#aadth ,,congress #ast ,session ,h4 ,r4 #cg ,,an ,,act ,to make technical corrections to the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 to enhance the ability of small and emerging growth companies to access capital through public and private markets1 to reduce regulatory burdens1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,promoting ,job ,creation and ,reducing ,small ,business ,burdens ,act4 #b4 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title4 ,sec4 #b4 ,table of contents4 ,title ,i--,business ,risk ,mitigation and ,price ,stabilization ,act ,sec4 #aja4 ,margin requirements4 ,sec4 #ajb4 ,implementation4 ,title ,,ii--,treatment of affiliate transactions ,sec4 #bja4 ,treatment of affiliate transactions4 ,title ,,iii--,holding ,company ,registration ,threshold ,equalization ,act ,sec4 #cja4 ,registration threshold for savings and loan holding companies4 ,title ,,iv--,small ,business ,mergers1 ,acquisitions1 ,sales1 and ,brokerage ,simplification ,act ,sec4 #dja4 ,registration exemption for merger and acquisition brokers4 ,sec4 #djb4 ,effective date4 ,title ,v--,swap ,data ,repository and ,clearinghouse ,indemnification ,corrections ,sec4 #eja4 ,repeal of indemnification requirements4 ,title ,,vi--,improving ,access to ,capital for ,emerging ,growth ,companies ,act ,sec4 #fja4 ,filing requirement for public filing prior to public offering4 ,sec4 #fjb4 ,grace period for change of status of emerging growth companies4 ,sec4 #fjc4 ,simplified disclosure requirements for emerging growth companies4 ,title ,,vii--,small ,company ,disclosure ,simplification ,act ,sec4 #gja4 ,exemption from ,,xbrl requirements for emerging growth companies and other smaller companies4 ,sec4 #gjb4 ,analysis by the ,,sec4 ,sec4 #gjc4 ,report to ,congress4 ,sec4 #gjd4 ,definitions4 ,title ,,viii--,restoring ,proven ,financing for ,american ,employers ,act ,sec4 #hja4 ,rules of construction relating to collateralized loan obligations4 ,title ,,ix--,,sbic ,advisers ,relief ,act ,sec4 #ija4 ,advisers of ,s,b,i,cs and venture capital funds4 ,sec4 #ijb4 ,advisers of ,s,b,i,cs and private funds4 ,sec4 #ijc4 ,relationship to ,state law4 ,title ,x--,disclosure ,modernization and ,simplification ,act ,sec4 #ajja4 ,summary page for form #aj-,k4 ,sec4 #ajjb4 ,improvement of regulation ,s-,k4 ,sec4 #ajjc4 ,study on modernization and simplification of regulation ,s-,k4 ,title ,,xi--,encouraging ,employee ,ownership ,act ,sec4 #aaja4 ,increased threshold for disclosures relating to compensatory benefit plans4 ,i ,business ,risk ,mitigation and ,price ,stabilization ,act #aja4 ,margin requirements 7a7 ,commodity ,exchange ,act amendment ,section #ds7e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #fs7e771 as added by section #gca of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 is amended by adding at the end the following new paragraph3 7#d7 ,applicability with respect to counterparties ,the requirements of paragraphs 7#b77;,a77ii7 and 7#b77;,b77ii71 including the initial and variation margin requirements imposed by rules adopted pursuant to paragraphs 7#b77;,a77ii7 and 7#b77;,b77ii71 shall not apply to a swap in which a counterparty qualifies for an exception under section #b7;h77#g77;,a71 or an exemption issued under section #d7;c77#a7 from the requirements of section #b7;h77#a77;,a7 for cooperative entities as defined in such exemption1 or satisfies the criteria in section #b7;h77#g77;,d74 4 7b7 ,securities ,exchange ,act amendment ,section #ae;,f7e7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#aj7;e771 as added by section #gfd7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 is amended by adding at the end the following new paragraph3 7#d7 ,applicability with respect to counterparties ,the requirements of paragraphs 7#b77;,a77ii7 and 7#b77;,b77ii7 shall not apply to a security-based swap in which a counterparty qualifies for an exception under section #c;,c7g77#a7 or satisfies the criteria in section #c;,c7g77#d74 4 #ajb4 ,implementation ,the amendments made by this title to the ,commodity ,exchange ,act shall be implemented-- 7#a7 without regard to-- 7,a7 chapter #ce of title #dd1 ,united ,states ,code2 and 7,b7 the notice and comment provisions of section #eec of title #e1 ,united ,states ,code2 7#b7 through the promulgation of an interim final rule1 pursuant to which public comment will be sought before a final rule is issued2 and 7#c7 such that paragraph 7#a7 shall apply solely to changes to rules and regulations1 or proposed rules and regulations1 that are limited to and directly a consequence of such amendments4 ,,ii ,treatment of affiliate transactions #bja4 ,treatment of affiliate transactions 7a7 ,in general 7#a7 ,commodity ,exchange ,act amendment ,section #b7;h77#g77;,d77i7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;h77#g77;,d77i77 is amended to read as follows3 7i7 ,in general ,an affiliate of a person that qualifies for an exception under subparagraph 