,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #edje  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #h1 #bjad   
,mr4 ,fitzpatrick 7= himself1 ,mr4 ,b>r1
 ,mr4 ,duffy1 ,mr4 ,g>rett1 ,mr4 ,grimm1
 ,mr4 ,huiz5ga ( ,mi*igan1 ,mr4         
,hultgr51 ,mr4 ,hurt1 ,mr4 ,luetkemey]1 
,mr4 ,/iv]s1 ,mrs4 ,wagn]1 & ,mr4       
,womack7 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committee  
on ,agriculture1 = a p]iod to be        
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to make te*nical   
corrections to ! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection     
,act1 to enhance ! ability ( small &    
em]g+ gr[? companies to access capital  
?r\gh public & private m>kets1 to r$uce 
regulatory burd5s1 & = o!r purposes4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,promot+ ,job ,creation & ,r$uc+      
,small ,bus9ess ,burd5s ,act4  #b4      

,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3  ,sec4 #a4 ,%ort  
title4 ,sec4 #b4 ,table ( cont5ts4      
,title ,i--,bus9ess ,risk ,mitigation & 
,price ,/abilization ,act ,sec4 #aja4   
,m>g9 requirem5ts4 ,sec4 #ajb4          
,implem5tation4 ,title ,,ii--,treatm5t (
 affiliate transactions ,sec4 #bja4     
,treatm5t ( affiliate transactions4     
,title ,,iii--,hold+ ,company           
,regi/ration ,?re%old ,equalization ,act
 ,sec4 #cja4 ,regi/ration ?re%old =     
sav+s & loan hold+ companies4 ,title    
,,iv--,small ,bus9ess ,m]g]s1           
,acquisitions1 ,sales1 & ,brok]age      
,simplification ,act ,sec4 #dja4        
,regi/ration exemption = m]g] &         
acquisition brok]s4 ,sec4 #djb4         
,effective date4 ,title ,v--,small ,cap 
,liquidity ,re=m ,act ,sec4 #eja4       
,liquidity pilot program = securities ( 
c]ta9 em]g+ gr[? companies4 ,title      
,,vi--,improv+ ,access to ,capital =    
,em]g+ ,gr[? ,companies ,act ,sec4 #fja4
 ,fil+ requirem5t = public fil+ prior to

 public (f]+4 ,sec4 #fjb4 ,grace p]iod =
 *ange ( /atus ( em]g+ gr[? companies4  
,sec4 #fjc4 ,simplifi$ disclosure       
requirem5ts = em]g+ gr[? companies4     
,title ,,vii--,small ,company           
,disclosure ,simplification ,act ,sec4  
#gja4 ,exemption f ,,xbrl requirem5ts = 
em]g+ gr[? companies & o!r small]       
companies4 ,sec4 #gjb4 ,analysis by !   
,,sec4 ,sec4 #gjc4 ,report to ,congress4
 ,sec4 #gjd4 ,def9itions4 ,title        
,,viii--,re/or+ ,prov5 ,f9anc+ =        
,am]ican ,employ]s ,act ,sec4 #hja4     
,rules ( con/ruction relat+ to          
collat]aliz$ loan obligations4 ,title   
,,ix--,,sbic ,advis]s ,relief ,act ,sec4
 #ija4 ,advis]s ( ,s,b,i,cs & v5ture    
capital funds4 ,sec4 #ijb4 ,advis]s (   
,s,b,i,cs & private funds4 ,sec4 #ijc4  
,relation%ip to ,/ate law4 ,title       
,x--,disclosure ,mod]nization &         
,simplification ,act ,sec4 #ajja4       
,summ>y page = =m #aj-,k4 ,sec4 #ajjb4  
,improvem5t ( regulation ,s-,k4 ,sec4   
#ajjc4 ,/udy on mod]nization &          

simplification ( regulation ,s-,k4      
,title ,,xi--,enc\rag+ ,employee        
,own]%ip ,act ,sec4 #aaja4 ,increas$    
?re%old = disclosures relat+ to         
comp5satory b5efit plans4  ,i ,bus9ess  
,risk ,mitigation & ,price ,/abilization
 ,act  #aja4 ,m>g9 requirem5ts  7a7     
,commodity ,ex*ange ,act am5dm5t        
,section #ds7e7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #fs7e771 z add$ by   
section #gca ( ! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection     
,act1 is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#d7 ,applicability )   
respect to c\nt]p>ties ,! requirem5ts ( 
p>agraphs 7#b77;,a77ii7 & 7#b77;,b77ii7 
%all n apply to a swap 9 :i* a c\nt]p>ty
 qualifies = an exception "u section    
#b7;h77#g77;,a7 or satisfies ! crit]ia 9
 section #b7;h77#g77;,d74  4  7b7       
,securities ,ex*ange ,act am5dm5t       
,section #ae;,f7e7 ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#aj7;e771 z add$ by section        
#gfd7;a7 ( ! ,dodd-,frank ,wall ,/reet  

,re=m & ,consum] ,protection ,act1 is   
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#d7 ,applicability ) respect
 to c\nt]p>ties ,! requirem5ts (        
p>agraphs 7#b77;,a77ii7 & 7#b77;,b77ii7 
%all n apply to a security-bas$ swap 9  
:i* a c\nt]p>ty qualifies = an exception
 "u section #c;,c7g77#a7 or satisfies ! 
crit]ia 9 section #c;,c7g77#d74  4      
#ajb4 ,implem5tation ,! am5dm5ts made by
 ?is title to ! ,commodity ,ex*ange ,act
 %all be implem5t$--  7#a7 )\t reg>d    
to--  7,a7 *apt] #ce ( title #dd1 ,unit$
 ,/ates ,code2 &  7,b7 ! notice & comm5t
 provisions ( section #eec ( title #e1  
,unit$ ,/ates ,code2  7#b7 ?r\gh !      
promulgation ( an int]im f9al rule1     
pursuant to :i* public comm5t w be s\ght
 be=e a f9al rule is issu$2 &  7#c7 su* 
t p>agraph 7#a7 %all apply solely to    
*anges to rules & regulations1 or       
propos$ rules & regulations1 t are      
limit$ to & directly a consequ5ce ( su* 
am5dm5ts4  ,,ii ,treatm5t ( affiliate   
transactions  #bja4 ,treatm5t (         

