In the Senate of the United States, 
December 18 (legislative day, December 17), 2021. 
Resolved, That the bill from the House of Representa-
tives (H.R. 1192) entitled ‘‘An Act to impose requirements 
on the payment of compensation to professional persons em-
ployed 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: 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Puerto Rico Recovery 
Accuracy in Disclosures Act of 2021’’ or ‘‘PRRADA’’. 
SEC. 2. DISCLOSURE BY PROFESSIONAL PERSONS SEEKING 
APPROVAL OF COMPENSATION UNDER SEC-
TION 316 OR 317 OF PROMESA. 
(a) DEFINITIONS.—In this section: 
(1) LIST OF MATERIAL INTERESTED PARTIES.— 
The term ‘‘List of Material Interested Parties’’ means
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the List of Material Interested Parties established 
under subsection (c)(1). 
(2) OVERSIGHT
BOARD.—The term ‘‘Oversight 
Board’’ has the meaning given the term in section 5 
of PROMESA (48 U.S.C. 2104). 
(b) REQUIRED DISCLOSURE.— 
(1) IN GENERAL.—In a case commenced under 
section 304 of PROMESA (48 U.S.C. 2164), no attor-
ney, accountant, appraiser, auctioneer, agent, or other 
professional person may be compensated under section 
316 or 317 of that Act (48 U.S.C. 2176, 2177) unless 
prior to making a request for compensation, the pro-
fessional person has filed with the court a verified 
statement conforming to the disclosure requirements of 
rule 2014(a) of the Federal Rules of Bankruptcy Pro-
cedure setting forth the connection of the professional 
person with any entity or person on the List of Mate-
rial Interested Parties. 
(2) SUPPLEMENT.—A professional person that 
submits a statement under paragraph (1) shall 
promptly supplement the statement with any addi-
tional relevant information that becomes known to the 
person. 
(3) DISCLOSURE.—Subject to any other applica-
ble law, rule, or regulation, a professional person that
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fails to file or update a statement required under 
paragraph (1) or files a statement that the court de-
termines does not represent a good faith effort to com-
ply with this section shall disclose such failure in any 
filing required to conform to the disclosure require-
ments under rule 2014(a) of the Federal Rules of 
Bankruptcy Procedure. 
(c) LIST OF MATERIAL INTERESTED PARTIES.— 
(1) PREPARATION.—Not later than 30 days after 
the date of enactment of this Act, the Oversight Board 
shall establish a List of Material Interested Parties 
subject to— 
(A) the approval of the court; and 
(B) the right of the United States trustee or 
any party in interest to be heard on the ap-
proval. 
(2) INCLUSIONS.—Except as provided in para-
graph (3), the List of Material Interested Parties shall 
include— 
(A) the debtor; 
(B) any creditor; 
(C) any other party in interest; 
(D) any attorney or accountant of— 
(i) the debtor; 
(ii) any creditor; or
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(iii) any other party in interest; 
(E) the United States trustee and any per-
son employed in the office of the United States 
trustee; and 
(F) the Oversight Board, including the 
members, the Executive Director, and the em-
ployees of the Oversight Board. 
(3) EXCLUSIONS.—The List of Material Inter-
ested Parties may not include any person with a 
claim, the amount of which is below a threshold dollar 
amount established by the court that is consistent 
with the purpose of this Act. 
(d) REVIEW.— 
(1) IN
GENERAL.—The United States trustee 
shall review each verified statement submitted pursu-
ant to subsection (b) and may file with the court com-
ments on such verified statements before the profes-
sionals filing such statements seek compensation 
under section 316 or 317 of PROMESA (48 U.S.C. 
2176, 2177). 
(2) OBJECTION.—The United States trustee may 
object to applications filed under section 316 or 317 
of PROMESA (48 U.S.C. 2176, 2177) that fail to sat-
isfy the requirements of subsection (b).
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(e) LIMITATION ON COMPENSATION.—In a case com-
menced under section 304 of PROMESA (48 U.S.C. 2164), 
in connection with the review and approval of professional 
compensation under section 316 or 317 of PROMESA (48 
U.S.C. 2176, 2177) filed after the date of enactment of this 
Act, the court may deny allowance of compensation or reim-
bursement of expenses if— 
(1) the professional person has failed to file the 
verified disclosure statements required under sub-
section (b)(1) or has filed inadequate disclosure state-
ments under that subsection; or 
(2) during the professional person’s employment 
in connection with the case, the professional person— 
(A) is not a disinterested person (as defined 
in section 101 of title 11, United States Code) 
relative to any entity or person on the List of 
Material Interested Parties; or 
(B) represents or holds an adverse interest 
in connection with the case. 
Attest: 
Secretary.