#aad? ,,congress  #b;d ,session  ,h4 ,r4
 #afge  ,,an ,,act  ,to direct !        
,securities & ,ex*ange ,commission to   
revise its rules s z to increase !      
?re%old am\nt = requir+ issu]s to       
provide c]ta9 disclosures relat+ to     
comp5satory b5efit plans4  #a4 ,%ort    
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,capital      
,m>kets ,improvem5t ,act ( #bjaf4  7b7  
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3  ,sec4 #a4 ,%ort  
title2 table ( cont5ts4 ,title          
,i--,enc\rag+ ,employee ,own]%ip ,sec4  
#aja4 ,increas$ ?re%old = disclosures   
relat+ to comp5satory b5efit plans4     
,title ,,ii--,fair ,access to ,inve/m5t 
,rese>* ,sec4 #bja4 ,safe h>bor =       
inve/m5t fund rese>*4 ,title            
,,iii--,small ,bus9ess ,m]g]s1          
,acquisitions1 ,sales1 & ,brok]age      
,simplification ,sec4 #cja4 ,regi/ration
 exemption = m]g] & acquisition brok]s4 
,sec4 #cjb4 ,effective date4 ,title     
,,iv--,small ,company ,disclosure       

,simplification ,sec4 #dja4 ,exemption f
 ,,xbrl requirem5ts = em]g+ gr[?        
companies & o!r small] companies4 ,sec4 
#djb4 ,analysis by ! ,,sec4 ,sec4 #djc4 
,report to ,congress4 ,sec4 #djd4       
,def9itions4 ,title ,v--,/reaml9+       
,excessive & ,co/ly ,regulations ,review
 ,sec4 #eja4 ,regulatory review4  ,i    
,enc\rag+ ,employee ,own]%ip  #aja4     
,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  ,,ii ,fair      
,access to ,inve/m5t ,rese>*  #bja4     
,safe h>bor = inve/m5t fund rese>*  7a7 
,expansion ( safe h>bor ,n lat] ?an !   
end ( ! #de-;day p]iod beg9n+ on ! date 
( enactm5t ( ?is ,act1 ! ,securities &  
,ex*ange ,commission %all propose1 & n  
lat] ?an ! end ( ! #abj-;day p]iod      
beg9n+ on su* date1 ! ,commission %all  
adopt1 ^u su* t]ms1 conditions1 or      
requirem5ts z ! ,commission may det]m9e 
necess>y or appropriate 9 ! public      
int]e/1 = ! protection ( inve/ors1 & = !
 promotion ( capital =mation1 revisions 
to section #bcj4aci ( title #ag1 ,code (
 ,f$]al ,regulations1 to provide t a    
cov]$ inve/m5t fund rese>* report--     
7#a7 %all be deem$1 = purposes (        
sections #b7;a77#aj7 & #e7;c7 ( !       
,securities ,act ( #aicc1 n to con/itute
 an (f] = sale or an (f] to sell a      
security t is ! subject ( an (f]+       
pursuant to a regi/ration /atem5t t !   

issu] proposes to file1 or has fil$1 or 
t is effective1 ev5 if ! brok] or deal] 
is p>ticipat+ or w p>ticipate 9 !       
regi/]$ (f]+ ( ! cov]$ inve/m5t fund's  
securities2 &  7#b7 %all be deem$ to    
satisfy ! conditions ( subsection       
7a77#a7 or 7a77#b7 ( section #bcj4aci ( 
title #ag1 ,code ( ,f$]al ,regulations1 
or any successor provisions1 = purposes 
( ! ,commission's rules & regulations "u
 ! ,f$]al securities laws & ! rules (   
any self-regulatory organization4  7b7  
,implem5tation ( safe h>bor ,9 implem5t+
 ! safe h>bor pursuant to subsection    
7a71 ! ,commission %all-- 7#a7 n1 9 !   
case ( a cov]$ inve/m5t fund ) a class (
 securities 9 sub/antially cont9u\s     
di/ribution1 condition ! safe h>bor on  
:e!r ! brok]'s or deal]'s publication or
 di/ribution ( a cov]$ inve/m5t fund    
rese>* report con/itutes su* brok]'s or 
deal]'s initiation or re9itiation (     
rese>* cov]age on su* cov]$ inve/m5t    
fund or its securities2  7#b7 n-- 7,a7  
require ! cov]$ inve/m5t fund to h be5  

