In the Senate of the United States, 

December 18 (legislative day, December 17), 2021. 

Resolved, That the bill from the House of Representatives (H.R. 1192) entitled ‘‘An Act to impose requirements 

on the payment of compensation to professional persons employed in voluntary cases commenced under title III of the 

Puerto Rico Oversight Management and Economic Stability 

Act (commonly known as ‘PROMESA’).’’, do pass with the 

following 

AMENDMENT: 

Strike out all after the enacting clause and insert: 

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Puerto Rico Recovery 

3 Accuracy in Disclosures Act of 2021’’ or ‘‘PRRADA’’. 

4 SEC. 2. DISCLOSURE BY PROFESSIONAL PERSONS SEEKING 

5 APPROVAL OF COMPENSATION UNDER SEC6 TION 316 OR 317 OF PROMESA. 

7 (a) DEFINITIONS.—In this section: 

8 (1) LIST OF MATERIAL INTERESTED PARTIES.— 

9 The term ‘‘List of Material Interested Parties’’ means 
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1 the List of Material Interested Parties established 

2 under subsection (c)(1). 

3 (2) OVERSIGHT BOARD.—The term ‘‘Oversight 

4 Board’’ has the meaning given the term in section 5 

5 of PROMESA (48 U.S.C. 2104). 

6 (b) REQUIRED DISCLOSURE.— 

7 (1) IN GENERAL.—In a case commenced under 

8 section 304 of PROMESA (48 U.S.C. 2164), no attor9 ney, accountant, appraiser, auctioneer, agent, or other 

10 professional person may be compensated under section 

11 316 or 317 of that Act (48 U.S.C. 2176, 2177) unless 

12 prior to making a request for compensation, the pro13 fessional person has filed with the court a verified 

14 statement conforming to the disclosure requirements of 

15 rule 2014(a) of the Federal Rules of Bankruptcy Pro16 cedure setting forth the connection of the professional 

17 person with any entity or person on the List of Mate18 rial Interested Parties. 

19 (2) SUPPLEMENT.—A professional person that 

20 submits a statement under paragraph (1) shall 

21 promptly supplement the statement with any addi22 tional relevant information that becomes known to the 

23 person. 

24 (3) DISCLOSURE.—Subject to any other applica25 ble law, rule, or regulation, a professional person that 
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1 fails to file or update a statement required under 

2 paragraph (1) or files a statement that the court de3 termines does not represent a good faith effort to com4 ply with this section shall disclose such failure in any 

5 filing required to conform to the disclosure require6 ments under rule 2014(a) of the Federal Rules of 

7 Bankruptcy Procedure. 

8 (c) LIST OF MATERIAL INTERESTED PARTIES.— 

9 (1) PREPARATION.—Not later than 30 days after 

10 the date of enactment of this Act, the Oversight Board 

11 shall establish a List of Material Interested Parties 

12 subject to— 

13 (A) the approval of the court; and 

14 (B) the right of the United States trustee or 

15 any party in interest to be heard on the ap16 proval. 

17 (2) INCLUSIONS.—Except as provided in para18 graph (3), the List of Material Interested Parties shall 

19 include— 

20 (A) the debtor; 

21 (B) any creditor; 

22 (C) any other party in interest; 

23 (D) any attorney or accountant of— 

24 (i) the debtor; 

25 (ii) any creditor; or 
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1 (iii) any other party in interest; 

2 (E) the United States trustee and any per3 son employed in the office of the United States 

4 trustee; and 

5 (F) the Oversight Board, including the 

6 members, the Executive Director, and the em7 ployees of the Oversight Board. 

8 (3) EXCLUSIONS.—The List of Material Inter9 ested Parties may not include any person with a 

10 claim, the amount of which is below a threshold dollar 

11 amount established by the court that is consistent 

12 with the purpose of this Act. 

13 (d) REVIEW.— 

14 (1) IN GENERAL.—The United States trustee 

15 shall review each verified statement submitted pursu16 ant to subsection (b) and may file with the court com17 ments on such verified statements before the profes18 sionals filing such statements seek compensation 

19 under section 316 or 317 of PROMESA (48 U.S.C. 

20 2176, 2177). 

21 (2) OBJECTION.—The United States trustee may 

22 object to applications filed under section 316 or 317 

23 of PROMESA (48 U.S.C. 2176, 2177) that fail to sat24 isfy the requirements of subsection (b). 
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1 (e) LIMITATION ON COMPENSATION.—In a case com2 menced under section 304 of PROMESA (48 U.S.C. 2164), 

3 in connection with the review and approval of professional 

4 compensation under section 316 or 317 of PROMESA (48 

5 U.S.C. 2176, 2177) filed after the date of enactment of this 

6 Act, the court may deny allowance of compensation or reim7 bursement of expenses if— 

8 (1) the professional person has failed to file the 

9 verified disclosure statements required under sub10 section (b)(1) or has filed inadequate disclosure state11 ments under that subsection; or 

12 (2) during the professional person’s employment 

13 in connection with the case, the professional person— 

14 (A) is not a disinterested person (as defined 

15 in section 101 of title 11, United States Code) 

16 relative to any entity or person on the List of 

17 Material Interested Parties; or 

18 (B) represents or holds an adverse interest 

19 in connection with the case. 

Attest: 

Secretary. 
117TH CONGRESS 

1ST SESSION H.R. 1192 

AMENDMENT