117 S3733 IS: Instituting Measures to Protect American Investors and Retirees from Russia Act of 2022 U.S. Senate 2022-03-02 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 3733IN THE SENATE OF THE UNITED STATESMarch 2, 2022Mr. Rubio introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo prohibit investment by institutional investors in securities issued by Russian entities.

1.

Short title

This Act may be cited as the Instituting Measures to Protect American Investors and Retirees from Russia Act of 2022 or the IMPAIR Russia Act.

2.

Prohibition on investment in securities of Russian entities

(a)

In general

An institutional investor may not purchase a security issued by a Russian entity on or after the date of the enactment of this Act.(b)

Implementation; penalties

(1)

Implementation

The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out subsection (a).(2)

Penalties

A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (a) or any regulation, license, or order issued to carry out that subsection shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.(c)

Definitions

In this section:(1)

Institutional investor

The term institutional investor means—(A)an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3), or any person that would be an investment company but for the application of paragraph (1) or (7) of subsection (c) of that section;(B)an insurance company, as defined in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a)); or(C)a fiduciary, within the meaning of section 3(21) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(21)). (2)

Russian entity

The term Russian entity means an entity organized under the laws of the Russian Federation or otherwise subject to the jurisdiction of the Government of the Russian Federation.