regi/]$ z an inve/m5t company "u !      
,inve/m5t ,company ,act ( #aidj or      
subject to ! report+ requirem5ts (      
section #ac or #ae7;d7 ( ! ,securities  
,ex*ange ,act ( #aicd = any p]iod exce$+
 twelve mon?s2 or  7,b7 impose a m9imum 
float provision exce$+ t ref]5c$ 9      
subsection 7a77#a77;i77,a77#a77;i7 (    
section #bcj4aci ( title #ag1 ,code (   
,f$]al ,regulations2  7#c7 provide t a  
self-regulatory organization may n      
ma9ta9 or en=ce any rule t w\ld--  7,a7 
condition ! ability ( a memb] to publi% 
or di/ribute a cov]$ inve/m5t fund      
rese>* report on :e!r ! memb] is also   
p>ticipat+ 9 a regi/]$ (f]+ or o!r      
di/ribution ( any securities ( su* cov]$
 inve/m5t fund2  7,b7 condition !       
ability ( a memb] to p>ticipate 9 a     
regi/]$ (f]+ or o!r di/ribution (       
securities ( a cov]$ inve/m5t fund on   
:e!r ! memb] has publi%$ or di/ribut$ a 
cov]$ inve/m5t fund rese>* report ab\t  
su* cov]$ inve/m5t fund or its          
securities2 or  7,c7 require ! fil+ ( a 

cov]$ inve/m5t fund rese>* report ) su* 
self-regulatory organization2 &  7#d7   
provide t a cov]$ inve/m5t fund rese>*  
report %all n be subject to sections    
#bd7;b7 or #cd7;b7 ( ! ,inve/m5t        
,company ,act ( #aidj or ! rules &      
regulations !reund]4  7c7 ,rules (      
con/ruction ,no?+ 9 ?is section %all be 
con/ru$ z 9 any way limit+-- 7#a7 !     
applicability ( ! antifraud provisions (
 ! ,f$]al securities laws2 or  7#b7 !   
au?ority ( any self-regulatory          
organization to exam9e or sup]vise a    
memb]'s practices 9 connection ) su*    
memb]'s publication or di/ribution ( a  
cov]$ inve/m5t fund rese>* report =     
compliance ) o!rwise applicable         
provisions ( ! ,f$]al securities laws or
 self-regulatory organization rules4    
7d7 ,int]im effectiv5ess ( safe h>bor ,f
 & aft] ! #abj-;day p]iod beg9n+ on !   
date ( enactm5t ( ?is ,act1 if !        
,commission has n met its obligations   
pursuant to subsection 7a7 to adopt     
revisions to section #bcj4aci ( title   

#ag1 ,code ( ,f$]al ,regulations1 &     
until su* "t z ! ,commission has done s1
 a cov]$ inve/m5t fund rese>* report    
publi%$ or di/ribut$ by a brok] or deal]
 aft] su* date %all be deem$ to meet !  
requirem5ts ( section #bcj4aci ( title  
#ag1 ,code ( ,f$]al ,regulations1 & to  
satisfy ! conditions ( subsection       
7a77#a7 or 7a77#b7 !re( = purposes ( !  
,commission's rules & regulations "u !  
,f$]al securities laws & ! rules ( any  
self-regulatory organization1 z if      
revis$ & implem5t$ 9 accordance )       
subsections 7a7 & 7b74  7e7 ,def9itions 
,= purposes ( ?is section3 7#a7 ,cov]$  
inve/m5t fund rese>* report ,! t]m cov]$
 inve/m5t fund rese>* report means a    
rese>* report publi%$ or di/ribut$ by a 
brok] or deal] ab\t a cov]$ inve/m5t    
fund or any ( its securities4  7#b7     
,cov]$ inve/m5t fund ,! t]m cov]$       
inve/m5t fund means-- 7,a7 an inve/m5t  
company regi/]$ "u1 or t has fil$ an    
election to be treat$ z a bus9ess       
developm5t company "u1 ! ,inve/m5t      

