| 1 | 1 | | II |
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| 2 | 2 | | 118THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 3286 |
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| 5 | 5 | | To require the Securities and Exchange Commission to amend the rules |
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| 6 | 6 | | of the Commission relating to disclosures by advisers of private funds, |
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| 7 | 7 | | and for other purposes. |
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| 8 | 8 | | IN THE SENATE OF THE UNITED STATES |
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| 9 | 9 | | NOVEMBER9, 2023 |
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| 10 | 10 | | Mr. C |
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| 11 | 11 | | ASEY(for himself and Mr. SCOTTof Florida) introduced the following |
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| 12 | 12 | | bill; which was read twice and referred to the Committee on Banking, |
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| 13 | 13 | | Housing, and Urban Affairs |
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| 14 | 14 | | A BILL |
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| 15 | 15 | | To require the Securities and Exchange Commission to |
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| 16 | 16 | | amend the rules of the Commission relating to disclo- |
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| 17 | 17 | | sures by advisers of private funds, and for other pur- |
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| 18 | 18 | | poses. |
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| 19 | 19 | | Be it enacted by the Senate and House of Representa-1 |
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| 20 | 20 | | tives of the United States of America in Congress assembled, 2 |
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| 21 | 21 | | SECTION 1. SHORT TITLE. 3 |
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| 22 | 22 | | This Act may be cited as the ‘‘Disclosing Investments 4 |
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| 23 | 23 | | in Foreign Adversaries Act of 2023’’. 5 |
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| 24 | 24 | | SEC. 2. DEFINITIONS. 6 |
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| 25 | 25 | | In this Act: 7 |
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| 28 | 28 | | •S 3286 IS |
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| 29 | 29 | | (1) COMMISSION.—The term ‘‘Commission’’ 1 |
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| 30 | 30 | | means the Securities and Exchange Commission. 2 |
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| 31 | 31 | | (2) C |
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| 32 | 32 | | OUNTRY OF CONCERN .—The term ‘‘coun-3 |
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| 33 | 33 | | try of concern’’— 4 |
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| 34 | 34 | | (A) has the meaning given the term ‘‘cov-5 |
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| 35 | 35 | | ered nation’’ in section 4872(d) of title 10, 6 |
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| 36 | 36 | | United States Code; and 7 |
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| 37 | 37 | | (B) includes a jurisdiction that the Com-8 |
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| 38 | 38 | | mission, in consultation with the Secretary of 9 |
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| 39 | 39 | | State and the Secretary of the Treasury, deter-10 |
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| 40 | 40 | | mines to be subject to the political and legal 11 |
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| 41 | 41 | | control of a covered nation, as defined in sec-12 |
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| 42 | 42 | | tion 4872(d) of title 10, United States Code. 13 |
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| 43 | 43 | | (3) C |
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| 44 | 44 | | OVERED ENTITY.—The term ‘‘covered en-14 |
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| 45 | 45 | | tity’’ means an entity or person that is required to 15 |
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| 46 | 46 | | file Form PF. 16 |
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| 47 | 47 | | (4) E |
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| 48 | 48 | | XEMPT REPORTING ADVISER .—The term 17 |
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| 49 | 49 | | ‘‘exempt reporting adviser’’ means an investment ad-18 |
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| 50 | 50 | | viser described in section 275.204–4(a) of title 17, 19 |
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| 51 | 51 | | Code of Federal Regulations, or any successor regu-20 |
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| 52 | 52 | | lation. 21 |
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| 53 | 53 | | (5) F |
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| 54 | 54 | | ORM ADV.—The term ‘‘Form ADV’’ 22 |
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| 55 | 55 | | means the form described in section 279.1 of title 23 |
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| 56 | 56 | | 17, Code of Federal Regulations, or any successor 24 |
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| 57 | 57 | | regulation. 25 |
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| 60 | 60 | | •S 3286 IS |
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| 61 | 61 | | (6) FORM PF.—The term ‘‘Form PF’’ means 1 |
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| 62 | 62 | | the form described in section 279.9 of title 17, Code 2 |
