119-s1356

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1356 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 1356

 To amend the Securities Exchange Act of 1934 to require national 
securities exchanges to identify issuers that are consolidated variable 
 interest entities, and for other purposes.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 April 8, 2025

 Mr. Scott of Florida (for himself and Mrs. Shaheen) 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 require national 
securities exchanges to identify issuers that are consolidated variable 
 interest entities, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Trading and Investing with Clear 
Knowledge and Expectations about Risk Act'' or the ``TICKER Act''.

SEC. 2. SENSE OF CONGRESS.

 It is the sense of Congress that--

    (1) variable interest entities based in foreign 
 jurisdictions, including the People's Republic of China, pose a 
 specific and significant risk to investors in the United 
 States, including because investors that purchase shares of 
 those entities--
        (A) have no equity or direct ownership interest; 
 and
        (B) lack legal recourse; and

    (2) investors in the United States should more clearly be 
 made aware of the risk described in paragraph

    (1) in a 
 transparent, easily accessible, and standardized manner that is 
 recognizable to all persons that have invested, or seek to 
 invest, in entities that are described in that paragraph and 
 are listed on exchanges in the United States, such as through 
 clearly visible warning indicators on ticker symbols and other 
 company symbols used by those exchanges.

SEC. 3. IDENTIFICATION OF RISK WITH RESPECT TO CERTAIN ENTITIES.

    (a) 

=== Definitions. ===
-In this section--

    (1) the terms ``broker'', ``dealer'', ``exchange'', and 
 ``security'' have the meanings given those terms in 

section 3

    (a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c

    (a) );

    (2) the term ``Commission'' means the Securities and 
 Exchange Commission;

    (3) the term ``covered entity'' means a consolidated 
 variable interest entity;

    (4) the term ``national securities exchange'' means an 
 exchange that is registered as a national securities exchange 
 pursuant to 

section 6 of the Securities Exchange Act of 1934 
 (15 U.S.C. 78f), as amended by subsection

    (b) of this section; 
 and

    (5) the term ``variable interest entity'' has the meaning 
 given the term under generally accepted accounting principles.

    (b) Requirements.--

    (1) National securities exchanges.--
        (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)
        (A) In this paragraph, the term `covered entity' has 
 the meaning given the term in 

section 3

    (a) of the Trading and 
 Investing with Clear Knowledge and Expectations about Risk Act.
 ``
        (B) The rules of the exchange require the identification 
 of each covered entity, the securities of which are listed on 
 the exchange, as a covered entity in the symbol for the covered 
 entity used on the exchange.''.
        (B) Effective date; applicability.--The amendment 
 made by subparagraph
        (A) shall--
            (i) take effect on the date that is 180 
 days after the date of enactment of this Act; 
 and
            (ii) apply with respect to a covered 
 entity, the securities of which are listed on a 
 national securities exchange on or after the 
 date that is 180 days after the date of 
 enactment of this Act.

    (2) Brokers and dealers.--Beginning not later than 180 days 
 after the date of enactment of this Act, the Commission shall 
 require brokers and dealers to provide warnings to investors 
 investing in covered entities that those investors may lack 
 legal recourse with respect to such an investment.
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