,company ,act ( #aidj & t has fil$ a    
regi/ration /atem5t "u ! ,securities    
,act ( #aicc = ! public (f]+ ( a class (
 its securities1 :i* regi/ration /atem5t
 has be5 decl>$ effective by !          
,commission2 &  7,b7 a tru/ or o!r      
p]son-- 7i7 t has a class ( securities  
li/$ = trad+ on a national securities   
ex*ange2  7ii7 ! assets ( :i* consi/    
prim>ily ( commodities1 curr5cies1 or   
d]ivative in/rum5ts t ref]5ce           
commodities or curr5cies1 or int]e/s 9 !
 =ego+2 &  7iii7 t all[s its securities 
to be pur*as$ or r$eem$1 subject to     
conditions or limitations1 = a ratable  
%>e ( its assets4  7#c7 ,rese>* report  
,! t]m rese>* report has ! mean+ giv5 to
 t t]m "u section #b7;a77#c7 ( !        
,securities ,act ( #aicc1 except t su*  
t]m %all n include an oral              
communication4  7#d7 ,self-regulatory   
organization ,! t]m self-regulatory     
organization has ! mean+ giv5 to t t]m  
"u section #c7;a77#bf7 ( ! ,securities  
,ex*ange ,act ( #aicd4  ,,iii ,small    

,bus9ess ,m]g]s1 ,acquisitions1 ,sales1 
& ,brok]age ,simplification  #cja4      
,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] %all be 
exempt f regi/ration "u ?is section4    
7,b7 ,exclud$ activities ,an ,m,a brok] 
is n exempt f regi/ration "u ?is        
p>agraph if su* brok] 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  
7iii7 ,engages on behalf ( any p>ty 9 a 
transaction involv+ a public %ell       
company4  7,c7 ,disqualifications ,an   
,m,a brok] is n exempt f regi/ration "u 
?is p>agraph if su* brok] is subject    
to-- 7i7 susp5sion or revocation (      
regi/ration "u p>agraph 7#d72  7ii7 a   
/atutory disqualification describ$ 9    
section #c7;a77#ci72  7iii7 a           
disqualification "u ! rules adopt$ by ! 
,commission "u section #ibf ( ! ,inve/or
 ,protection & ,securities ,re=m ,act ( 
#bjaj 7#ae ,u4,s4,c4 #gg;d note72 or    
7iv7 a f9al ord] describ$ 9 p>agraph    
7#d77;,h74  7,d7 ,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,e7 ,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 privately held 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]1 & any 
p]son associat$ ) a brok]1 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 fiscal 
ye>-end f9ancial /atem5ts ( ! issu] ( ! 
securities z cu/om>ily prep>$ by !      
managem5t ( ! issu] 9 ! normal c\rse (  
op]ations &1 if ! f9ancial /atem5ts ( ! 
issu] are audit$1 review$1 or compil$1  
any relat$ /atem5t by ! indep5d5t       
acc\ntant1 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  7iv7
 ,public %ell company ,! t]m public %ell
 company is a company t at ! "t ( a     
transaction ) an eligible privately held
 company--  7,i7 has any class (        
securities regi/]$1 or requir$ to be    
regi/]$1 ) ! ,commission "u section #ab 
or t is requir$ to file reports pursuant
 to subsection 7d72  7,,ii7 has no or   
nom9al op]ations2 &  7,,iii7 has-- 7aa7 
no or nom9al assets2  7bb7 assets       
consi/+ solely ( ca% & ca% equival5ts2  
or  7cc7 assets consi/+ ( any am\nt (   
ca% & ca% equival5ts & nom9al o!r       
assets4  7,f7 ,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 ( #bjae1 
& e #e ye>s !reaft]1 ea* doll> am\nt 9  
subp>agraph 7,e77ii77,,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  #cjb4 ,effective date ,?is
 title & any am5dm5t made by ?is title  
%all take effect on ! date t is #ij days
 aft] ! date ( ! enactm5t ( ?is ,act4   
,,iv ,small ,company ,disclosure        
,simplification  #dja4 ,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 #e   
ye>s aft] ! date ( enactm5t ( ?is ,act2 
or  7#b7 ! date t is #b ye>s aft] a     
det]m9ation by ! ,commission1 by ord]   
aft] conduct+ ! analysis requir$ by     
section #djb1 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  #djb4  
,analysis by ! ,,sec ,! ,commission %all
 conduct an analysis ( ! co/s & b5efits 
to issu]s describ$ 9 section #dja7;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    
#djc4 ,report to ,congress ,n lat] ?an  
#a 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 #djb2 &
  7#e7 any additional in=mation !       
,commission consid]s relevant = increas+
 transp>5cy1 decreas+ co/s1 & increas+  

