H.R. 9176
PAR Act
Sponsor: David Kustoff · 0 cosponsors
Official summary
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Text of the bill
(a) In general. Subsections (a) and (b) of section 1058 are each amended by striking securities each place it appears and inserting specified assets.
(b) Specified assets. Section 1058 is amended by adding at the end the following new subsection:
(d) Specified assets. For purposes of this section, the term specified assets means—
(1) securities (as defined in section 1236(c)), and
(2) traded digital assets.
(c) Treatment of certain legal entitlements and obligations which accrue during period of agreement. Section 1058(b)(2) is amended to read as follows:
(2) require that—
(A) payments shall be made to the transferor of amounts equivalent to, except as otherwise provided by the Secretary, all interest, dividends, property, legal entitlements, and other distributions which the owner of the specified assets is entitled to receive during the period beginning with the transfer of the specified assets by the transferor and ending with the transfer of identical specified assets back to the transferor, and
(B) in the case of any transfer of traded digital assets, the transferor shall assume all obligations imposed on the owner of such traded digital assets during the period described in subparagraph (A),
(d) Conforming amendments
(1) Section 1058(a) is amended by striking (as defined in section 1236(c)).
(2) The heading of section 1058, and the item relating to section 1058 in the table of sections for part IV of subchapter O of chapter 1, are each amended by striking securities and inserting specified assets.
(e) Effective date. The amendments made by this section shall apply to transfers made after the date of the enactment of this Act.