REPORTING OF ACTIVITIES WITH RESPECT TO PASSIVE FOREIGN INVESTMENT COMPANIES.

SEC. 521. REPORTING OF ACTIVITIES WITH RESPECT TO PASSIVE FOREIGN INVESTMENT COMPANIES.(a) In General.—Section 1298 is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection:“(f) Reporting Requirement.—Except as otherwise provided by the Secretary, each United States person who is a shareholder of a passive foreign investment company shall file an annual report containing such information as the Secretary may require.”.(b) Conforming Amendment.—Subsection (e) of section 1291 is amended by striking “, (d), and (f)” and inserting “and (d)”.(c) Effective Date.—The amendments made by this section take effect on the date of the enactment of this Act.