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 located in a country of concern.

Further, issuers of securities must report information to the SEC regarding certain large securities transactions that are exempt from registration. This information includes the issuer’s identity, associations with entities in countries of concern, details of the transaction, the beneficial owners of the issuers, and intended use of the proceeds of the transaction.

The SEC must publish a report quarterly on transactions that involve a country of concern.