effici5cy ( regulatory fil+s ) !        
,commission4  #djd4 ,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  ,v ,/reaml9+         
,excessive & ,co/ly ,regulations ,review
  #eja4 ,regulatory review  7a7 ,review 
& action ,n lat] ?an #e ye>s aft] ! date
 ( enactm5t ( ?is ,act1 & at lea/ once  
)9 ea* #aj-ye> p]iod !reaft]1 !         
,securities & ,ex*ange ,commission      
%all--  7#a7 review ea* significant     
regulation issu$ by ! ,commission2  7#b7
 det]m9e by ,commission vote :e!r ea*   
su* regulation--  7,a7 is outmod$1      
ineffective1 insuffici5t1 or excessively
 burd5some2 or  7,b7 is no long]        
necess>y 9 ! public int]e/ or consi/5t )
 ! ,commission's m&ate to protect       
inve/ors1 ma9ta9 fair1 ord]ly1 &        
effici5t m>kets1 & facilitate capital   
=mation2  7#c7 provide notice & solicit 
public comm5t z to :e!r a regulation    

describ$ 9 subp>agraph 7,a7 or 7,b7 (   
p>agraph 7#b7 7z det]m9$ by ,commission 
vote pursuant to su* p>agraph7 %\ld be  
am5d$ to improve or mod]nize su*        
regulation s t su* regulation is 9 !    
public int]e/1 or :e!r su* regulation   
%\ld be repeal$2 &  7#d7 am5d or repeal 
any regulation describ$ 9 subp>agraph   
7,a7 or 7,b7 ( p>agraph 7#b71 z det]m9$ 
by ,commission vote pursuant to su*     
p>agraph4  7b7 ,def9ition ,z us$ 9 ?is  
section & = purposes ( ! review requir$ 
by subsection 7a7 ! t]m significant     
regulation has ! mean+ giv5 ! t]m major 
rule 9 section #hjd7b7 ( title #e1      
,unit$ ,/ates ,code4  7c7 ,report to    
,congress ,n lat] ?an #de days aft] any 
f9al ,commission vote describ$ 9        
subsection 7a77#b71 ! ,commission %all  
transmit a report to ! ,committee on    
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate describ+ ! ,commission's review  
"u subsection 7a71 its vote or votes1 & 

! actions tak5 pursuant to p>agraph 7#c7
 ( su* subsection4 ,if ! ,commission    
det]m9es t legislation is necess>y to   
am5d or repeal any regulation describ$ 9
 subp>agraph 7,a7 or 7,b7 ( subsection  
7a77#b71 ! ,commission %all include 9 ! 
report recomm5dations = su* legislation4
  7d7 ,n subject to judicial review ,any
 vote by ! ,commission made pursuant to 
subsection 7a77#b7 %all be f9al & n     
subject to judicial review4  ,pass$ !   
,h\se ( ,repres5tatives ,febru>y #c1    
#bjaf4;,cl]k4