affiliate transactions  7a7 ,9 g5]al    
7#a7 ,commodity ,ex*ange ,act am5dm5t   
,section #b7;h77#g77;,d77i7 ( !         
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;h77#g77;,d77i77 is am5d$ to read z  
foll[s3  7i7 ,9 g5]al ,an affiliate ( a 
p]son t qualifies = an exception "u     
subp>agraph 7,a7 7includ+ affiliate     
entities pr$om9antly engag$ 9 provid+   
f9anc+ = ! pur*ase ( ! m]*&ise or       
manufactur$ goods ( ! p]son7 may qualify
 = ! exception only if ! affiliate ent]s
 into ! swap to h$ge or mitigate !      
comm]cial risk ( ! p]son or o!r         
affiliate ( ! p]son t is n a f9ancial   
entity1 provid$ t if ! transf] (        
comm]cial risk is address$ by ent]+ into
 a swap ) a swap deal] or major swap    
p>ticipant1 an appropriate cr$it support
 measure or o!r me*anism is utiliz$4  4 
7#b7 ,securities ,ex*ange ,act ( #aicd  
am5dm5t ,section #c;,c7g77#d77;,a7 ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c-#c7;g77#d77;,a77 is     
am5d$ to read z foll[s3  7,a7 ,9 g5]al  

,an affiliate ( a p]son t qualifies = an
 exception "u p>agraph 7#a7 7includ+    
affiliate entities pr$om9antly engag$ 9 
provid+ f9anc+ = ! pur*ase ( ! m]*&ise  
or manufactur$ goods ( ! p]son7 may     
qualify = ! exception only if !         
affiliate ent]s into ! security-bas$    
swap to h$ge or mitigate ! comm]cial    
risk ( ! p]son or o!r affiliate ( !     
p]son t is n a f9ancial entity1 provid$ 
t if ! transf] ( comm]cial risk is      
address$ by ent]+ into a security-bas$  
swap ) a security-bas$ swap deal] or    
major security-bas$ swap p>ticipant1 an 
appropriate cr$it support measure or o!r
 me*anism is utiliz$4  4  7b7           
,applicability ( cr$it support measure  
requirem5t ,not)/&+ section #cga ( ?is  
,act1 ! requirem5ts 9 section           
#b7;h77#g77;,d77i7 ( ! ,commodity       
,ex*ange ,act & section                 
#c;,c7g77#d77;,a7 ( ! ,securities       
,ex*ange ,act ( #aicd1 z am5d$ by       
subsection 7a71 requir+ t a cr$it       
support measure or o!r me*anism be      

utiliz$ if ! transf] ( comm]cial risk   
ref]r$ to 9 su* sections is address$ by 
ent]+ into a swap ) a swap deal] or     
major swap p>ticipant or a security-bas$
 swap ) a security-bas$ swap deal] or   
major security-bas$ swap p>ticipant1 z  
appropriate1 %all n apply ) respect to  
swaps or security-bas$ swaps1 z         
appropriate1 ent]$ into be=e ! date ( ! 
enactm5t ( ?is ,act4  ,,iii ,hold+      
,company ,regi/ration ,?re%old          
,equalization ,act  #cja4 ,regi/ration  
?re%old = sav+s & loan hold+ companies  
,! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$--
  7#a7 9 section #ab7;g7--  7,a7 9      
p>agraph 7#a77;,b71 by ins]t+ aft] is a 
bank ! foll[+3 1 a sav+s & loan hold+   
company 7z def9$ 9 section #aj ( ! ,home
 ,own]s' ,loan ,act712 &  7,b7 9        
p>agraph 7#d71 by ins]t+ aft] case ( a  
bank ! foll[+3 1 a sav+s & loan hold+   
company 7z def9$ 9 section #aj ( ! ,home
 ,own]s' ,loan ,act712 &  7#b7 9 section
 #ae7;d71 by /rik+ case ( bank & ins]t+ 

! foll[+3 case ( a bank1 a sav+s & loan 
hold+ company 7z def9$ 9 section #aj ( !
 ,home ,own]s' ,loan ,act714  ,,iv      
,small ,bus9ess ,m]g]s1 ,acquisitions1  
,sales1 & ,brok]age ,simplification ,act
  #dja4 ,regi/ration exemption = m]g] & 
acquisition brok]s ,section #ae7;b7 ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gho7b77 is am5d$ by add+ at !
 end ! foll[+3  7#ac7 ,regi/ration      
exemption = m]g] & acquisition brok]s   
7,a7 ,9 g5]al ,except z provid$ 9       
subp>agraph 7,b71 an ,m,a brok] & any   
p]son associat$ ) an ,m,a brok] %all be 
exempt f regi/ration "u ?is section4    
7,b7 ,exclud$ activities ,an ,m,a brok] 
or a p]son associat$ ) an ,m,a brok] is 
n exempt f regi/ration "u ?is p>agraph  
if su* brok] or associat$ p]son does any
 ( ! foll[+3  7i7 ,directly or          
indirectly1 9 connection ) ! transf] (  
own]%ip ( an eligible privately held    
company1 receives1 holds1 transmits1 or 
has cu/ody ( ! funds or securities to be
 ex*ang$ by ! p>ties to ! transaction4  