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| 63 | 63 | | of Federal Regulations, or any successor regulation. 3 |
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| 64 | 64 | | (7) P |
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| 65 | 65 | | RIVATE FUND.—The term ‘‘private fund’’ 4 |
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| 66 | 66 | | has the meaning given the term in section 202(a) of 5 |
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| 67 | 67 | | the Investment Advisers Act of 1940 (15 U.S.C. 6 |
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| 68 | 68 | | 80b–2(a)). 7 |
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| 69 | 69 | | (8) P |
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| 70 | 70 | | RIVATE FUND ASSETS.—The term ‘‘private 8 |
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| 71 | 71 | | fund assets’’ has the meaning given the term in sec-9 |
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| 72 | 72 | | tion 275.204(b)–1 of title 17, Code of Federal Regu-10 |
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| 73 | 73 | | lations, or any successor regulation. 11 |
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| 74 | 74 | | SEC. 3. ENHANCED DISCLOSURE REQUIREMENTS FOR AD-12 |
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| 75 | 75 | | VISERS OF PRIVATE FUNDS. 13 |
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| 76 | 76 | | (a) R |
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| 77 | 77 | | EQUIREMENTS.— 14 |
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| 78 | 78 | | (1) I |
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| 79 | 79 | | N GENERAL.—Not later than 1 year after 15 |
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| 80 | 80 | | the date of enactment of this Act, the Commission 16 |
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| 81 | 81 | | shall amend Form PF and Form ADV, and the 17 |
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| 82 | 82 | | rules of the Commission governing the submission of 18 |
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| 83 | 83 | | Form PF and Form ADV, to, subject to paragraph 19 |
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| 84 | 84 | | (2), require each covered entity and each exempt re-20 |
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| 85 | 85 | | porting adviser to annually disclose when submitting 21 |
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| 86 | 86 | | Form PF or Form ADV, respectively, the total pri-22 |
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| 87 | 87 | | vate fund assets in countries of concern attributable 23 |
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| 88 | 88 | | to the private funds advised by the covered entity or 24 |
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| 89 | 89 | | exempt reporting adviser, as applicable, which shall 25 |
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| 92 | 92 | | •S 3286 IS |
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| 93 | 93 | | be broken down by the percentage of those assets in 1 |
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| 94 | 94 | | each country of concern. 2 |
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| 95 | 95 | | (2) A |
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| 96 | 96 | | PPLICATION.—For the purposes of para-3 |
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| 97 | 97 | | graph (1), the Commission shall determine whether 4 |
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| 98 | 98 | | a private fund asset is in a country of concern based 5 |
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| 99 | 99 | | on— 6 |
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| 100 | 100 | | (A) the amount of capital that is invested 7 |
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| 101 | 101 | | in an entity (including a subsidiary of an enti-8 |
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| 102 | 102 | | ty)— 9 |
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| 103 | 103 | | (i) that has a physical presence or em-10 |
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| 104 | 104 | | ployees in that country of concern; or 11 |
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| 105 | 105 | | (ii) the plurality of the sales of which 12 |
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| 106 | 106 | | are from that country of concern; and 13 |
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| 107 | 107 | | (B) the proportion of the total assets and 14 |
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| 108 | 108 | | liabilities of an entity described in subpara-15 |
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| 109 | 109 | | graph (A) that are located in that country of 16 |
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| 110 | 110 | | concern. 17 |
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| 111 | 111 | | (b) R |
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| 112 | 112 | | EPORTING BYCOMMISSION.— 18 |
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| 113 | 113 | | (1) P |
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| 114 | 114 | | UBLICLY AVAILABLE REPORTS .— 19 |
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| 115 | 115 | | (A) I |
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| 116 | 116 | | N GENERAL.—Not later than 1 year 20 |
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| 117 | 117 | | after the date on which the Commission makes 21 |
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| 118 | 118 | | the amendments required under subsection (a), 22 |
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| 119 | 119 | | and not less frequently than annually there-23 |
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| 120 | 120 | | after, the Commission shall prepare and make 24 |
