,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #adfc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #ai1 #bjae ,mr4  
,lyn* introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
provide = a "o-ye> employm5t re/riction 
= ex-employees ( ! ,securities &        
,ex*ange ,commission seek+ to "w =      
companies aga9/ :i* ! ,commission br\ght
 en=cem5t actions t 7 p>ticipat$ on by  
su* ex-employees1 & = o!r purposes4  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,,sec ,revolv+ ,door ,re/riction ,act ( 
#bjae4  #b4 ,"o-ye> employm5t re/riction
 relat$ to en=cem5t matt]s  7a7 ,9 g5]al
 ,! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$  
by ins]t+ aft] section #d;,e ! foll[+   
new section3  #d;,f4 ,"o-ye> employm5t  
re/riction relat$ to en=cem5t matt]s &  
requir$ e?ics op9ions  7a7 ,"o-,ye>     
employm5t re/riction ,any p]son :o is an
 employee ( ! ,commission & :o1 )9 #a   

ye> aft] ! t]m9ation ( su* employm5t ) !
 ,commission1 works = any company or    
individual aga9/ :om ! ,commission      
br\ght an en=cem5t action1 :]e su*      
action 7or a waiv] relat$ to su* action7
 0 br\ght )9 ! previ\s #ah mon?s & 0    
p>ticipat$ on by su* p]son1 %all be     
subject to ! same p5alties z provid$ = 9
 section #baf ( title #ah1 ,unit$ ,/ates
 ,code1 = (f5ses describ$ 9 t section4  
7b7 ,requir$ e?ics op9ion  7#a7 ,9 g5]al
 ,any p]son :o is an employee ( !       
,commission & :o1 )9 #a ye> aft] !      
t]m9ation ( su* employm5t ) !           
,commission1 seeks to "w = any company  
or individual aga9/ :om ! ,commission   
br\ght an en=cem5t action 7or issu$ a   
waiv] relat$ to su* action7 :]e su*     
action 7or waiv]7 0 p>ticipat$ on by su*
 p]son1 %all fir/ receive an e?ics      
op9ion f ! ,commission4  7#b7 ,e?ics    
op9ion  7,a7 ,cont5t ,! e?ics op9ion    
describ$ 9 p>agraph 7#a7 %all include a 
det]m9ation ( :e!r su* p]son %\ld be    
p]mitt$ to "w = su* company or          

individual4  7,b7 ,det]m9ation          
requirem5ts ,! ,commission may n        
det]m9e1 "u subp>agraph 7,a71 t su*     
p]son %\ld be p]mitt$ to "w = su*       
company or individual unless !          
,commission f9ds t--  7i7 !re w\ld be no
 appe>ance ( impropriety = su* p]son to 
"w = su* company or individual2  7ii7 no
 mat]ial advantage w\ld be ga9$ by su*  
company or individual because su* p]son 
p>ticipat$ on an en=cem5t action 7or a  
waiv] relat$ to su* action72 &  7iii7 ! 
integrity ( any ongo+ en=cem5t action   
p>ticipat$ on by su* p]son is n dim9i%$ 
by su* p]son go+ to "w = su* company or 
individual4  7,c7 ,regulations ,!       
,*airman ( ! ,commission %all provide = 
regulations = ! issuance ( e?ics op9ions
 "u ?is subsection4  7#c7 ,p5alties ,a  
p]son %all be subject to ! same p5alties
 z provid$ = 9 section #baf ( title #ah1
 ,unit$ ,/ates ,code1 = (f5ses describ$ 
9 t section1 if su* p]son--  7,a7       
receives an e?ics op9ion "u p>agraph    
7#a71 :]e su* e?ics op9ion /ates t su*  

p]son %\ld n be p]mitt$ to "w = a       
p>ticul> company or individual2 &  7,b7 
)9 #a ye> aft] ! t]m9ation ( su* p]son's
 employm5t ) ! ,commission1 ! p]son     
works = su* company or individual4  7c7 
,exception = non-,pr(essional /aff ,!   
provisions ( ?is section %all n apply to
 a p]son :o is a non-pr(essional /aff   
employee ( ! ,commission4  7d7          
,def9itions ,= purposes ( ?is section3  
7#a7 ,en=cem5t action ,! t]m en=cem5t   
action means su* c\rt actions1          
adm9i/rative proce$+s1 ,commission      
op9ions1 & o!r actions1 z ! ,commission 
may det]m9e appropriate4  7#b7          
,p>ticipat$ on ,) respect to an en=cem5t
 action 7or a waiv] relat$ to su*       
action7 & a p]son1 ! t]m p>ticipat$ on  
means ! p]son ei!r-- 7,a7 p>ticipat$    
p]sonally 9 ! en=cem5t action 7or waiv] 
relat$ to su* action72 or  7,b7 knew or 
reasonably %\ld h kn[n t ! en=cem5t     
action 7or waiv] relat$ to su* action7 0
 "u 8 or h] (ficial responsibility z an 
employee ( ! ,commission4  7#c7 ,"w = ,!

 t]m "w = means-- 7,a7 employ$ by2  7,b7
 volunte]s =2  7,c7 lobbies on behalf (2
 or  7,d7 consults =4  4  7b7 ,report   
,"o ye> aft] ! date ( ! enactm5t ( ?is  
,act1 ! ,*airman ( ! ,securities &      
,ex*ange ,commission %all submit a      
report to ! ,congress analyz+ ! impact t
 ! provisions ( ?is ,act h _h on        
recruitm5t & ret5tion ( employees by !  
,securities & ,ex*ange ,commission4  7c7
 ,effective date ,! am5dm5t made by     
subsection 7a7 %all take effect #fj days
 aft] ! date ( ! enactm5t ( ?is ,act4