7,a7 7including affiliate entities predominantly engaged in providing financing for the purchase of the merchandise or manufactured goods of the person7 may qualify for the exception only if the affiliate enters into the swap to hedge or mitigate the commercial risk of the person or other affiliate of the person that is not a financial entity1 provided that if the hedge or mitigation of such commercial risk is addressed by entering into a swap with a swap dealer or major swap participant1 an appropriate credit support measure or other mechanism must be utilized4 4 7#b7 ,securities ,exchange ,act of #aicd amendment ,section #c;,c7g77#d77;,a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c-#c7;g77#d77;,a77 is amended to read as follows3 7,a7 ,in general ,an affiliate of a person that qualifies for an exception under paragraph 7#a7 7including affiliate entities predominantly engaged in providing financing for the purchase of the merchandise or manufactured goods of the person7 may qualify for the exception only if the affiliate enters into the security-based swap to hedge or mitigate the commercial risk of the person or other affiliate of the person that is not a financial entity1 provided that if the hedge or mitigation such commercial risk is addressed by entering into a security-based swap with a security-based swap dealer or major security-based swap participant1 an appropriate credit support measure or other mechanism must be utilized4 4 7b7 ,applicability of credit support measure requirement ,the requirements in section #b7;h77#g77;,d77i7 of the ,commodity ,exchange ,act and section #c;,c7g77#d77;,a7 of the ,securities ,exchange ,act of #aicd1 as amended by subsection 7a71 requiring that a credit support measure or other mechanism be utilized if the transfer of commercial risk referred to in such sections is addressed by entering into a swap with a swap dealer or major swap participant or a security-based swap with a security-based swap dealer or major security-based swap participant1 as appropriate1 shall not apply with respect to swaps or security-based swaps1 as appropriate1 entered into before the date of the enactment of this ,act4 ,,iii ,holding ,company ,registration ,threshold ,equalization ,act #cja4 ,registration threshold for savings and loan holding companies ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended-- 7#a7 in section #ab7;g7-- 7,a7 in paragraph 7#a77;,b71 by inserting after is a bank the following3 1 a savings and loan holding company 7as defined in section #aj of the ,home ,owners' ,loan ,act712 and 7,b7 in paragraph 7#d71 by inserting after case of a bank the following3 1 a savings and loan holding company 7as defined in section #aj of the ,home ,owners' ,loan ,act712 and 7#b7 in section #ae7;d71 by striking case of bank and inserting the following3 case of a bank1 a savings and loan holding company 7as defined in section #aj of the ,home ,owners' ,loan ,act714 ,,iv ,small ,business ,mergers1 ,acquisitions1 ,sales1 and ,brokerage ,simplification ,act #dja4 ,registration exemption for merger and acquisition brokers ,section #ae7;b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho7b77 is amended by adding at the end the following3 7#ac7 ,registration exemption for merger and acquisition brokers 7,a7 ,in general ,except as provided in subparagraph 7,b71 an ,m,a broker shall be exempt from registration under this section4 7,b7 ,excluded activities ,an ,m,a broker is not exempt from registration under this paragraph if such broker does any of the following3 7i7 ,directly or indirectly1 in connection with the transfer of ownership of an eligible privately held company1 receives1 holds1 transmits1 or has custody of the funds or securities to be exchanged by the parties to the transaction4 7ii7 ,engages on behalf of an issuer in a public offering of any class of securities that is registered1 or is required to be registered1 with the ,commission under section #ab or with respect to which the issuer files1 or is required to file1 periodic information1 documents1 and reports under subsection 7d74 7,c7 ,rule of construction ,nothing in this paragraph shall be construed to limit any other authority of the ,commission to exempt any person1 or any class of persons1 from any provision of this title1 or from any provision of any rule or regulation thereunder4 7,d7 ,definitions ,in this paragraph3 7i7 ,control ,the term control means the power1 directly or indirectly1 to direct the management or policies of a company1 whether through ownership of securities1 by contract1 or otherwise4 ,there is a presumption of control for any person who-- 7,i7 is a director1 general partner1 member or manager of a limited liability company1 or officer exercising executive responsibility 7or has similar status or functions72 7,,ii7 has the right to vote #bj percent or more of a class of voting securities or the power to sell or direct the sale of #bj percent or more of a class