This bill would change federal securities rules so companies that register securities or file annual reports must disclose and verify whether they or their affiliates source goods from the Xinjiang Uyghur Autonomous Region (XUAR) or use forced labor. The Securities and Exchange Commission (SEC) must issue rules within 180 days describing what documents issuers must file. Required disclosures include whether goods come from or through the XUAR, whether supply chains link to facilities that employ forced labor, names and addresses of suppliers (for example, smelters, refineries, farms, or factories), and sourcing quantities. Issuers must get independent verification by a third-party auditor approved by the SEC before filing. The SEC must make the submitted documentation public. If an issuer fails to comply or misrepresents required information when applying to list on an exchange, the exchange may not approve the application and the issuer may not refile that application for one year. The bill defines "forced labor" and "XUAR", requires SEC annual compliance assessments, and asks the Government Accountability Office to evaluate SEC oversight. The added disclosure and registration sections expire after 8 years or earlier if the President certifies that mass internment and forced labor in the XUAR have ended.
No publicly available information.
The bill requires issuers to disclose and independently verify links between their supply chains and the XUAR or forced labor. Supporters framed the measure as an amendment to the Securities Exchange Act to require these specific disclosures, to have the SEC issue rules and to make documentation public, and to provide SEC and GAO oversight through annual assessments and periodic evaluations.
No publicly available information.