,,ii  #aac? ,,congress  #b;d ,session   
,s4 #baad  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ab1 #bjad,mr4    
,w>n] 7= himself & ,mr4 ,coburn7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd ) respect to disclosures to
 inve/ors 9 municipal & corporate debt  
securities1 & = o!r purposes4  #a4 ,%ort
 title ,?is ,act may be cit$ z ! ,bond  
,transp>5cy ,act ( #bjad4  #b4 ,m>kup   
disclosure 9 riskless pr9cipal          
transactions 9 municipal securities     
,section #ae;,b ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#d7 is
 am5d$-- 7#a7 by r$esignat+ subsection  
7e7 z subsection 7f72 &  7#b7 by ins]t+ 
aft] subsection 7d7 ! foll[+3  7e7      
,m>kup disclosure 9 riskless pr9cipal   
transactions  7#a7 ,def9ition ,9 ?is    
subsection1 ! t]m riskless pr9cipal     
transaction means-- 7,a7 a transaction 9
 :i* a brok]1 deal]1 or municipal       

securities deal] receives a cu/om] ord] 
to buy or sell any municipal securities 
&1 aft] receiv+ ! cu/om] ord]1 buys !   
municipal securities f1 or sells !      
municipal securities to1 ano!r p]son1   
:ile act+ z pr9cipal = its own acc\nt1  
to complete ! cu/om] ord]2 &  7,b7 any  
o!r transaction ! ,commission id5tifies 
by rule z a riskless pr9cipal           
transaction4  7#b7 ,disclosure requir$  
,a brok]1 deal]1 or municipal securities
 deal] t effects a riskless pr9cipal    
transaction %all disclose to ! cu/om]1 9
 writ+1 at or be=e ! "t ( completion ( !
 transaction1 ! am\nt ( ! diff]5ce      
betwe5-- 7,a7 ! cu/om]'s pur*ase price &
 ! brok]'s1 deal]'s or municipal        
securities deal]'s pur*ase price2 or    
7,b7 ! cu/om]'s sale price & ! brok]'s1 
deal]'s1 or municipal securities deal]'s
 sale price4  4  #c4 ,m>kup disclosure 9
 riskless pr9cipal transactions 9       
corporate debt securities ,section #ae (
 ! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #gho7 is am5d$ by add+ at

 ! end ! foll[+3  7p7 ,m>kup disclosure 
9 riskless pr9cipal transactions 9      
corporate debt securities  7#a7         
,def9itions ,9 ?is subsection-- 7,a7 !  
t]m specifi$ debt security-- 7i7 means  
any security t-- 7,i7 evid5ces a        
liability ( ! issu] 7includ+ any su*    
security t is conv]tible into /ock or   
simil> security71 includ+ bonds1        
deb5tures1 notes1 or any simil>         
in/rum5ts1 & any fractional or          
p>ticipation int]e/s 9 any ( ! =ego+2 & 
7,,ii7 con/itutes-- 7aa7 ,unit$ ,/ates  
doll>-d5om9at$ securities issu$ by !    
,unit$ ,/ates or a =eign private issu]2 
or  7bb7 any o!r security ! ,commission 
id5tifies by rule z a specifi$ debt     
security = ! purposes ( ?is subsection2 
&  7ii7 does n include a municipal      
security1 z def9$ 9 section #c7;a77#bi7 
( ?is ,act2 &  7,b7 ! t]m riskless      
pr9cipal transaction means-- 7i7 a      
transaction 9 :i* a brok] or deal]      
receives a cu/om] ord] to buy or sell   
any specifi$ debt securities &1 aft]    

receiv+ ! cu/om] ord]1 buys ! specifi$  
debt securities f1 or sells ! specifi$  
debt securities to1 ano!r p]son1 :ile   
act+ z pr9cipal = its own acc\nt1 to    
complete ! cu/om] ord]2 &  7ii7 any o!r 
transaction ! ,commission id5tifies by  
rule z a riskless pr9cipal transaction4 
7#b7 ,disclosure requir$ ,a brok] or    
deal] t effects a riskless pr9cipal     
transaction %all disclose to ! cu/om]1 9
 writ+1 at or be=e ! "t ( completion ( !
 transaction1 ! am\nt ( ! diff]5ce      
betwe5-- 7,a7 ! cu/om]'s pur*ase price &
 ! brok]'s or deal]'s pur*ase price2 or 
7,b7 ! cu/om]'s sale price & ! brok]'s  
or deal]'s sale price4  4