,,ib  ,union ,cal5d> ,no4 #ca  #aac?    
,,congress  #a/ ,session  ,h4 ,r4 #ajfb 
,report ,no4 #aac-ec  ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,m>* #ab1 #bjac ,mr4 
,g>rett 7= himself1 ,mr4 ,hurt1 ,mr4    
,grimm1 ,mr4 ,neugebau]1 ,mrs4 ,ba*mann1
 ,mr4 ,huiz5ga ( ,mi*igan1 ,mr4         
,mc,henry1 ,mr4 ,f9*]1 ,mr4 ,ross1 ,mr4 
,campbell1 ,mrs4 ,wagn]1 ,mr4 ,mulvaney1
 ,mr4 ,hultgr51 ,mr4 ,pitt5g]1 ,mr4 ,g>y
 ,g4 ,mill] ( ,cali=nia1 & ,mr4         
,conaway7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,may #ac1 #bjac ,additional   
sponsors3 ,mr4 ,cotton1 ,mr4 ,b>r1 ,mr4 
,sessions1 ,mr4 ,kl9e1 ,mr4 ,k+ ( ,new  
,york1 ,mr4 ,/utzman1 ,mr4 ,pe>ce1 &    
,mr4 ,ba*us  ,may #ac1 #bjac ,committ$  
to ! ,committee ( ! ,:ole ,h\se on !    
,/ate ( ! ,union & ord]$ to be pr9t$  ,a
 ,,bill  ,to improve ! consid]ation by !
 ,securities & ,ex*ange ,commission ( ! 
co/s & b5efits ( its regulations &      
ord]s4  #a4 ,%ort title ,?is title may  
be cit$ z ! ,,sec ,regulatory           

,acc\ntability ,act4  #b4 ,consid]ation 
by ! ,securities & ,ex*ange ,commission 
( ! co/s & b5efits ( its regulations &  
c]ta9 o!r ag5cy actions ,section #bc ( !
 ,securities ,ex*ange ,act ( #aicd 7#ae 
,u4,s4,c4 #ghw7 is am5d$ by add+ at !   
end ! foll[+3  7e7 ,consid]ation ( co/s 
& b5efits  7#a7 ,9 g5]al ,be=e issu+ a  
regulation "u ! securities laws1 z def9$
 9 section #c7;a71 ! ,commission %all-- 
7,a7 cle>ly id5tify ! nature & s\rce ( !
 problem t ! propos$ regulation is      
design$ to address1 z well z assess !   
significance ( t problem1 to enable     
assessm5t ( :e!r any new regulation is  
w>rant$2  7,b7 utilize ! ,*ief ,economi/
 to assess ! co/s & b5efits1 bo?        
qualitative & quantitative1 ( ! int5d$  
regulation & propose or adopt a         
regulation only on a reason$ det]m9ation
 t ! b5efits ( ! int5d$ regulation      
ju/ify ! co/s ( ! regulation2  7,c7     
id5tify & assess available alt]natives  
to ! regulation t 7 consid]$1 includ+   
modification ( an exi/+ regulation1     

toge!r ) an explanation ( :y !          
regulation meets ! regulatory objectives
 m effectively ?an ! alt]natives2 &     
7,d7 ensure t any regulation is         
accessible1 consi/5t1 writt5 9 pla9     
language1 & easy to und]/& & %all       
measure1 & seek to improve1 ! actual    
results ( regulatory requirem5ts4  7#b7 
,consid]ations & actions  7,a7 ,requir$ 
actions ,9 decid+ :e!r & h[ to regulate1
 ! ,commission %all assess ! co/s &     
b5efits ( available regulatory          
alt]natives1 includ+ ! alt]native ( n   
regulat+1 & *oose ! approa* t maximizes 
net b5efits4 ,specifically1 !           
,commission %all--  7i7 consi/5t ) !    
requirem5ts ( section #c7;f7 7#ae       
,u4,s4,c4 #gh;c7f771 section #b7;b7 ( ! 
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7b771 section #bjb7;c7 ( !         
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#b7;c771 & section      
#b7;c7 ( ! ,inve/m5t ,company ,act (    
#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;c771     
consid] :e!r ! rulemak+ w promote       

