[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-199600-en":3,"doc-seo-199600-105":30,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},199600,18829141979164,"Cart","https://eur-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8",8,"Research & Report","PRC Broker-Dealers and Investment Advisers Moratorium Act - Short title","A legislative bill titled the “PRC Broker-Dealers and Investment Advisers Moratorium Act” proposes amendments to U.S. securities laws. It would prohibit certain China-connected entities and persons from registering as broker-dealers or as investment advisers with the Securities and Exchange Commission, using a “control” standard tied to beneficial ownership above 15% of voting securities and specific categories of organization, residency, and associated services. The prohibitions are set to end five years after enactment.","G:\\M\\19\\LAWLER\\LAWLER_040.XML  \n[DISCUSSION DRAFT]  \n119TH CONGRESS 2D SESSION  \nH. R.  \nll  \nTo amend the securities laws to prohibit brokers, dealers, and investment advisers with certain connections to the People’s Republic of China from registering with the Securities and Exchange Commission, and for other purposes.  \nIN THE HOUSE OF REPRESENTATIVES  \nMr. LAWLER introduced the following bill; which was referred to the Committee on llllllllllllll  \nA BILL  \nTo amend the securities laws to prohibit brokers, dealers, and investment advisers with certain connections to the  \nPeople’s Republic of China from registering with the Securities and Exchange Commission, and for other purposes.  \n1 Be it enacted by the Senate and House of Representa- 2 tives of the United States of America in Congress assembled, 3 SECTION 1. SHORT TITLE.  \n4 This Act may be cited as the ‘‘PRC Broker-Dealers  \n5 and Investment Advisers Moratorium Act’’.  \ng:\\VHLD\\051426\\d051426.032.xml (969251|14)  \nMay 14, 2026 (2:23 p.m.)  \nG:\\M\\19\\LAWLER\\LAWLER_040.XML  \n2  \n1 SEC. 2. PROHIBITIONS.  \n2 (a) BROKER OR DEALER REGISTRATION.—  \n3 (1) IN GENERAL.—Section 15 of the Securities  \n4 Exchange Act of 1934 (15 U. S.C. 78o) is amended  \n5 by adding at the end the following:  \n6 ‘‘(p) PROHIBITION ON REGISTRATION AS A BROKER  \n7 OR DEALER RELATED TO CHINESE OWNERSHIP.—  \n8 ‘‘(1) CONTROL DEFINED.—In this subsection, 9 the term ‘control’ means beneficially owning, either  \n10 directly or through 1 or more companies, more than  \n11 15 percent of the voting securities of an entity.  \n12 ‘‘(2) PROHIBITION.—A broker or dealer shall be  \n13 prohibited from being registered as a broker or deal- 14 er under subsection (b) if—  \n15 ‘‘(A) the broker or dealer is an entity orga- 16 nized under the laws of the People’s Republic of  \n17 China;  \n18 ‘‘(B) the broker or dealer is controlled by  \n19 an entity organized under the laws of the Peo- 20 ple’s Republic of China;  \n21 ‘‘(C) the broker or dealer is controlled by  \n22 a national of the People’s Republic of China  \n23 who resides in the People’s Republic of China;  \n24 or  \n25 ‘‘(D) there is an associated person of the  \n26 broker or dealer organized under the laws of  \ng:\\VHLD\\051426\\d051426.032.xml (969251|14)  \nMay 14, 2026 (2:23 p.m.)  \nG:\\M\\19\\LAWLER\\LAWLER_040.XML  \n3  \n1 the People’s Republic of China that provides  \n2 the broker or dealer with services, related to—  \n3 ‘‘(i) platform infrastructure;  \n4 ‘‘(ii) network services; or  \n5 ‘‘(iii) software or product develop- 6 ment, maintenance, or support.’’.  \n7 (2) TERMINATION.—On the date that is 5 years  \n8 after the date of enactment of this Act, section 15  \n9 of the Securities Exchange Act of 1934 (15 U. S.C.  \n10 78o) is amended by striking subsection (p), as added  \n11 by paragraph (1) of this subsection.  \n12 (b) INVESTMENT ADVISER REGISTRATION.—  \n13 (1) IN GENERAL.—Section 203 of the Invest- 14 ment Advisers Act of 1940 (15 U. S.C. 80b–3) is  \n15 amended by adding at the end the following:  \n16 ‘‘(o) PROHIBITION ON REGISTRATION AS AN INVEST- 17 MENT ADVISER RELATED TO CHINESE OWNERSHIP.