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.