104 
‘‘(23) Disclosures that satisfy the Recommenda-
tions of the Task Force on Climate-related Financial 
Disclosures of the Financial Stability Board, as re-
ported in June 2017. 
‘‘(24) A description of the human capital man-
agement practices of the fund, including— 
‘‘(A) fund workforce demographic informa-
tion, including the number of full-time employ-
ees, the number of part-time employees, the 
number of contingent workers (including tem-
porary and contract workers), and any policies 
or practices of the firm relating to subcon-
tracting, outsourcing, and insourcing; 
‘‘(B) fund workforce composition, including 
data on the diversity of that workforce, includ-
ing the racial and gender composition of that 
workforce, and any policies and audits relating 
to the diversity of that workforce; and 
‘‘(C) any incident of alleged workplace har-
assment during the 5 years preceding the year 
in which the report is submitted. 
‘‘(25) A description of any expenditure for po-
litical activities made during the year preceding the 
year in which the report is submitted, including— 
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‘‘(A) the date on which each such expendi-
ture for political activities was made; 
‘‘(B) the amount of each such expenditure 
for political activities; 
‘‘(C) if such an expenditure for political ac-
tivities was made in support of, or in opposition 
to, a candidate, the name of the candidate, the 
office sought by the candidate, and the political 
party affiliation of the candidate; 
‘‘(D) a summary of— 
‘‘(i) each such expenditure for political 
activities that is in amount that is not less 
than $10,000; and 
‘‘(ii) each expenditure for political ac-
tivities with respect to a particular election 
if the total amount of expenditures for po-
litical activities by the firm with respect to 
that election is in an amount that is not 
less than $10,000; 
‘‘(E) a description of the specific nature of 
any expenditure for political activities that the 
firm intends to make for the year in which the 
report is submitted, to the extent that the spe-
cific nature is known to the firm; and 
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106 
‘‘(F) the total amount of expenditures for 
political activities that the fund intends to make 
for the year in which the report is submitted. 
‘‘(26) For the year preceding the year in which 
the report is submitted, the total amount of Federal 
support, if any, received by— 
‘‘(A) the fund; and 
‘‘(B) any entity with respect to which the 
fund is a beneficial owner, as that term is de-
fined in section 5336(a)(3) of title 31, United 
States Code. 
‘‘(27) Any other information that the Commis-
sion determines is necessary and appropriate for the 
protection of investors. 
‘‘(c) PERIODIC REVIEW.—The Commission shall, 
with respect to the rules issued under subsection (b)— 
‘‘(1) review the rules once every 5 years; and 
‘‘(2) revise the rules as necessary to ensure that 
the disclosures required under the rules reflect con-
temporary (as of the date on which the rules are re-
vised) trends and characteristics with respect to pri-
vate investment markets. 
‘‘(d) PUBLIC AVAILABILITY.—Notwithstanding any 
provision of section 204 of the Investment Advisers Act 
of 1940 (15 U.S.C. 80b–4), the information disclosed 
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under the rules issued under subsection (b) shall be made 
available to the public.’’. 
SEC. 502. FIDUCIARY OBLIGATIONS. 
(a) FIDUCIARY DUTIES UNDER ERISA.— 
(1) PLAN
ASSETS.—Section 401(b)(1) of the 
Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1101(b)(1)) is amended— 
(A) by inserting ‘‘or a private fund (as de-
fined in section 3 of the Stop Wall Street 
Looting Act)’’ before ‘‘, the assets’’; and 
(B) by inserting ‘‘or such private fund, as 
applicable’’ before the period at the end. 
(2) FIDUCIARY
OBLIGATIONS
OF
FUND
MAN-
AGERS.—Section 3(21)(A) of such Act (29 U.S.C. 
1002(21)) is amended by inserting ‘‘, and, in the 
case of a plan which invests in a security issued by 
a private fund (as such term is defined in section 3 
of the Stop Wall Street Looting Act), includes the 
manager of such private fund’’ before the period at 
the end. 
(b) PROHIBITION AGAINST WAIVING FIDUCIARY DU-
TIES.—Section 211(h) of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–11(h)) is amended— 
(1) in paragraph (1), by striking ‘‘and’’ at the 
end; 
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(2) in paragraph (2), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(3) promulgate rules that prohibit an invest-
ment adviser from requiring any person to which the 
investment adviser provides investment advice, in-
cluding a pension plan (as defined in section 3 of the 
Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1002)) that is subject to title I of the 
Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1001 et seq.), to, as a condition of the 
investment adviser providing that advice, sign a con-
tract or other agreement in which that person waives 
a fiduciary duty owed by that person to another per-
son.’’. 