of voting securities2 or 7,,iii7 in the case of a partnership or limited liability company1 has the right to receive upon dissolution1 or has contributed1 #bj percent or more of the capital4 7ii7 ,eligible privately held company ,the term eligible privately held company means a company that meets both of the following conditions3 7,i7 ,the company does not have any class of securities registered1 or required to be registered1 with the ,commission under section #ab or with respect to which the company files1 or is required to file1 periodic information1 documents1 and reports under subsection 7d74 7,,ii7 ,in the fiscal year ending immediately before the fiscal year in which the services of the ,m,a broker are initially engaged with respect to the securities transaction1 the company meets either or both of the following conditions 7determined in accordance with the historical financial accounting records of the company73 7aa7 ,the earnings of the company before interest1 taxes1 depreciation1 and amortization are less than #be1jjj1jjj4 7bb7 ,the gross revenues of the company are less than #bej1jjj1jjj4 7iii7 ,m,a broker ,the term ,m,a broker means a broker1 and any person associated with a broker1 engaged in the business of effecting securities transactions solely in connection with the transfer of ownership of an eligible privately held company1 regardless of whether the broker acts on behalf of a seller or buyer1 through the purchase1 sale1 exchange1 issuance1 repurchase1 or redemption of1 or a business combination involving1 securities or assets of the eligible privately held company1 if the broker reasonably believes that-- 7,i7 upon consummation of the transaction1 any person acquiring securities or assets of the eligible privately held company1 acting alone or in concert1 will control and1 directly or indirectly1 will be active in the management of the eligible privately held company or the business conducted with the assets of the eligible privately held company2 and 7,,ii7 if any person is offered securities in exchange for securities or assets of the eligible privately held company1 such person will1 prior to becoming legally bound to consummate the transaction1 receive or have reasonable access to the most recent year-end balance sheet1 income statement1 statement of changes in financial position1 and statement of owner's equity of the issuer of the securities offered in exchange1 and1 if the financial statements of the issuer are audited1 the related report of the independent auditor1 a balance sheet dated not more than #abj days before the date of the offer1 and information pertaining to the management1 business1 results of operations for the period covered by the foregoing financial statements1 and material loss contingencies of the issuer4 7,e7 ,inflation adjustment 7i7 ,in general ,on the date that is #e years after the date of the enactment of this paragraph1 and every #e years thereafter1 each dollar amount in subparagraph 7,d77ii77,,ii7 shall be adjusted by-- 7,i7 dividing the annual value of the ,employment ,cost ,index ,for ,wages and ,salaries1 ,private ,industry ,workers 7or any successor index71 as published by the ,bureau of ,labor ,statistics1 for the calendar year preceding the calendar year in which the adjustment is being made by the annual value of such index 7or successor7 for the calendar year ending ,december #ca1 #bjad2 and 7,,ii7 multiplying such dollar amount by the quotient obtained under subclause 7,i74 7ii7 ,rounding ,each dollar amount determined under clause 7i7 shall be rounded to the nearest multiple of #ajj1jjj4 4 #djb4 ,effective date ,this ,act and any amendment made by this ,act shall take effect on the date that is #ij days after the date of the enactment of this ,act4 ,v ,swap ,data ,repository and ,clearinghouse ,indemnification ,corrections #eja4 ,repeal of indemnification requirements 7a7 ,derivatives clearing organizations ,section #e;b7k77#e7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #g;a-#a7k77#e77 is amended to read as follows3 7#e7 ,confidentiality agreement ,before the ,commission may share information with any entity described in paragraph 7#d71 the ,commission shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section #h relating to the information on swap transactions that is provided4 4 7b7 ,swap data repositories ,section #ba7;d7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #bd;a7d77 is amended to read as follows3 7d7 ,confidentiality agreement ,before the swap data repository may share information with any entity described in subsection 7c77#g71 the swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section #h relating to the information on swap transactions that is provided4 4 7c7 ,security-,based swap data repositories ,section #ac7n77#e77;,h7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7n77#e77;,h77 is amended to read as follows3 7,h7 ,confidentiality agreement ,before the security-based swap data