7ii7 ,engages on behalf ( an issu] 9 a  
public (f]+ ( any class ( securities t  
is regi/]$1 or is requir$ to be regi/]$1
 ) ! ,commission "u section #ab or )    
respect to :i* ! issu] files1 or is     
requir$ to file1 p]iodic in=mation1     
docum5ts1 & reports "u subsection 7d74  
7,c7 ,rule ( con/ruction ,no?+ 9 ?is    
p>agraph %all be con/ru$ to limit any   
o!r au?ority ( ! ,commission to exempt  
any p]son1 or any class ( p]sons1 f any 
provision ( ?is title1 or f any         
provision ( any rule or regulation      
!reund]4  7,d7 ,def9itions ,9 ?is       
p>agraph3  7i7 ,control ,! t]m control  
means ! p[]1 directly or indirectly1 to 
direct ! managem5t or policies ( a      
company1 :e!r ?r\gh own]%ip (           
securities1 by contract1 or o!rwise4    
,!re is a presumption ( control = any   
p]son :o--  7,i7 is a director1 g5]al   
p>tn]1 memb] or manag] ( a limit$       
liability company1 or (fic] ex]cis+     
executive responsibility 7or has simil> 
/atus or functions72  7,,ii7 has ! "r to

 vote #bj p]c5t or m ( a class ( vot+   
securities or ! p[] to sell or direct ! 
sale ( #bj p]c5t or m ( a class ( vot+  
securities2 or  7,,iii7 9 ! case ( a    
p>tn]%ip or limit$ liability company1   
has ! "r to receive ^u dissolution1 or  
has contribut$1 #bj p]c5t or m ( !      
capital4  7ii7 ,eligible privately held 
company ,! t]m eligible privately held  
company means a company t meets bo? ( ! 
foll[+ conditions3  7,i7 ,! company does
 n h any class ( securities regi/]$1 or 
requir$ to be regi/]$1 ) ! ,commission  
"u section #ab or ) respect to :i* !    
company files1 or is requir$ to file1   
p]iodic in=mation1 docum5ts1 & reports  
"u subsection 7d74  7,,ii7 ,9 ! fiscal  
ye> end+ imm$iately be=e ! fiscal ye> 9 
:i* ! s]vices ( ! ,m,a brok] are        
initially engag$ ) respect to !         
securities transaction1 ! company meets 
ei!r or bo? ( ! foll[+ conditions       
7det]m9$ 9 accordance ) ! hi/orical     
f9ancial acc\nt+ records ( ! company73  
7aa7 ,! e>n+s ( ! company be=e int]e/1  

taxes1 depreciation1 & amortization are 
less ?an #be1jjj1jjj4  7bb7 ,! gross    
rev5ues ( ! company are less ?an        
#bej1jjj1jjj4  7iii7 ,m,a brok] ,! t]m  
,m,a brok] means a brok] engag$ 9 !     
bus9ess ( effect+ securities            
transactions solely 9 connection ) !    
transf] ( own]%ip ( an eligible         
privately held company1 reg>dless ( :e!r
 ! brok] acts on behalf ( a sell] or    
buy]1 ?r\gh ! pur*ase1 sale1 ex*ange1   
issuance1 repur*ase1 or r$emption (1 or 
a bus9ess comb9ation involv+1 securities
 or assets ( ! eligible privately held  
company1 if ! brok] reasonably believes 
t--  7,i7 ^u consummation ( !           
transaction1 any p]son acquir+          
securities or assets ( ! eligible       
privately held company1 act+ alone or 9 
conc]t1 w control &1 directly or        
indirectly1 w be active 9 ! managem5t ( 
! eligible privately held company or !  
bus9ess conduct$ ) ! assets ( ! eligible
 privately held company2 &  7,,ii7 if   
any p]son is (f]$ securities 9 ex*ange =

 securities or assets ( ! eligible      
privately held company1 su* p]son w1    
prior to becom+ legally b\nd to         
consummate ! transaction1 receive or h  
reasonable access to ! mo/ rec5t ye>-end
 balance %eet1 income /atem5t1 /atem5t (
 *anges 9 f9ancial position1 & /atem5t (
 own]'s equity ( ! issu] ( ! securities 
(f]$ 9 ex*ange1 &1 if ! f9ancial        
/atem5ts ( ! issu] are audit$1 ! relat$ 
report ( ! indep5d5t auditor1 a balance 
%eet dat$ n m ?an #abj days be=e ! date 
( ! (f]1 & in=mation p]ta9+ to !        
managem5t1 bus9ess1 results ( op]ations 
= ! p]iod cov]$ by ! =ego+ f9ancial     
/atem5ts1 & mat]ial loss cont+5cies ( ! 
issu]4  7,e7 ,inflation adju/m5t  7i7 ,9
 g5]al ,on ! date t is #e ye>s aft] !   
date ( ! enactm5t ( ! ,small ,bus9ess   
,m]g]s1 ,acquisitions1 ,sales1 &        
,brok]age ,simplification ,act ( #bjac1 
& e #e ye>s !reaft]1 ea* doll> am\nt 9  
subp>agraph 7,d77ii77,,ii7 %all be      
adju/$ by--  7,i7 divid+ ! annual value 
( ! ,employm5t ,co/ ,index ,= ,wages &  

,sal>ies1 ,private ,indu/ry ,work]s 7or 
any successor index71 z publi%$ by !    
,bureau ( ,labor ,/ati/ics1 = ! cal5d>  
ye> prec$+ ! cal5d> ye> 9 :i* ! adju/m5t
 is be+ made by ! annual value ( su*    
index 7or successor7 = ! cal5d> ye> end+
 ,decemb] #ca1 #bjab2 &  7,,ii7         
multiply+ su* doll> am\nt by ! quoti5t  
obta9$ "u subclause 7,i74  7ii7 ,r\nd+  
,ea* doll> am\nt det]m9$ "u clause 7i7  
%all be r\nd$ to ! ne>e/ multiple (     
#ajj1jjj4  4  #djb4 ,effective date ,?is
 title & any am5dm5t made by ?is title  
%all take effect on ! date t is #ij days
 aft] ! date ( ! enactm5t ( ?is ,act4   
,v ,small ,cap ,liquidity ,re=m ,act    
#eja4 ,liquidity pilot program =        
securities ( c]ta9 em]g+ gr[? companies 
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 ,liquidity pilot   
program = securities ( c]ta9 em]g+ gr[? 
companies  7,a7 ,quot+ increm5t ,beg9n+ 
on ! date t is #ij days aft] ! date ( ! 

