This bill requires investment advisers and companies raising money to disclose when they're investing in or doing business with countries considered adversaries to the United States. The law targets two groups: large investment firms managing private funds (like hedge funds and private equity firms) and companies raising money through private securities offerings. Investment advisers managing at least $150 million in private funds must file annual reports showing what percentage of their investments are in "countries of concern" — which includes China, Russia, Iran, North Korea, and other nations the government identifies as adversaries or under their control. Companies raising $25 million or more through private offerings must disclose their ownership, where they're incorporated, whether they have ties to adversary nations, and how they plan to use the money they raise. The SEC will publish quarterly reports listing companies with adversary connections and annual reports on investment advisers with holdings in these countries. This gives investors and the government transparency into whether American money is flowing to or supporting businesses connected to foreign adversaries.