Section 1 Short title
This Act may be cited as the “Protect America’s Lands Act”.
Protect America’s Lands Act
A BILL
To amend the Securities Exchange Act of 1934 to prohibit exchanges from effecting transactions in securities issued by natural asset companies, and for other purposes.
Sec. 2 Prohibition with respect to effecting transactions in securities issued by natural asset companies
Section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f) is amended by adding at the end the following:
“(m) Prohibition with respect to effecting transactions in securities issued by natural asset companies
“(1) Definition—In this subsection, the term natural asset company—
“(A) means a company—
“(i) that holds the rights to the ecological performance (including value from natural assets and the production of ecosystem services) of a defined land area and has the authority to manage that area for conservation, restoration, or sustainable management; and
“(ii) the primary purpose of which, with respect to the defined land area described in clause (i), is to—
“(I) manage, maintain, restore, and grow the value of natural assets and the production of ecosystem services in the area; or
“(II) carry out activities that do not cause any material adverse impact on the condition of the natural assets in the area and replenish the natural resources used in the area; and
“(B) includes any company that controls, is controlled by, or is under common control with a company described in subparagraph (A).
“(2) Prohibition—It shall be unlawful for a national securities exchange registered under subsection (b) to effect a transaction in a security issued by a natural asset company.”