repository may share information with any entity described in subparagraph 7,g71 the security-based swap data repository shall receive a written agreement from each entity stating that the entity shall abide by the confidentiality requirements described in section #bd relating to the information on security-based swap transactions that is provided4 4 7d7 ,effective date ,the amendments made by this ,act shall take effect as if enacted as part of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 on ,july #ba1 #bjaj4 ,,vi ,improving ,access to ,capital for ,emerging ,growth ,companies ,act #fja4 ,filing requirement for public filing prior to public offering ,section #f7;e77#a7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;f7e77#a77 is amended by striking #ba days and inserting #ae days4 #fjb4 ,grace period for change of status of emerging growth companies ,section #f7;e77#a7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;f7e77#a77 is further amended by adding at the end the following3 ,an issuer that was an emerging growth company at the time it submitted a confidential registration statement or1 in lieu thereof1 a publicly filed registration statement for review under this subsection but ceases to be an emerging growth company thereafter shall continue to be treated as an emerging market growth company for the purposes of this subsection through the earlier of the date on which the issuer consummates its initial public offering pursuant to such registrations statement or the end of the #a-year period beginning on the date the company ceases to be an emerging growth company44 #fjc4 ,simplified disclosure requirements for emerging growth companies ,section #ajb of the ,jumpstart ,our ,business ,startups ,act 7,public ,law #aab-ajf7 is amended by adding at the end the following3 7d7 ,simplified disclosure requirements ,with respect to an emerging growth company 7as such term is defined under section #b of the ,securities ,act of #aicc73 7#a7 ,requirement to include notice on form ,s-#a ,not later than #cj days after the date of enactment of this subsection1 the ,securities and ,exchange ,commission shall revise its general instructions on ,form ,s-#a to indicate that a registration statement filed 7or submitted for confidential review7 by an issuer prior to an initial public offering may omit financial information for historical periods otherwise required by regulation ,s-,x 7#ag ,,cfr #baj4a-ja et seq47 as of the time of filing 7or confidential submission7 of such registration statement1 provided that-- 7,a7 the omitted financial information relates to a historical period that the issuer reasonably believes will not be required to be included in the ,form ,s-#a at the time of the contemplated offering2 and 7,b7 prior to the issuer distributing a preliminary prospectus to investors1 such registration statement is amended to include all financial information required by such regulation ,s-,x at the date of such amendment4 7#b7 ,reliance by issuers ,effective #cj days after the date of enactment of this subsection1 an issuer filing a registration statement 7or submitting the statement for confidential review7 on ,form ,s-#a may omit financial information for historical periods otherwise required by regulation ,s-,x 7#ag ,,cfr #baj4a-ja et seq47 as of the time of filing 7or confidential submission7 of such registration statement1 provided that-- 7,a7 the omitted financial information relates to a historical period that the issuer reasonably believes will not be required to be included in the ,form ,s-#a at the time of the contemplated offering2 and 7,b7 prior to the issuer distributing a preliminary prospectus to investors1 such registration statement is amended to include all financial information required by such regulation ,s-,x at the date of such amendment4 4 ,,vii ,small ,company ,disclosure ,simplification ,act #gja4 ,exemption from ,,xbrl requirements for emerging growth companies and other smaller companies 7a7 ,exemption for emerging growth companies ,emerging growth companies are exempted from the requirements to use ,extensible ,business ,reporting ,language 7,,xbrl7 for financial statements and other periodic reporting required to be filed with the ,commission under the securities laws4 ,such companies may elect to use ,,xbrl for such reporting4 7b7 ,exemption for other smaller companies ,issuers with total annual gross revenues of less than #bej1jjj1jjj are exempt from the requirements to use ,,xbrl for financial statements and other periodic reporting required to be filed with the ,commission under the securities laws4 ,such issuers may elect to use ,,xbrl for such reporting4 ,an exemption under this subsection shall continue in effect until-- 7#a7 the date that is #e years after the date of enactment of this ,act2 or 7#b7 the date that is #b years after a determination by the ,commission1 by order after conducting the analysis required by section #gjb1 that the