enactm5t ( ! ,small ,cap ,liquidity     
,re=m ,act ( #bjac1 ! securities ( a    
cov]$ em]g+ gr[? company %all be quot$  
us+--  7i7 a m9imum increm5t ( #j4je2 or
  7ii7 if1 n lat] ?an #fj days aft] su* 
date ( enactm5t1 ! company s elects 9 ! 
mann] describ$ 9 subp>agraph 7,d7--     
7,i7 a m9imum increm5t ( #j4aj2 or      
7,,ii7 ! increm5t at :i* su* securities 
w\ld be quot$ )\t reg>d to ! m9imum     
increm5ts e/abli%$ "u ?is p>agraph4     
7,b7 ,trad+ increm5t ,9 ! case ( a cov]$
 em]g+ gr[? company ! securities ( :i*  
are quot$ at a m9imum increm5t ( #j4je  
or #j4aj "u ?is p>agraph1 ! ,commission 
%all det]m9e ! increm5t at :i* !        
securities ( su* company are trad$4     
7,c7 ,future "r to opt out or *ange     
m9imum increm5t  7i7 ,9 g5]al ,at any "t
 beg9n+ on ! date t is #ij days aft] !  
date ( ! enactm5t ( ! ,small ,cap       
,liquidity ,re=m ,act ( #bjac1 a cov]$  
em]g+ gr[? company ! securities ( :i*   
are quot$ at a m9imum increm5t ( #j4je  
or #j4aj "u ?is p>agraph may elect 9 !  

mann] describ$ 9 subp>agraph 7,d7--     
7,i7 = ! securities ( su* company to be 
quot$ at ! increm5t at :i* su*          
securities w\ld be quot$ )\t reg>d to ! 
m9imum increm5ts e/abli%$ "u ?is        
p>agraph2 or  7,,ii7 to *ange ! m9imum  
increm5t at :i* ! securities ( su*      
company are quot$ f #j4je to #j4aj or f 
#j4aj to #j4je4  7ii7 ,:5 election      
effective ,an election "u ?is           
subp>agraph %all take effect on ! date t
 is #cj days aft] su* election is made4 
7iii7 ,s+le election to *ange m9imum    
increm5t ,a cov]$ em]g+ gr[? company may
 n make m ?an "o election "u clause     
7i77,,ii74  7,d7 ,mann] ( election  7i7 
,9 g5]al ,an election is made 9 ! mann] 
describ$ 9 ?is subp>agraph by in=m+ !   
,commission ( su* election4  7ii7       
,notification ( ex*anges & o!r trad+    
v5ues ,^u be+ in=m$ ( an election "u    
clause 7i71 ! ,commission %all notify   
ea* ex*ange or o!r trad+ v5ue :]e !     
securities ( ! cov]$ em]g+ gr[? company 
are quot$ or trad$4  7,e7 ,issu]s ceas+ 

to be cov]$ em]g+ gr[? companies  7i7 ,9
 g5]al ,if an issu] ! securities ( :i*  
are quot$ at a m9imum increm5t ( #j4je  
or #j4aj "u ?is p>agraph ceases to be a 
cov]$ em]g+ gr[? company1 ! securities (
 su* issu] %all be quot$ at ! increm5t  
at :i* su* securities w\ld be quot$ )\t 
reg>d to ! m9imum increm5ts e/abli%$ "u 
?is p>agraph4  7ii7 ,exceptions ,!      
,commission may by regulation1 z !      
,commission consid]s appropriate1       
specify any circum/ances "u :i* an issu]
 %all cont9ue to be consid]$ a cov]$    
em]g+ gr[? company = purposes ( ?is     
p>agraph aft] ! issu] ceases to meet !  
requirem5ts ( subp>agraph 7,l77i74  7,f7
 ,securities trad+ bel[ #a  7i7 ,initial
 price  7,i7 ,at effective date ,if !   
trad+ price ( ! securities ( a cov]$    
em]g+ gr[? company is bel[ #a at ! close
 ( ! la/ trad+ day be=e ! date t is #ij 
days aft] ! date ( ! enactm5t ( ! ,small
 ,cap ,liquidity ,re=m ,act ( #bjac1 !  
securities ( su* company %all be quot$  
us+ ! increm5t at :i* su* securities    

w\ld be quot$ )\t reg>d to ! m9imum     
increm5ts e/abli%$ "u ?is p>agraph4     
7,,ii7 ,at ,,ipo ,if a cov]$ em]g+ gr[? 
company makes an initial public (f]+    
aft] ! day describ$ 9 subclause 7,i7 & !
 fir/ %>e ( ! securities ( su* company  
is (f]$ to ! public at a price bel[ #a1 
! securities ( su* company %all be quot$
 us+ ! increm5t at :i* su* securities   
w\ld be quot$ )\t reg>d to ! m9imum     
increm5ts e/abli%$ "u ?is p>agraph4     
7ii7 ,av]age trad+ price ,if ! av]age   
trad+ price ( ! securities ( a cov]$    
em]g+ gr[? company falls bel[ #a = any  
#ij-;day p]iod beg9n+ on or aft] ! day  
be=e ! date ( ! enactm5t ( ! ,small ,cap
 ,liquidity ,re=m ,act ( #bjac1 !       
securities ( su* company %all1 aft] !   
end ( su* p]iod1 be quot$ us+ ! increm5t
 at :i* su* securities w\ld be quot$ )\t
 reg>d to ! m9imum increm5ts e/abli%$ "u
 ?is p>agraph4  7,g7 ,fraud or          
manipulation ,if ! ,commission det]m9es 
t a cov]$ em]g+ gr[? company has violat$
 any provision ( ! securities laws      

prohibit+ fraudul5t1 manipulative1 or   
deceptive acts or practices1 !          
securities ( su* company %all1 aft] !   
date ( ! det]m9ation1 be quot$ us+ !    
increm5t at :i* su* securities w\ld be  
quot$ )\t reg>d to ! m9imum increm5ts   
e/abli%$ "u ?is p>agraph4  7,h7         
,ineligibility = increas$ m9imum        
increm5t p]man5t ,! securities ( an     
issu] may n be quot$ at a m9imum        
increm5t ( #j4je or #j4aj "u ?is        
p>agraph at any "t aft]--  7i7 su* issu]
 makes an election "u subp>agraph       
7,a77ii77,,ii72  7ii7 su* issu] makes an
 election "u subp>agraph 7,c77i77,i71   
except dur+ ! p]iod be=e su* election   
takes effect2 or  7iii7 ! securities (  
su* issu] are requir$ by ?is p>agraph to
 be quot$ us+ ! increm5t at :i* su*     
securities w\ld be quot$ )\t reg>d to ! 
m9imum increm5ts e/abli%$ "u ?is        
p>agraph4  7,i7 ,additional reports &   
disclosures ,! ,commission %all require 
a cov]$ em]g+ gr[? company ! securities 
( :i* are quot$ at a m9imum increm5t (  

