,,ib ,union ,cal5d> ,no4 #fic #aad? ,,congress #b;d ,session ,h4 ,r4 #eihc ,report ,no4 #aad-hhc1 ,"p ,i ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #i1 #bjaf ,mr4 ,h5s>l+ 7= himself1 ,mr4 ,g>rett1 ,mr4 ,neugebau]1 ,mr4 ,luetkemey]1 ,mr4 ,huiz5ga ( ,mi*igan1 & ,mr4 ,duffy7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committees on ,agriculture1 ,ways & ,means1 ! ,judici>y1 ,ov]sight & ,gov]nm5t ,re=m1 ,transportation & ,infra/ructure1 ,rules1 ! ,budget1 & ,education & ! ,work=ce1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,decemb] #bj1 #bjaf ,report$ f ! ,committee on ,f9ancial ,s]vices ) an am5dm5t ,/rike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic ,decemb] #bj1 #bjaf ,! ,committees on ,agriculture1 ,ways & ,means1 ! ,judici>y1 ,ov]sight & ,gov]nm5t ,re=m1 ,transportation & ,infra/ructure1 ,rules1 ! ,budget1 & ,education & ! ,work=ce dis*>g$2 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union & ord]$ to be pr9t$ ,= text ( introduc$ bill1 see copy ( bill z introduc$ on ,septemb] #i1 #bjaf ,a ,,bill ,to create hope & opportunity = consum]s1 inve/ors1 & entrepr5eurs by end+ bail\ts & ,too ,big to ,fail1 hold+ ,wa%+ton & ,wall ,/reet acc\ntable1 elim9at+ r$ tape to increase access to capital & cr$it1 & repeal+ ! provisions ( ! ,dodd-,frank ,act t make ,am]ica less prosp]\s1 less /able1 & less free1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,f9ancial ,,*oice ,act ( #bjaf4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,title ,i--,regulatory ,relief = ,/rongly ,capitaliz$1 ,well ,manag$ ,bank+ ,organizations ,sec4 #aja4 ,capital election4 ,sec4 #ajb4 ,regulatory relief4 ,sec4 #ajc4 ,cont+5t capital /udy4 ,sec4 #ajd4 ,/udy on alt]+ ! curr5t prompt corrective action rules4 ,sec4 #aje4 ,def9itions4 ,title ,,ii--,end+ ,too ,big to ,fail & ,bank ,bail\ts ,subtitle ,a--,re=m ( ! ,f9ancial ,/ability ,act ( #bjaj ,sec4 #baa4 ,repeal & modification ( provisions ( ! ,f9ancial ,/ability ,act ( #bjaj4 ,subtitle ,b--,repeal ( ! ,ord]ly ,liquidation ,au?ority ,sec4 #bba4 ,repeal ( ! ord]ly liquidation au?ority4 ,subtitle ,c--,f9ancial ,in/itution ,bankruptcy ,sec4 #bca4 ,g5]al provisions relat+ to cov]$ f9ancial corporations4 ,sec4 #bcb4 ,liquidation1 reorganization1 or recapitalization ( a cov]$ f9ancial corporation4 ,sec4 #bcc4 ,am5dm5ts to title #bh1 ,unit$ ,/ates ,code4 ,subtitle ,d--,end+ ,gov]nm5t ,gu>antees ,sec4 #bda4 ,repeal ( obligation gu>antee program4 ,sec4 #bdb4 ,repeal ( sy/emic risk det]m9ation 9 resolutions4 ,sec4 #bdc4 ,re/rictions on use ( ! ,ex*ange ,/abilization ,fund4 ,subtitle ,e--,elim9at+ ,f9ancial ,m>ket ,utility ,designations ,sec4 #bea4 ,repeal ( title ,,viii4 ,title ,,iii--,emp[]+ ,am]icans to ,a*ieve ,f9ancial ,indep5d5ce ,subtitle ,a--,sep>ation ( ,p[]s & ,lib]ty ,enhancem5ts ,sec4 #caa4 ,consum] ,f9ancial ,opportunity ,commission4 ,sec4 #cab4 ,br++ ! ,commission into ! regul> appropriations process4 ,sec4 #cac4 ,consum] ,f9ancial ,opportunity ,commission ,inspector ,g5]al ,re=m4 ,sec4 #cad4 ,private p>ties au?oriz$ to compel ! ,commission to seek sanctions by fil+ civil actions2 ,adjudications deem$ actions4 ,sec4 #cae4 ,civil inve/igative dem&s to be appeal$ to c\rts4 ,sec4 #caf4 ,commission dual m&ate & economic analysis4 ,sec4 #cag4 ,no def]5ce to ,commission int]pretation4 ,subtitle ,b--,adm9i/rative ,enhancem5ts ,sec4 #cba4 ,commission ,advisory ,bo>ds4 ,sec4 #cbb4 ,advisory op9ions4 ,sec4 #cbc4 ,re=m ( ,consum] ,f9ancial ,civil ,p5alty ,fund4 ,sec4 #cbd4 ,commission rese>* pap] transp>5cy4 ,sec4 #cbe4 ,commission pay fairness4 ,sec4 #cbf4 ,sep>ation ( m>ket monitor+ functions & sup]visory functions4 ,sec4 #cbg4 ,requirem5t to v]ify in=mation 9 ! compla9t database be=e x may be releas$ to ! g5]al public4 ,sec4 #cbh4 ,commission sup]vision limit$ to banks1 ?rifts1 & cr$it unions ) great] ?an #ej billion 9 assets4 ,sec4 #cbi4 ,transf] ( old ,,ots build+ f ,,occ to ,,gsa4 ,subtitle ,c--,policy ,enhancem5ts ,sec4 #cca4 ,consum] "r to f9ancial privacy4 ,sec4 #ccb4 ,repeal ( ,c\ncil au?ority to set aside ,bureau rules & requirem5t ( safety & s\ndness consid]ations :5 issu+ rules4 ,sec4 #ccc4 ,/ate & tribal payday loan regulation #e-ye> exemption4 ,sec4 #ccd4 ,re=m+ indirect auto f9anc+ guidance4 ,sec4 #cce4 ,prohibition ( ,gov]nm5t price controls = paym5t c>d transactions4 ,sec4 #ccf4 ,annual /udies on end+ ! cons]vator%ip ( ,fannie ,mae1 ,fr$die ,mac1 & re=m+ ! h\s+ f9ance sy/em4 ,sec4 #ccg4 ,removal ( abusive au?ority4 ,sec4 #cch4 ,repeal ( au?ority to re/rict arbitration4 ,title ,,iv--,capital ,m>kets ,improvem5ts ,subtitle ,a--,,sec ,re=m1 ,re/ructur+1 & ,acc\ntability ,sec4 #dja4 ,au?orization ( appropriations4 ,sec4 #djb4 ,report on unobligat$ appropriations4 ,sec4 #djc4 ,,sec ,res]ve ,fund aboli%$4 ,sec4 #djd4 ,fees to (fset appropriations4 ,sec4 #dje4 ,implem5tation ( recomm5dations4 ,sec4 #djf4 ,(fice ( ,cr$it ,rat+s to report to ! ,division ( ,trad+ & ,m>kets4 ,sec4 #djg4 ,(fice ( ,municipal ,securities to report to ! ,division ( ,trad+ & ,m>kets4 ,sec4 #djh4 ,indep5d5ce ( ,commission ,ombudsman4 ,sec4 #dji4 ,coord9ation ) ! ,inve/or ,advisory ,committee4 ,sec4 #daj4 ,duties ( ,inve/or ,advocate4 ,sec4 #daa4 ,int]nal risk controls4 ,sec4 #dab4 ,applicability ( ,notice & ,comm5t ,requirem5ts ( ! ,adm9i/rative ,proc$ure ,act to ,guidance ,vot$ on by ! ,commission4 ,sec4 #dac4 ,process = clos+ inve/igations4 ,sec4 #dad4 ,en=cem5t ,ombudsman4 ,sec4 #dae4 ,process to ensure en=cem5t actions are )9 au?ority ( ,commission4 ,sec4 #daf4 ,process to p]mit recipi5t ( ,wells notification to appe> be=e ,commission /aff 9-p]son4 ,sec4 #dag4 ,publication ( en=cem5t manual4 ,sec4 #dah4 ,private p>ties au?oriz$ to compel ! ,securities & ,ex*ange ,commission to seek sanctions by fil+ civil actions4 ,sec4 #dai4 ,c]ta9 f9d+s requir$ to approve civil money p5alties aga9/ issu]s4 ,sec4 #dbj4 ,repeal ( au?ority ( ! ,commission to prohibit p]sons f s]v+ z (fic]s or directors4 ,sec4 #dba4 ,subpo5a duration & r5ewal4 ,sec4 #dbb4 ,elim9ation ( automatic disqualifications4 ,sec4 #dbc4 ,confid5tiality ( records obta9$ f =eign securities & law en=cem5t au?orities4 ,sec4 #dbd4 ,cl>ification ( au?ority to impose sanctions on p]sons associat$ ) a brok] or deal]4 ,sec4 #dbe4 ,congressional access to in=mation held by ! ,public ,company ,acc\nt+ ,ov]sight ,bo>d4 ,sec4 #dbf4 ,repeal ( requirem5t = ,public ,company ,acc\nt+ ,ov]sight ,bo>d to use c]ta9 funds = m]it s*ol>%ip program4 ,sec4 #dbg4 ,reallocation ( f9es = violations ( rules ( municipal securities rulemak+ bo>d4 ,subtitle ,b--,elim9at+ ,excessive ,gov]nm5t ,intrusion 9 ! ,capital ,m>kets ,sec4 #dda4 ,repeal ( ,dep>tm5t ( ,labor fiduci>y rule & requirem5ts prior to rulemak+ relat+ to /&>ds ( conduct = brok]s & deal]s4 ,sec4 #ddb4 ,exemption f risk ret5tion requirem5ts = nonresid5tial mortgage4 ,sec4 #ddc4 ,frequ5cy ( %>ehold] approval ( executive comp5sation4 ,sec4 #ddd4 ,requirem5t = municipal advisor = issu]s ( municipal securities4 ,sec4 #dde4 ,small issu] exemption f int]nal control evaluation4 ,sec4 #ddf4 ,exemptive au?ority = c]ta9 provisions relat+ to regi/ration ( nationally recogniz$ /ati/ical rat+ organizations4 ,sec4 #ddg4 ,re/riction on recov]y ( errone\sly aw>d$ comp5sation4 ,sec4 #ddh4 ,risk-,bas$ ,exam9ations ( ,nationally ,recogniz$ ,/ati/ical ,rat+ ,organizations4 ,sec4 #ddi4 ,repeals4 ,sec4 #dej4 ,exemption ( & report+ by private equity fund advis]s4 ,sec4 #dea4 ,records & reports ( private funds4 ,sec4 #deb4 ,def9ition ( accr$it$ inve/or4 ,sec4 #dec4 ,repeal ( c]ta9 provisions requir+ a /udy & report to ,congress4 ,sec4 #ded4 ,te*nical correction4 ,sec4 #dee4 ,repeal4 ,subtitle ,c--,commodity ,futures ,trad+ ,commission ,re=ms ,sec4 #dfa4 ,division directors4 ,sec4 #dfb4 ,proc$ures gov]n+ actions tak5 by commission /aff4 ,sec4 #dfc4 ,/rategic te*nology plan4 ,sec4 #dfd4 ,int]nal risk controls4 ,sec4 #dfe4 ,subpo5a duration & r5ewal4 ,sec4 #dff4 ,applicability ( notice & comm5t requirem5ts ( ! adm9i/rative proc$ure act to guidance vot$ on by ! commission4 ,sec4 #dfg4 ,judicial review ( commission rules4 ,sec4 #dfh4 ,cross-bord] regulation ( d]ivatives transactions4 ,subtitle ,d--,h>monization ( ,d]ivatives ,rules ,sec4 #dga4 ,ag5cy review & h>monization ( rules relat+ to ! regulation ( ov]-!