,i #aac? ,,congress #a/ ,session ,h4 ,r4 #aieb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #ac1 #bjac ,mr4 ,s*weik]t introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,securities ,ex*ange ,act ( #aicd to require ! ,securities & ,ex*ange ,commission to all[ publicly trad$ companies ) a c]ta9 siz$ public float to *ange _! /ocks' tick sizes to increase liquidity by inc5tiviz+ capital commitm5t1 rese>* cov]age1 & brok]age support1 !reby increas+ ! /ocks' liquidity & inve/or int]e/1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,spread ,pric+ ,liquidity ,act ( #bjac4 #b4 ,tick size = c]ta9 issu]s 7a7 ,9 g5]al ,section #aa;,a7c77#f7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghk-#a7;c77#f77 is am5d$ to read z foll[s3 7#f7 ,tick size = c]ta9 issu]s 7,a7 ,selection 7i7 ,9 g5]al ,! bo>d ( directors ( an issu] ) a public float ( #ejj1jjj1jjj or less 7bas$ on a roll+ av]age ov] ! c\rse ( ! prec$+ #c-mon? p]iod7 & an av]age daily trad+ volume ( less ?an #ejj1jjj %>es may select to h ! securities ( ! issu] quot$ & trad$ us+ an increm5t ( ei!r #j4je or #j4aj4 7ii7 ,mann] ( selection ,a selection "u ?is subp>agraph %all be made by in=m+ ! ,commission & ea* ex*ange on :i* ! securities ( ! issu] are quot$ or trad$4 7iii7 ,limitation on c]ta9 issu]s ,) respect to ! av]age trad+ price 9 ! mo/ rec5t #a-mon? p]iod = ! securities ( an issu]-- 7,i7 if su* av]age price is less ?an #a1 ! issu] may n make ! selection "u ?is subp>agraph2 & 7,,ii7 if su* av]age price is #a or m1 b less ?an #b1 ! issu] may only select to h ! securities ( ! issu] quot$ & trad$ us+ an increm5t ( #j4je4 7iv7 ,consultation ,9 mak+ a selection "u ?is subp>agraph1 ! bo>d ( directors %all fir/ consult ) ! issu]'s prim>y li/+ m>ket4 7,b7 ,trad+ requirem5ts ,if an issu] has made ! selection "u subp>agraph 7,a7-- 7i7 all quotes ( ! securities ( su* issu] %all be done us+ only ! increm5t select$2 7ii7 an ex*ange on :i* ! securities ( su* issu] are trad$ may n *>ge a fee = a p]son engag+ 9 su* a trade1 unless su* fee is uni=m = all trades & bas$ solely on ! numb] ( %>es trad$2 & 7iii7 su* selection %all n prev5t ! securities ( ! issu] be+ trad$ at increm5ts o!r ?an ! increm5t select$4 7,c7 ,"r to opt out ( selection 7i7 ,9 g5]al ,an issu] t has made ! selection "u subp>agraph 7,a7 may *oose to opt out ( su* selection at any "t aft] ! #f-mon? p]iod beg9n+ on ! date su* selection 0 made4 7ii7 ,mann] ( opt out ,an issu] t *ooses to opt out ( ! selection "u subp>agraph 7,a7 %all d s by in=m+ ! ,commission & ea* ex*ange on :i* ! securities ( ! issu] are quot$ or trad$4 7iii7 ,future selection ,subject to subp>agraph 7,d71 an issu] t opts out ( ! selection "u subp>agraph 7,a7 may make ! selection "u subp>agraph 7,a7 aga9 at any "t aft] ! #a-ye> p]iod beg9n+ on ! date ( ! opt out4 7,d7 ,treatm5t ( issu]s surpass+ cap ,if ! public float ( an issu] t has made ! selection "u subp>agraph 7,a7 rises above #ejj1jjj1jjj 7bas$ on a roll+ av]age