II 

118TH CONGRESS 

1ST SESSION S. 854 

To amend the Securities Exchange Act of 1934 to address the issuance 

of securities by Chinese entities, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 16, 2023 

Mr. SCOTT of Florida (for himself, Mr. BRAUN, Mr. VANCE, and Mr. LEE) 

introduced the following bill; which was read twice and referred to the 

Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the Securities Exchange Act of 1934 to address 

the issuance of securities by Chinese entities, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Secure America’s Fi5 nancial Exchanges Act’’ or the ‘‘SAFE Act’’. 

6 SEC. 2. SECURITIES. 

7 (a) IN GENERAL.—Section 6(b) of the Securities Ex8 change Act of 1934 (15 U.S.C. 78f(b)) is amended by add9 ing at the end the following: 


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1 ‘‘(11) The rules of the exchange require an 

2 issuer, before the initial listing of any security of the 

3 issuer on the exchange, and in each annual report 

4 filed with the Commission and the exchange under 

5 section 13(a), to disclose the following information: 

6 ‘‘(A) Whether the Government of the Peo7 ple’s Republic of China has provided the issuer 

8 with any financial support, including— 

9 ‘‘(i) any direct subsidy, grant, loan, 

10 loan guarantee, tax concession, or benefit 

11 with respect to procurement policy; or 

12 ‘‘(ii) any other form of support. 

13 ‘‘(B) If the Government of the People’s 

14 Republic of China has provided support de15 scribed in subparagraph (A), the conditions 

16 under which that Government provided that 

17 support, including whether that Government re18 quired the issuer to— 

19 ‘‘(i) satisfy certain requirements with 

20 respect to exports; 

21 ‘‘(ii) purchase items from certain enti22 ties; 

23 ‘‘(iii) use certain intellectual property; 

24 or 


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1 ‘‘(iv) employ members of the Chinese 

2 Communist Party or other employees of 

3 that Government. 

4 ‘‘(C) Whether there are any committees of 

5 the Chinese Communist Party established with6 in the issuer, which shall include the disclosure 

7 of— 

8 ‘‘(i) which employees of the issuer 

9 comprise that committee; and 

10 ‘‘(ii) the roles played by the employees 

11 described in clause (i). 

12 ‘‘(D) Information regarding each indi13 vidual who, as of the date on which the disclo14 sure is made, is an officer or director of the 

15 issuer (or a subsidiary of the issuer) and holds, 

16 or previously held, a position with the Chinese 

17 Communist Party or the Government of the 

18 People’s Republic of China, including the title 

19 of that position and the geographic location in 

20 which the individual holds or held that position, 

21 as applicable.’’. 

22 (b) RULES.—Not later than 180 days after the date 

23 of enactment of this Act, the Securities and Exchange 

24 Commission shall make any amendments to the rules of 


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1 the Commission that are necessary as a result of the 

2 amendments made by subsection (a). 

Æ 


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