-c\nt] swaps m>kets4 ,title ,v--,improv+ ,insurance ,coord9ation ?r\gh an ,indep5d5t ,advocate ,sec4 #eja4 ,repeal ( ! ,f$]al ,insurance ,(fice2 ,creation ( ! ,(fice ( ! ,indep5d5t ,insurance ,advocate4 ,sec4 #ejb4 ,treatm5t ( cov]$ agreem5ts4 ,title ,,vi--,dem&+ ,acc\ntability f ,f9ancial ,regulators & ,devolv+ ,p[] ,away f ,wa%+ton ,subtitle ,a--,co/-,b5efit ,analyses ,sec4 #faa4 ,def9itions4 ,sec4 #fab4 ,requir$ regulatory analysis4 ,sec4 #fac4 ,rule ( con/ruction4 ,sec4 #fad4 ,public availability ( data & regulatory analysis4 ,sec4 #fae4 ,five-ye> regulatory impact analysis4 ,sec4 #faf4 ,retrospective review ( exi/+ rules4 ,sec4 #fag4 ,judicial review4 ,sec4 #fah4 ,*ief ,economi/s ,c\ncil4 ,sec4 #fai4 ,con=m+ am5dm5ts4 ,sec4 #fbj4 ,o!r regulatory entities4 ,sec4 #fba4 ,avoidance ( duplicative or unnecess>y analyses4 ,subtitle ,b--,congressional ,review ( ,f$]al ,f9ancial ,ag5cy ,rulemak+ ,sec4 #fca4 ,congressional review4 ,sec4 #fcb4 ,congressional approval proc$ure = major rules4 ,sec4 #fcc4 ,congressional disapproval proc$ure = nonmajor rules4 ,sec4 #fcd4 ,def9itions4 ,sec4 #fce4 ,judicial review4 ,sec4 #fcf4 ,effective date ( c]ta9 rules4 ,sec4 #fcg4 ,budget>y effects ( rules subject to section #fcb ( ! ,f9ancial ,,*oice ,act ( #bjaf4 ,subtitle ,c--,judicial ,review ( ,ag5cy ,actions ,sec4 #fda4 ,scope ( judicial review ( ag5cy actions4 ,subtitle ,d--,lead]%ip ( ,f9ancial ,regulators ,sec4 #fea4 ,f$]al ,deposit ,insurance ,corporation4 ,sec4 #feb4 ,f$]al ,h\s+ ,f9ance ,ag5cy4 ,sec4 #fec4 ,national ,cr$it ,union ,adm9i/ration4 ,sec4 #fed4 ,(fice ( ! ,comptroll] ( ! ,curr5cy4 ,subtitle ,e--,congressional ,ov]sight ( ,appropriations ,sec4 #ffa4 ,br++ ! ,f$]al ,deposit ,insurance ,corporation into ! regul> appropriations process4 ,sec4 #ffb4 ,br++ ! ,f$]al ,h\s+ ,f9ance ,ag5cy into ! regul> appropriations process4 ,sec4 #ffc4 ,br++ ! ,national ,cr$it ,union ,adm9i/ration into ! regul> appropriations process4 ,sec4 #ffd4 ,br++ ! ,(fice ( ! ,comptroll] ( ! ,curr5cy into ! regul> appropriations process4 ,sec4 #ffe4 ,br++ ! non-monet>y policy relat$ functions ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em into ! regul> appropriations process4 ,subtitle ,f--,int]national ,processes ,sec4 #fga4 ,requirem5ts = int]national processes4 ,title ,,vii--,f$ ,ov]sight ,re=m & ,mod]nization ,sec4 #gja4 ,requirem5ts = policy rules ( ! ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #gjb4 ,f$]al ,op5 ,m>ket ,committee black\t p]iod4 ,sec4 #gjc4 ,memb]%ip ( ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #gjd4 ,frequ5cy ( te/imony ( ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em to ,congress4 ,sec4 #gje4 ,vice ,*airman = ,sup]vision report requirem5t4 ,sec4 #gjf4 ,sal>ies1 f9ancial disclosures1 & (fice /aff ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #gjg4 ,am5dm5ts to p[]s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #gjh4 ,int]e/ rates on balances ma9ta9$ at a ,f$]al ,res]ve bank by depository in/itutions e/abli%$ by ,f$]al ,op5 ,m>ket ,committee4 ,sec4 #gji4 ,audit re=m & transp>5cy = ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #gaj4 ,e/abli%m5t ( a ,c5t5nial ,monet>y ,commission4 ,sec4 #gaa4 ,public transcripts ( ,,fomc meet+s4 ,title ,,viii--,dem&+ ,acc\ntability f ,wall ,/reet ,subtitle ,a--,,sec ,p5alties ,mod]nization ,sec4 #hja4 ,enhancem5t ( civil p5alties = securities laws violations4 ,sec4 #hjb4 ,updat$ civil money p5alties ( ,public ,company ,acc\nt+ ,ov]sight ,bo>d4 ,sec4 #hjc4 ,updat$ civil money p5alty = controll+ p]sons 9 connection ) insid] trad+4 ,sec4 #hjd4 ,update ( c]ta9 o!r p5alties4 ,sec4 #hje4 ,monet>y sanctions to be us$ = ! relief ( victims4 ,sec4 #hjf4 ,,gao report on use ( civil money p5alty au?ority by ,commission4 ,subtitle ,b--,,firrea ,p5alties ,mod]nization ,sec4 #haa4 ,increase ( civil & crim9al p5alties orig9ally e/abli%$ 9 ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi4 ,title ,,ix--,repeal ( ! ,volck] ,rule & ,o!r ,provisions ,sec4 #ija4 ,repeals4 ,title ,x--,unlea%+ ,opportunities = ,small ,bus9esses1 ,innovators1 & ,job ,creators by ,facilitat+ ,capital ,=mation ,subtitle ,a--,small ,bus9ess ,m]g]s1 ,acquisitions1 ,sales1 & ,brok]age ,simplification ,sec4 #ajja4 ,regi/ration exemption = m]g] & acquisition brok]s4 ,sec4 #ajjb4 ,effective date4 ,subtitle ,b--,enc\rag+ ,employee ,own]%ip ,sec4 #ajjf4 ,increas$ ?re%old = disclosures relat+ to comp5satory b5efit plans4 ,subtitle ,c--,small ,company ,disclosure ,simplification ,sec4 #ajaa4 ,exemption f ,,xbrl requirem5ts = em]g+ gr[? companies & o!r small] companies4 ,sec4 #ajab4 ,analysis by ! ,,sec4 ,sec4 #ajac4 ,report to ,congress4 ,sec4 #ajad4 ,def9itions4 ,subtitle ,d--,securities & ,ex*ange ,commission ,ov]paym5t ,cr$it ,sec4 #ajaf4 ,refund+ or cr$it+ ov]paym5t ( section #ca fees4 ,subtitle ,e--,fair ,access to ,inve/m5t ,rese>* ,sec4 #ajba4 ,safe h>bor = inve/m5t fund rese>*4 ,subtitle ,f--,accel]at+ ,access to ,capital ,sec4 #ajbf4 ,exp&$ eligibility = use ( ,=m ,s-#c4 ,subtitle ,g--,,sec ,small ,bus9ess ,advocate ,sec4 #ajca4 ,e/abli%m5t ( ,(fice ( ! ,advocate = ,small ,bus9ess ,capital ,=mation & ,small ,bus9ess ,capital ,=mation ,advisory ,committee4 ,subtitle ,h--,small ,bus9ess ,cr$it ,availability ,sec4 #ajcf4 ,bus9ess developm5t company own]%ip ( securities ( inve/m5t advis]s & c]ta9 f9ancial companies4 ,sec4 #ajcg4 ,exp&+ access to capital = bus9ess developm5t companies4 ,sec4 #ajch4 ,p>ity = bus9ess developm5t companies reg>d+ (f]+ & proxy rules4 ,subtitle ,i--,fo/]+ ,innovation ,sec4 #ajda4 ,tempor>y exemption = l[-rev5ue issu]s4 ,subtitle ,j--,small ,bus9ess ,capital ,=mation ,enhancem5t ,sec4 #ajdf4 ,annual review ( gov]nm5t-bus9ess =um on capital =mation4 ,subtitle ,k--,help+ ,angels ,lead ,our ,/>tups ,sec4 #ajea4 ,def9ition ( angel inve/or gr\p4 ,sec4 #ajeb4 ,cl>ification ( g5]al solicitation4 ,subtitle ,l--,ma9 ,/reet ,gr[? ,sec4 #ajef4 ,v5ture ex*anges4 ,subtitle ,m--,micro ,(f]+ ,safe ,h>bor ,sec4 #ajfa4 ,exemptions = micro-(f]+s4 ,subtitle ,n--,private ,placem5t ,improvem5t ,sec4 #ajff4 ,revisions to ,,sec ,regulation ,d4 ,subtitle ,o--,support+ ,am]ica's ,innovators ,sec4 #ajga4 ,inve/or limitation = qualify+ v5ture capital funds4 ,subtitle ,p--,fix ,cr[dfund+ ,sec4 #ajgf4 ,cr[dfund+ vehicles4 ,sec4 #ajgg4 ,cr[dfund+ exemption f regi/ration4 ,subtitle ,q--,corporate ,gov]nance ,re=m & ,transp>5cy ,sec4 #ajha4 ,def9itions4 ,sec4 #ajhb4 ,regi/ration ( proxy advisory firms4 ,sec4 #ajhc4 ,commission annual report4 ,subtitle ,r--,s5ior ,safe ,sec4 #ajia4 ,immunity4 ,sec4 #ajib4 ,tra9+ requir$4 ,sec4 #ajic4 ,relation%ip to ,/ate law4 ,subtitle ,s--,national ,securities ,ex*ange ,regulatory ,p>ity ,sec4 #ajif4 ,application ( exemption4 ,title ,,xi--,regulatory ,relief = ,ma9 ,/reet & ,community ,f9ancial ,in/itutions ,subtitle ,a--,pres]v+ ,access to ,manufactur$ ,h\s+ ,sec4 #aaja4 ,mortgage orig9ator def9ition4 ,sec4 #aajb4 ,high-,co/ mortgage def9ition4 ,subtitle ,b--,mortgage ,*oice ,sec4 #aajf4 ,def9ition ( po9ts & fees4 ,subtitle ,c--,f9ancial ,in/itution ,cu/om] ,protection ,sec4 #aaaa4 ,requirem5ts = deposit acc\nt t]m9ation reque/s & ord]s4 ,sec4 #aaab4 ,am5dm5ts to ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi4 ,subtitle ,d--,portfolio ,l5d+ & ,mortgage ,access ,sec4 #aaaf4 ,safe h>bor = c]ta9 loans held on portfolio4 ,subtitle ,e--,application ( ! ,exp$it$ ,funds ,availability ,act ,sec4 #aaba4 ,application ( ! ,exp$it$ ,funds ,availability ,act4 ,subtitle ,f--,small ,bank ,hold+ ,company ,policy ,/atem5t ,sec4 #aabf4 ,*anges requir$ to small bank hold+ company policy /atem5t on assessm5t ( f9ancial & manag]ial factors4 ,subtitle ,g--,community ,in/itution ,mortgage ,relief ,sec4 #aaca4 ,community f9ancial in/itution mortgage relief4 ,subtitle ,h--,f9ancial ,in/itutions ,exam9ation ,fairness & ,re=m ,sec4 #aacf4 ,timel9ess ( exam9ation reports4 ,subtitle ,i--,national ,cr$it ,union ,adm9i/ration ,budget ,transp>5cy ,sec4 #aada4 ,budget transp>5cy = ! ,,ncua4 ,subtitle ,j--,tak+ ,acc\nt ( ,in/itutions ) ,l[ ,op]ation ,risk ,sec4 #aadf4 ,regulations appropriate to bus9ess models4 ,subtitle ,k--,f$]al ,sav+s ,association ,*>t] ,flexibility ,sec4 #aaea4 ,option = ,f$]al sav+s associations to op]ate z a cov]$ sav+s association4 ,subtitle ,l--,,safe ,transitional ,lic5s+ ,sec4 #aaef4 ,elim9at+ b>ri]s to jobs = loan orig9ators4 ,subtitle ,m--,"r to ,l5d ,sec4 #aafa4 ,small bus9ess loan data collection requirem5t4 ,subtitle ,n--,community ,bank ,report+ ,relief ,sec4 #aaff4 ,%ort =m call report4 ,subtitle ,o--,home[n] ,in=mation ,privacy ,protection ,sec4 #aaga4 ,/udy reg>d+ privacy ( in=mation collect$ "u ! ,home ,mortgage ,disclosure ,act ( #aige4 ,subtitle ,p--,home ,mortgage ,disclosure ,adju/m5t ,sec4 #aagf4 ,depository in/itutions subject to ma9t5ance ( records & disclosure requirem5ts4 ,subtitle ,q--,national ,cr$it ,union ,adm9i/ration ,advisory ,c\ncil ,sec4 #aaha4 ,cr$it ,union ,advisory ,c\ncil4 ,subtitle ,r--,cr$it ,union ,exam9ation ,re=m ,sec4 #aahf4 ,ext5sion ( exam9ation cycle ( ! ,national ,cr$it ,union ,adm9i/ration to #ah mon?s or long]4 ,subtitle ,s--,,ncua ,ov]head ,transp>5cy ,sec4 #aaia4 ,fund transp>5cy4 ,i ,regulatory ,relief = ,/rongly ,capitaliz$1 ,well ,manag$ ,bank+ ,organizations #aja4 ,capital election 7a7 ,9 g5]al ,a bank+ organization may make an election "u ?is section to be treat$ z a qualify+ bank+ organization = purposes ( ! regulatory relief describ$ "u section #ajb4 7b7 ,requirem5ts ,a bank+ organization may