PRC Broker-Dealers and Investment Advisers Moratorium Act

This bill prohibits the registration of new broker-dealers and investment advisers in the United States if they are owned, controlled, or managed by entities or individuals from China. The law defines control as owning more than 15% of voting securities and bars registration for firms that receive specific services from Chinese affiliates, such as software development, platform infrastructure, or customer support. These restrictions apply to both the primary firm and its related parties, ensuring that no Chinese-linked entity can operate under these federal securities licenses. The ban is set to expire automatically five years after the law is enacted, at which point the prohibitions will be removed.