TRADE SAFE Act

The TRADE SAFE Act (S 4590) prohibits U.S. national securities exchanges from listing or maintaining the listing of any security issued by companies that meet specific criteria. It directly affects companies included on three government lists: those linked to Uyghur forced labor under the Uyghur Forced Labor Prevention Act, Chinese military companies identified by the Defense Department, or entities on the Consolidated Screening List. The bill also blocks listings for companies producing covered communications equipment (per the Secure and Trusted Communications Networks Act) or previously identified under Sarbanes-Oxley for certain violations. Exchanges must remove such securities within 180 days of the bill’s enactment, with the SEC required to study current listings and report to Congress within the same timeframe.