Foreign Investment Disclosure Act

Summary

Foreign Investment Disclosure Act - Amends the Securities Exchange Act of 1934 to require any foreign investor, after acquiring more than five percent of certain domestic equity securities of a company with assets exceeding $1,000,000, to transmit to the Securities and Exchange Commission specified information regarding the purchaser and percentage of such holdings. Makes it unlawful for a foreign investor to acquire more than five percent of the equity securities of a United States company with assets exceeding $1,000,000 without transmitting certain information to the Securities and Exchange Commission 30 days prior to such acquisition. Authorizes the President to prohibit such acquisition: (1) for national security, foreign policy, or economic protection; or (2) when the President believes any foreign investor has caused discrimination against a United States company, officer, employee, or shareholder for dealing with a foreign government with which the United States has diplomatic relations or any resident of such country. Amends the Securities Exchange Act of 1934 to require disclosure of the identity, residence, and nationality of the beneficial owner of certain equity securities. Requires the issuer of such securities to maintain a list of the identity, residence, and nationality of the beneficial owners of its securities. Confers jurisdiction upon the Federal district courts to enjoin acquisition of such security or to revoke voting rights thereunder to enforce the filing requirements of this Act. Authorizes the Attorney General, any United States company in which a foreign investor holds any equity security, or any aggrieved person, to bring such civil action. Imposes a fine of $1,000 per day for violation by a foreign investor of filing requirements under this Act.

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1 official file

• Introduced in House

  summary · EN · 15 January 1979

  Open at official source

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