#aad? ,,congress  #b;d ,session  ,h4 ,r4
 #edba  ,,an ,,act  ,to am5d !          
,securities ,act ( #aicc to apply !     
exemption f ,/ate regulation (          
securities (f]+s to securities li/$ on a
 national security ex*ange t has li/+   
/&>ds t h be5 approv$ by ! ,commission4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,national ,securities ,ex*ange        
,regulatory ,p>ity ,act ( #bjaf4  #b4   
,application ( exemption  7a7 ,am5dm5ts 
,section #ah7;b77#a7 ( ! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#a77
 is am5d$--  7#a7 by /rik+ subp>agraph  
7,a72  7#b7 9 subp>agraph 7,b71 by /rik+
 t ! ,commission det]m9es by rule 7on   
its own initiative or on ! basis ( a    
petition7 are sub/antially simil> to !  
li/+ /&>ds applicable to securities     
describ$ 9 subp>agraph 7,a7 & ins]t+ t h
 be5 approv$ by ! ,commission1 consi/5t 
) section #b7;c7 ( ! ,national          
,securities ,ex*ange ,regulatory ,p>ity 
,act ( #bjaf2  7#c7 9 subp>agraph 7,c71 
by /rik+ or 7,b72 &  7#d7 by r$esignat+ 

subp>agraphs 7,b7 & 7,c7 z subp>agraphs 
7,a7 & 7,b71 respectively4  7b7         
,effective date ,! am5dm5ts made by     
subsection 7a7 %all take effect-- 7#a7  
on ! date ( enactm5t ( ?is ,act1 )      
respect to a national securities ex*ange
 regi/]$ )1 & ^: li/+ /&>ds h be5       
approv$ by1 ! ,securities & ,ex*ange    
,commission on or be=e ! date ( enactm5t
 ( ?is ,act2 &  7#b7 on ! date !        
,securities & ,ex*ange ,commission      
issues ! f9al rule requir$ by subsection
 7c71 ) respect to a national securities
 ex*ange n describ$ "u p>agraph 7#a74   
7c7 ,replacem5t /&>ds ,n lat] ?an #cfj  
days aft] ! date ( enactm5t ( ?is ,act1 
! ,securities & ,ex*ange ,commission    
%all1 by rule subject to public notice &
 comm5t1 e/abli% m9imum core            
quantitative li/+ /&>ds pursuant to     
section #f ( ! ,securities ,ex*ange ,act
 ( #aicd4  ,pass$ ! ,h\se (             
,repres5tatives ,july #ab1 #bjaf4;,cl]k4