H. R. 1192 
One Hundred Seventeenth Congress 
of the 
United States of America 
AT THE SECOND SESSION 
Begun and held at the City of Washington on Monday, 
the third day of January, two thousand and twenty-two 
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’’). 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
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 
SECTION 
316 
OR 
317 
OF 
PROMESA. 
(a) DEFINITIONS.—In this section: 
(1) LIST OF MATERIAL INTERESTED PARTIES.—The term ‘‘List 
of Material Interested Parties’’ means 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 attorney, 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 professional person has filed with the court a verified 
statement conforming to the disclosure requirements of rule 
2014(a) of the Federal Rules of Bankruptcy Procedure setting 
forth the connection of the professional person with any entity 
or person on the List of Material Interested Parties. 
(2) SUPPLEMENT.—A professional person that submits a 
statement under paragraph (1) shall promptly supplement the 
statement with any additional relevant information that 
becomes known to the person. 
(3) DISCLOSURE.—Subject to any other applicable law, rule, 
or regulation, a professional person that fails to file or update 
a statement required under paragraph (1) or files a statement 
that the court determines does not represent a good faith effort 
to comply with this section shall disclose such failure in any 
filing required to conform to the disclosure requirements under 
rule 2014(a) of the Federal Rules of Bankruptcy Procedure. 
(c) LIST OF MATERIAL INTERESTED PARTIES.—
H. R. 1192—2 
(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 approval. 
(2) INCLUSIONS.—Except as provided in paragraph (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 
(iii) any other party in interest; 
(E) the United States trustee and any person employed 
in the office of the United States trustee; and 
(F) the Oversight Board, including the members, the 
Executive Director, and the employees of the Oversight 
Board. 
(3) EXCLUSIONS.—The List of Material Interested 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 pursuant to subsection (b) 
and may file with the court comments on such verified state-
ments before the professionals filing such statements seek com-
pensation 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 satisfy the requirements of 
subsection (b). 
(e) LIMITATION ON COMPENSATION.—In a case commenced 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 reimbursement of expenses if— 
(1) the professional person has failed to file the verified 
disclosure statements required under subsection (b)(1) or has 
filed inadequate disclosure statements under that subsection; 
or 
(2) during the professional person’s employment in connec-
tion 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
H. R. 1192—3 
(B) represents or holds an adverse interest in connec-
tion with the case. 
Speaker of the House of Representatives. 
Vice President of the United States and
President of the Senate.