo9t cov]$ inve/m5t ,any cov]$ inve/m5t report$ to ! sup]vis+ e?ics (fice z jo9tly own$ by a cov]$ p]son & ! sp\se ( ! cov]$ p]son %all be deem$ to be a cov]$ inve/m5t ( ! cov]$ p]son = purposes ( ?is section4 #acafc4 ,address+ own$ cov]$ inve/m5ts 7a7 ,cov]$ p]sons 7#a7 ,dive/iture 7,a7 ,requirem5ts 7i7 ,(ficials sworn 9 be=e ! date ( enactm5t ,subject to p>agraph 7#b7 & ! am5dm5ts made "u subsection 7b71 a cov]$ p]son :o is sworn into (fice on or be=e ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 n lat] ?an ! effective date describ$ 9 subsection 7j77#a71 subject to any ext5sion grant$ "u subp>agraph 7,c77iii7 ( ?is p>agraph1 %all dive/ ea* cov]$ inve/m5t own$ or 9 ! cu/ody (-- 7,i7 ! cov]$ p]son2 or 7,,ii7 a sp\se or dep5d5t *ild ( ! cov]$ p]son4 7ii7 ,(ficials sworn 9 aft] ! date ( enactm5t ,subject to p>agraph 7#b7 & ! am5dm5ts made "u subsection 7b71 a cov]$ p]son :o is sworn into (fice aft] ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 n lat] ?an ! effective date describ$ 9 subsection 7j77#b71 subject to any ext5sion grant$ "u subp>agraph 7,c77iii7 ( ?is p>agraph1 %all dive/ ea* cov]$ inve/m5t own$ or 9 ! cu/ody (-- 7,i7 ! cov]$ p]son2 or 7,,ii7 a sp\se or dep5d5t *ild ( ! cov]$ p]son4 7,b7 ,illiquid inve/m5ts 7i7 ,(ficials sworn 9 be=e ! date ( enactm5t ,9 ! case ( a cov]$ p]son :o is sworn into (fice on or be=e ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 if ! cov]$ p]son comm5ces a new t]m ( s]vice z a ,memb] ( ,congress1 ,presid5t1 or ,vice ,presid5t aft] su* date ( enactm5t & holds an illiquid inve/m5t at t "t1 ! cov]$ p]son %all dive/ ! illiquid inve/m5t n lat] ?an ! date t is-- 7,i7 aft] ! effective date describ$ 9 subsection 7j77#a72 & 7,,ii7 #ij days aft] ! date on :i* ! cov]$ p]son is contractually p]mitt$ to sell ! illiquid inve/m5t4 7ii7 ,(ficials sworn 9 aft] ! date ( enactm5t ,9 ! case ( a cov]$ p]son :o is sworn aft] ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 if ! cov]$ p]son holds an illiquid inve/m5t on ! date on :i* ! cov]$ p]son comm5ces su* t]m ( s]vice z a ,memb] ( ,congress1 ,presid5t1 or ,vice ,presid5t1 ! cov]$ p]son %all dive/ ! illiquid inve/m5t on ! date t is-- 7,i7 aft] ! effective date describ$ 9 subsection 7j77#b72 & 7,,ii7 n lat] ?an #ij days aft] ! date on :i* ! cov]$ p]son is contractually p]mitt$ to sell ! illiquid inve/m5t4 7,c7 ,qualifi$ bl9d tru/s 7i7 ,prohibition on future qualifi$ bl9d tru/s ,except z provid$ 9 clause 7iii71 on & aft] ! date t is #ahj days aft] ! applicable effective date describ$ 9 subsection 7j71 nei!r a cov]$ p]son nor any sp\se or dep5d5t *ild ( ! cov]$ p]son may ma9ta9 a qualifi$ bl9d tru/4 7ii7 ,m&atory sale ( cov]$ inve/m5ts 9 exi/+ qualifi$ bl9d tru/s 7,i7 ,9 g5]al ,! tru/ee ( a qualifi$ bl9d tru/ hold+ cov]$ inve/m5ts %all1 at a "t elect$ by ! cov]$ p]son1 on behalf ( a cov]$ p]son1 & 9 accordance ) clause 7iv7-- 7aa7 dive/ all cov]$ inve/m5ts held 9 ! qualifi$ bl9d tru/ = ! purposes ( comply+ ) ! dive/iture requirem5ts "u ?is section1 9 accordance ) subp>agraph 7,a72 & 7bb7 dissolve ! qualifi$ bl9d tru/ 9 accordance ) ?is *apt] & guidance f ! sup]vis+ e?ics (fice4 7,,ii7 ,notice ( compliance 7aa7 ,notice ( dive/iture 7,,aa7 ,9 g5]al ,^u ! completion ( dive/iture ( all cov]$ inve/m5ts pursuant to subclause 7,i77aa71 ! tru/ee %all submit to ! sup]vis+ e?ics (fice & ! applicable cov]$ p]son a writt5 notice /at+ t ! tru/ee has complet$ dive/iture ( all cov]$ inve/m5ts held 9 ! qualifi$ bl9d tru/ pursuant to subclause 7,i77aa74 7,,bb7 ,publication ,! sup]vis+ e?ics (fice %all publi% ! notice requir$ "u subitem 7,,aa7 on ! website ( ! sup]vis+ e?ics (fice4 7bb7 ,notice ( dissolution ,^u ! dissolution ( a qualifi$ bl9d tru/ pursuant to subclause 7,i77bb71 ! tru/ee %all submit to ! sup]vis+ e?ics (fice & ! applicable cov]$ p]son a writt5 notice /at+ t ! tru/ has dissolv$ ! qualifi$ bl9d tru/ pursuant to subclause 7,i77bb7 & %all include a li/ ( ! assets held 9 ! qualifi$ bl9d tru/ on ! date ( ! dissolution ( su* tru/ & ! category ( value ( ea* su* asset4 7iii7 ,ext5sion ( m&atory sale ( cov]$ inve/m5ts 7,i7 ,reque/ ,ea* cov]$ p]son :o ma9ta9s a qualifi$ bl9d tru/ e/abli%$ by ! cov]$ p]son1 or a sp\se or dep5d5t *ild ( ! cov]$ p]son1 9 any case 9 :i* ! tru/ee ( ! qualifi$ bl9d tru/ believes ! size or complexity ( ! cov]$ inve/m5ts 9 ! qualifi$ bl9d tru/ w>rant su* ext5sion may apply to ! sup]vis+ e?ics (fice = an ext5sion ( ! p]iod describ$ 9 subp>agraph 7,a74 7,,ii7 ,duration ,an ext5sion grant$ "u subclause 7,i7 %all n exce$ #ij days4 7iv7 ,communications ,a cov]$ p]son may communicate ) & direct ! tru/ee ( _! qualifi$ bl9d tru/ = ! purposes (-- 7,i7 det]m9+ :5 dive/m5t ( cov]$ inve/m5ts 9 ! qualifi$ bl9d tru/ %\ld occur1 pursuant to subp>agraph 7,a7 ( ?is p>agraph1 clause 7ii7 ( ?is subp>agraph1 or section #acafb7;b71 z applicable2 7,,ii7 det]m9+ :i* p]mitt$ prop]ty cov]$ inve/m5ts %\ld be dive/$ into2 & 7,,iii7 :e!r ! tru/ee utilizes a c]tificate ( dive/iture pursuant to section #ajdc7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7b7 ( ?is section4 7#b7 ,exception = dep5d5ts ,an individual :o is a dep5d5t *ild ( a cov]$ p]son may h a legal gu>dian hold or trade on behalf ( ! dep5d5t *ild #a or m cov]$ inve/m5ts provid$ t ! value ( ! cov]$ inve/m5ts 9 total does n exce$ #aj1jjj4 7b7 ,tax treatm5t ( dive/itures 7#a7 ,9 g5]al ,section #ajdc7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 9 p>agraph 7#a77;,a71 by ins]t+ or a cov]$ p]son 7z def9$ 9 section #acafa ( title #e1 ,unit$ ,/ates ,code71 aft] ( ! ,f$]al ,gov]nm5t12 7,b7 9 p>agraph 7#b77;,b7-- 7i7 by /rik+ employees1 or & ins]t+ employees12 & 7ii7 by ins]t+ or ! applicable sup]vis+ e?ics (fice 7z def9$ 9 section #acaja ( title #e1 ,unit$ ,/ates ,code71 9 ! case ( a cov]$ p]son aft] judicial (fic]s12 & 7,c7 9 p>agraph 7#c71 by /rik+ or any div]sifi$ inve/m5t fund approv$ by regulations issu$ by ! ,(fice ( ,gov]nm5t ,e?ics & ins]t+ 1 any div]sifi$ inve/m5t fund approv$ by regulations issu$ by ! ,(fice ( ,gov]nm5t ,e?ics 79 ! case ( any eligible p]son :o is n a cov]$ p]son 7z def9$ 9 section #acafa ( title #e1 ,unit$ ,/ates ,code771 or any div]sifi$ mutual fund or a div]sifi$ ex*ange-trad$ fund describ$ 9 clause 7i7 or 7ii7 ( section #acafa7b77;,b7 ( title #e1 ,unit$ ,/ates ,code 79 ! case ( any eligible p]son :o is a cov]$ p]son 7z s def9$7744 7#b7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to sales aft] ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act4 7c7 ,acquisitions dur+ s]vice 7#a7 ,9 g5]al ,subject to p>agraph 7#b71 & any applicable rules issu$ pursuant to subsection 7h77#c71 effective beg9n+ on ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 no cov]$ p]son1 or sp\se or dep5d5t *ild ( a cov]$ p]son1 may acquire any cov]$ inve/m5t4 7#b7 ,inh]itances 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 a cov]$ p]son1 or a sp\se or dep5d5t *ild ( a cov]$ p]son1 :o inh]its a cov]$ inve/m5t %all come into compliance z requir$ "u subsection 7a7 by n lat] ?an #abj days aft] ! date on :i* ! cov]$ inve/m5t is inh]it$4 7,b7 ,ext5sions ,if a cov]$ p]son1 or a sp\se or dep5d5t *ild ( a cov]$ p]son1 is unable to meet ! requirem5ts ( subp>agraph 7,a71 ! applicable cov]$ p]son may reque/1 & ! sup]vis+ e?ics (fice may grant1 #a or m reasonable ext5sions1 subject to ! conditions t-- 7i7 ! total p]iod ( "t cov]$ by all ext5sions grant$ = ! cov]$ inve/m5t %all n exce$ #aej days2 & 7ii7 ! p]iod cov]$ by a s+le ext5sion %all be n long] ?an #de days4 7d7 ,family tru/s 7#a7 ,9 g5]al ,a sup]vis+ e?ics (fice may grant an exemption = a family tru/ only if-- 7,a7 no cov]$ p]son1 or sp\se or dep5d5t *ild ( a cov]$ p]son-- 7i7 is a grantor ( ! family tru/2 7ii7 contribut$ any asset to ! family tru/2 or 7iii7 has any au?ority ov] a tru/ee ( ! family tru/1 includ+ ! au?ority to appo9t1 replace1 or direct ! actions ( su* a tru/ee2 & 7,b7 ! grantor ( ! family tru/ is or 0 a family memb] ( ! cov]$ p]son1 or ! sp\se or dep5d5t *ild ( ! cov]$ p]son4 7#b7 ,reque/s ,a cov]$ p]son seek+ an exemption "u p>agraph 7#a7 %all submit to ! applicable sup]vis+ e?ics (fice a reque/ = ! exemption1 9 writ+1 c]tify+ t ! conditions describ$ 9 t p>agraph are met4 7#c7 ,publication ,a sup]vis+ e?ics (fice %all publi% on ! public website ( ! sup]vis+ e?ics (fice-- 7,a7 a copy ( ea* reque/ submitt$ "u p>agraph 7#b72 & 7,b7 ! writt5 response ( ! sup]vis+ e?ics (fice to ea* reque/ describ$ 9 subp>agraph 7,a74 7e7 ,sep>ation f s]vice & cool+-(f p]iod requir$ = control ,dur+ ! p]iod beg9n+ on ! date on :i* an individual becomes a ,memb] ( ,congress1 ,presid5t1 or ,vice ,presid5t & end+ on ! date t is #ij days aft] ! date on :i* ! individual ceases to s]ve z a ,memb] ( ,congress1 ,presid5t1 or ,vice ,presid5t1 ! cov]$ p]son1 & any sp\se or dep5d5t *ild ( ! cov]$ p]son1 may n1 except z provid$ 9 ?is section1 o!rwise control a cov]$ inve/m5t1 includ+ pur*as+ new cov]$ inve/m5ts4 7f7 ,report+ requirem5ts 7#a7 ,sup]vis+ e?ics (fices ,ea* sup]vis+ e?ics (fice %all make available on ! public website ( ! sup]vis+ e?ics (fice-- 7,a7 a copy (-- 7i7 ea* notification submitt$ to ! sup]vis+ e?ics (fice 9 accordance ) subsection 7a77#a77;,c77ii77,,ii72 