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| 121 | 121 | | publicly available a report containing a list of 25 |
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| 124 | 124 | | •S 3286 IS |
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| 125 | 125 | | covered entities and exempt reporting advisers 1 |
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| 126 | 126 | | that, for the period covered by the report, have 2 |
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| 127 | 127 | | disclosed more than 0 private fund assets under 3 |
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| 128 | 128 | | Form PF or Form ADV (as amended pursuant 4 |
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| 129 | 129 | | to that subsection) in at least 1 country of con-5 |
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| 130 | 130 | | cern, which shall be aggregated by the covered 6 |
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| 131 | 131 | | entity or exempt reporting adviser making that 7 |
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| 132 | 132 | | disclosure. 8 |
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| 133 | 133 | | (B) A |
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| 134 | 134 | | DDITIONAL REQUIREMENTS .—Each 9 |
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| 135 | 135 | | report prepared and made available by the 10 |
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| 136 | 136 | | Commission under subparagraph (A) shall— 11 |
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| 137 | 137 | | (i) be aggregated by covered entity or 12 |
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| 138 | 138 | | exempt reporting adviser; and 13 |
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| 139 | 139 | | (ii) include the percentage of private 14 |
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| 140 | 140 | | fund assets disclosed by a covered entity or 15 |
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| 141 | 141 | | exempt reporting adviser, as applicable. 16 |
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| 142 | 142 | | (2) R |
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| 143 | 143 | | ULE OF CONSTRUCTION .—Nothing in this 17 |
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| 144 | 144 | | subsection may be construed to permit the Commis-18 |
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| 145 | 145 | | sion to make available any information that appears 19 |
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| 146 | 146 | | on Form PF or Form ADV other than the informa-20 |
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| 147 | 147 | | tion that is included on Form PF or Form ADV as 21 |
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| 148 | 148 | | a result of the requirements under subsection (a). 22 |
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| 151 | 151 | | •S 3286 IS |
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| 152 | 152 | | SEC. 4. EXEMPTED TRANSACTIONS. 1 |
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| 153 | 153 | | (a) I |
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| 154 | 154 | | NGENERAL.—The Securities Exchange Act of 2 |
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| 155 | 155 | | 1934 (15 U.S.C. 78a et seq.) is amended by inserting after 3 |
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| 156 | 156 | | section 13A (15 U.S.C. 78m–1) the following: 4 |
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| 157 | 157 | | ‘‘SEC. 13B. DISCLOSURE REQUIREMENTS RELATING TO 5 |
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| 158 | 158 | | CERTAIN EXEMPTED TRANSACTIONS. 6 |
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| 159 | 159 | | ‘‘(a) D |
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| 160 | 160 | | EFINITIONS.—In this section: 7 |
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| 161 | 161 | | ‘‘(1) B |
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| 162 | 162 | | ENEFICIAL OWNER .—The term ‘bene-8 |
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| 163 | 163 | | ficial owner’ means a person that is determined to 9 |
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| 164 | 164 | | be a beneficial owner under section 240.13d–3 of 10 |
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| 165 | 165 | | title 17, Code of Federal Regulations, or any suc-11 |
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| 166 | 166 | | cessor regulation. 12 |
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| 167 | 167 | | ‘‘(2) C |
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| 168 | 168 | | OUNTRY OF CONCERN .—The term ‘coun-13 |
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| 169 | 169 | | try of concern’— 14 |
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| 170 | 170 | | ‘‘(A) has the meaning given the term ‘cov-15 |
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| 171 | 171 | | ered nation’ in section 4872(d) of title 10, 16 |
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| 172 | 172 | | United States Code; and 17 |
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| 173 | 173 | | ‘‘(B) includes a jurisdiction that the Com-18 |
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| 174 | 174 | | mission, in consultation with the Secretary of 19 |
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| 175 | 175 | | State and the Secretary of the Treasury, deter-20 |
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| 176 | 176 | | mines to be subject to the political and legal 21 |
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| 177 | 177 | | control of a covered nation, as defined in sec-22 |
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| 178 | 178 | | tion 4872(d) of title 10, United States Code. 23 |
