This Act may be cited as the Protecting U.S. Investors From Chinese Military Companies Act.

In this Act: (1) Appropriate committees of Congress The term appropriate committees of Congress means the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. (2) Commission The term Commission means the Securities and Exchange Commission.

(a) In general Except as provided in subsection (b), not later than 10 days after the date on which the Secretary of Defense revises the list pursuant to section 1260H of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (10 U.S.C. 113U.S. Code — Title 10, Section 113View official source on GovInfo note; Public Law 116–283Public Law 116-283View official source on GovInfo), the Commission shall indefinitely suspend the trading of securities of any company on the list if the company remains on the list for 2 annual revisions. (b) Non-SDN Chinese Military-Industrial Complex Companies List Not later than 10 days after the date on which the Office of Foreign Assets Control of the Department of the Treasury adds a Chinese military company described in subsection (a) to the Non-SDN Chinese Military-Industrial Complex Companies List, the Commission shall notify the appropriate committees of Congress that the Commission did not suspend the trading of securities of the company. (c) Regulations (1) In general The Commission shall promulgate regulations, and issue such orders, as are strictly necessary to carry out the requirements of this section. (2) Contents Consistent with subsections (a) and (b), the regulations and orders promulgated and issued under paragraph (1) may address only— (A) the identification of securities subject to a trading prohibition; (B) the timing, administration, and enforcement of such trading prohibition; (C) the verification and application of the exception; and (D) the notices required to the appropriate committees of Congress. (3) Limitations Chapters 5 and 7 of title 5, United States Code, shall not apply with respect to any regulation promulgated under this subsection. (4) Rule of construction Nothing in this subsection may be construed to authorize the Commission to— (A) establish criteria for inclusion on, or removal from, the lists described in subsections (a) and (b); (B) impose a requirement, restriction, penalty, or obligation not expressly authorized by this section; (C) require a securities trading prohibition outside of what is authorized under this section; or (D) regulate any person or transaction other than as necessary to implement a trading prohibition or exception expressly required under this section.