PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Nov 9, 2023
Disclosing Investments in Foreign Adversaries Act of 2023
This bill requires private fund investment advisers registered with the Securities and Exchange Commission (SEC) to annually disclose the total assets of a private fund in countries of concern (i.e., North Korea, China, Russia, and Iran). The SEC must determine whether an asset is in a country of concern for purposes of this bill based on (1) the amount of capital invested in an entity that has a physical presence or employees in that country, or has a plurality of sales from that country; and (2) the proportion of that entity’s total assets and liabilities located in that country.
The SEC must publish a report annually containing a list of investment advisers with private fund assets located in a country of concern.
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Further, issuers of securities must report information to the SEC regarding certain large securities transactions that are exempt from registration. This information includes the issuer’s identity, associations with entities in countries of concern, details of the transaction, the beneficial owners of the issuers, and intended use of the proceeds of the transaction.
The SEC must publish a report quarterly on transactions that involve a country of concern.
People & committees
Sen. Casey, Robert P., Jr. [D-PA] · D–PA
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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