effici5cy1 competition1 & capital       
=mation2  7ii7 evaluate :e!r1 consi/5t )
 obta9+ regulatory objectives1 !        
regulation is tailor$ to impose ! lea/  
burd5 on society1 includ+ m>ket         
p>ticipants1 individuals1 bus9esses (   
diff]+ sizes1 & o!r entities 7includ+   
,/ate & local gov]nm5tal entities71 tak+
 into acc\nt1 to ! ext5t practicable1 ! 
cumulative co/s ( regulations2 &  7iii7 
evaluate :e!r ! regulation is           
inconsi/5t1 incompatible1 or duplicative
 ( o!r ,f$]al regulations4  7,b7        
,additional consid]ations ,9 addition1 9
 mak+ a reason$ det]m9ation ( ! co/s &  
b5efits ( a pot5tial regulation1 !      
,commission %all1 to ! ext5t t ea* is   
relevant to ! p>ticul> propos$          
regulation1 take into consid]ation !    
impact ( ! regulation on--  7i7 inve/or 
*oice2  7ii7 m>ket liquidity 9 !        
securities m>kets2 &  7iii7 small       
bus9esses4  7#c7 ,explanation & comm5ts 
,! ,commission %all expla9 9 its f9al   
rule ! nature ( comm5ts t x receiv$1    

includ+ ^? f ! indu/ry or consum] gr\ps 
conc]n+ ! pot5tial co/s or b5efits ( !  
propos$ rule or propos$ rule *ange1 &   
%all provide a response to ^? comm5ts 9 
its f9al rule1 includ+ an explanation ( 
any *anges t 7 made 9 response to ^?    
comm5ts & ! reasons t ! ,commission did 
n incorporate ^? indu/ry gr\p conc]ns   
relat$ to ! pot5tial co/s or b5efits 9 !
 f9al rule4  7#d7 ,review ( ,exi/+      
,regulations ,n lat] ?an #a ye> aft] !  
date ( enactm5t ( ! ,,sec ,regulatory   
,acc\ntability ,act1 & e #e ye>s        
!reaft]1 ! ,commission %all review its  
regulations to det]m9e :e!r any su*     
regulations are outmod$1 ineffective1   
insuffici5t1 or excessively burd5some1 &
 %all modify1 /reaml9e1 exp&1 or repeal 
!m 9 accordance ) su* review4 ,9 review+
 any regulation 7includ+1 not)/&+       
p>agraph 7#f71 a regulation issu$ 9     
accordance ) =mal rulemak+ provisions7 t
 subjects issu]s ) a public float (     
#bej1jjj1jjj or less to ! atte/ation &  
report+ requirem5ts ( section #djd7;b7 (

 ! ,s>banes-,oxley ,act ( #bjjb 7#ae    
,u4,s4,c4 #gbfb7;b771 ! ,commission %all
 specifically take into acc\nt ! l>ge   
burd5 ( su* regulation :5 comp>$ to !   
b5efit ( su* regulation4  7#e7          
,po/-adoption impact assessm5t  7,a7 ,9 
g5]al ,:5ev] ! ,commission adopts or    
am5ds a regulation designat$ z a major  
rule )9 ! mean+ ( section #hjd7b7 (     
title #e1 ,unit$ ,/ates ,code1 x %all   
/ate1 9 its adopt+ release1 ! foll[+3   
7i7 ,! purposes & int5d$ consequ5ces ( !
 regulation4  7ii7 ,appropriate         
po/-implem5tation quantitative &        
qualitative metrics to measure !        
economic impact ( ! regulation & to     
measure ! ext5t to :i* ! regulation has 
accompli%$ ! /at$ purposes4  7iii7 ,!   
assessm5t plan t w be us$1 consi/5t ) ! 
requirem5ts ( subp>agraph 7,b7 & "u !   
sup]vision ( ! ,*ief ,economi/ ( !      
,commission1 to assess :e!r ! regulation
 has a*iev$ ! /at$ purposes4  7iv7 ,any 
un9t5d$ or negative consequ5ces t !     
,commission =esees may result f !       

