Disclosing Investments in Foreign Adversaries Act of 2025

This bill would require larger private fund advisers to file a yearly report with the Securities and Exchange Commission (SEC) showing how much of their private fund assets are in "countries of concern," broken down by country. Countries of concern are those named as covered nations under existing federal defense law, plus places the SEC finds are under their political and legal control. The SEC would publish a yearly list of advisers that reported any such assets. Companies selling securities through certain exempt private offerings of $25 million or more (or $50 million over a year) would have to give the SEC information on their ownership, ties to countries of concern, and planned use of the money. The SEC would publish quarterly reports on offerings linked to countries of concern and could limit future exempt offerings by companies that do not comply.

Full text and official record on Congress.gov

Sponsors

• Rick Scott Republican sponsor
• 1 cosponsors