7ii7 ea* notice & o!r docum5tation submitt$ to ! sup]vis+ e?ics (fice "u ?is section2 & 7iii7 ea* writt5 response & o!r docum5tation issu$ or receiv$ by ! sup]vis+ e?ics (fice "u subsection 7d72 7,b7 n lat] ?an #cj days aft] a qualifi$ bl9d tru/ ma9ta9$ by a cov]$ p]son is dissolv$1 a writt5 notice ( ! dissolution ( ! qualifi$ bl9d tru/2 & 7,c7 a description ( ea* ext5sion grant$1 & ea* civil p5alty impos$1 pursuant to ?is section4 7#b7 ,f$]al b5efits 7,a7 ,cov]$ paym5t ,9 ?is p>agraph1 ! t]m cov]$ paym5t-- 7i7 means a paym5t ( money or any o!r item ( value made1 or promis$ to be made1 by ! ,f$]al ,gov]nm5t2 7ii7 includes-- 7,i7 a loan agreem5t1 contract1 or grant made1 or promis$ to be made1 by ! ,f$]al ,gov]nm5t1 includ+ su* an agreem5t1 contract1 or grant relat+ to agricultural activity2 & 7,,ii7 su* o!r types ( paym5t ( money or items ( value z ! sup]vis+ e?ics (fice may e/abli%1 by guidance2 & 7iii7 does n include-- 7,i7 any sal>y or comp5sation = s]vice p]=m$ z1 or reimbursem5t ( p]sonal outlay by1 an (fic] or employee ( ! ,f$]al ,gov]nm5t2 or 7,,ii7 any tax refund 7includ+ a refundable tax cr$it74 7,b7 ,report+ requirem5t ,n lat] ?an #cj days aft] ! date ( receipt ( a notice ( any application =1 or receipt (1 a cov]$ paym5t by a cov]$ p]son1 or a sp\se or dep5d5t *ild ( a cov]$ p]son1 includ+ any bus9ess own$ & controll$ by ! cov]$ p]son1 sp\se1 or dep5d5t *ild1 b 9 no case lat] ?an #de days aft] ! date on :i* ! cov]$ paym5t is made or promis$ to be made1 ! cov]$ p]son %all submit to ! applicable sup]vis+ e?ics (fice a report describ+ ! cov]$ paym5t4 7g7 ,en=cem5t 7#a7 ,9 g5]al ,! applicable sup]vis+ e?ics (fice %all provide a writt5 notice 7includ+ notice ( ! pot5tial = civil p5alties "u p>agraph 7#b77 to any cov]$ p]son if ! cov]$ p]son1 or ! sp\se or dep5d5t *ild ( ! cov]$ p]son1 z applicable-- 7,a7 fails to dive/ a cov]$ inve/m5t own$ by1 9 ! cu/ody (1 or held 9 a qualifi$ bl9d tru/ (1 ! cov]$ p]son or sp\se or dep5d5t *ild ( a cov]$ p]son1 9 accordance ) subsection 7a77#a71 subject to any ext5sion "u subsection 7a77#a77;,c77iii72 or 7,b7 acquires an int]e/ 9 a cov]$ inve/m5t 9 violation ( ?is section4 7#b7 ,civil p5alties 7,a7 ,9 g5]al ,9 ! ev5t ( cont9u+ noncompliance aft] issuance ( ! notice describ$ 9 p>agraph 7#a71 ! sup]vis+ e?ics (fice %all impose a civil p5alty1 9 ! am\nt describ$ 9 subp>agraph 7,b71 on a cov]$ p]son to :om a notice is provid$ "u subp>agraph 7,a7 or 7,b7 ( p>agraph 7#a7-- 7i7 on ! date t is #cj days aft] ! date ( provision ( ! notice2 & 7ii7 dur+ ! p]iod 9 :i* su* noncompliance cont9ues1 n less frequ5tly ?an once e #cj days !reaft]4 7,b7 ,am\nt ,! am\nt ( ea* civil p5alty impos$ on a cov]$ p]son pursuant to subp>agraph 7,a7 %all be equal to ! great] (-- 7i7 ! mon?ly equival5t ( ! annual rate ( pay payable to ! cov]$ p]son2 & 7ii7 an am\nt equal to #aj p]c5t ( ! value ( ea* cov]$ inve/m5t t 0 n dive/$ 9 violation ( ?is section dur+ ! p]iod cov]$ by ! p5alty4 7h7 ,duties ( sup]vis+ e?ics (fices ,ea* sup]vis+ e?ics (fice %all-- 7#a7 impose & collect civil p5alties 