benefits of such requirements to such issuers outweigh the costs1 but no earlier than #c years after enactment of this ,act4 7c7 ,modifications to regulations ,not later than #fj days after the date of enactment of this ,act1 the ,commission shall revise its regulations under parts #bbi1 #bcj1 #bcb1 #bci1 #bdj1 and #bdi of title #ag1 ,code of ,federal ,regulations1 to reflect the exemptions set forth in subsections 7a7 and 7b74 #gjb4 ,analysis by the ,,sec ,the ,commission shall conduct an analysis of the costs and benefits to issuers described in section #gja7;b7 of the requirements to use ,,xbrl for financial statements and other periodic reporting required to be filed with the ,commission under the securities laws4 ,such analysis shall include an assessment of-- 7#a7 how such costs and benefits may differ from the costs and benefits identified by the ,commission in the order relating to interactive data to improve financial reporting 7dated ,january #cj1 #bjji2 #gd ,fed4 ,reg4 #fggf7 because of the size of such issuers2 7#b7 the effects on efficiency1 competition1 capital formation1 and financing and on analyst coverage of such issuers 7including any such effects resulting from use of ,,xbrl by investors72 7#c7 the costs to such issuers of-- 7,a7 submitting data to the ,commission in ,,xbrl2 7,b7 posting data on the website of the issuer in ,,xbrl2 7,c7 software necessary to prepare1 submit1 or post data in ,,xbrl2 and 7,d7 any additional consulting services or filing agent services2 7#d7 the benefits to the ,commission in terms of improved ability to monitor securities markets1 assess the potential outcomes of regulatory alternatives1 and enhance investor participation in corporate governance and promote capital formation2 and 7#e7 the effectiveness of standards in the ,united ,states for interactive filing data relative to the standards of international counterparts4 #gjc4 ,report to ,congress ,not later than #a year after the date of enactment of this ,act1 the ,commission shall provide the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report regarding-- 7#a7 the progress in implementing ,,xbrl reporting within the ,commission2 7#b7 the use of ,,xbrl data by ,commission officials2 7#c7 the use of ,,xbrl data by investors2 7#d7 the results of the analysis required by section #gjb2 and 7#e7 any additional information the ,commission considers relevant for increasing transparency1 decreasing costs1 and increasing efficiency of regulatory filings with the ,commission4 #gjd4 ,definitions ,as used in this title1 the terms ,commission1 emerging growth company1 issuer1 and securities laws have the meanings given such terms in section #c of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c74 ,,viii ,restoring ,proven ,financing for ,american ,employers ,act #hja4 ,rules of construction relating to collateralized loan obligations ,section #ac7;c77#b7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahea7;c77#b77 is amended-- 7#a7 by striking ,a banking entity or nonbank financial company supervised by the ,board and inserting the following3 7,a7 ,general conformance period ,a banking entity or nonbank financial company supervised by the ,board 2 and 7#b7 by adding at the end the following3 7,b7 ,conformance period for certain collateralized loan obligations 7i7 ,in general ,notwithstanding subparagraph 7,a71 a banking entity or nonbank financial company supervised by the ,board shall bring its activities related to or investments in a debt security of a collateralized loan obligation issued before ,january #ca1 #bjad1 into compliance with the requirements of subsection 7a77#a77;,b7 and any applicable rules relating to subsection 7a77#a77;,b7 not later than ,july #ba1 #bjai4 7ii7 ,collateralized loan obligation ,for purposes of this subparagraph1 the term collateralized loan obligation means any issuing entity of an asset-backed security1 as defined in section #c7;a77#gg7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77#gg771 that is comprised primarily of commercial loans4 4 ,,ix ,,sbic ,advisers ,relief ,act #ija4 ,advisers of ,s,b,i,cs and venture capital funds ,section #bjc7l7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#c7l77 is amended-- 7#a7 by striking ,no investment adviser and inserting the following3 7#a7 ,in general ,no investment adviser 2 and 7#b7 by adding at the end the following3 7#b7 ,advisers of ,s,b,i,cs ,for purposes of this subsection1 a venture capital fund includes an entity described in subparagraph 7,a71 7,b71 or 7,c7 of subsection 7b77#g7 7other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section #ed of the ,investment ,company ,act of #aidj74 4 #ijb4 ,advisers of ,s,b,i,cs and private funds ,section #bjc7m7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#c7m77 is amended by adding at the end the following3 7#c7 ,advisers of ,s,b,i,cs ,for purposes of this subsection1 the assets under management of a private fund that is an entity