‘‘(A) shall issue rules that require a broker 
and a dealer to disclose, with respect to any ad-
vice, analysis, or report of the broker or dealer 
to a retail investor regarding the securities of a 
foreign issuer, whether a covered foreign public 
accounting firm has prepared an audit report 
for the foreign issuer; and 
‘‘(B) in addition to the rules required 
under subparagraph (A), may issue rules desig-
nating documents or information that shall be 
provided by a broker or dealer to a retail inves-
tor before the purchase of an investment prod-
uct or service by the retail investor.’’; and 
(2) by adding at the end the following: 
‘‘(4) DEFINITIONS.—In this subsection, the 
terms ‘audit report’, ‘covered foreign public account-
ing firm’, ‘foreign issuer’, and ‘public accounting 
firm’ have the meanings given the terms in section 
2 of the EQUITABLE Act of 2019.’’. 
SEC. 4. PROHIBITION AGAINST THE LISTING OF CERTAIN 
FIRMS 
ON 
NATIONAL 
SECURITIES 
EX-
CHANGES. 
(a) IN GENERAL.—Section 6(b) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78f(b)) is amended by add-
ing at the end the following: 
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‘‘(11)(A) The rules of the exchange prohibit the 
initial listing, after the date of enactment of this 
paragraph, of any security of an issuer for which a 
covered foreign public accounting firm has prepared 
an audit report. 
‘‘(B) Nothing in subparagraph (A) may be con-
strued to prevent an exchange from listing a security 
on the exchange on or after the date of enactment 
of this paragraph if that security was listed on the 
exchange or a national securities exchange before 
the date of enactment of this paragraph. 
‘‘(C) In this paragraph, the terms ‘audit report’ 
and ‘covered foreign public accounting firm’ have the 
meanings given the terms in section 2 of the EQUI-
TABLE Act of 2019. 
‘‘(12)(A) The rules of the exchange prohibit the 
listing of any security of a foreign issuer that, begin-
ning in 2025, has been identified under section 
3(a)(1)(A) of the EQUITABLE Act of 2019 in 3 
consecutive years. 
‘‘(B) Nothing in subparagraph (A) may be con-
strued to prevent an exchange from listing a security 
of a foreign issuer described in that subparagraph 
beginning on the date on which the issuer submits 
to the Commission an audit report for the issuer 
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that is prepared by a registered public accounting 
firm that the Public Company Accounting Oversight 
Board has inspected, or is able to inspect, under sec-
tion 104 of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7214). 
‘‘(C) In this paragraph— 
‘‘(i) the terms ‘audit report’ and ‘reg-
istered public accounting firm’ have the mean-
ings given the terms in section 2(a) of the Sar-
banes-Oxley Act of 2002 (15 U.S.C. 7201(a)); 
and 
‘‘(ii) the terms ‘covered foreign public ac-
counting firm’ and ‘foreign issuer’ have the 
meanings given the terms in section 2 of the 
EQUITABLE Act of 2019.’’. 
(b) RULES.— 
(1) PROPOSALS.—Not later than 90 days after 
the date of enactment of this Act, each national se-
curities exchange shall, in accordance with section 
19(b) of the Securities Exchange Act of 1934 (15 
U.S.C. 78s(b)) and any rules prescribed by the Com-
mission under that section, file with the Commission 
any proposed change to the rules of the exchange 
that is required as a result of the amendments made 
by this section. 
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(2) ADOPTION.—Not later than 1 year after the 
date of enactment of this Act, each national securi-
ties exchange shall have each proposed change de-
scribed in paragraph (1) approved by the Commis-
sion. 
Æ 
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