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 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 each 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)shall contain, with respect to the calendar year preceding the calendar year in which such report is filed, the following information: 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. For purposes of this section, except as provided in subparagraph (B), a specified interest acquired by a specified institution in a regulated investment company, exchange traded fund, or any other pooled investment that holds an investment of concern shall be treated as an investment of concern and shall be reported pursuant to paragraph (2)(A). Notwithstanding subparagraph (A), such specified interest shall not be subject to subparagraph
(A)if the Secretary certifies, pursuant to paragraph (2)(B), that such pooled investment is not holding an investment of concern. The Secretary, after consultation with the Secretary of the Treasury and the Securities and Exchange Commission, shall establish procedures under which a pooled investment described in paragraph (1)— shall be reported in accordance with the requirements of subsection (b); and may be certified under paragraph (1)(B) as not holding an investment of concern. 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 outstanding principal amount of such debt. The Secretary, after consultation with the Secretary of the Treasury and the Securities and Exchange Commission, 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. Beginning not later than May 31 of the calendar year following the date of 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 that— is not a public institution; and at the close of such calendar year, holds— assets (other than those assets which are used directly in carrying out the institution’s exempt purpose) the aggregate fair market value of which is in excess of $6,000,000,000; and investments of concern the aggregate fair market value of which 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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