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| 179 | 179 | | ‘‘(3) C |
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| 180 | 180 | | OVERED EXEMPTED TRANSACTION .—The 24 |
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| 181 | 181 | | term ‘covered exempted transaction’ means an offer 25 |
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| 182 | 182 | | or sale of a security that is— 26 |
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| 185 | 185 | | •S 3286 IS |
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| 186 | 186 | | ‘‘(A) exempt from registration under sec-1 |
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| 187 | 187 | | tion 5 of the Securities Act of 1933 (15 U.S.C. 2 |
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| 188 | 188 | | 77e); and 3 |
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| 189 | 189 | | ‘‘(B) structured or intended to comply 4 |
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| 190 | 190 | | with— 5 |
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| 191 | 191 | | ‘‘(i) section 230.506(b) of title 17, 6 |
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| 192 | 192 | | Code of Federal regulations, or any suc-7 |
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| 193 | 193 | | cessor regulation; 8 |
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| 194 | 194 | | ‘‘(ii) sections 230.901, 230.902, and 9 |
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| 195 | 195 | | 230.903 of title 17, Code of Federal Regu-10 |
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| 196 | 196 | | lations, or any successor regulations; or 11 |
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| 197 | 197 | | ‘‘(iii) section 230.144A of title 17, 12 |
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| 198 | 198 | | Code of Federal Regulations, or any suc-13 |
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| 199 | 199 | | cessor regulation. 14 |
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| 200 | 200 | | ‘‘(b) R |
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| 201 | 201 | | EQUIREMENT.— 15 |
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| 202 | 202 | | ‘‘(1) I |
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| 203 | 203 | | N GENERAL.—Notwithstanding any other 16 |
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| 204 | 204 | | provision of law, in the case of an issuer that con-17 |
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| 205 | 205 | | ducts a covered exempted transaction described in 18 |
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| 206 | 206 | | paragraph (2), that issuer shall provide to the Com-19 |
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| 207 | 207 | | mission, at such time and in such manner as the 20 |
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| 208 | 208 | | Commission may prescribe, the following informa-21 |
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| 209 | 209 | | tion: 22 |
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| 210 | 210 | | ‘‘(A) The identity of the issuer. 23 |
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| 211 | 211 | | ‘‘(B) The place of incorporation of the 24 |
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| 212 | 212 | | issuer. 25 |
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| 215 | 215 | | •S 3286 IS |
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| 216 | 216 | | ‘‘(C) Whether the issuer is associated with 1 |
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| 217 | 217 | | at least 1 consolidated entity, the plurality of 2 |
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| 218 | 218 | | the assets of which are in a country of concern. 3 |
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| 219 | 219 | | ‘‘(D) Whether the issuer is associated with 4 |
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| 220 | 220 | | at least 1 consolidated entity that is incor-5 |
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| 221 | 221 | | porated in a country of concern. 6 |
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| 222 | 222 | | ‘‘(E) The amount of securities sold pursu-7 |
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| 223 | 223 | | ant to the covered exempted transaction and 8 |
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| 224 | 224 | | the net proceeds to the issuer. 9 |
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| 225 | 225 | | ‘‘(F) The beneficial owners of the issuer. 10 |
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| 226 | 226 | | ‘‘(G) The intended use of the proceeds 11 |
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| 227 | 227 | | from the covered exempted transaction, includ-12 |
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| 228 | 228 | | ing each country in which the issuer intends to 13 |
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| 229 | 229 | | invest those proceeds, which shall be broken 14 |
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| 230 | 230 | | down by the percentage of net proceeds by in-15 |
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| 231 | 231 | | dustry within each such country. 16 |
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| 232 | 232 | | ‘‘(H) The exemption the issuer relies on 17 |
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| 233 | 233 | | with respect to the covered exempted trans-18 |
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| 234 | 234 | | action. 19 |
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| 235 | 235 | | ‘‘(2) P |
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| 236 | 236 | | ARTICULAR COVERED EXEMPTED TRANS -20 |
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| 237 | 237 | | ACTION DESCRIBED .—A covered exempted trans-21 |
