Disclosing Investments in Foreign Adversaries Act of 2025

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 3562 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 3562 To require the Securities and Exchange Commission to amend the rules of the Commission relating to disclosures by advisers of private funds, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES December 18, 2025 Mr. Scott of Florida (for himself and Mr. Fetterman) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To require the Securities and Exchange Commission to amend the rules of the Commission relating to disclosures by advisers of private funds, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Disclosing Investments in Foreign Adversaries Act of 2025''. SEC. 2. ENHANCED DISCLOSURE REQUIREMENTS FOR ADVISERS OF PRIVATE FUNDS. Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b- 4) is amended by adding at the end the following: ``(g) Enhanced Disclosure Requirements for Advisers of Private Funds.-- ``(1) Definitions.--In this subsection: ``(A) Country of concern.--The term `country of concern'-- ``(i) has the meaning given the term `covered nation' in section 4872(f) of title 10, United States Code; and ``(ii) includes a jurisdiction that the Commission, in consultation with the Secretary of State and the Secretary of the Treasury, determines to be subject to the political and legal control of a covered nation, as defined in section 4872(f) of title 10, United States Code. ``(B) Covered investment adviser.--The term `covered investment adviser' means-- ``(i) an investment adviser required to register with the Commission that, toge