(c) APPLICABILITY
OF
BENEFITS.—The general 
partner of a controlling private fund that is a partnership 
may not provide any term or benefit to any limited partner 
of the fund unless the general partner provides that term 
or benefit to all limited partners of the fund. 
SEC. 503. DISCLOSURES RELATING TO THE MARKETING OF 
PRIVATE EQUITY FUNDS. 
Any investment adviser to a private fund shall dis-
close to potential investors with respect to the other pri-
vate funds, as defined in section 202(a) of the Investment 
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Advisers Act of 1940 (15 U.S.C. 80b–2(a)), managed by 
that investment adviser (referred to in this section as 
‘‘managed firms’’) the following information: 
(1) A list of all managed firms with respect to 
the investment adviser, including those managed 
firms that, as of the date on which the disclosure is 
made— 
(A) have active investments; and 
(B) have liquidated the assets of the firms. 
(2) For each managed firm listed under para-
graph (1), the following information: 
(A) As applicable, the total term of the 
listed firm beginning with the commencement of 
the commitment period with respect to the firm 
and ending on the date on which the firm is 
dissolved, including, with respect to a listed 
firm that, as of the date on which the disclosure 
is made, is actively investing— 
(i) the term specified by any limited 
partnership agreement; and 
(ii) the nature of any provisions that 
would allow for the extension of that term. 
(B) The performance of the listed firm’s 
net of fees, as measured by the public market 
equivalent or a similar measure. 
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(C) A list of target firms with respect to 
which the listed firm was a control person, the 
nature of the control person relationship, and 
the period of that control. 
(D) The number of employees at each tar-
get firm identified under subparagraph (C), as 
of the date on which the listed firm became a 
control person with respect to the target firm, 
and the date on which the listed firm ceased to 
be a control person with respect to the target 
firm. 
(E) A list of target firms with respect to 
the listed firm with respect to which a case has 
been commenced under title 11, United States 
Code. 
(F) For each target firm with respect to 
the listed firm, and with respect to which the 
listed firm is a control person— 
(i) a list of actions taken by any State 
or local regulatory agency; and 
(ii) any legal or regulatory penalties 
paid, or settlements entered into, by the 
general partners of the target firm or the 
target firm itself. 
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(3) The percentage breakdown of the means 
employed by the investment adviser to divest owner-
ship or control of target firms, including— 
(A) the sale of target firms to other pri-
vate funds; 
(B) the sale of target firms to private enti-
ties, other than private funds; 
(C) the sale of target firms to issuers, the 
securities of which are traded on a national se-
curities exchange; 
(D) the commencement of cases under title 
11, United States Code, with respect to target 
firms; and 
(E) initial public offerings with respect to 
target firms. 
TITLE 
VI—RESTRICTIONS 
ON 
SECURITIZING 
RISKY 
COR-
PORATE DEBT 
SEC. 601. RISK RETENTION REQUIREMENTS FOR SECURITI-
ZATION OF CORPORATE DEBT. 
Section 15G of the Securities Exchange Act of 1934 
(15 U.S.C. 78o–11) is amended— 
(1) in subsection (a)(3)— 
(A) in subparagraph (A), by striking ‘‘or’’ 
at the end; 
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(B) in subparagraph (B), by striking 
‘‘and’’ at the end and inserting ‘‘or’’; and 
(C) by adding at the end the following: 
‘‘(C) a manager of a collateralized debt ob-
ligation; and’’; 
(2) by redesignating subsection (i) as subsection 
(j); and 
(3) by inserting after subsection (h) the fol-
lowing: 
‘‘(i) RULES OF CONSTRUCTION.—With respect to a 
securitizer described in subsection (a)(3)(C)— 
‘‘(1) any provision of this section that requires 
that securitizer to retain a portion of the credit risk 
for an asset that such securitizer does not hold, or 
has never held, shall be construed as requiring that 
securitizer to— 
‘‘(A) obtain that portion of the credit risk 
for that asset; and 
‘‘(B) retain that portion of the credit risk, 
either directly by the securitizer or through a 
wholly-owned affiliate of the securitizer; and 
‘‘(2) any reference in this section to an asset 
transferred by the securitizer shall be construed to 
include any transfer caused by the securitizer.’’. 
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TITLE VII—MISCELLANEOUS 
SEC. 701. ANTI-EVASION. 
It shall be unlawful to conduct any activity, including 
by entering into an agreement or contract, engaging in 
a transaction, or structuring an entity, to willfully evade 
or attempt to evade any provision of this Act. 
SEC. 702. SEVERABILITY. 
If any provision of this Act or the application of such 
a provision to any person or circumstance is held to be 
invalid or unconstitutional, the remainder of this Act and 
the application of the provisions of this Act to any person 
or circumstance shall remain and shall not be affected by 
that holding. 
Æ 
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