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| 238 | 238 | | action described in this paragraph is, with respect to 22 |
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| 239 | 239 | | the issuer offering or selling the security that is the 23 |
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| 240 | 240 | | subject of the covered exempted transaction, either 24 |
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| 241 | 241 | | of the following instances: 25 |
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| 244 | 244 | | •S 3286 IS |
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| 245 | 245 | | ‘‘(A) An offer or sale of securities in an 1 |
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| 246 | 246 | | amount that is not less than $25,000,000. 2 |
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| 247 | 247 | | ‘‘(B) An offer or sale of a security such 3 |
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| 248 | 248 | | that the offer or sale, together with all covered 4 |
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| 249 | 249 | | exempted transactions by that issuer during the 5 |
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| 250 | 250 | | 1-year period preceding the date on which the 6 |
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| 251 | 251 | | issuer offers or sells the security, constitutes of-7 |
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| 252 | 252 | | fers or sales in the aggregate of an amount that 8 |
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| 253 | 253 | | is not less than $50,000,000. 9 |
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| 254 | 254 | | ‘‘(c) A |
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| 255 | 255 | | UTHORITYTOREVISE AND PROMULGATE 10 |
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| 256 | 256 | | R |
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| 257 | 257 | | ULES, REGULATIONS, ANDFORMS.—The Commission 11 |
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| 258 | 258 | | shall, for the protection of investors and fair and orderly 12 |
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| 259 | 259 | | markets— 13 |
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| 260 | 260 | | ‘‘(1) revise and issue such rules, regulations, 14 |
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| 261 | 261 | | and forms as may be necessary to carry out this sec-15 |
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| 262 | 262 | | tion; and 16 |
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| 263 | 263 | | ‘‘(2) issue rules to set conditions that limit the 17 |
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| 264 | 264 | | future use of covered exempted transactions for 18 |
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| 265 | 265 | | issuers that do not comply with the disclosure re-19 |
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| 266 | 266 | | quirements of this section. 20 |
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| 267 | 267 | | ‘‘(d) A |
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| 268 | 268 | | PPLICABILITY.—This section shall apply with 21 |
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| 269 | 269 | | respect to any covered exempted transaction that occurs 22 |
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| 270 | 270 | | on or after the date that is 1 year after the date of enact-23 |
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| 271 | 271 | | ment of this section. 24 |
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| 274 | 274 | | •S 3286 IS |
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| 275 | 275 | | ‘‘(e) REPORTS.—The Commission shall, on a quar-1 |
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| 276 | 276 | | terly basis, prepare and make publicly available a report 2 |
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| 277 | 277 | | that includes all information submitted by an issuer under 3 |
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| 278 | 278 | | this section during the quarter covered by the report, if 4 |
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| 279 | 279 | | that issuer— 5 |
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| 280 | 280 | | ‘‘(1) is— 6 |
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| 281 | 281 | | ‘‘(A) incorporated in a country of concern; 7 |
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| 282 | 282 | | or 8 |
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| 283 | 283 | | ‘‘(B) incorporated outside of a country of 9 |
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| 284 | 284 | | concern and is associated with at least 1 con-10 |
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| 285 | 285 | | solidated entity— 11 |
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| 286 | 286 | | ‘‘(i) the plurality of the assets of 12 |
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| 287 | 287 | | which are in a country of concern; or 13 |
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| 288 | 288 | | ‘‘(ii) that is incorporated in a country 14 |
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| 289 | 289 | | of concern; or 15 |
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| 290 | 290 | | ‘‘(2) discloses in a filing made pursuant to this 16 |
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| 291 | 291 | | section that the issuer intends to invest the proceeds 17 |
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| 292 | 292 | | from a covered exempted transaction in a country of 18 |
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| 293 | 293 | | concern.’’. 19 |
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| 294 | 294 | | Æ |
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