Section 1 Short title
This Act may be cited as the “Instituting Measures to Protect American Investors and Retirees from Russia Act of 2022” or the “IMPAIR Russia Act”.
Instituting Measures to Protect American Investors and Retirees from Russia Act of 2022
A BILL
To prohibit investment by institutional investors in securities issued by Russian entities.
Sec. 2 Prohibition on investment in securities of Russian entities
In general— An institutional investor may not purchase a security issued by a Russian entity on or after the date of the enactment of this Act.
Implementation; penalties—
Implementation— The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out subsection (a).
Penalties— A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (a) or any regulation, license, or order issued to carry out that subsection shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.
Definitions— In this section:
Institutional investor— The term institutional investor means—
an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3), or any person that would be an investment company but for the application of paragraph (1) or (7) of subsection (c) of that section;
an insurance company, as defined in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a)); or
a fiduciary, within the meaning of section 3(21) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(21)).
Russian entity— The term Russian entity means an entity organized under the laws of the Russian Federation or otherwise subject to the jurisdiction of the Government of the Russian Federation.