SAFE Act

Bill: 118-s-854
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2023-03-16
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-16
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-16
action_desc: Introduced in Senate
text: <p><strong>Secure America's Financial Exchanges Act or the SAFE Act </strong></p> <p>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.</p>

tv_txt: II 118th CONGRESS 1st Session S. 854 IN THE SENATE OF THE UNITED STATES March 16, 2023 Mr. Scott of Florida (for himself, Mr. Braun , Mr. Vance , and Mr. Lee ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Securities Exchange Act of 1934 to address the issuance of securities by Chinese entities, and for other purposes.

1. Short title This Act may be cited as the Secure America’s Financial Exchanges Act or the SAFE Act . 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).