Sec. 5301. Review of the presence of Chinese entities in United States capital markets
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Not later than 180 days after the date of the enactment of this Act, 3 years after such date of enactment, and 5 years after such date of enactment, the Secretary of the Treasury, in consultation with the Director of National Intelligence, the Secretary of State, and the Chairman of the Securities and Exchange Commission, shall submit to the appropriate congressional committees an unclassified report that describes the risks posed to the United States by the presence in United States capital markets of entities incorporated in the People's Republic of China. Each report required under paragraph
(1)shall— identify entities incorporated in the People's Republic of China— the securities (including American depositary receipts) of which are listed or traded on one or several national securities exchanges, or traded through any process commonly referred to as the over-the-counter method of trading, within the United States; or that have A Shares listed or traded on mainland exchanges in the People's Republic of China that are included in index-based, exchange-traded funds purchased or sold within the United States; and that, based on the factors for consideration described in paragraph (3), have knowingly and materially contributed to— activities that undermine United States national security; serious abuses of internationally recognized human rights; or a substantially increased financial risk exposure for United States-based investors; describe the activities of the entities identified pursuant to subparagraph
(A)and their implications for the United States; and develop policy recommendations for the United States Government, United States financial institutions, national securities exchanges, and other relevant stakeholders to address any risks posed by the presence in United States capital markets of the entities identified pursuant to subparagraph (A). In completing each report under paragraph (1), the Secretary of the Treasury shall consider whether an entity identified pursuant to paragraph (2)(A)— has materially contributed to the development or manufacture, or sold or facilitated procurement by the People's Liberation Army, of lethal military equipment or component parts of such equipment; has contributed to the construction and militarization of features in the South China Sea; has been sanctioned by the United States or has been determined to have conducted business with sanctioned entities; has engaged in an act or a series of acts of intellectual property theft; has engaged in corporate or economic espionage; has contributed to the proliferation of nuclear or missile technology in violation of United Nations Security Council resolutions or United States sanctions; has contributed to the repression of religious and ethnic minorities within the People's Republic of China, including in the Xinjiang Uyghur Autonomous Region or the Tibet Autonomous Region; has contributed to the development of technologies that enable censorship directed or directly supported by the Government of the People’s Republic of China; has failed to comply fully with Federal securities laws (including required audits by the Public Company Accounting Oversight Board) and material risk disclosure requirements of the Securities and Exchange Commission; or has contributed to other activities or behavior determined to be relevant by the Secretary of the Treasury. Each report required under subsection (a)(1) shall be submitted in unclassified form but may include a classified annex. The unclassified portion of a report under subsection (a)(1) shall be made accessible to the public online through relevant United States Government websites. In this section: The term appropriate congressional committees means— the Committee on Banking, Housing, and Urban Affairs, the Committee on Foreign Relations, and the Select Committee on Intelligence of the Senate; and the Committee on Financial Services, the Committee on Foreign Affairs, and the Permanent Select Committee on Intelligence of the House of Representatives. The term national securities exchange means an exchange registered as a national securities exchange in accordance with section 6 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f ).
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Sec. 5301
Review of the presence of Chinese entities in United States capital markets
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