S. 3286 — Disclosing Investments in Foreign Adversaries Act of 2023

This bill requires private fund investment advisers registered with the Securities and Exchange Commission (SEC) to annually disclose the total assets of a private fund in countries of concern (i.e., North Korea, China, Russia, and Iran). The SEC must determine whether an asset is in a country of concern for purposes of this bill based on (1) the amount of capital invested in an entity that has a physical presence or employees in that country, or has a plurality of sales from that country; and (2) the proportion of that entity’s total assets and liabilities located in that country. The SEC must publish a report annually containing a list of investment advisers with private fund assets locat...