MS SB2848

Creates the "Foreign Company Accountability Act" requiring the Executive Director of the Department of Finance and Administration to develop and maintain a list of companies engaged in fraudulent financial activities by December 31, 2021, based on Public Company Accounting Oversight Board information.

Prohibits the Public Employees' Retirement System and State Treasurer from investing in companies identified on the list, with existing investments required to be divested within 120 days of the list's posting.

Allows case-by-case exceptions to investment restrictions if the investor determines investments are necessary to perform its functions.

Provides 90 days' written notice to companies before inclusion on the list and holds harmless all board members, officers, employees, and agents from liability for decisions made under this act.

Takes effect July 1, 2021, with the list updated annually by July 1.