9 accordance ) subsection 7g72 7#b7 e/abli% su* proc$ures & /&>d =ms z ! sup]vis+ e?ics (fice det]m9es to be appropriate to implem5t ?is section2 7#c7 issue su* rules & guidel9es z ! sup]vis+ e?ics (fice det]m9es to be appropriate = ! implem5tation & application ( ?is sub*apt]2 & 7#d7 publi% on a website all docum5ts & communications describ$ 9 ?is subsection4 7i7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to prev5t a cov]$ p]son1 or a sp\se or dep5d5t *ild ( a cov]$ p]son1 f own+ or trad+-- 7#a7 a div]sifi$ mutual fund2 or 7#b7 a publicly trad$1 div]sifi$ ex*ange trad$ fund4 7j7 ,effective date ,! effective date describ$ 9 ?is subsection is ! date on :i*-- 7#a7 9 ! case ( a cov]$ p]son :o is sworn into (fice on or be=e ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 or ! sp\se or dep5d5t *ild ( su* a cov]$ p]son1 ! date on :i* ! cov]$ p]son comm5ces a new t]m ( s]vice z a ,memb] ( ,congress1 ,presid5t1 or ,vice ,presid5t aft] su* date ( enactm5t2 or 7#b7 9 ! case ( a cov]$ p]son :o is sworn into (fice aft] ! date ( enactm5t ( ! ,halt+ ,own]%ip & ,non-,e?ical ,/ock ,transactions 7,,hone/7 ,act1 or ! sp\se or dep5d5t *ild ( su* a cov]$ p]son1 ! date on :i* ! cov]$ p]son comm5ces su* t]m ( s]vice z a ,memb] ( ,congress1 ,presid5t1 or ,vice ,presid5t4 4 7b7 ,cl]ical am5dm5t ,! table ( sections = *apt] #aca ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 ,,sub*apt] ,,iv--,c]ta9 assets ( ,memb]s ( ,congress1 ! ,presid5t1 ! ,vice ,presid5t1 & _! sp\ses & dep5d5t *ildr5#acafa4 ,def9itions4 #acafb4 ,trad+ cov]$ inve/m5ts#acafc4 ,address+ own$ cov]$ inve/m5ts 4 7c7 ,te*nical & con=m+ am5dm5ts 7#a7 ,title #e ,title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 9 section #acajc7;f7-- 7i7 9 p>agraph 7#i71 by /rik+ z def9$ 9 section #acaja ( ?is title2 7ii7 9 p>agraph 7#aj71 by /rik+ z def9$ 9 section #acaja ( ?is title2 7iii7 9 p>agraph 7#aa71 by /rik+ z def9$ 9 section #acaja ( ?is title2 & 7iv7 9 p>agraph 7#ab71 by /rik+ z def9$ 9 section #acaja ( ?is title2 & 7,b7 9 section #acabb7;f77#b77;,b7-- 7i7 by /rik+ ,subject to clause 7iv7 ( ?is subp>agraph1 be=e ea* place x appe>s & ins]t+ ,be=e2 & 7ii7 by /rik+ clause 7iv74 7#b7 ,lobby+ ,disclosure ,act ( #aiie ,section #c7d77;,d7 ( ! ,lobby+ ,disclosure ,act ( #aiie 7#b ,u4,s4,c4 #afjb7d77;,d77 is am5d$ by /rik+ legislative bran* employee s]v+ 9 a position describ$ "u section #acaja7ac7 ( title #e1 ,unit$ ,/ates ,code & ins]t+ (fic] or employee ( ,congress 7z def9$ 9 section #acaja ( title #e1 ,unit$ ,/ates ,code74 7#c7 ,securities ,ex*ange ,act ( #aicd ,section #ba;,a ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu-#a7 is am5d$-- 7,a7 9 subsection 7g77#b77;,b77ii71 by /rik+ section #acaja7aa7 & ins]t+ section #acaja2 & 7,b7 9 subsection 7h77#b7-- 7i7 9 subp>agraph 7,b71 by /rik+ 9 section #acaja7i7 & ins]t+ "u section #acaja2 & 7ii7 9 subp>agraph 7,c71 by /rik+ section #acaja7aj7 & ins]t+ section #acaja4 #c4 ,p5alty = ,,/ock ,act noncompliance 7a7 ,f9es = failure to report 7#a7 ,9 g5]al ,! ,,/ock ,act 7,public ,law #aab-aje2 #abf ,/at4 #bia7 is am5d$ by add+ at ! end ! foll[+3 #bj4 ,f9es = failure to report 7a7 ,9 g5]al ,not)/&+ any o!r provision ( law 7includ+ regulations71 a report+ individual %all be assess$ a f9e1 pursuant to regulations issu$ by ! applicable sup]vis+ e?ics (fice 7includ+ ! ,adm9i/rative ,(fice ( ! ,unit$ ,/ates ,c\rts1 z applicable71 ( #ejj 9 ea* case 9 :i* ! report+ individual fails to file a transaction report requir$ "u ?is ,act or an am5dm5t made by ?is ,act4 7b7 ,deposit 9 ,treasury ,! f9es paid "u ?is section %all be deposit$ 9 ! miscellane\s receipts ( ! ,treasury4 4 7#b7 ,effective date ,! am5dm5t made by p>agraph 7#a7 %all apply on & aft] ,m>* #ca1 #bjbg4 7b7 ,rules1 regulations1 guidance1 & docum5ts ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ea* sup]vis+ e?ics (fice 7z def9$ 9 section #acaja ( title #e1 ,unit$ ,/ates ,code7 7includ+ ! ,adm9i/rative ,(fice ( ! ,unit$ ,/ates ,c\rts1 z applicable7 %all am5d ! rules1 regulations1 guidance1 docum5ts1 pap]s1 & o!r records ( ! sup]vis+ e?ics (fice 9 accordance ) ! am5dm5t made by ?is section4 #d4 ,electronic fil+ & onl9e public availability ( f9ancial disclosure =ms 7a7 ,memb]s ( ,congress & congressional /aff ,section #h7;b77#a7 ( ! ,,/ock ,act 7#e ,u4,s4,c4 #acajg note7 is am5d$-- 7#a7 9 ! matt] prec$+ subp>agraph 7,a71 by ins]t+ 1 pursuant to sub*apt] ,i ( *apt] #aca ( title #e1 ,unit$ ,/ates ,code1 ?r\gh databases ma9ta9$ on ! (ficial websites ( ! ,h\se ( ,repres5tatives & ! ,s5ate aft] enable2 & 7#b7 by /rik+ subp>agraph 7,b7 & ! undesignat$ matt] foll[+ t subp>agraph & ins]t+ ! foll[+3 7,b7 public access-- 7i7 to ea*-- 7,i7 f9ancial disclosure report fil$ by a ,memb] ( ,congress or a c&idate = ,congress2 7,,ii7 transaction disclosure report fil$ by a ,memb] ( ,congress or a c&idate = ,congress pursuant to section #acaje7l72 & 7,,iii7 notice ( ext5sion1 am5dm5t1 or bl9d tru/1 ) respect to a report describ$ 9 subclause 7,i7 or 7,,ii71 pursuant to sub*apt] ,i ( *apt] #aca ( title #e1 ,unit$ ,/ates ,code2 & 7ii7 9 a mann] t-- 7,i7 all[s ! public to se>*1 sort1 & d[nload data conta9$ 9 ! reports describ$ 9 subclause 7,i7 or 7,,ii7 ( clause 7i7 by crit]ia requir$ to be report$1 includ+ by fil] "n1 asset1 transaction type1 tick] symbol1 notification date1 am\nt ( transaction1 & date ( transaction2 7,,ii7 all[s access ?r\gh an application programm+ int]face2 & 7,,iii7 is fully compliant )-- 7aa7 section #ejh ( ! ,rehabilitation ,act ( #aigc 7#bi ,u4,s4,c4 #gid;d72 & 7bb7 ! mo/ rec5t ,web ,cont5t ,accessibility ,guidel9es 7or successor guidel9es74 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ! date t is #ah mon?s aft] ! date ( enactm5t ( ?is ,act4 #e4 ,sev]ability ,if any provision ( ?is ,act1 an am5dm5t made by ?is ,act1 or ! application ( su* provision or am5dm5t to any p]son or circum/ance is held to be uncon/itutional1 ! rema9d] ( ?is ,act & ( ! am5dm5ts made by ?is ,act1 & ! application ( ! rema9+ provisions ( ?is ,act & am5dm5ts to any p]son or circum/ance1 %all n be affect$4 ,decemb] #aj1 #bjbe,report$ ) an am5dm5t