#j4je or #j4aj "u ?is p>agraph to make  
su* reports & disclosures z !           
,commission consid]s necess>y or        
appropriate 9 ! public int]e/ or = !    
protection ( inve/ors4  7,j7 ,limitation
 ( liability ,an issu] 7or any (fic]1   
director1 manag]1 or o!r ag5t ( su*     
issu]7 %all n be liable to any p]son    
7o!r ?an su* issu]7 "u any law or       
regulation ( ! ,unit$ ,/ates1 any       
con/itution1 law1 or regulation ( any   
,/ate or political subdivision !re(1 or 
any contract or o!r legally en=ceable   
agreem5t 7includ+ any arbitration       
agreem5t7 = any losses caus$ solely by !
 quot+ ( ! securities ( su* issu] at a  
m9imum increm5t ( #j4je or #j4aj1 by !  
trad+ ( su* securities at ! increm5t    
det]m9$ by ! ,commission "u subp>agraph 
7,b71 or by bo? su* quot+ & trad+1 z    
provid$ 9 ?is p>agraph4  7,k7 ,report to
 ,congress ,n lat] ?an #f mon?s aft] !  
date ( ! enactm5t ( ! ,small ,cap       
,liquidity ,re=m ,act ( #bjac1 & e #f   
mon?s !reaft]1 ! ,commission1 9         

coord9ation ) ea* ex*ange on :i* !      
securities ( cov]$ em]g+ gr[? companies 
are quot$ or trad$1 %all submit to      
,congress a report on ! quot+ & trad+ ( 
securities 9 increm5ts p]mitt$ by ?is   
p>agraph & ! ext5t to :i* su* quot+ &   
trad+ are increas+ liquidity & active   
trad+ by inc5tiviz+ capital commitm5t1  
rese>* cov]age1 & brok]age support1     
toge!r ) any legislative recomm5dations 
! ,commission may h4  7,l7 ,def9itions  
,9 ?is p>agraph3  7i7 ,cov]$ em]g+ gr[? 
company ,! t]m cov]$ em]g+ gr[? company 
means an em]g+ gr[? company1 z def9$ 9 !
 fir/ p>agraph 7#hj7 ( section #c7;a71  
except t--  7,i7 su* p>agraph %all be   
appli$ by sub/itut+ #gej1jjj1jjj =      
#a1jjj1jjj1jjj ea* place x appe>s2 &    
7,,ii7 subp>agraphs 7,b71 7,c71 & 7,d7 (
 su* p>agraph d n apply4  7ii7 ,security
 ,! t]m security means an equity        
security4  7,m7 ,sav+s provision        
,not)/&+ any o!r provision ( ?is        
p>agraph1 ! ,commission may--  7i7 make 
su* adju/m5ts to ! pilot program        

specifi$ 9 ?is p>agraph z ! ,commission 
consid]s necess>y or appropriate to     
ensure t su* program c provide          
/ati/ically mean+ful or reliable        
results1 includ+ adju/m5ts to elim9ate  
selection bias among p>ticipants1 exp& !
 numb] ( p>ticipants eligible to        
p>ticipate 9 su* program1 & *ange !     
duration ( su* program = "o or m        
p>ticipants2 &  7ii7 conduct any o!r    
/udy or pilot program1 9 conjunction )  
or sep>ate f ! pilot program specifi$ 9 
?is p>agraph 7z su* program may be      
adju/$ pursuant to clause 7i771 to      
evaluate quot+ or trad+ 9 v>i\s m9imum  
increm5ts4  4  7b7 ,sunset ,effective on
 ! date t is #e ye>s aft] ! date ( !    
enactm5t ( ?is ,act1 section            
#aa;,a7c77#f7 ( ! ,securities ,ex*ange  
,act ( #aicd 7#ae ,u4,s4,c4             
#ghk-#a7;c77#f77 is repeal$4  ,,vi      
,improv+ ,access to ,capital = ,em]g+   
,gr[? ,companies ,act  #fja4 ,fil+      
requirem5t = public fil+ prior to public
 (f]+ ,section #f7;e77#a7 ( !           

,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;f7e77#a77 is am5d$ by /rik+ #ba days
 & ins]t+ #ae days4  #fjb4 ,grace p]iod 
= *ange ( /atus ( em]g+ gr[? companies  
,section #f7;e77#a7 ( ! ,securities ,act
 ( #aicc 7#ae ,u4,s4,c4 #gg;f7e77#a77 is
 fur!r am5d$ by add+ at ! end ! foll[+3 
,an issu] t 0 an em]g+ gr[? company at !
 "t x submitt$ a confid5tial regi/ration
 /atem5t or1 9 lieu !re(1 a publicly    
fil$ regi/ration /atem5t = review "u ?is
 subsection b ceases to be an em]g+ gr[?
 company !reaft] %all cont9ue to be     
treat$ z an em]g+ m>ket gr[? company = !
 purposes ( ?is subsection ?r\gh ! e>li]
 ( ! date on :i* ! issu] consummates its
 initial public (f]+ pursuant to su*    
regi/rations /atem5t or ! end ( ! #a-ye>
 p]iod beg9n+ on ! date ! company ceases
 to be an em]g+ gr[? company44  #fjc4   
,simplifi$ disclosure requirem5ts =     
em]g+ gr[? companies ,section #ajb ( !  
,jump/>t ,our ,bus9ess ,/>tups ,act     
7,public ,law #aab-ajf7 is am5d$ by add+
 at ! end ! foll[+3  7d7 ,simplifi$     

