I 

117TH CONGRESS 

2D SESSION H. R. 6650 

To require issuers filing annual reports with the Securities and Exchange 

Commission to disclose whether the issuers have connections with the 

Chinese Communist Party, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 8, 2022 

Ms. TENNEY (for herself, Mr. WEBER of Texas, Mr. GOHMERT, Mr. STEUBE, 

Mrs. MILLER of Illinois, Mr. JACKSON, Mr. BABIN, and Mrs. RODGERS

of Washington) introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require issuers filing annual reports with the Securities 

and Exchange Commission to disclose whether the 

issuers have connections with the Chinese Communist 

Party, 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 ‘‘No Chinese Com5 munist Subterfuge via Unregistered Regime Presence 

6 Rendered Invisible to Shareholders and Equivalent Parties 


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1 Act’’ or the ‘‘No Chinese Communist SURPRISE Parties 

2 Act’’. 

3 SEC. 2. REPORTING REQUIREMENT. 

4 (a) DEFINITIONS.—In this section— 

5 (1) the term ‘‘Commission’’ means the Securi6 ties and Exchange Commission; 

7 (2) the term ‘‘covered issuer’’ means an issuer, 

8 including a foreign private issuer, that is required to 

9 file annual reports with the Commission under sec10 tion 13(a) of the Securities Exchange Act of 1934 

11 (15 U.S.C. 78m(a)); 

12 (3) the term ‘‘issuer’’ has the meaning given 

13 the term in section 3(a) of the Securities Exchange 

14 Act of 1934 (15 U.S.C. 78c(a)); 

15 (4) the term ‘‘joint venture partner’’, with re16 spect to a covered issuer, means— 

17 (A) a joint venture in which the covered 

18 issuer, or a subsidiary with respect to the cov19 ered issuer, is a party; or 

20 (B) any other person that is a party in a 

21 joint venture described in subparagraph (A); 

22 and 

23 (5) the term ‘‘subsidiary’’, with respect to a 

24 covered issuer, means a wholly or partially owned 

25 subsidiary of the covered issuer. 


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1 (b) REQUIREMENT.—Each covered issuer, in each an2 nual report that the covered issuer files with the Commis3 sion (beginning with the second annual report that the 

4 covered issuer files with the Commission after the date 

5 of enactment of this Act), shall— 

6 (1) disclose whether the covered issuer, or any 

7 subsidiary or joint venture partner with respect to 

8 the covered issuer, has established or maintained an 

9 organization of the Chinese Communist Party dur10 ing the period covered by the report; 

11 (2) if an organization of the Chinese Com12 munist Party has participated in the operations of 

13 the covered issuer, or of any subsidiary or joint ven14 ture partner with respect to the covered issuer, dur15 ing the period covered by the report, summarize that 

16 participation; and 

17 (3) disclose whether the board of directors of 

18 the covered issuer (or the equivalent body with re19 spect to the covered issuer), under the laws of the 

20 jurisdiction in which the covered issuer is incor21 porated or otherwise organized— 

22 (A) owes a fiduciary duty to the covered 

23 issuer and shareholders of the covered issuer; 

24 and 


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1 (B) is subject to heightened scrutiny with 

2 respect to conflicted controller transactions. 

3 (c) UPDATES TO RULES.—Not later than 1 year after 

4 the date of enactment of this Act, the Commission shall 

5 make any updates to the rules of the Commission that 

6 are necessary as a result of this section. 

Æ 


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