qualify to be treat$ z a qualify+ bank+ organization if-- 7#a7 ! bank+ organization has an av]age lev]age ratio ( at lea/ #aj p]c5t2 7#b7 ) respect to a bank+ organization t is an insur$ depository in/itution or insur$ cr$it union1 ! in/itution receiv$ a ,,camels composite rat+ ( #a or #b "u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em 7or an equival5t rat+ "u a comp>able rat+ sy/em7 z ( ! mo/ rec5t exam9ation ( ! in/itution2 7#c7 ) respect to a depository in/itution hold+ company1 ea* insur$ depository in/itution subsidi>y ( ! hold+ company simultane\sly makes ! election describ$ "u subsection 7a72 & 7#d7 ) respect to an insur$ depository in/itution1 any p>5t depository in/itution hold+ company ( ! in/itution simultane\sly makes ! election describ$ "u subsection 7a74 7c7 ,election process ,to make an election "u ?is section1 a bank+ organization %all submit an election to ! appropriate ,f$]al bank+ ag5cy 7& any applicable ,/ate bank sup]visor t regulates ! bank+ organization7 conta9+-- 7#a7 a notice ( su* election2 7#b7 ! bank+ organization's av]age lev]age ratio1 z well z ! organization's qu>t]ly lev]age ratio = ea* ( ! mo/ rec5tly complet$ f\r cal5d> qu>t]s2 7#c7 if ! bank+ organization is a depository in/itution hold+ company1 ! in=mation describ$ "u p>agraph 7#b7 = ea* ( ! organization's insur$ depository in/itution subsidi>ies2 & 7#d7 if ! bank+ organization is an insur$ depository in/itution1 ! in=mation describ$ "u p>agraph 7#b7 = any p>5t depository in/itution hold+ company ( ! in/itution4 7d7 ,effective date ( election 7#a7 ,9 g5]al ,an election made "u ?is section %all take effect at ! end ( ! #cj-;day p]iod beg9n+ on ! date t ! appropriate ,f$]al bank+ ag5cy receives ! application describ$ "u subsection 7c71 unless ! appropriate ,f$]al bank+ ag5cy det]m9es t ! bank+ organization has n met ! requirem5ts describ$ "u subsection 7b74 7#b7 ,notice ( failure to meet requirem5ts ,if ! appropriate ,f$]al bank+ ag5cy det]m9es t a bank+ organization submitt+ an election notice "u subsection 7c7 does n meet ! requirem5ts describ$ "u subsection 7b71 ! ag5cy %all-- 7,a7 notify ! bank+ organization 7& any applicable ,/ate bank sup]visor t regulates ! bank+ organization71 9 writ+1 ( su* det]m9ation z soon z possible aft] su* det]m9ation is made1 b 9 no case lat] ?an ! end ( ! #cj-;day p]iod beg9n+ on ! date t ! appropriate ,f$]al bank+ ag5cy receives ! election2 & 7,b7 include 9 su* notification ! specific reasons = su* det]m9ation & /eps t ! bank+ organization c take to meet su* requirem5ts4 7e7 ,treatm5t ( c]ta9 new bank+ organizations ,9 ! case ( a bank+ organization t is a newly-*>t]$ insur$ depository in/itution or a bank+ organization t becomes a bank+ organization because x controls a newly-*>t]$ insur$ depository in/itution1 su* bank+ organization may be treat$ z a qualify+ bank+ organization imm$iately ^u becom+ a bank+ organization1 if-- 7#a7 an election to be treat$ z a qualify+ bank+ organization 0 includ$ 9 ! application fil$ ) ! appropriate ,f$]al bank+ ag5cy 9 connection ) becom+ a bank+ organization2 & 7#b7 z ( ! date ! bank+ organization becomes a bank+ organization1 ! bank+ organization's tangible equity divid$ by ! bank+ organization's lev]age exposure1 express$ z a p]c5tage1 is at lea/ #aj p]c5t4 7f7 ,failure to ma9ta9 qu>t]ly lev]age ratio & loss ( election 7#a7 ,effect ( failure to ma9ta9 qu>t]ly lev]age ratio 7,a7 ,9 g5]al ,if1 ) respect to ! mo/ rec5tly complet$ cal5d> qu>t]1 ! appropriate ,f$]al bank+ ag5cy det]m9es t a qualify+ bank+ organization's qu>t]ly lev]age ratio is bel[ #aj p]c5t-- 7i7 ! appropriate ,f$]al bank+ ag5cy %all notify ! qualify+ bank+ organization & any applicable ,/ate bank sup]visor t regulates ! bank+ organization ( su* det]m9ation2 7ii7 ! appropriate ,f$]al bank+ ag5cy may prohibit ! bank+ organization f mak+ a capital di/ribution2 & 7iii7 ! bank+ organization %all1 )9 #c mon?s ( ! fir/ su* det]m9ation1 submit a capital re/oration plan to ! appropriate ,f$]al bank+ ag5cy4 7,b7 ,loss ( election aft] "o-ye> rem$iation p]iod ,if a bank+ organization describ$ "u subp>agraph 7,a7 does n1 )9 ! #a-ye> p]iod beg9n+ on ! date ( su* det]m9ation1 raise ! organization's qu>t]ly lev]age ratio = a cal5d> qu>t] end+ 9 su* #a-ye> p]iod to at lea/ #aj p]c5t1 ! bank+ organization's election "u ?is section %all be t]m9at$1 & ! appropriate ,f$]al bank+ ag5cy %all notify any applicable ,/ate bank sup]visor t regulates ! bank+ organization ( su* t]m9ation4 7,c7 ,effect ( subsidi>y on p>5t organization ,) respect to a qualify+ bank+ organization describ$ "u subp>agraph 7,a7 t is an insur$ depository in/itution1 any p>5t depository in/itution hold+ company ( ! qualify+ bank+ organization %all-- 7i7 if ! appropriate ,f$]al bank+ ag5cy det]m9es x appropriate1 be prohibit$ f mak+ a capital di/ribution 7o!r ?an a capital contribution to su* qualify+ bank+ organization describ$ "u subp>agraph 7,a772 & 7ii7 if ! qualify+ bank+ organization has an election t]m9at$ "u subp>agraph 7,b71 any su* p>5t depository in/itution hold+ company %all also h its election "u ?is section t]m9at$4 7#b7 ,imm$iate loss ( election if ! qu>t]ly lev]age ratio falls bel[ #f p]c5t 7,a7 ,9 g5]al ,if1 ) respect to ! mo/ rec5tly complet$ cal5d> qu>t]1 ! appropriate ,f$]al bank+ ag5cy det]m9es t a qualify+ bank+ organization's qu>t]ly lev]age ratio is bel[ #f p]c5t1 ! bank+ organization's election "u ?is section %all be t]m9at$1 & ! appropriate ,f$]al bank+ ag5cy %all notify any applicable ,/ate bank sup]visor t regulates ! bank+ organization ( su* t]m9ation4 7,b7 ,effect ( subsidi>y on p>5t organization ,) respect to a qualify+ bank+ organization describ$ "u subp>agraph 7,a7 t is an insur$ depository in/itution1 any p>5t depository in/itution hold+ company ( ! qualify+ bank+ organization %all also h its election "u ?is section t]m9at$4 7#c7 ,ability to make future elections ,if a bank+ organization has an election "u ?is section t]m9at$1 ! bank+ organization may n apply = ano!r election "u ?is section until ! bank+ organization has ma9ta9$ a qu>t]ly lev]age ratio ( at lea/ #aj p]c5t = #h consecutive cal5d> qu>t]s4 #ajb4 ,regulatory relief 7a7 ,9 g5]al ,a qualify+ bank+ organization %all be exempt f ! foll[+3 7#a7 ,any ,f$]al law1 rule1 or regulation address+ capital or liquidity requirem5ts or /&>ds4 7#b7 ,any ,f$]al law1 rule1 or regulation t p]mits an appropriate ,f$]al bank+ ag5cy to object to a capital di/ribution4 7#c7 ,any consid]ation by an appropriate ,f$]al bank+ ag5cy ( ! foll[+3 7,a7 ,any risk ! qualify+ bank+ organization may pose to ! /ability ( ! f9ancial sy/em ( ! ,unit$ ,/ates1 "u section #e7;c77#b7 ( ! ,bank ,hold+ ,company ,act ( #aief4 7,b7 ,! ext5t to :i* a propos$ acquisition1 m]g]1 or consolidation w\ld result 9 great] or m conc5trat$ risks to ! /ability ( ! ,unit$ ,/ates bank+ or f9ancial sy/em1 "u section #c7;c77#g7 ( ! ,bank ,hold+ ,company ,act ( #aief1 s long z ! bank+ organization1 aft] su* propos$ acquisition1 m]g]1 or consolidation1 w\ld ma9ta9 a qu>t]ly lev]age ratio ( at lea/ #aj p]c5t4 7,c7 ,:e!r ! p]=mance ( an activity by ! bank+ organization c\ld possibly pose a risk to ! /ability ( ! ,unit$ ,/ates bank+ or f9ancial sy/em1 "u section #d7;j77#b77;,a7 ( ! ,bank ,hold+ ,company ,act ( #aief4 7,d7 ,:e!r ! acquisition ( control ( %>es ( a company engag$ 9 an activity describ$ 9 section #d7;j77#a77;,a7 ( ! ,bank ,hold+ ,company ,act ( #aief c\ld possibly pose a risk to ! /ability ( ! ,unit$ ,/ates bank+ or f9ancial sy/em1 "u section #d7;j77#b77;,a7 ( ! ,bank ,hold+ ,company ,act ( #aief1 s long z ! bank+ organization1 aft] acquir+ control ( su* company1 w\ld ma9ta9 a qu>t]ly lev]age ratio ( at lea/ #aj p]c5t4 7,e7 ,:e!r a m]g] w\ld pose a risk to ! /ability ( ! ,unit$ ,/ates bank+ or f9ancial sy/em1 "u section #ah7;c77#e7 ( ! ,f$]al ,deposit ,insurance ,act1 s long z ! bank+ organization1 aft] su* propos$ m]g]1 w\ld ma9ta9 a qu>t]ly lev]age ratio ( at lea/ #aj p]c5t4 7,f7 ,any risk ! qualify+ bank+ organization may pose to ! /ability ( ! f9ancial sy/em ( ! ,unit$ ,/ates1 "u section #aj7;b77#d7 ( ! ,home ,own]s' ,loan ,act4 7#d7 ,subsections 7i77#h7 & 7k77#f77;,b77ii7 ( section #d & section #ad ( ! ,bank ,hold+ ,company ,act ( #aief4 7#e7 ,section #ah7;c77#ac7 ( ! ,f$]al ,deposit ,insurance ,act4 7#f7 ,section #afc ( ! ,f9ancial ,/ability ,act ( #bjaj4 7#g7 ,section #aj7;e77#b77;,e7 ( ! ,home ,own]s' ,loan ,act4 7#h7 ,any ,f$]al law1 rule1 or regulation implem5t+ /&>ds ( ! type provid$ = 9 subsections 7b71 7c71 7d71 7e71 7g71 7h71 7i71 & 7j7 ( section #afe ( ! ,f9ancial ,/ability ,act ( #bjaj4 7#i7 ,any ,f$]al law1 rule1 or regulation provid+ limitations on m]g]s1 consolidations1 or acquisitions ( assets or control1 to ! ext5t su* limitations relate to capital or liquidity /&>ds or conc5trations ( deposits or assets1 s long z ! bank+ organization1 aft] su* propos$ m]g]1 consolidation1 or