regulation4  7,b7 ,requirem5ts (        
assessm5t plan & report  7i7            
,requirem5ts ( plan ,! assessm5t plan   
requir$ "u ?is p>agraph %all consid] !  
co/s1 b5efits1 & int5d$ & un9t5d$       
consequ5ces ( ! regulation4 ,! plan %all
 specify ! data to be collect$1 ! me?ods
 = collection & analysis ( ! data & a   
date = completion ( ! assessm5t4  7ii7  
,submission & publication ( report ,!   
,*ief ,economi/ %all submit ! complet$  
assessm5t report to ! ,commission no    
lat] ?an #b ye>s aft] ! publication ( ! 
adopt+ release1 unless ! ,commission1 at
 ! reque/ ( ! ,*ief ,economi/1 has      
publi%$ at lea/ #ij days be=e su* date a
 notice 9 ! ,f$]al ,regi/] ext5d+ ! date
 & provid+ specific reasons :y an       
ext5sion is necess>y4 ,)9 #g days aft]  
submission to ! ,commission ( ! f9al    
assessm5t report1 x %all be publi%$ 9 ! 
,f$]al ,regi/] = notice & comm5t4 ,any  
mat]ial modification ( ! plan1 z        
necess>y to assess un=ese5 aspects or   
consequ5ces ( ! regulation1 %all be     

promptly publi%$ 9 ! ,f$]al ,regi/] =   
notice & comm5t4  7iii7 ,data collection
 n subject to notice & comm5t           
requirem5ts ,if ! ,commission has       
publi%$ its assessm5t plan = notice &   
comm5t1 specify+ ! data to be collect$ &
 me?od ( collection1 at lea/ #cj days   
prior to adoption ( a f9al regulation or
 am5dm5t1 su* collection ( data %all n  
be subject to ! notice & comm5t         
requirem5ts 9 section #cejf7;c7 ( title 
#dd1 ,unit$ ,/ates ,code 7commonly      
ref]r$ to z ! ,pap]work ,r$uction ,act74
 ,any mat]ial modifications ( ! plan t  
require collection ( data n previ\sly   
publi%$ = notice & comm5t %all also be  
exempt f su* requirem5ts if !           
,commission has publi%$ notice = comm5t 
9 ! ,f$]al ,regi/] ( ! additional data  
to be collect$1 at lea/ #cj days prior  
to initiation ( data collection4  7iv7  
,f9al action ,n lat] ?an #ahj days aft] 
publication ( ! assessm5t report 9 !    
,f$]al ,regi/]1 ! ,commission %all issue
 = notice & comm5t a proposal to am5d or

 resc9d ! regulation1 or publi% a notice
 t ! ,commission has det]m9$ t no action
 w be tak5 on ! regulation4 ,su* a      
notice w be deem$ a f9al ag5cy action4  
7#f7 ,cov]$ regulations & o!r ag5cy     
actions ,solely z us$ 9 ?is subsection1 
! t]m regulation--  7,a7 means an ag5cy 
/atem5t ( g5]al applicability & future  
effect t is design$ to implem5t1        
int]pret1 or prescribe law or policy or 
to describe ! proc$ure or practice      
requirem5ts ( an ag5cy1 includ+ rules1  
ord]s ( g5]al applicability1 int]pretive
 releases1 & o!r /atem5ts ( g5]al       
applicability t ! ag5cy int5ds to h !   
=ce & effect ( law2 &  7,b7 does n      
include--  7i7 a regulation issu$ 9     
accordance ) ! =mal rulemak+ provisions 
( section #eef or #eeg ( title #e1      
,unit$ ,/ates ,code2  7ii7 a regulation 
t is limit$ to ag5cy organization1      
managem5t1 or p]sonnel matt]s2  7iii7 a 
regulation promulgat$ pursuant to       
/atutory au?ority t expressly prohibits 
compliance ) ?is provision2 &  7iv7 a   

regulation t is c]tifi$ by ! ag5cy to be
 an em]g5cy action1 if su* c]tification 
is publi%$ 9 ! ,f$]al ,regi/]4  4  #c4  
,s5se ( ,congress relat+ to o!r         
regulatory entities ,x is ! s5se ( !    
,congress t o!r regulatory entities1    
includ+ ! ,public ,company ,acc\nt+     
,ov]sight ,bo>d1 ! ,municipal           
,securities ,rulemak+ ,bo>d1 & any      
national securities association regi/]$ 
"u section #ae;,a ( ! ,securities       
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#c7 %\ld also foll[ ! requirem5ts (
 section #bc7;e7 ( su* ,act1 z add$ by  
?is title4  ,may #ac1 #bjac ,committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate
 ( ! ,union & ord]$ to be pr9t$