ov] ! c\rse ( a #c-mon? p]iod7 or ! av]age daily trad+ volume ( ! issu] raises above #ejj1jjj !n1 aft] ! end ( ! #c-mon? p]iod beg9n+ on ! date ( su* occurr5ce-- 7i7 ! issu] %all no long] be consid]$ to h made ! selection "u subp>agraph 7,a72 & 7ii7 ! issu] %all be ineligible to make a selection "u subp>agraph 7,a7 dur+ ! #b-ye> p]iod beg9n+ aft] ! end ( su* #c-mon? p]iod1 reg>dless ( ! issu]'s public float or av]age daily trad+ volume4 7,e7 ,/udy & ,report 7i7 ,9 g5]al ,n lat] ?an ! end ( ! #i-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is p>agraph1 & annually !reaft]1 ! ,commission %all c>ry out a /udy ( ! quot+ & trad+ ( securities 9 increm5ts ( #j4je & #j4aj p]mitt$ by ?is p>agraph1 & ! ext5t to :i* su* a sy/em is increas+ liquidity by inc5tiviz+ capital commitm5t1 rese>* cov]age1 & brok]age support4 7ii7 ,report to ,congress ,^u ! completion ( ea* /udy describ$ "u clause 7i71 ! ,commission %all issue a report to ! ,congress conta9+ all ( ! f9d+s & det]m9ations made 9 c>ry+ out su* /udy1 along ) any legislative recomm5dations ! ,commission may h4 7,f7 ,def9itions ,= purposes ( ?is p>agraph3 7i7 ,av]age daily trad+ volume ,) respect to a security1 ! t]m av]age daily trad+ volume means ! av]age1 ov] ! previ\s #c-mon? p]iod1 (-- 7,i7 ! aggregate daily volume = bids made on ! security )9 ! price b&2 & 7,,ii7 ! aggregate daily volume = (f]s made on ! security )9 ! price b&4 7ii7 ,price b& ,) respect to a security1 ! t]m price b& means ! range betwe5 ! price t is #be c5ts bel[ ! trad+ price ( ! security & ! price t is #be c5ts above ! trad+ price ( ! security4 7iii7 ,public float ,! t]m public float means ! am\nt ( equity ( an issu] t is held by p]sons :o are n affiliat$ ) ! issu]1 det]m9$ by multiply+ ! numb] ( %>es ( su* /ock by ! price ( "o ( su* %>es4 4 7b7 ,effective ,date 7#a7 ,9 g5]al ,section #aa;,a7c77#f7 ( ! ,securities ,ex*ange ,act ( #aicd1 z am5d$ by subsection 7a71 %all take effect-- 7,a7 ) respect to an issu] ) a public float ( #ajj1jjj1jjj or less 7bas$ on a roll+ av]age ov] ! c\rse ( ! prec$+ #c-mon? p]iod7 & an av]age daily trad+ volume ( less ?an #ajj1jjj1 on ! date ( ! enactm5t ( ?is ,act2 7,b7 ) respect to an issu] t is n describ$ "u subp>agraph 7,a7 & t has a public float ( #bej1jjj1jjj or less 7bas$ on a roll+ av]age ov] ! c\rse ( ! prec$+ #c-mon? p]iod7 & an av]age daily trad+ volume ( less ?an #bej1jjj1 aft] ! end ( ! #c-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act2 & 7,c7 ) respect to an issu] t is n describ$ "u subp>agraph 7,a7 or 7,b7 & t has a public float ( #ejj1jjj1jjj or less 7bas$ on a roll+ av]age ov] ! c\rse ( ! prec$+ #c-mon? p]iod7 & an av]age daily trad+ volume ( less ?an #ejj1jjj1 aft] ! end ( ! #f-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 7#b7 ,def9itions ,= purposes ( ?is subsection1 ! t]ms av]age daily trad+ volume & public float h ! mean+ giv5 ^? t]ms1 respectively1 "u section #aa;,a7c77#f77;,f7 ( ! ,securities ,ex*ange ,act ( #aicd4