| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 1357 |
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| 5 | 5 | | To amend the Securities Exchange Act of 1934 to address the issuance |
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| 6 | 6 | | of securities by Chinese entities, and for other purposes. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | APRIL8, 2025 |
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| 9 | 9 | | Mr. S |
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| 10 | 10 | | COTTof Florida (for himself, Mrs. BLACKBURN, Mr. CASSIDY, Mrs. |
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| 11 | 11 | | H |
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| 12 | 12 | | YDE-SMITH, and Mr. KENNEDY) introduced the following bill; which |
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| 13 | 13 | | was read twice and referred to the Committee on Banking, Housing, and |
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| 14 | 14 | | Urban Affairs |
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| 15 | 15 | | A BILL |
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| 16 | 16 | | To amend the Securities Exchange Act of 1934 to address |
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| 17 | 17 | | the issuance of securities by Chinese entities, and for |
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| 18 | 18 | | other purposes. |
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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 ‘‘Secure America’s Fi-4 |
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| 23 | 23 | | nancial Exchanges Act’’ or the ‘‘SAFE Act’’. 5 |
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| 24 | 24 | | SEC. 2. SECURITIES. 6 |
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| 25 | 25 | | (a) I |
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| 26 | 26 | | NGENERAL.—Section 6(b) of the Securities Ex-7 |
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| 27 | 27 | | change Act of 1934 (15 U.S.C. 78f(b)) is amended by add-8 |
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| 28 | 28 | | ing at the end the following: 9 |
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| 30 | 30 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 31 | 31 | | •S 1357 IS |
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| 32 | 32 | | ‘‘(11) The rules of the exchange require an 1 |
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| 33 | 33 | | issuer, before the initial listing of any security of the 2 |
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| 34 | 34 | | issuer on the exchange, and in each annual report 3 |
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| 35 | 35 | | filed with the Commission and the exchange under 4 |
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| 36 | 36 | | section 13(a), to disclose the following information: 5 |
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| 37 | 37 | | ‘‘(A) Whether the Government of the Peo-6 |
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| 38 | 38 | | ple’s Republic of China has provided the issuer 7 |
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| 39 | 39 | | with any financial support, including— 8 |
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| 40 | 40 | | ‘‘(i) any direct subsidy, grant, loan, 9 |
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| 41 | 41 | | loan guarantee, tax concession, or benefit 10 |
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| 42 | 42 | | with respect to procurement policy; or 11 |
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| 43 | 43 | | ‘‘(ii) any other form of support. 12 |
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| 44 | 44 | | ‘‘(B) If the Government of the People’s 13 |
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| 45 | 45 | | Republic of China has provided support de-14 |
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| 46 | 46 | | scribed in subparagraph (A), the conditions 15 |
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| 47 | 47 | | under which that Government provided that 16 |
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| 48 | 48 | | support, including whether that Government re-17 |
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| 49 | 49 | | quired the issuer to— 18 |
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| 50 | 50 | | ‘‘(i) satisfy certain requirements with 19 |
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| 51 | 51 | | respect to exports; 20 |
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| 52 | 52 | | ‘‘(ii) purchase items from certain enti-21 |
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| 53 | 53 | | ties; 22 |
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| 54 | 54 | | ‘‘(iii) use certain intellectual property; 23 |
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| 55 | 55 | | or 24 |
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| 57 | 57 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 58 | 58 | | •S 1357 IS |
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| 59 | 59 | | ‘‘(iv) employ members of the Chinese 1 |
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| 60 | 60 | | Communist Party or other employees of 2 |
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| 61 | 61 | | that Government. 3 |
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| 62 | 62 | | ‘‘(C) Whether there are any committees of 4 |
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| 63 | 63 | | the Chinese Communist Party established with-5 |
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| 64 | 64 | | in the issuer, which shall include the disclosure 6 |
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| 65 | 65 | | of— 7 |
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| 66 | 66 | | ‘‘(i) which employees of the issuer 8 |
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| 67 | 67 | | comprise that committee; and 9 |
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| 68 | 68 | | ‘‘(ii) the roles played by the employees 10 |
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| 69 | 69 | | described in clause (i). 11 |
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| 70 | 70 | | ‘‘(D) Information regarding each indi-12 |
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| 71 | 71 | | vidual who, as of the date on which the disclo-13 |
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| 72 | 72 | | sure is made, is an officer or director of the 14 |
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| 73 | 73 | | issuer (or a subsidiary of the issuer) and holds, 15 |
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| 74 | 74 | | or previously held, a position with the Chinese 16 |
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| 75 | 75 | | Communist Party or the Government of the 17 |
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| 76 | 76 | | People’s Republic of China, including the title 18 |
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| 77 | 77 | | of that position and the geographic location in 19 |
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| 78 | 78 | | which the individual holds or held that position, 20 |
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| 79 | 79 | | as applicable.’’. 21 |
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| 80 | 80 | | (b) R |
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| 81 | 81 | | ULES.—Not later than 180 days after the date 22 |
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| 82 | 82 | | of enactment of this Act, the Securities and Exchange 23 |
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| 83 | 83 | | Commission shall make any amendments to the rules of 24 |
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| 86 | 86 | | •S 1357 IS |
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| 87 | 87 | | the Commission that are necessary as a result of the 1 |
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| 88 | 88 | | amendments made by subsection (a). 2 |
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| 89 | 89 | | Æ |
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