Sec. 435. Independence from influence of the Government of China
352 words·~2 min read·
/bill/116/s/4629/is/section-435A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section— the term Commission means the Securities and Exchange Commission; and the term registrant means an entity that is subject to section 229.101 of title 17, Code of Federal Regulations, or any successor regulation. Not later than 360 days after the date of enactment of this Act, the Commission shall amend section 229.101 of title 17, Code of Federal Regulations, or any successor regulation, to require a registrant to disclose the following under that section: Whether the Government of China has provided any financial support, including a direct subsidy, a grant, a loan (including a below-market loan), a loan guarantee, a tax concession, benefits with respect to government procurement policy, or any other form of governmental support, to the registrant.
If the Government of China has provided financial support described in paragraph (1), the conditions under which that Government provided that support, including whether that Government has required the registrant to— satisfy certain requirements with respect to export performance; purchase items— from certain producers; or that were produced using certain intellectual property; or employ members of the Chinese Communist Party or other employees of that Government. Whether there is any committee of the Chinese Communist Party established within the registrant, which shall include the disclosure of— whether the registrant established that committee; the standing of that committee within the registrant; which employees of the registrant comprise that committee; and the roles played by the employees described in subparagraph (C).
Information regarding each individual who, as of the date on which the disclosure is made, is an officer or director of the registrant (or a United States subsidiary or joint venture of the registrant in the People’s Republic of China) and holds, or previously held, a position with the Chinese Communist Party or the Government of China, including the title of that position and the geographic location in which the individual holds, or held, the position. In addition to the amendments required under subsection (b), the Commission may make any other amendments to the rules of the Commission that the Commission determines necessary to carry out the purposes of this section.