described in subparagraph 7,a71 7,b71 or 7,c7 of subsection 7b77#g7 7other than an entity that has elected to be regulated or is regulated as a business development company pursuant to section #ed of the ,investment ,company ,act of #aidj7 shall be excluded from the limit set forth in paragraph 7#a74 4 #ijc4 ,relationship to ,state law ,section #bjc;,a7b77#a7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#c;a7b77#a77 is amended-- 7#a7 in subparagraph 7,a71 by striking or at the end2 7#b7 in subparagraph 7,b71 by striking the period at the end and inserting 2 or2 and 7#c7 by adding at the end the following3 7,c7 that is not registered under section #bjc because that person is exempt from registration as provided in subsection 7b77#g7 of such section1 or is a supervised person of such person4 4 ,x ,disclosure ,modernization and ,simplification ,act #ajja4 ,summary page for form #aj-,k ,not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall issue regulations to permit issuers to submit a summary page on form #aj-,k 7#ag ,,cfr #bdi4caj71 but only if each item on such summary page includes a cross-reference 7by electronic link or otherwise7 to the material contained in form #aj-,k to which such item relates4 #ajjb4 ,improvement of regulation ,s-,k ,not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall take all such actions to revise regulation ,s-,k 7#ag ,,cfr #bbi4aj et seq47-- 7#a7 to further scale or eliminate requirements of regulation ,s-,k1 in order to reduce the burden on emerging growth companies1 accelerated filers1 smaller reporting companies1 and other smaller issuers1 while still providing all material information to investors2 7#b7 to eliminate provisions of regulation ,s-,k1 required for all issuers1 that are duplicative1 overlapping1 outdated1 or unnecessary2 and 7#c7 for which the ,commission determines that no further study under section #ajjc is necessary to determine the efficacy of such revisions to regulation ,s-,k4 #ajjc4 ,study on modernization and simplification of regulation ,s-,k 7a7 ,study ,the ,securities and ,exchange ,commission shall carry out a study of the requirements contained in regulation ,s-,k 7#ag ,,cfr #bbi4aj et seq474 ,such study shall-- 7#a7 determine how best to modernize and simplify such requirements in a manner that reduces the costs and burdens on issuers while still providing all material information2 7#b7 emphasize a company by company approach that allows relevant and material information to be disseminated to investors without boilerplate language or static requirements while preserving completeness and comparability of information across registrants2 and 7#c7 evaluate methods of information delivery and presentation and explore methods for discouraging repetition and the disclosure of immaterial information4 7b7 ,consultation ,in conducting the study required under subsection 7a71 the ,commission shall consult with the ,investor ,advisory ,committee and the ,advisory ,committee on ,small and ,emerging ,companies4 7c7 ,report ,not later than the end of the #cfj-;day period beginning on the date of enactment of this ,act1 the ,commission shall issue a report to the ,congress containing-- 7#a7 all findings and determinations made in carrying out the study required under subsection 7a72 7#b7 specific and detailed recommendations on modernizing and simplifying the requirements in regulation ,s-,k in a manner that reduces the costs and burdens on companies while still providing all material information2 and 7#c7 specific and detailed recommendations on ways to improve the readability and navigability of disclosure documents and to discourage repetition and the disclosure of immaterial information4 7d7 ,rulemaking ,not later than the end of the #cfj-;day period beginning on the date that the report is issued to the ,congress under subsection 7c71 the ,commission shall issue a proposed rule to implement the recommendations of the report issued under subsection 7c74 7e7 ,rule of construction ,revisions made to regulation ,s-,k by the ,commission under section #ajjb shall not be construed as satisfying the rulemaking requirements under this section4 ,,xi ,encouraging ,employee ,ownership ,act #aaja4 ,increased threshold for disclosures relating to compensatory benefit plans ,not later than #fj days after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall revise section #bcj4gja7;e7 of title #ag1 ,code of ,federal ,regulations1 so as to increase from #e1jjj1jjj to #aj1jjj1jjj the aggregate sales price or amount of securities sold during any consecutive #ab-month period in excess of which the issuer is required under such section to deliver an additional disclosure to investors4 ,the ,commission shall index for inflation such aggregate sales price or amount every #e years to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics1 rounding to the nearest #a1jjj1jjj4 ,passed the ,house of ,representatives ,january #ad1 #bjae4;,clerk4