Sec. 4. Investment disclosure report
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The Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq. ), as amended by section 3 of this Act, is further amended by inserting after section 117B the following: A specified institution shall file a disclosure report in accordance with subsection
(b)with the Secretary on July 31 immediately following any calendar year in which the specified institution purchases, sells, or holds (directly or indirectly through any chain of ownership) one or more investments of concern. Each report to the Secretary required by subsection
(a)with respect to any calendar year shall contain the following: A list of the investments of concern purchased, sold, or held during such calendar year. The aggregate fair market value of all investments of concern held as of the close of such calendar year. The combined value of all investments of concern sold over the course of such calendar year, as measured by the fair market value of such investments at the time of the sale. The combined value of all capital gains from such sales of investments of concern. An investment of concern acquired through a regulated investment company, exchange traded fund, or any other pooled investment shall be treated as acquired through a chain of ownership referred to in subsection (a), unless such pooled investment is certified by the Secretary as not holding any listed investments in accordance with subparagraph
(B)of paragraph (2). The Secretary, after consultation with the Secretary of the Treasury, shall establish procedures under which certain regulated investment companies, exchange traded funds, and other pooled investments— shall be reported in accordance with the requirements under subsection (b); and may be certified by the Secretary as not holding any listed investments. For purposes of this section, assets held by any related organization (as defined in section 4968(d)(2) of the Internal Revenue Code of 1986) with respect to a specified institution shall be treated as held by such specified institution, except that— such assets shall not be taken into account with respect to more than 1 specified institution; and unless such organization is controlled by such institution or is described in section 509(a)(3) of the Internal Revenue Code of 1986 with respect to such institution, assets which are not intended or available for the use or benefit of such specified institution shall not be taken into account. For purposes of this section, the fair market value of any debt shall be the principal amount of such debt. The Secretary, after consultation with the Secretary of the Treasury, may issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including regulations or other guidance providing for the proper application of this section with respect to certain regulated investment companies, exchange traded funds, and pooled investments. Any specified institution that is required to submit a report under subsection
(a)shall designate, before the submission of such report, and maintain a compliance officer, who shall— be a current employee or legally authorized agent of such institution; be responsible, on behalf of the institution, for personally certifying accurate compliance with the reporting requirements under this section; and certify the institution has, for purposes of filing such report under subsection (a), followed an established institutional policy and conducted good faith efforts and reasonable due diligence to determine the accuracy and valuations of the assets reported. Beginning not later than 60 days before the July 31 immediately following the date of the enactment of the DETERRENT Act , the Secretary shall— establish and maintain a searchable database on a website of the Department, under which all reports submitted under this section— are made publicly available (in electronic and downloadable format), including any information provided in such reports; can be individually identified and compared; and are searchable and sortable; and not later than 30 days after receipt of a disclosure report under this section, include such report in such database. In this section: The term investment of concern means any specified interest with respect to any of the following: A foreign country of concern. A foreign entity of concern. The term specified interest means, with respect to any entity— stock or any other equity or profits interest of such entity; debt issued by such entity; and any contract or derivative with respect to any property described in clause
(i)or (ii). The term specified institution , as determined with respect to any calendar year, means an institution if— such institution is not a public institution; and the aggregate fair market value of— the assets held by such institution at the end of such calendar year (other than those assets which are used directly in carrying out the institution’s exempt purpose) is in excess of $6,000,000,000; or the investments of concern held by such institution at the end of such calendar year is in excess of $250,000,000 For the purpose of applying the definition under subparagraph (A), the terms aggregate fair market value and assets which are used directly in carrying out the institution’s exempt purpose shall be applied in the same manner as such terms are applied for the purposes of section 4968(b)(1)(D) of the Internal Revenue Code of 1986. .
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Sec. 4
Investment disclosure report
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