disclosure requirem5ts ,) respect to an 
em]g+ gr[? company 7z su* t]m is def9$  
"u section #b ( ! ,securities ,act (    
#aicc73  7#a7 ,requirem5t to include    
notice on =m ,s-#a ,n lat] ?an #cj days 
aft] ! date ( enactm5t ( ?is subsection1
 ! ,securities & ,ex*ange ,commission   
%all revise its g5]al in/ructions on ,=m
 ,s-#a to indicate t a regi/ration      
/atem5t fil$ 7or submitt$ = confid5tial 
review7 by an issu] prior to an initial 
public (f]+ may omit f9ancial in=mation 
= hi/orical p]iods o!rwise requir$ by   
regulation ,s-,x 7#ag ,c4,f4,r4         
#baj4a-ja et seq47 z ( ! "t ( fil+ 7or  
confid5tial submission7 ( su*           
regi/ration /atem5t1 provid$ t--  7,a7 !
 omitt$ f9ancial in=mation relates to a 
hi/orical p]iod t ! issu] reasonably    
believes w n be requir$ to be includ$ 9 
! ,=m ,s-#a at ! "t ( ! contemplat$     
(f]+2 &  7,b7 prior to ! issu] di/ribut+
 a prelim9>y prospectus to inve/ors1 su*
 regi/ration /atem5t is am5d$ to include
 all f9ancial in=mation requir$ by su*  

regulation ,s-,x at ! date ( su*        
am5dm5t4  7#b7 ,reliance by issu]s      
,effective #cj days aft] ! date (       
enactm5t ( ?is subsection1 an issu] fil+
 a regi/ration /atem5t 7or submitt+ !   
/atem5t = confid5tial review7 on ,=m    
,s-#a may omit f9ancial in=mation =     
hi/orical p]iods o!rwise requir$ by     
regulation ,s-,x 7#ag ,c4,f4,r4         
#baj4a-ja et seq47 z ( ! "t ( fil+ 7or  
confid5tial submission7 ( su*           
regi/ration /atem5t1 provid$ t--  7,a7 !
 omitt$ f9ancial in=mation relates to a 
hi/orical p]iod t ! issu] reasonably    
believes w n be requir$ to be includ$ 9 
! ,=m ,s-#a at ! "t ( ! contemplat$     
(f]+2 &  7,b7 prior to ! issu] di/ribut+
 a prelim9>y prospectus to inve/ors1 su*
 regi/ration /atem5t is am5d$ to include
 all f9ancial in=mation requir$ by su*  
regulation ,s-,x at ! date ( su*        
am5dm5t4  4  ,,vii ,small ,company      
,disclosure ,simplification ,act  #gja4 
,exemption f ,,xbrl requirem5ts = em]g+ 
gr[? companies & o!r small] companies   

7a7 ,exemption = em]g+ gr[? companies   
,em]g+ gr[? companies are exempt$ f !   
requirem5ts to use ,ext5sible ,bus9ess  
,report+ ,language 7,,xbrl7 = f9ancial  
/atem5ts & o!r p]iodic report+ requir$  
to be fil$ ) ! ,commission "u !         
securities laws4 ,su* companies may     
elect to use ,,xbrl = su* report+4  7b7 
,exemption = o!r small] companies       
,issu]s ) total annual gross rev5ues (  
less ?an #bej1jjj1jjj are exempt f !    
requirem5ts to use ,,xbrl = f9ancial    
/atem5ts & o!r p]iodic report+ requir$  
to be fil$ ) ! ,commission "u !         
securities laws4 ,su* issu]s may elect  
to use ,,xbrl = su* report+4 ,an        
exemption "u ?is subsection %all cont9ue
 9 effect until--  7#a7 ! date t is five
 ye>s aft] ! date ( enactm5t ( ?is ,act2
 or  7#b7 ! date t is two ye>s aft] a   
det]m9ation by ! ,commission1 by ord]   
aft] conduct+ ! analysis requir$ by     
section #gjc1 t ! b5efits ( su*         
requirem5ts to su* issu]s outweigh !    
co/s1 b no e>li] ?an ?ree ye>s aft]     

enactm5t ( ?is ,act4  7c7 ,modifications
 to regulations ,n lat] ?an #fj days    
aft] ! date ( enactm5t ( ?is ,act1 !    
,commission %all revise its regulations 
"u p>ts #bbi1 #bcj1 #bcb1 #bci1 #bdj1 & 
#bdi ( title #ag1 ,code ( ,f$]al        
,regulations1 to reflect ! exemptions   
set =? 9 subsections 7a7 & 7b74  #gjb4  
,analysis by ! ,,sec ,! ,commission %all
 conduct an analysis ( ! co/s & b5efits 
to issu]s describ$ 9 section #gja7;b7 ( 
! requirem5ts to use ,,xbrl = f9ancial  
/atem5ts & o!r p]iodic report+ requir$  
to be fil$ ) ! ,commission "u !         
securities laws4 ,su* analysis %all     
include an assessm5t (--  7#a7 h[ su*   
co/s & b5efits may diff] f ! co/s &     
b5efits id5tifi$ by ! ,commission 9 !   
ord] relat+ to int]active data to       
improve f9ancial report+ 7dat$ ,janu>y  
#cj1 #bjji2 #gd ,f$4 ,reg4 #fggf7       
because ( ! size ( su* issu]s2  7#b7 !  
effects on effici5cy1 competition1      
capital =mation1 & f9anc+ & on analy/   
cov]age ( su* issu]s 7includ+ any su*   

effects result+ f use ( ,,xbrl by       
inve/ors72  7#c7 ! co/s to su* issu]s   
(--  7,a7 submitt+ data to ! ,commission
 9 ,,xbrl2  7,b7 po/+ data on ! website 
( ! issu] 9 ,,xbrl2  7,c7 s(tw>e        
necess>y to prep>e1 submit1 or po/ data 
9 ,,xbrl2 &  7,d7 any additional        
consult+ s]vices or fil+ ag5t s]vices2  
7#d7 ! b5efits to ! ,commission 9 t]ms (
 improv$ ability to monitor securities  
m>kets1 assess ! pot5tial outcomes (    
regulatory alt]natives1 & enhance       
inve/or p>ticipation 9 corporate        
gov]nance & promote capital =mation2 &  
7#e7 ! effectiv5ess ( /&>ds 9 ! ,unit$  
,/ates = int]active fil+ data relative  
to ! /&>ds ( int]national c\nt]p>ts4    
#gjc4 ,report to ,congress ,n lat] ?an  
"o ye> aft] ! date ( enactm5t ( ?is     
,act1 ! ,commission %all provide !      
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate a report reg>d+--  7#a7 !        
progress 9 implem5t+ ,,xbrl report+ )9 !