—  \n18 ‘‘(1) CONTROL DEFINED.—In this subsection, 19 the term ‘control’ means beneficially owning, either  \n20 directly or through 1 or more companies, more than  \n21 15 percent of the voting securities of an entity.  \n22 ‘‘(2) PROHIBITION.—A person may not be reg- 23 istered as an investment adviser if—  \ng:\\VHLD\\051426\\d051426.032.xml (969251|14)  \nMay 14, 2026 (2:23 p.m.)  \nG:\\M\\19\\LAWLER\\LAWLER_040.XML  \n4  \n1 ‘‘(A) the person is an entity organized  \n2 under the laws of the People’s Republic of  \n3 China;  \n4 ‘‘(B) the person is controlled by an entity  \n5 organized under the laws of the People’s Re- 6 public of China;  \n7 ‘‘(C) the person is controlled by a national  \n8 of the People’s Republic of China who resides  \n9 in the People’s Republic of China; or  \n10 ‘‘(D) an affiliate of the person is organized  \n11 under the laws of the People’s Republic of  \n12 China that pr","cbCaisjNfn4YrYpr","https://ap.wps.com/l/cbCaisjNfn4YrYpr","pdf",52305,1,4,"English","en",105,"# SECTION 1. SHORT TITLE\n# SEC. 2. PROHIBITIONS\n## (a) BROKER OR DEALER REGISTRATION\n## (b) INVESTMENT ADVISER REGISTRATION","[{\"question\":\"What does the bill aim to prohibit regarding securities registrations?\",\"answer\":\"It would prohibit certain brokers, dealers, and investment advisers with specified People’s Republic of China connections from registering with the SEC.\"},{\"question\":\"How is “control” defined in the proposed restrictions?\",\"answer\":\"“Control” means beneficially owning, directly or through other companies, more than 15% of the voting securities of an entity.\"},{\"question\":\"When would the prohibitions end after enactment?\",\"answer\":\"The restrictions are set to terminate five years after the date of enactment.\"}]","PRC Broker-Dealers and Investment Advisers Moratorium Act - Short title | PDF",1788506455,10,{"code":4,"msg":31,"data":32},"ok",{"site_id":24,"language":23,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":28},"prc-broker-dealers-and-investment-advisers-moratorium-act-short-title","",{"@graph":36,"@context":84},[37,53,67],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":21},"https://docshare.wps.com/document/prc-broker-dealers-and-investment-advisers-moratorium-act-short-title/199600/",{"url":52,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-09-04",true,{"@type":64,"interactionType":65,"userInteractionCount":20},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What does the bill aim to prohibit regarding securities registrations?","Question",{"text":74,"@type":75},"It would prohibit certain brokers, dealers, and investment advisers with specified People’s Republic of China connections from registering with the SEC.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How is “control” defined in the proposed restrictions?",{"text":79,"@type":75},"“Control” means beneficially owning, directly or through other companies, more than 15% of the voting securities of an entity.",{"name":81,"@type":72,"acceptedAnswer":82},"When would the prohibitions end after enactment?",{"text":83,"@type":75},"The restrictions are set to terminate five years after the date of enactment.","https://schema.org",{"og:url":52,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":52},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,127,130,133],{"id":20,"doc_module":4,"doc_module_name":46,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":21,"doc_module":4,"doc_module_name":46,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":46,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":46,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":46,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":46,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":46,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":29,"doc_module":4,"doc_module_name":46,"category_name":131,"show_sort_weight":29,"slug":132},"Lifestyle","lifestyle",{"id":134,"doc_module":4,"doc_module_name":46,"category_name":135,"show_sort_weight":105,"slug":136},19,"General","general"]