SAFE Act
Bill: S.3926 | Sponsor: Sen. Scott, Rick (R-FL)
Policy area: Finance and Financial Sector

Summary:
Secure America's Financial Exchanges Act or the SAFE Act
This bill requires an issuer of securities, as a condition of listing its securities on a national exchange, to disclose (1) any financial support from China and the terms of any such support, and (2) whether any officer or director holds or previously held a position with the Chinese government or with the Chinese Communist Party.

To amend the Securities Exchange Act of 1934 to address the issuance of 
        securities by Chinese entities, and for other purposes.

    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 ``Secure America's Financial Exchanges 
Act'' or the ``SAFE Act''.

SEC. 2. SECURITIES.

    (a) In General.--Section 6(b) of the Securities Exchange Act of 
1934 (15 U.S.C. 78f(b)) is amended by adding at the end the following:
            ``(11) The rules of the exchange require an issuer, before 
        the initial listing of any security of the issuer on the 
        exchange, and in each annual report filed with the Commission 
        and the exchange under section 13(a), to disclose the following 
        information:
                    ``(A) Whether the Government of the People's 
                Republic of China has provided the issuer with any 
                financial support, including--
                            ``(i) any direct subsidy, grant, loan, loan 
                        guarantee, tax concession, or benefit with 
                        respect to procurement policy; or
                            ``(ii) any other form of support.
                    ``(B) If the Government of the People's Republic of 
                China has provided support described in subparagraph 
                (A), the conditions under which that Government 
                provided that support, including whether that 
                Government required the issuer to--
                            ``(i) satisfy certain requirements with 
                        respect to exports;
                            ``(ii) purchase items from certain 
                        entities;
                            ``(iii) use certain intellectual property; 
                        or
                            ``(iv) employ members of the Chinese 
                        Communist Party or other employees of that 
                        Government.
                    ``(C) Whether there are any committees of the 
                Chinese Communist Party established within the issuer, 
                which shall include the disclosure of--
                            ``(i) which employees of the issuer 
                        comprise that committee; and
                            ``(ii) the roles played by the employees 
                        described in clause (i).
                    ``(D) Information regarding each individual who, as 
                of the date on which the disclosure is made, is an 
                officer or director of the issuer (or a subsidiary of 
                the issuer) and holds, or previously held, a position 
                with the Chinese Communist Party or the Government of 
                the People's Republic of China, including the title of 
                that position and the geographic location in which the 
                individual holds or held that position, as 
                applicable.''.
    (b) Rules.--Not later than 180 days after the date of enactment of 
this Act, the Securities and Exchange Commission shall make any 
amendments to the rules of the Commission that are necessary as a 
result of the amendments made by subsection (a).
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