 ,commission2  7#b7 ! use ( ,,xbrl data 
by ,commission (ficials2  7#c7 ! use (  
,,xbrl data by inve/ors2  7#d7 ! results
 ( ! analysis requir$ by section #gjb2 &
  7#e7 any additional in=mation !       
,commission consid]s relevant = increas+
 transp>5cy1 decreas+ co/s1 & increas+  
effici5cy ( regulatory fil+s ) !        
,commission4  #gjd4 ,def9itions ,z us$ 9
 ?is title1 ! t]ms ,commission1 em]g+   
gr[? company1 issu]1 & securities laws h
 ! mean+s giv5 su* t]ms 9 section #c ( !
 ,securities ,ex*ange ,act ( #aicd 7#ae 
,u4,s4,c4 #gh;c74  ,,viii ,re/or+ ,prov5
 ,f9anc+ = ,am]ican ,employ]s ,act      
#hja4 ,rules ( con/ruction relat+ to    
collat]aliz$ loan obligations ,section  
#ac7;g7 ( ! ,bank ,hold+ ,company ,act (
 #aief 7#ab ,u4,s4,c4 #ahea7;g77 is     
am5d$ by add+ at ! end ! foll[+ new     
p>agraphs3  7#d7 ,collat]aliz$ loan     
obligations  7,a7 ,inapplicability to   
c]ta9 collat]aliz$ loan obligations     
,no?+ 9 ?is section %all be con/ru$ to  
require ! dive/iture1 prior to ,july    

#ba1 #bjag1 ( any debt securities (     
collat]aliz$ loan obligations1 if su*   
debt securities 7 issu$ be=e ,janu>y    
#ca1 #bjad4  7,b7 ,own]%ip int]e/ )     
respect to collat]aliz$ loan obligations
 ,a bank+ entity %all n be consid]$ to h
 an own]%ip int]e/ 9 a collat]aliz$ loan
 obligation because x acquires1 has     
acquir$1 or reta9s a debt security 9 su*
 collat]aliz$ loan obligation if ! debt 
security has no indicia ( own]%ip o!r   
?an ! "r ( ! bank+ entity to p>ticipate 
9 ! removal = cause1 or 9 ! selection ( 
a replacem5t aft] removal = cause or    
resignation1 ( an inve/m5t manag] or    
inve/m5t advis] ( ! collat]aliz$ loan   
obligation4  7,c7 ,def9itions ,=        
purposes ( ?is p>agraph3  7i7           
,collat]aliz$ loan obligation ,! t]m    
collat]aliz$ loan obligation means any  
issu+ entity ( an asset-back$ security1 
z def9$ 9 section #c7;a77#gg7 ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#gg771 t is compris$ 
prim>ily ( comm]cial loans4  7ii7       

,removal = cause ,an inve/m5t manag] or 
inve/m5t advis] %all be deem$ to be     
remov$ = cause if ! inve/m5t manag] or  
inve/m5t advis] is remov$ z a result (--
  7,i7 a brea* ( a mat]ial t]m ( !      
applicable managem5t or advisory        
agreem5t or ! agreem5t gov]n+ !         
collat]aliz$ loan obligation2  7,,ii7 ! 
inability ( ! inve/m5t manag] or        
inve/m5t advis] to cont9ue to p]=m its  
obligations "u any su* agreem5t2        
7,,iii7 any o!r action or inaction by ! 
inve/m5t manag] or inve/m5t advis] t has
 or c\ld reasonably be expect$ to h a   
mat]ially adv]se effect on !            
collat]aliz$ loan obligation1 if !      
inve/m5t manag] or inve/m5t advis] fails
 to cure or take reasonable /eps to cure
 su* effect )9 a reasonable "t2 or      
7,,iv7 a comp>able ev5t or circum/ance t
 ?reat5s1 or c\ld reasonably be expect$ 
to ?reat51 ! int]e/s ( hold]s ( ! debt  
securities4  4  ,,ix ,,sbic ,advis]s    
,relief ,act  #ija4 ,advis]s ( ,s,b,i,cs
 & v5ture capital funds ,section #bjc7l7

 ( ! ,inve/m5t ,advis]s ,act ( #aidj    
7#ae ,u4,s4,c4 #hj;b-#c7l77 is am5d$--  
7#a7 by /rik+ ,no inve/m5t advis] &     
ins]t+ ! foll[+3  7#a7 ,9 g5]al ,no     
inve/m5t advis]  2 &  7#b7 by add+ at ! 
end ! foll[+3  7#b7 ,advis]s ( ,s,b,i,cs
 ,= purposes ( ?is subsection1 a v5ture 
capital fund includes an entity describ$
 9 subp>agraph 7,a71 7,b71 or 7,c7 (    
subsection 7b77#g7 7o!r ?an an entity t 
has elect$ to be regulat$ or is regulat$
 z a bus9ess developm5t company pursuant
 to section #ed ( ! ,inve/m5t ,company  
,act ( #aidj74  4  #ijb4 ,advis]s (     
,s,b,i,cs & private funds ,section      
#bjc7m7 ( ! ,inve/m5t ,advis]s ,act (   
#aidj 7#ae ,u4,s4,c4 #hj;b-#c7m77 is    
am5d$ by add+ at ! end ! foll[+3  7#c7  
,advis]s ( ,s,b,i,cs ,= purposes ( ?is  
subsection1 ! assets "u managem5t ( a   
private fund t is an entity describ$ 9  
subp>agraph 7,a71 7,b71 or 7,c7 (       
subsection 7b77#g7 7o!r ?an an entity t 
has elect$ to be regulat$ or is regulat$
 z a bus9ess developm5t company pursuant

 to section #ed ( ! ,inve/m5t ,company  
,act ( #aidj7 %all be exclud$ f ! limit 
set =? 9 p>agraph 7#a74  4  #ijc4       
,relation%ip to ,/ate law ,section      
#bjc;,a7b77#a7 ( ! ,inve/m5t ,advis]s   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#c;a7b77#a77 is am5d$--  7#a7 9   
subp>agraph 7,a71 by /rik+ or at ! end2 
7#b7 9 subp>agraph 7,b71 by /rik+ !     
p]iod at ! end & ins]t+ 2 or2 &  7#c7 by
 add+ at ! end ! foll[+3  7,c7 t is n   
regi/]$ "u section #bjc because t p]son 
is exempt f regi/ration z provid$ 9     
subsection 7b77#g7 ( su* section1 or is 
a sup]vis$ p]son ( su* p]son4  4  ,x    
,disclosure ,mod]nization &             
,simplification ,act  #ajja4 ,summ>y    
page = =m #aj-,k ,n lat] ?an ! end ( !  
#ahj-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all issue         
regulations to p]mit issu]s to submit a 
summ>y page on =m #aj-,k 7#ag ,c4,f4,r4 
#bdi4caj71 b only if ea* item on su*    
summ>y page includes a cross-ref]5ce 7by

 electronic l9k or o!rwise7 to ! mat]ial
 conta9$ 9 =m #aj-,k to :i* su* item    
relates4  #ajjb4 ,improvem5t (          
regulation ,s-,k ,n lat] ?an ! end ( !  
#ahj-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all take all su*  
actions to revise regulation ,s-,k 7#ag 
,c4,f4,r4 #bbi4aj et seq47--  7#a7 to   
fur!r scale or elim9ate requirem5ts (   
regulation ,s-,k1 9 ord] to r$uce !     
burd5 on em]g+ gr[? companies1 accel]at$
 fil]s1 small] report+ companies1 & o!r 
small] issu]s1 :ile /ill provid+ all    
mat]ial in=mation to inve/ors2  7#b7 to 
elim9ate provisions ( regulation ,s-,k1 
requir$ = all issu]s1 t are duplicative1
 ov]lapp+1 outdat$1 or unnecess>y2 &    
7#c7 = :i* ! ,commission det]m9es t no  
fur!r /udy "u section #ajjc is necess>y 
to det]m9e ! efficacy ( su* revisions to
 regulation ,s-,k4  #ajjc4 ,/udy on     
mod]nization & simplification (         
regulation ,s-,k  7a7 ,/udy ,!          
,securities & ,ex*ange ,commission %all 

c>ry out a /udy ( ! requirem5ts conta9$ 
9 regulation ,s-,k 7#ag ,c4,f4,r4       
#bbi4aj et seq474 ,su* /udy %all--  7#a7
 det]m9e h[ be/ to mod]nize & simplify  
su* requirem5ts 9 a mann] t r$uces !    
co/s & burd5s on issu]s :ile /ill       
provid+ all mat]ial in=mation2  7#b7    
emphasize a company by company approa* t
 all[s relevant & mat]ial in=mation to  
be dissem9at$ to inve/ors )\t boil]plate
 language or /atic requirem5ts :ile     
pres]v+ complet5ess & comp>ability (    
in=mation across regi/rants2 &  7#c7    
evaluate me?ods ( in=mation deliv]y &   
pres5tation & explore me?ods = disc\rag+
 repetition & ! disclosure ( immat]ial  
in=mation4  7b7 ,consultation ,9        
conduct+ ! /udy requir$ "u subsection   
7a71 ! ,commission %all consult ) !     
,inve/or ,advisory ,committee & !       
,advisory ,committee on ,small & ,em]g+ 
,companies4  7c7 ,report ,n lat] ?an !  
end ( ! #cfj-;day p]iod beg9n+ on ! date
 ( enactm5t ( ?is ,act1 ! ,commission   
%all issue a report to ! ,congress      

conta9+--  7#a7 all f9d+s & det]m9ations
 made 9 c>ry+ out ! /udy requir$ "u     
subsection 7a72  7#b7 specific & detail$
 recomm5dations on mod]niz+ & simplify+ 
! requirem5ts 9 regulation ,s-,k 9 a    
mann] t r$uces ! co/s & burd5s on       
companies :ile /ill provid+ all mat]ial 
in=mation2 &  7#c7 specific & detail$   
recomm5dations on ways to improve !     
readability & navigability ( disclosure 
docum5ts & to disc\rage repetition & !  
disclosure ( immat]ial in=mation4  7d7  
,rulemak+ ,n lat] ?an ! end ( !         
#cfj-;day p]iod beg9n+ on ! date t !    
report is issu$ to ! ,congress "u       
subsection 7c71 ! ,commission %all issue
 a propos$ rule to implem5t !           
recomm5dations ( ! report issu$ "u      
subsection 7c74  7e7 ,rule ( con/ruction
 ,revisions made to regulation ,s-,k by 
! ,commission "u section #ajjb %all n be
 con/ru$ z satisfy+ ! rulemak+          
requirem5ts "u ?is section4  ,,xi       
,enc\rag+ ,employee ,own]%ip ,act       
#aaja4 ,increas$ ?re%old = disclosures  

relat+ to comp5satory b5efit plans ,n   
lat] ?an #fj days aft] ! date ( !       
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all revise section
 #bcj4gja7;e7 ( title #ag1 ,code (      
,f$]al ,regulations1 s z to increase f  
#e1jjj1jjj to #aj1jjj1jjj ! aggregate   
sales price or am\nt ( securities sold  
dur+ any consecutive #ab-mon? p]iod 9   
excess ( :i* ! issu] is requir$ "u su*  
section to deliv] an additional         
disclosure to inve/ors4 ,! ,commission  
%all index = inflation su* aggregate    
sales price or am\nt e #e ye>s to       
reflect ! *ange 9 ! ,consum] ,price     
,index = ,all ,urban ,consum]s publi%$  
by ! ,bureau ( ,labor ,/ati/ics1 r\nd+  
to ! ne>e/ #a1jjj1jjj4