acquisition1 w\ld ma9ta9 a qu>t]ly lev]age ratio ( at lea/ #aj p]c5t4 7b7 ,/ress te/ exception ,not)/&+ subsection 7a71 o!r ?an p>agraph 7#b7 ( subsection 7a71 ! appropriate ,f$]al bank+ ag5cies may conduct /ress te/s ( qualify+ bank+ organizations4 ,a qualify+ bank+ organization ) total consolidat$ assets ( m ?an #aj1jjj1jjj1jjj & less ?an #ej1jjj1jjj1jjj %all n be requir$ to conduct annual /ress te/s requir$ "u section #afe7;i77#b77;,a7 ( ! ,f9ancial ,/ability ,act ( #bjaj4 7c7 ,qualify+ bank+ organizations treat$ z well capitaliz$ ,a qualify+ bank+ organization %all be deem$ to be well capitaliz$ = purposes (-- 7#a7 section #baf ( ! ,f$]al ,cr$it ,union ,act2 & 7#b7 sections #bi1 #ch1 #dd1 & #df ( ! ,f$]al ,deposit ,insurance ,act4 7d7 ,treatm5t ( c]ta9 risk-weight$ asset requirem5ts = qualify+ bank+ organizations 7#a7 ,acquisition size crit]ia treatm5t ,a qualify+ bank+ organization %all be deem$ to meet ! crit]ia describ$ "u section #d7;j77#d77;,d7 ( ! ,bank ,hold+ ,company ,act ( #aief1 s long z aft] ! propos$ transaction ! acquir+ qualify+ bank+ organization w\ld ma9ta9 a qu>t]ly lev]age ratio ( at lea/ #aj p]c5t4 7#b7 ,use ( lev]age exposure ,) respect to a qualify+ bank+ organization1 9 det]m9+ :e!r a proposal qualifies ) ! crit]ia describ$ "u subp>agraphs 7,a77iii7 & 7,b77i7 ( section #d7;j77#d7 ( ! ,bank ,hold+ ,company ,act ( #aief1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all consid] ! lev]age exposure ( an insur$ depository in/itution in/ead ( ! total risk-weight$ assets ( su* in/itution4 #ajc4 ,cont+5t capital /udy 7a7 ,/udy ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,(fice ( ! ,comptroll] ( ! ,curr5cy %all ea* c>ry out a /udy1 :i* %all include hold+ public he>+s1 on h[ to design a requirem5t t bank+ organizations issue cont+5t capital ) a m>ket-bas$ conv]sion trigg]4 7b7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ea* ag5cy describ$ "u subsection 7a7 %all submit a report to ! ,congress conta9+-- 7#a7 all f9d+s & det]m9ations made by ! ag5cy 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7#b7 ! ag5cy's recomm5dations on h[ ! ,congress %\ld design a requirem5t t bank+ organizations issue cont+5t capital ) a m>ket-bas$ conv]sion trigg]4 #ajd4 ,/udy on alt]+ ! curr5t prompt corrective action rules 7a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy to assess ! b5efits & feasibility ( alt]+ ! curr5t prompt corrective action rules & replac+ ! ,basel-bas$ capital ratios ) ! nonp]=m+ asset cov]age ratio or ,,nacr z ! trigg] = specific requir$ sup]visory int]v5tions4 ,! ,comptroll] ,g5]al %all ensure t su* /udy includes ! foll[+3 7#a7 ,an assessm5t ( ! p]=mance ( an ,,nacr =w>d-look+ measure ( a bank+ organization's solv5cy condition relative to ! regulatory capital ratios curr5tly us$ by prompt corrective action rules4 7#b7 ,an analysis ( ! p]=mance ( alt]native def9itions ( nonp]=m+ assets4 7#c7 ,an assessm5t ( ! impact ( two alt]native int]v5tion ?re%olds3 7,a7 ,an initial 7high7 int]v5tion ?re%old1 bel[ :i* appropriate ,f$]al bank+ ag5cy exam9]s are requir$ to int]v5e & assess a bank+ organization's condition & prescribe rem$ial measures4 7,b7 ,a l[] ?re%old1 bel[ :i* bank+ organizations mu/ increase _! capital1 seek an acquir]1 or face m&atory resolution )9 #ij days4 7b7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all submit a report to ! ,congress conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7#b7 recomm5dations on ! mo/ suitable def9ition ( nonp]=m+ assets1 z well z ! two num]ical ?re%olds t trigg] specific requir$ sup]visory int]v5tions4 #aje4 ,def9itions ,= purposes ( ?is title3 7#a7 ,appropriate ,f$]al bank+ ag5cy ,! t]m appropriate ,f$]al bank+ ag5cy-- 7,a7 has ! mean+ giv5 su* t]m "u section #c ( ! ,f$]al ,deposit ,insurance ,act2 & 7,b7 means ! ,national ,cr$it ,union ,adm9i/ration1 9 ! case ( an insur$ cr$it union4 7#b7 ,bank+ organization ,! t]m bank+ organization means-- 7,a7 an insur$ depository in/itution2 7,b7 an insur$ cr$it union2 7,c7 a depository in/itution hold+ company2 7,d7 a company t is treat$ z a bank hold+ company = purposes ( section #h ( ! ,int]national ,bank+ ,act2 & 7,e7 a ,u4,s4 int]m$iate hold+ company e/abli%$ by a =eign bank+ organization pursuant to section #beb4aec ( title #ab1 ,code ( ,f$]al ,regulations4 7#c7 ,=eign ex*ange swap ,! t]m =eign ex*ange swap has ! mean+ giv5 t t]m "u section #a;a ( ! ,commodity ,ex*ange ,act4 7#d7 ,insur$ cr$it union ,! t]m insur$ cr$it union has ! mean+ giv5 t t]m "u section #aja ( ! ,f$]al ,cr$it ,union ,act4 7#e7 ,lev]age exposure ,! t]m lev]age exposure-- 7,a7 ) respect to a bank+ organization o!r ?an an insur$ cr$it union or a traditional bank+ organization1 has ! mean+ giv5 ! t]m total lev]age exposure "u section #c4aj7;c77#d77;ii71 #bag4aj7;c77#d71 or #cbd4aj7;c77#d7 ( title #ab1 ,code ( ,f$]al ,regulations1 z applicable1 z 9 effect on ,janu>y #a1 #bjae2 7,b7 ) respect to a traditional bank+ organization o!r ?an an insur$ cr$it union1 means total assets 7m9us any items d$uct$ f common equity ti] #a capital7 z calculat$ 9 accordance ) g5]ally accept$ acc\nt+ pr9ciples & z report$ on ! traditional bank+ organization's applicable regulatory fil+ ) ! bank+ organization's appropriate ,f$]al bank+ ag5cy2 & 7,c7 ) respect to a bank+ organization t is an insur$ cr$it union1 has ! mean+ giv5 ! t]m total assets "u section #gjb4b ( title #ab1 ,code ( ,f$]al ,regulations1 z 9 effect on ,janu>y #a1 #bjae4 7#f7 ,lev]age ratio def9itions 7,a7 ,av]age lev]age ratio ,) respect to a bank+ organization1 ! t]m av]age lev]age ratio means ! av]age ( ! bank+ organization's qu>t]ly lev]age ratios = ea* ( ! mo/ rec5tly complet$ f\r cal5d> qu>t]s4 7,b7 ,qu>t]ly lev]age ratio ,) respect to a bank+ organization & a cal5d> qu>t]1 ! t]m qu>t]ly lev]age ratio means ! organization's tangible equity divid$ by ! organization's lev]age exposure1 express$ z a p]c5tage1 on ! la/ day ( su* qu>t]4 7#g7 ,,nacr ,! t]m ,,nacr means-- 7,a7 book equity less nonp]=m+ assets plus loan loss res]ves1 divid$ by 7,b7 total bank+ organization assets4 7#h7 ,nonp]=m+ assets ,! t]m nonp]=m+ assets means-- 7,a7 #bj p]c5t ( assets t are pa/ due #cj to #hi days1 plus 7,b7 #ej p]c5t ( assets t are pa/ due #ij days or m1 plus 7,c7 #ajj p]c5t ( nonaccrual assets & o!r real e/ate own$4 7#i7 ,qualify+ bank+ organization ,! t]m qualify+ bank+ organization means a bank+ organization t has made an election "u section #aja & ) respect to :i* su* election is 9 effect4 7#aj7 ,security-bas$ swap ,! t]m security-bas$ swap has ! mean+ giv5 t t]m "u section #c ( ! ,securities ,ex*ange ,act ( #aicd4 7#aa7 ,swap ,! t]m swap has ! mean+ giv5 t t]m "u section #a;a ( ! ,commodity ,ex*ange ,act4 7#ab7 ,tangible equity ,! t]m tangible equity-- 7,a7 ) respect to a bank+ organization o!r ?an a cr$it union1 means ! sum (-- 7i7 common equity ti] #a capital2 7ii7 additional ti] #a capital consi/+ ( in/rum5ts issu$ on or be=e ,june #a1 #bjaf2 & 7iii7 ) respect to a depository in/itution hold+ company t _h less ?an #ae1jjj1jjj1jjj 9 total consolidat$ assets z ( ,decemb] #ca1 #bjji1 or ,m>* #ca1 #bjaj1 or a bank+ organization t 0 a mutual hold+ company z ( ,may #ai1 #bjaj1 tru/ pref]r$ securities issu$ prior to ,may #ai1 #bjaj1 to ! ext5t su* organization 0 p]mitt$1 z ( ! date ( ! enactm5t ( ?is ,act1 to consid] su* securities z ti] #a capital "u exi/+ regulations ( ! appropriate ,f$]al bank+ ag5cy2 & 7,b7 ) respect to a bank+ organization t is a cr$it union1 has ! mean+ giv5 ! t]m net wor? "u section #gjb4b ( title #ab1 ,code ( ,f$]al ,regulations1 z 9 effect on ,janu>y #a1 #bjae4 7#ac7 ,traditional bank+ organization ,! t]m traditional bank+ organization means a bank+ organization t-- 7,a7 has z]o trad+ assets & z]o trad+ liabilities2 7,b7 does n engage 9 swaps or security-bas$ swaps1 o!r ?an swaps or security-bas$ swaps ref]5c+ int]e/ rates or =eign ex*ange swaps2 & 7,c7 has a total notional exposure ( swaps & security-bas$ swaps ( n m ?an #h1jjj1jjj1jjj4 7#ad7 ,o!r bank+ t]ms ,! t]ms insur$ depository in/itution & depository in/itution hold+ company h ! mean+ giv5 ^? t]ms1 respectively1 "u section #c ( ! ,f$]al ,deposit ,insurance ,act4 7#ae7 ,o!r capital t]ms ,) respect to a bank+ organization1 ! t]ms additional ti] #a capital & common equity ti] #a capital h ! mean+ giv5 su* t]ms1 respectively1 "u section #c4bj1 #bag4bj1 or #cbd4bj ( title #ab1 ,code ( ,f$]al ,regulations1 z applicable1 z 9 effect on ,janu>y #a1 #bjae4 ,,ii ,end+ ,too ,big to ,fail & ,bank ,bail\ts ,a ,re=m ( ! ,f9ancial ,/ability ,act ( #bjaj #baa4 ,repeal & modification ( provisions ( ! ,f9ancial ,/ability ,act ( #bjaj 7a7 ,repeals ,! foll[+ provisions ( ! ,f9ancial ,/ability ,act ( #bjaj are repeal$1 & ! provisions ( law am5d$ or repeal$ by su* provisions are re/or$ or reviv$ z if su* provisions _h n be5 enact$3 7#a7 ,subtitle ,b4 7#b7 ,section #aac4 7#c7 ,section #aad4 7#d7 ,section #aae4 7#e7 ,section #aaf4 7#f7 ,section #aag4 7#g7 ,section #aai4 7#h7 ,section #abj4 7#i7 ,section #aba4 7#aj7 ,section #afa4 7#aa7 ,section #afb4 7#ab7 ,section #afd4 7#ac7 ,section #aff4 7#ad7 ,section #afg4 7#ae7 ,section #afh4 7#af7 ,section #agj4 7#ag7 ,section #agb4 7#ah7 ,section #agd4 7#ai7 ,section #age4 7b7 ,additional modifications ,! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is am5d$-- 7#a7 9 section #ajb7;a71 by /rik+ p>agraph 7#e72 7#b7 9 section #aaa-- 7,a7 9 subsection 7b7-- 7i7 9 p>agraph 7#a7-- 7,i7 by /rik+ :o %all ea* & ins]t+ :o %all1 except z provid$ bel[1 ea*2 & 7,,ii7 by am5d+ subp>agraphs 7,b7 ?r\gh 7,i7 to read z foll[s3 7,b7 ea* memb] ( ! ,bo>d ( ,gov]nors1 :o %all collectively h #a vote on ! ,c\ncil2 7,c7 ea* memb] ( ! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 :o %all collectively h #a vote on ! ,c\ncil2 7,d7 ea* memb] ( ! ,consum] ,f9ancial ,opportunity ,commission1 :o %all collectively h #a vote on ! ,c\ncil2 7,e7 ea* memb] ( ! ,commission1 :o %all collectively h #a vote on ! ,c\ncil2 7,f7 ea* memb] ( ! ,corporation1 :o %all collectively h #a vote on ! ,c\ncil2 7,g7 ea* memb] ( ! ,commodity ,futures ,trad+ ,commission1 :o %all collectively h #a vote on ! ,c\ncil2 7,h7 ea* memb] ( ! ,bo>d ( ,directors ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 :o %all collectively h #a vote on ! ,c\ncil2 7,i7 ea* memb] ( ! ,national ,cr$it ,union ,adm9i/ration ,bo>d1 :o %all collectively h #a vote on ! ,c\ncil2 & 2 7ii7 9 p>agraph 7#b7-- 7,i7 by /rik+ subp>agraph 7,a72 & 7,,ii7 by r$esignat+ subp>agraphs 7,b71 7,c71 7,d71 & 7,e7 z subp>agraphs 7,a71 7,b71 7,c71 & 7,d71 respectively2 & 7iii7 by add+ at ! end ! foll[+3 7#d7 ,vot+ by multi-p]son entity 7,a7 ,vot+ )9 ! entity ,an entity describ$ "u subp>agraph 7,b7 ?r\gh 7,i7 ( p>agraph 7#a7 %all det]m9e ! entity's ,c\ncil vote by us+ ! vot+ process normally applicable to votes by ! entity's memb]s4 7,b7 ,ca/+ ( entity vote ,! #a collective ,c\ncil vote ( an entity describ$ "u subp>agraph 7,a7 %all be ca/ by ! head ( su* ag5cy or1 9 ! ev5t su* head is unable to ca/ su* vote1 ! next mo/ s5ior memb] ( ! entity available4 2 7,b7 9 subsection 7c71 by /rik+ subp>agraphs 7,c71 7,d71 & 7,e7 & ins]t+ subp>agraphs 7,b71 7,c71 & 7,d72 7,c7 9 subsection 7e71 by add+ at ! end ! foll[+3 7#c7 ,/aff access ,any memb] ( ! ,c\ncil may select to h "o or m individuals on ! memb]'s /aff att5d a meet+ ( ! ,c\ncil1 includ+ any meet+ ( repres5tatives ( ! memb] ag5cies o!r ?an ! memb]s !mselves4 7#d7 ,congressional ov]sight ,all meet+s ( ! ,c\ncil1 :e!r or n op5 to ! public1 %all be op5 to ! att5dance by memb]s ( ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate4 7#e7 ,memb] ag5cy meet+s ,any meet+ ( repres5tatives ( ! memb] ag5cies o!r ?an ! memb]s !mselves %all be op5 to att5dance by /aff ( ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate4 2 7,d7 by /rik+ subsection 7g7 7relat+ to ! nonapplicability ( ,,faca72 7,e7 by ins]t+ aft] subsection 7f7 ! foll[+3 7g7 ,op5 meet+ requirem5t ,! ,c\ncil %all be an ag5cy = purposes ( section #eeb;b ( title #e1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,gov]nm5t 9 ! ,sun%9e ,act74 7h7 ,confid5tial congressional brief+s ,at ! reque/ ( ! ,*airman ( ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives or ! ,*airman ( ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 ! ,*airp]son %all appe> be=e ,congress to provide a confid5tial brief+4 2 & 7,f7 by r$esignat+ subsections 7h7 ?r\gh 7j7 z subsections 7i7 ?r\gh 7k71 respectively2 7#c7 9 section #aab-- 7,a7 9 subsection 7a77#b7-- 7i7 9 subp>agraph 7,a71 by /rik+ direct ! ,(fice ( ,f9ancial ,rese>* to2 7ii7 by /rik+ subp>agraphs 7,b71 7,h71 7,i71 & 7,j72 7iii7 by r$esignat+ subp>agraphs 7,c71 7,d71 7,e71 7,f71 7,g71 7,k71 7,l71 7,m71 & 7,n7 z subp>agraphs 7,b71 7,c71 7,d71 7,e71 7,f71 7,g71 7,h71 7,i71 & 7,j71 respectively2 7iv7 9 subp>agraph 7,j71 z s r$esignat$-- 7,i7 9 clause 7iii71 by add+ & at ! end2 7,,ii7 by /rik+ clauses 7iv7 & 7v72 & 7,,iii7 by r$esignat+ clause 7vi7 z clause 7iv72 & 7,b7 9 subsection 7d7-- 7i7 9 p>agraph 7#a71 by /rik+ ! ,(fice ( ,f9ancial ,rese>*1 memb] ag5cies1 & & ins]t+ memb] ag5cies &2 7ii7 9 p>agraph 7#b71 by /rik+ ! ,(fice ( ,f9ancial ,rese>*1 any memb] ag5cy1 & & ins]t+ any memb] ag5cy &2 7iii7 9 p>agraph 7#c7-- 7,i7 by /rik+ 1 act+ ?r\gh ! ,(fice ( ,f9ancial ,rese>*1 ea* place x appe>s2 & 7,,ii7 9 subp>agraph 7,b71 by /rik+ ! ,(fice ( ,f9ancial ,rese>* or2 & 7iv7 9 p>agraph 7#e77;,a71 by /rik+ 1 ! ,(fice ( ,f9ancial ,rese>*12 7#d7 by am5d+ section #aah to read z foll[s3 #aah4 ,c\ncil fund+ ,!re is au?oriz$ to be appropriat$ to ! ,c\ncil #d1jjj1jjj = fiscal ye> #bjag & ea* fiscal ye> !reaft] to c>ry out ! duties ( ! ,c\ncil4 2 7#e7 9 section #afc7;b77#d7-- 7,a7 by /rik+ ,9 addition & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,9 addition 2 & 7,b7 by add+ at ! end ! foll[+3 7,b7 ,exception = qualify+ bank+ organization ,subp>agraph 7,a7 %all n apply to a propos$ acquisition by a qualify+ bank+ organization1 z def9$ "u section #aje ( ! ,f9ancial ,,*oice ,act ( #bjaf4 2 & 7#f7 9 section #afe-- 7,a7 by /rik+ nonbank f9ancial companies sup]vis$ by ! ,bo>d ( ,gov]nors & ea* place su* t]m appe>s2 7,b7 by /rik+ nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors & ea* place su* t]m appe>s2 7,c7 9 subsection 7a71 by am5d+ p>agraph 7#b7 to read z foll[s3 7#b7 ,tailor$ application ,9 prescrib+ m /r+5t prud5tial /&>ds "u ?is section1 ! ,bo>d ( ,gov]nors may diff]5tiate among companies on an individual basis or by category1 tak+ into consid]ation _! capital /ructure1 risk9ess1 complexity1 f9ancial activities 7includ+ ! f9ancial activities ( _! subsidi>ies71 size1 & any o!r risk-relat$ factors t ! ,bo>d ( ,gov]nors deems appropriate4 2 7,d7 9 subsection 7b7-- 7i7 9 p>agraph 7#a77;,b77iv71 by /rik+ 1 on its own or pursuant to a recomm5dation made by ! ,c\ncil 9 accordance ) section #aae12 7ii7 9 p>agraph 7#b7-- 7,i7 by /rik+ =eign nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or2 7,,ii7 by /rik+ %all-- & all t foll[s ?r\gh give due & ins]t+ %all give due2 7,,iii7 9 subp>agraph 7,a71 by /rik+ 2 & & ins]t+ a p]iod2 & 7,,iv7 by /rik+ subp>agraph 7,b72 7iii7 9 p>agraph 7#c7-- 7,i7 9 subp>agraph 7,a7-- 7aa7 by /rik+ clause 7i72 7bb7 by r$esignat+ clauses 7ii71 7iii71 & 7iv7 z clauses 7i71 7ii71 & 7iii71 respectively2 & 7cc7 9 clause 7iii71 z s r$esignat$1 by add+ & at ! end2 7,,ii7 by /rik+ subp>agraphs 7,b7 & 7,c72 & 7,,iii7 by r$esignat+ subp>agraph 7,d7 z subp>agraph 7,b72 & 7iv7 9 p>agraph 7#d71 by /rik+ a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or2 7,e7 9 subsection 7c7-- 7i7 9 p>agraph 7#a71 by /rik+ "u section #aae7;c72 & 7ii7 9 p>agraph 7#b7-- 7,i7 by am5d+ subp>agraph 7,a7 to read z foll[s3 7,a7 any recomm5dations ( ! ,c\ncil2 2 & 7,,ii7 9 subp>agraph 7,d71 by /rik+ nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or2 7,f7 9 subsection 7d7-- 7i7 by /rik+ a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or ea* place su* t]m appe>s2 7ii7 9 p>agraph 7#a71 by /rik+ p]iodically & ins]t+ n m (t5 ?an e #b ye>s2 7iii7 9 p>agraph 7#c7-- 7,i7 by /rik+ ,! ,bo>d & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,! ,bo>d 2 7,,ii7 by /rik+ %all review & ins]t+ ! foll[+3 %all-- 7i7 review 2 7,,iii7 by /rik+ ! p]iod & ins]t+ 2 &2 & 7,,iv7 by add+ at ! end ! foll[+3 7ii7 n lat] ?an ! end ( ! #f-mon? p]iod beg9n+ on ! date ! bank hold+ company submits ! resolution plan1 provide fe$back to ! bank hold+ company on su* plan4 7,b7 ,disclosure ( assessm5t framework ,! ,bo>d ( ,gov]nors & ! ,corporation %all ea* publicly disclose ! assessm5t framework t is us$ to review in=mation "u ?is p>agraph & %all provide ! public ) a notice & comm5t p]iod be=e f9aliz+ su* assessm5t framework4 4 7iv7 9 p>agraph 7#f71 by /rik+ nonbank f9ancial company sup]vis$ by ! ,bo>d1 any bank hold+ company1 & ins]t+ bank hold+ company2 7,g7 9 subsection 7e7-- 7i7 9 p>agraph 7#a71 by /rik+ a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or2 7ii7 9 p>agraph 7#c71 by /rik+ ! nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or ea* place su* t]m appe>s2 & 7iii7 9 p>agraph 7#d71 by /rik+ a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or2 7,h7 9 subsection 7g77#a71 by /rik+ & any nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors2 7,i7 9 subsection 7h7-- 7i7 by /rik+ p>agraph 7#a72 7ii7 by r$esignat+ p>agraphs 7#b71 7#c71 & 7#d7 z p>agraphs 7#a71 7#b71 & 7#c71 respectively2 7iii7 9 p>agraph 7#a71 z s r$esignat$1 by /rik+ p>agraph 7#c7 ea* place su* t]m appe>s & ins]t+ p>agraph 7#b72 & 7iv7 9 p>agraph 7#b71 z s r$esignat$-- 7,i7 9 subp>agraph 7,a71 by /rik+ ! nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or bank hold+ company describ$ 9 subsection 7a71 z applicable & ins]t+ a bank hold+ company describ$ 9 subsection 7a72 & 7,,ii7 9 subp>agraph 7,b71 by /rik+ ! nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or a bank hold+ company describ$ 9 subsection 7a71 z applicable & ins]t+ a bank hold+ company describ$ 9 subsection 7a72 7,j7 9 subsection 7i7-- 7i7 9 p>agraph 7#a7-- 7,i7 9 subp>agraph 7,b7-- 7aa7 by am5d+ clause 7i7 to read z foll[s3 7i7 %all-- 7,i7 issue regulations1 aft] provid+ = public notice & comm5t1 t provide = at lea/ #c diff]5t sets ( conditions "u :i* ! evaluation requir$ by ?is subsection %all be conduct$1 includ+ basel9e1 adv]se1 & sev]ely adv]se1 & me?odologies1 includ+ models us$ to e/imate losses on c]ta9 assets2 & 7,,ii7 provide copies ( su* regulations to ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates & ! ,panel ( ,economic ,advisors ( ! ,congressional ,budget ,(fice be=e publi%+ su* regulations2 2 7bb7 9 clause 7ii71 by /rik+ & nonbank f9ancial companies2 & 7cc7 9 clause 7v71 by ins]t+ be=e ! p]iod ! foll[+3 1 includ+ any results ( a resubmitt$ te/2 & 7,,ii7 by add+ at ! end ! foll[+3 7,c7 ,application to ,,cc> ,! requirem5ts ( subp>agraph 7,b7 %all apply to all /ress te/s p]=m$ "u ! ,compreh5sive ,capital ,analysis & ,review ex]cise e/abli%$ by ! ,bo>d ( ,gov]nors4 2 & 7ii7 9 p>agraph 7#b77;,a7-- 7,i7 by /rik+ a bank hold+ company & ins]t+ bank hold+ company2 & 7,,ii7 by /rik+ ,all o!r f9ancial companies & ins]t+ ,all o!r bank hold+ companies2 7,k7 9 subsection 7j7-- 7i7 9 p>agraph 7#a71 by /rik+ or a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors2 & 7ii7 9 p>agraph 7#b71 by /rik+ ! factors describ$ 9 subsections 7a7 & 7b7 ( section #aac & any o!r & ins]t+ any2 7,l7 9 subsection 7k77#a71 by /rik+ or nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors2 & 7,m7 by add+ at ! end ! foll[+3 7l7 ,exemption = qualify+ bank+ organizations ,?is section %all n apply to a propos$ acquisition by a qualify+ bank+ organization1 z def9$ "u section #aje ( ! ,f9ancial ,,*oice ,act ( #bjaf4 4 7c7 ,actions to create a bank hold+ company ,section #c7;b77#a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdb7;b77#a77 is am5d$-- 7#a7 by /rik+ ,^u receiv+ & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,^u receiv+ 2 7#b7 by /rik+ ,not)/&+ any o!r provision & ins]t+ ! foll[+3 7,b7 ,imm$iate action 7i7 ,9 g5]al ,not)/&+ any o!r provision 2 & 7#c7 by add+ at ! end ! foll[+3 7ii7 ,exception ,! ,bo>d may n take any action pursuant to clause 7i7 on an application t w\ld cause any company to become a bank hold+ company unless su* application involves ! company acquir+ a bank t is critically und]capitaliz$ 7z su* t]m is def9$ "u section #ch7;b7 ( ! ,f$]al ,deposit ,insurance ,act74 4 7d7 ,conc5tration limits appli$ only to bank+ organizations ,section #ad ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #aheb7 is am5d$-- 7#a7 by /rik+ f9ancial company ea* place su* t]m appe>s & ins]t+ bank+ organization2 7#b7 9 subsection 7a7-- 7,a7 by am5d+ p>agraph 7#b7 to read z foll[s3 7#b7 ! t]m bank+ organization means-- 7,a7 an insur$ depository in/itution2 7,b7 a bank hold+ company2 7,c7 a sav+s & loan hold+ company2 7,d7 a company t controls an insur$ depository in/itution2 & 7,e7 a =eign bank or company t is treat$ z a bank hold+ company = purposes ( ?is ,act2 & 2 7,b7 9 p>agraph 7#c7-- 7i7 9 subp>agraph 7,a77ii71 by add+ & at ! end2 7ii7 9 subp>agraph 7,b77ii71 by /rik+ 2 & & ins]t+ a p]iod2 & 7iii7 by /rik+ subp>agraph 7,c72 & 7#c7 9 subsection 7b71 by /rik+ f9ancial companies & ins]t+ bank+ organizations4 7e7 ,con=m+ am5dm5t ,section #cejb7e7 ( title #dd1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ! ,(fice ( ,f9ancial ,rese>*14 7f7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! items relat+ to subtitle ,b ( title ,i & #aac1 #aad1 #aae1 #aaf1 #aag1 #aai1 #abj1 #aba1 #afa1 #afb1 #afd1 #aff1 #afg1 #afh1 #agj1 #agb1 #agd1 & #age4 ,b ,repeal ( ! ,ord]ly ,liquidation ,au?ority #bba4 ,repeal ( ! ord]ly liquidation au?ority 7a7 ,9 g5]al ,title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is h]eby repeal$ & any ,f$]al law am5d$ by su* title %all1 on & aft] ! effective date ( ?is ,act1 be effective z if title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act _h n be5 enact$4 7b7 ,con=m+ am5dm5ts 7#a7 ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$-- 7,a7 9 ! table ( cont5ts = su* ,act1 by /rik+ all items relat+ to title ,,ii2 7,b7 9 section #aea1 by am5d+ p>agraph 7#b7 to read z foll[s3 7#b7 ! t]m f9ancial company means-- 7,a7 any company t is incorporat$ or organiz$ "u any provision ( ,f$]al law or ! laws ( any ,/ate2 7,b7 any company t is-- 7i7 a bank hold+ company1 z def9$ 9 section #b7;a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7;a772 7ii7 a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors2 7iii7 any company t is pr$om9antly engag$ 9 activities t ! ,bo>d ( ,gov]nors has det]m9$ are f9ancial 9 nature or incid5tal !reto = purposes ( section #d7k7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdc7k77 o!r ?an a company describ$ 9 clause 7i7 or 7ii72 or 7iv7 any subsidi>y ( any company describ$ 9 any ( clauses 7i7 ?r\gh 7iii7 t is pr$om9antly engag$ 9 activities t ! ,bo>d ( ,gov]nors has det]m9$ are f9ancial 9 nature or incid5tal !reto = purposes ( section #d7k7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdc7k77 7o!r ?an a subsidi>y t is an insur$ depository in/itution or an insurance company72 7,c7 any company t is n a ,f>m ,cr$it ,sy/em in/itution *>t]$ "u & subject to ! provisions ( ! ,f>m ,cr$it ,act ( #aiga1 z am5d$ 7#ab ,u4,s4,c4 #bjja et seq471 a gov]nm5tal entity1 or a regulat$ entity1 z def9$ "u section #acjc7bj7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dejb7bj772 & 7,d7 includes an insur$ depository in/itution & an insurance company2 2 7,c7 9 section #afe7;d77#f71 by /rik+ 1 a receiv] appo9t$ "u title ,,ii12 & 7,d7 9 section #gaf7;g71 by /rik+ or a cov]$ f9ancial company "u title ,,ii4 7#b7 ,f$]al ,deposit ,insurance ,act ,section #aj7;b77#c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;b77#c77 is am5d$ by /rik+ 1 or ( su* nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors or bank hold+ company describ$ 9 section #afe7;a7 ( ! ,f9ancial ,/ability ,act ( #bjaj1 = ! purpose ( implem5t+ its au?ority to provide = ord]ly liquidation ( any su* company "u title ,,ii ( t ,act4 7#c7 ,f$]al ,res]ve ,act ,section #ac7c7 ( ! ,f$]al ,res]ve ,act is am5d$-- 7,a7 9 subp>agraph 7,b7-- 7i7 9 clause 7ii71 by /rik+ 1 resolution "u title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act1 or & ins]t+ or is subject to resolution "u2 & 7ii7 9 clause 7iii71 by /rik+ 1 resolution "u title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act1 or & ins]t+ or resolution "u2 & 7,b7 by /rik+ subp>agraph 7,e74 ,c ,f9ancial ,in/itution ,bankruptcy #bca4 ,g5]al provisions relat+ to cov]$ f9ancial corporations 7a7 ,def9ition ,section #aja ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ ! foll[+ aft] p>agraph 7#i73 7#i;,a7 ,! t]m cov]$ f9ancial corporation means any corporation incorporat$ or organiz$ "u any ,f$]al or ,/ate law1 o!r ?an a /ockbrok]1 a commodity brok]1 or an entity ( ! k9d specifi$ 9 p>agraph 7#b7 or 7#c7 ( section #aji7;b71 t is-- 7,a7 a bank hold+ company1 z def9$ 9 section #b7;a7 ( ! ,bank ,hold+ ,company ,act ( #aief2 or 7,b7 a corporation t exi/s = ! prim>y purpose ( own+1 controll+ & f9anc+ its subsidi>ies1 t has total consolidat$ assets ( #ej1jjj1jjj1jjj or great]1 & = :i*1 9 its mo/ rec5tly complet$ fiscal ye>-- 7i7 annual gross rev5ues d]iv$ by ! corporation & all ( its subsidi>ies f activities t are f9ancial 9 nature 7z def9$ 9 section #d7k7 ( ! ,bank ,hold+ ,company ,act ( #aief7 &1 if applicable1 f ! own]%ip or control ( "o or m insur$ depository in/itutions1 repres5ts #he p]c5t or m ( ! consolidat$ annual gross rev5ues ( ! corporation2 or 7ii7 ! consolidat$ assets ( ! corporation & all ( its subsidi>ies relat$ to activities t are f9ancial 9 nature 7z def9$ 9 section #d7k7 ( ! ,bank ,hold+ ,company ,act ( #aief7 &1 if applicable1 relat$ to ! own]%ip or control ( "o or m insur$ depository in/itutions1 repres5ts #he p]c5t or m ( ! consolidat$ assets ( ! corporation4 4 7b7 ,applicability ( *apt]s ,section #ajc ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7l7 ,sub*apt] ,v ( *apt] #aa ( ?is title applies only 9 a case "u *apt] #aa conc]n+ a cov]$ f9ancial corporation4 4 7c7 ,:o may be a debtor ,section #aji ( title #aa1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 9 p>agraph 7#b71 by /rik+ or at ! end2 7,b7 9 p>agraph 7#c77;,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7,c7 by add+ at ! end ! foll[+3 7#d7 a cov]$ f9ancial corporation4 2 & 7#b7 9 subsection 7d7-- 7,a7 by /rik+ & be=e an un9sur$ ,/ate memb] bank2 7,b7 by /rik+ or be=e a corporation2 & 7,c7 by ins]t+ 1 or a cov]$ f9ancial corporation aft] ,f$]al ,deposit ,insurance ,corporation ,improvem5t ,act ( #aiia4 7d7 ,conv]sion to *apt] #g ,section #aaab ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7g7 ,not)/&+ section #aji7;b71 ! c\rt may conv]t a case "u sub*apt] ,v to a case "u *apt] #g if-- 7#a7 a transf] approv$ "u section #aahe has be5 consummat$2 7#b7 ! c\rt has ord]$ ! appo9tm5t ( a special tru/ee "u section #aahf2 & 7#c7 ! c\rt f9ds1 aft] notice & a he>+1 t conv]sion is 9 ! be/ int]e/ ( ! cr$itors & ! e/ate4 4 7e7 7#a7 ,section #gbf7;a77#a7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] fir/1 ! foll[+3 9 paym5t ( any unpaid fees1 co/s1 & exp5ses ( a special tru/ee appo9t$ "u section #aahf1 & !n4 7#b7 ,section #aabi7;a7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] p>agraph 7#af7 ! foll[+3 7#ag7 ,9 a case "u sub*apt] ,v1 all payable fees1 co/s1 & exp5ses ( ! special tru/ee h be5 paid or ! plan provides = ! paym5t ( all su* fees1 co/s1 & exp5ses on ! effective date ( ! plan4 7#ah7 ,9 a case "u sub*apt] ,v1 confirmation ( ! plan is n likely to cause s]i\s adv]se effects on f9ancial /ability 9 ! ,unit$ ,/ates4 4 7f7 ,section #cbb7;b77#b7 ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ,! & ins]t+ ,9 cases "u sub*apt] ,v1 ! ,unit$ ,/ates tru/ee %all recomm5d to ! c\rt1 & 9 all o!r cases1 !4 #bcb4 ,liquidation1 reorganization1 or recapitalization ( a cov]$ f9ancial corporation ,*apt] #aa ( title #aa1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+ 7& con=m+ ! table ( cont5ts = su* *apt] accord+ly73 ,v ,liquidation1 ,reorganization1 or ,recapitalization ( a ,cov]$ ,f9ancial ,corporation #aaha4 ,inapplicability ( o!r sections ,sections #cjc & #cba7;c7 d n apply 9 a case "u ?is sub*apt] conc]n+ a cov]$ f9ancial corporation4 ,section #cfe does n apply to a transf] "u section #aahe1 #aahg1 or #aahh4 #aahb4 ,def9itions = ?is sub*apt] ,9 ?is sub*apt]1 ! foll[+ def9itions %all apply3 7#a7 ,! t]m ,bo>d means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#b7 ,! t]m bridge company means a newly =m$ corporation to :i* prop]ty ( ! e/ate may be transf]r$ "u section #aahe7;a7 & ! equity securities ( :i* may be transf]r$ to a special tru/ee "u section #aahf7;a74 7#c7 ,! t]m capital /ructure debt means all unsecur$ debt ( ! debtor = borr[$ money = :i* ! debtor is ! prim>y obligor1 o!r ?an a qualifi$ f9ancial contract & o!r ?an debt secur$ by a li5 on prop]ty ( ! e/ate t is to be transf]r$ to a bridge company pursuant to an ord] ( ! c\rt "u section #aahe7;a74 7#d7 ,! t]m contractual "r means a contractual "r ( a k9d def9$ 9 section #eee1 #eef1 #eei1 #efj1 or #efa4 7#e7 ,! t]m qualifi$ f9ancial contract means any contract ( a k9d def9$ 9 p>agraph 7#be71 7#ch;,a71 7#dg71 or 7#ec;,b7 ( section #aja1 section #gda7g71 or p>agraph 7#d71 7#e71 7#aa71 or 7#ac7 ( section #gfa4 7#f7 ,! t]m special tru/ee means ! tru/ee ( a tru/ =m$ "u section #aahf7;a77#a74 #aahc4 ,comm5cem5t ( a case conc]n+ a cov]$ f9ancial corporation 7a7 ,a case "u ?is sub*apt] conc]n+ a cov]$ f9ancial corporation may be comm5c$ by ! fil+ ( a petition ) ! c\rt by ! debtor "u section #cja only if ! debtor /ates to ! be/ ( its k "u p5alty ( p]jury 9 ! petition t x is a cov]$ f9ancial corporation4 7b7 ,! comm5cem5t ( a case "u subsection 7a7 con/itutes an ord] = relief "u ?is sub*apt]4 7c7 ,! memb]s ( ! bo>d ( directors 7or body p]=m+ simil> functions7 ( a cov]$ f9ancial company %all h no liability to %>ehold]s1 cr$itors1 or o!r p>ties 9 int]e/ = a good fai? fil+ ( a petition to comm5ce a case "u ?is sub*apt]1 or = any reasonable action tak5 9 good fai? 9 contemplation ( or 9 connection ) su* a petition or a transf] "u section #aahe or section #aahf1 :e!r prior to or aft] comm5cem5t ( ! case4 7d7 ,c\nsel to ! debtor %all provide1 to ! greate/ ext5t practicable )\t disclos+ ! id5tity ( ! pot5tial debtor1 suffici5t confid5tial notice to ! *ief judge ( ! c\rt ( appeals = ! circuit embrac+ ! di/rict 9 :i* su* c\nsel int5ds to file a petition to comm5ce a case "u ?is sub*apt] reg>d+ ! pot5tial comm5cem5t ( su* case4 ,! *ief judge ( su* c\rt %all r&omly assign to preside ov] su* case a bankruptcy judge select$ f among ! bankruptcy judges designat$ by ! ,*ief ,ju/ice ( ! ,unit$ ,/ates "u section #bih ( title #bh4 #aahd4 ,regulators ,! ,bo>d1 ! ,securities ,ex*ange ,commission1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy ( ! ,dep>tm5t ( ! ,treasury1 ! ,commodity ,futures ,trad+ ,commission1 & ! ,f$]al ,deposit ,insurance ,corporation may raise & may appe> & be he>d on any issue 9 any case or proce$+ "u ?is sub*apt]4 #aahe4 ,special transf] ( prop]ty ( ! e/ate 7a7 ,on reque/ ( ! tru/ee1 & aft] notice & a he>+ t %all occur n less ?an #bd h\rs aft] ! ord] = relief1 ! c\rt may ord] a transf] "u ?is section ( prop]ty ( ! e/ate1 & ! assignm5t ( executory contracts1 unexpir$ leases1 & qualifi$ f9ancial contracts ( ! debtor1 to a bridge company4 ,^u ! entry ( an ord] approv+ su* transf]1 any prop]ty transf]r$1 & any executory contracts1 unexpir$ leases1 & qualifi$ f9ancial contracts assign$ "u su* ord] %all no long] be prop]ty ( ! e/ate4 ,except z provid$ "u ?is section1 ! provisions ( section #cfc %all apply to a transf] & assignm5t "u ?is section4 7b7 ,unless ! c\rt ord]s o!rwise1 notice ( a reque/ = an ord] "u subsection 7a7 %all consi/ ( electronic or telephonic notice ( n less ?an #bd h\rs to-- 7#a7 ! debtor2 7#b7 ! hold]s ( ! #bj l>ge/ secur$ claims aga9/ ! debtor2 7#c7 ! hold]s ( ! #bj l>ge/ unsecur$ claims aga9/ ! debtor2 7#d7 c\nt]p>ties to any debt1 executory contract1 unexpir$ lease1 & qualifi$ f9ancial contract reque/$ to be transf]r$ "u ?is section2 7#e7 ! ,bo>d2 7#f7 ! ,f$]al ,deposit ,insurance ,corporation2 7#g7 ! ,secret>y ( ! ,treasury & ! ,(fice ( ! ,comptroll] ( ! ,curr5cy ( ! ,treasury2 7#h7 ! ,commodity ,futures ,trad+ ,commission2 7#i7 ! ,securities & ,ex*ange ,commission2 7#aj7 ! ,unit$ ,/ates tru/ee or bankruptcy adm9i/rator2 & 7#aa7 ea* prim>y f9ancial regulatory ag5cy1 z def9$ 9 section #b7ab7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act1 ) respect to any affiliate ! equity securities ( :i* are propos$ to be transf]r$ "u ?is section4 7c7 ,! c\rt may n ord] a transf] "u ?is section unless ! c\rt det]m9es1 bas$ ^u a prepond]ance ( ! evid5ce1 t-- 7#a7 ! transf] "u ?is section is necess>y to prev5t s]i\s adv]se effects on f9ancial /ability 9 ! ,unit$ ,/ates2 7#b7 ! transf] does n provide = ! assumption ( any capital /ructure debt by ! bridge company2 7#c7 ! transf] does n provide = ! transf] to ! bridge company ( any prop]ty ( ! e/ate t is subject to a li5 secur+ a debt1 executory contract1 unexpir$ lease or agreem5t 7includ+ a qualifi$ f9ancial contract7 ( ! debtor unless-- 7,a7 7i7 ! bridge company assumes su* debt1 executory contract1 unexpir$ lease or agreem5t 7includ+ a qualifi$ f9ancial contract71 includ+ any claims aris+ 9 respect !re( t w\ld n be all[$ secur$ claims "u section #ejf7;a77#a7 & aft] giv+ effect to su* transf]1 su* prop]ty rema9s subject to ! li5 secur+ su* debt1 executory contract1 unexpir$ lease or agreem5t 7includ+ a qualifi$ f9ancial contract72 & 7ii7 ! c\rt has det]m9$ t assumption ( su* debt1 executory contract1 unexpir$ lease or agreem5t 7includ+ a qualifi$ f9ancial contract7 by ! bridge company is 9 ! be/ int]e/s ( ! e/ate2 or 7,b7 su* prop]ty is be+ transf]r$ to ! bridge company 9 accordance ) ! provisions ( section #cfc2 7#d7 ! transf] does n provide = ! assumption by ! bridge company ( any debt1 executory contract1 unexpir$ lease or agreem5t 7includ+ a qualifi$ f9ancial contract7 ( ! debtor secur$ by a li5 on prop]ty ( ! e/ate unless ! transf] provides = su* prop]ty to be transf]r$ to ! bridge company 9 accordance ) p>agraph 7#c77;,a7 ( ?is subsection2 7#e7 ! transf] does n provide = ! transf] ( ! equity ( ! debtor2 7#f7 ! tru/ee has demon/rat$ t ! bridge company is n likely to fail to meet ! obligations ( any debt1 executory contract1 qualifi$ f9ancial contract1 or unexpir$ lease assum$ & assign$ to ! bridge company2 7#g7 ! transf] provides = ! transf] to a special tru/ee all ( ! equity securities 9 ! bridge company & appo9tm5t ( a special tru/ee 9 accordance ) section #aahf2 7#h7 aft] giv+ effect to ! transf]1 adequate provision has be5 made = ! fees1 co/s1 & exp5ses ( ! e/ate & special tru/ee2 & 7#i7 ! bridge company w h gov]n+ docum5ts1 & initial directors & s5ior (fic]s1 t are 9 ! be/ int]e/ ( cr$itors & ! e/ate4 7d7 ,imm$iately be=e a transf] "u ?is section1 ! bridge company t is ! recipi5t ( ! transf] %all-- 7#a7 n h any prop]ty1 executory contracts1 unexpir$ leases1 qualifi$ f9ancial contracts1 or debts1 o!r ?an any prop]ty acquir$ or executory contracts1 unexpir$ leases1 or debts assum$ :5 act+ z a transf]ee ( a transf] "u ?is section2 & 7#b7 h equity securities t are prop]ty ( ! e/ate1 :i* may be sold or di/ribut$ 9 accordance ) ?is title4 #aahf4 ,special tru/ee 7a7 7#a7 ,an ord] approv+ a transf] "u section #aahe %all require ! tru/ee to transf] to a qualifi$ & indep5d5t special tru/ee1 :o is appo9t$ by ! c\rt1 all ( ! equity securities 9 ! bridge company t is ! recipi5t ( a transf] "u section #aahe to hold 9 tru/ = ! sole b5efit ( ! e/ate1 subject to satisfaction ( ! special tru/ee's fees1 co/s1 & exp5ses4 ,! tru/ ( :i* ! special tru/ee is ! tru/ee %all be a newly =m$ tru/ gov]n$ by a tru/ agreem5t approv$ by ! c\rt z 9 ! be/ int]e/s ( ! e/ate1 & %all exi/ = ! sole purpose ( hold+ & adm9i/]+1 & %all be p]mitt$ to dispose (1 ! equity securities ( ! bridge company 9 accordance ) ! tru/ agreem5t4 7#b7 ,9 connection ) ! he>+ to approve a transf] "u section #aahe1 ! tru/ee %all confirm to ! c\rt t ! ,bo>d has be5 consult$ reg>d+ ! id5tity ( ! propos$ special tru/ee & advise ! c\rt ( ! results ( su* consultation4 7b7 ,! tru/ agreem5t gov]n+ ! tru/ %all provide-- 7#a7 = ! paym5t ( ! fees1 co/s1 exp5ses1 & indemnities ( ! special tru/ee f ! assets ( ! debtor's e/ate2 7#b7 t ! special tru/ee provide-- 7,a7 qu>t]ly report+ to ! e/ate1 :i* %all be fil$ ) ! c\rt2 & 7,b7 in=mation ab\t ! bridge company reasonably reque/$ by a p>ty 9 int]e/ to prep>e a disclosure /atem5t = a plan provid+ = di/ribution ( any securities ( ! bridge company if su* in=mation is necess>y to prep>e su* disclosure /atem5t2 7#c7 t = z long z ! equity securities ( ! bridge company are held by ! tru/1 ! special tru/ee %all file a notice ) ! c\rt 9 connection )-- 7,a7 any *ange 9 a director or s5ior (fic] ( ! bridge company2 7,b7 any modification to ! gov]n+ docum5ts ( ! bridge company2 & 7,c7 any mat]ial corporate action ( ! bridge company1 includ+-- 7i7 recapitalization2 7ii7 a mat]ial borr[+2 7iii7 t]m9ation ( an int]company debt or gu>antee2 7iv7 a transf] ( a sub/antial portion ( ! assets ( ! bridge company2 or 7v7 ! issuance or sale ( any securities ( ! bridge company2 7#d7 t any sale ( any equity securities ( ! bridge company %all n be consummat$ until ! special tru/ee consults ) ! ,f$]al ,deposit ,insurance ,corporation & ! ,bo>d reg>d+ su* sale & discloses ! results ( su* consultation ) ! c\rt2 7#e7 t1 subject to res]ves = paym5ts p]mitt$ "u p>agraph 7#a7 provid$ = 9 ! tru/ agreem5t1 ! proce$s ( ! sale ( any equity securities ( ! bridge company by ! special tru/ee be held 9 tru/ = ! b5efit ( or transf]r$ to ! e/ate2 7#f7 ! process & guidel9es = ! replacem5t ( ! special tru/ee2 & 7#g7 t ! prop]ty held 9 tru/ by ! special tru/ee is subject to di/ribution 9 accordance ) subsection 7c74 7c7 7#a7 ,! special tru/ee %all di/ribute ! assets held 9 tru/-- 7,a7 if ! c\rt confirms a plan 9 ! case1 9 accordance ) ! plan on ! effective date ( ! plan2 or 7,b7 if ! case is conv]t$ to a case "u *apt] #g1 z ord]$ by ! c\rt4 7#b7 ,z soon z practicable aft] a f9al di/ribution "u p>agraph 7#a71 ! (fice ( ! special tru/ee %all t]m9ate1 except z may be necess>y to w9d up & conclude ! bus9ess & f9ancial affairs ( ! tru/4 7d7 ,aft] a transf] to ! special tru/ee "u ?is section1 ! special tru/ee %all be subject only to applicable nonbankruptcy law1 & ! actions & conduct ( ! special tru/ee %all no long] be subject to approval by ! c\rt 9 ! case "u ?is sub*apt]4 #aahg4 ,tempor>y & supplem5tal automatic /ay2 assum$ debt 7a7 7#a7 ,a petition fil$ "u section #aahc op]ates z a /ay1 applicable to all entities1 ( ! t]m9ation1 accel]ation1 or modification ( any debt1 contract1 lease1 or agreem5t ( ! k9d describ$ 9 p>agraph 7#b71 or ( any "r or obligation "u any su* debt1 contract1 lease1 or agreem5t1 solely because (-- 7,a7 a default by ! debtor "u any su* debt1 contract1 lease1 or agreem5t2 or 7,b7 a provision 9 su* debt1 contract1 lease1 or agreem5t1 or 9 applicable nonbankruptcy law1 t is condition$ on-- 7i7 ! insolv5cy or f9ancial condition ( ! debtor at any "t be=e ! clos+ ( ! case2 7ii7 ! comm5cem5t ( a case "u ?is title conc]n+ ! debtor2 7iii7 ! appo9tm5t ( or tak+ possession by a tru/ee 9 a case "u ?is title conc]n+ ! debtor or by a cu/odian be=e ! comm5cem5t ( ! case2 or 7iv7 a cr$it rat+ ag5cy rat+1 or abs5ce or )drawal ( a cr$it rat+ ag5cy rat+-- 7,i7 ( ! debtor at any "t aft] ! comm5cem5t ( ! case2 7,,ii7 ( an affiliate dur+ ! p]iod f ! comm5cem5t ( ! case until #dh h\rs aft] su* ord] is ent]$2 7,,iii7 ( ! bridge company :ile ! tru/ee or ! special tru/ee is a direct or indirect b5eficial hold] ( m ?an #ej p]c5t ( ! equity securities (-- 7aa7 ! bridge company2 or 7bb7 ! affiliate1 if all ( ! direct or indirect int]e/s 9 ! affiliate t are prop]ty ( ! e/ate are transf]r$ "u section #aahe2 or 7,,iv7 ( an affiliate :ile ! tru/ee or ! special tru/ee is a direct or indirect b5eficial hold] ( m ?an #ej p]c5t ( ! equity securities (-- 7aa7 ! bridge company2 or 7bb7 ! affiliate1 if all ( ! direct or indirect int]e/s 9 ! affiliate t are prop]ty ( ! e/ate are transf]r$ "u section #aahe4 7#b7 ,a debt1 contract1 lease1 or agreem5t describ$ 9 ?is p>agraph is-- 7,a7 any debt 7o!r ?an capital /ructure debt71 executory contract1 or unexpir$ lease ( ! debtor 7o!r ?an a qualifi$ f9ancial contract72 7,b7 any agreem5t "u :i* ! debtor issu$ or is obligat$ = debt 7o!r ?an capital /ructure debt72 7,c7 any debt1 executory contract1 or unexpir$ lease ( an affiliate 7o!r ?an a qualifi$ f9ancial contract72 or 7,d7 any agreem5t "u :i* an affiliate issu$ or is obligat$ = debt4 7#c7 ,! /ay "u ?is subsection t]m9ates-- 7,a7 = ! b5efit ( ! debtor1 ^u ! e>lie/ (-- 7i7 #dh h\rs aft] ! comm5cem5t ( ! case2 7ii7 assumption ( ! debt1 contract1 lease1 or agreem5t by ! bridge company "u an ord] au?oriz+ a transf] "u section #aahe2 7iii7 a f9al ord] ( ! c\rt d5y+ ! reque/ = a transf] "u section #aahe2 or 7iv7 ! "t ! case is dismiss$2 & 7,b7 = ! b5efit ( an affiliate1 ^u ! e>lie/ (-- 7i7 ! entry ( an ord] au?oriz+ a transf] "u section #aahe 9 :i* ! direct or indirect int]e/s 9 ! affiliate t are prop]ty ( ! e/ate are n transf]r$ "u section #aahe2 7ii7 a f9al ord] by ! c\rt d5y+ ! reque/ = a transf] "u section #aahe2 7iii7 #dh h\rs aft] ! comm5cem5t ( ! case if ! c\rt has n ord]$ a transf] "u section #aahe2 or 7iv7 ! "t ! case is dismiss$4 7#d7 ,subsections 7d71 7e71 7f71 & 7g7 ( section #cfb apply to a /ay "u ?is subsection4 7b7 ,a debt1 executory contract 7o!r ?an a qualifi$ f9ancial contract71 or unexpir$ lease ( ! debtor1 or an agreem5t "u :i* ! debtor has issu$ or is obligat$ = any debt1 may be assum$ by a bridge company 9 a transf] "u section #aahe not)/&+ any provision 9 an agreem5t or 9 applicable nonbankruptcy law t-- 7#a7 prohibits1 re/ricts1 or conditions ! assignm5t ( ! debt1 contract1 lease1 or agreem5t2 or 7#b7 accel]ates1 t]m9ates1 or modifies1 or p]mits a p>ty o!r ?an ! debtor to t]m9ate or modify1 ! debt1 contract1 lease1 or agreem5t on acc\nt (-- 7,a7 ! assignm5t ( ! debt1 contract1 lease1 or agreem5t2 or 7,b7 a *ange 9 control ( any p>ty to ! debt1 contract1 lease1 or agreem5t4 7c7 7#a7 ,a debt1 contract1 lease1 or agreem5t ( ! k9d describ$ 9 subp>agraph 7,a7 or 7,b7 ( subsection 7a77#b7 may n be accel]at$1 t]m9at$1 or modifi$1 & any "r or obligation "u su* debt1 contract1 lease1 or agreem5t may n be accel]at$1 t]m9at$1 or modifi$1 z to ! bridge company solely because ( a provision 9 ! debt1 contract1 lease1 or agreem5t or 9 applicable nonbankruptcy law-- 7,a7 ( ! k9d describ$ 9 subsection 7a77#a77;,b7 z appli$ to ! debtor2 7,b7 t prohibits1 re/ricts1 or conditions ! assignm5t ( ! debt1 contract1 lease1 or agreem5t2 or 7,c7 t accel]ates1 t]m9ates1 or modifies1 or p]mits a p>ty o!r ?an ! debtor to t]m9ate or modify1 ! debt1 contract1 lease or agreem5t on acc\nt (-- 7i7 ! assignm5t ( ! debt1 contract1 lease1 or agreem5t2 or 7ii7 a *ange 9 control ( any p>ty to ! debt1 contract1 lease1 or agreem5t4 7#b7 ,if !re is a default by ! debtor "u a provision o!r ?an ! k9d describ$ 9 p>agraph 7#a7 9 a debt1 contract1 lease or agreem5t ( ! k9d describ$ 9 subp>agraph 7,a7 or 7,b7 ( subsection 7a77#b71 ! bridge company may assume su* debt1 contract1 lease1 or agreem5t only if ! bridge company-- 7,a7 %all cure ! default2 7,b7 comp5sates1 or provides adequate assurance 9 connection ) a transf] "u section #aahe t ! bridge company w promptly comp5sate1 a p>ty o!r ?an ! debtor to ! debt1 contract1 lease1 or agreem5t1 = any actual pecuni>y loss to ! p>ty result+ f ! default2 & 7,c7 provides adequate assurance 9 connection ) a transf] "u section #aahe ( future p]=mance "u ! debt1 contract1 lease1 or agreem5t1 z det]m9$ by ! c\rt "u section #aahe7;c77#d74 #aahh4 ,treatm5t ( qualifi$ f9ancial contracts & affiliate contracts 7a7 ,not)/&+ sections #cfb7;b77#f71 #cfb7;b77#g71 #cfb7;b77#ag71 #cfb7;b77#bg71 #cfb7o71 #eee1 #eef1 #eei1 #efj1 & #efa1 a petition fil$ "u section #aahc op]ates z a /ay1 dur+ ! p]iod specifi$ 9 section #aahg7;a77#c77;,a71 applicable to all entities1 ( ! ex]cise ( a contractual "r-- 7#a7 to cause ! modification1 liquidation1 t]m9ation1 or accel]ation ( a qualifi$ f9ancial contract ( ! debtor or an affiliate2 7#b7 to (fset or net out any t]m9ation value1 paym5t am\nt1 or o!r transf] obligation aris+ "u or 9 connection ) a qualifi$ f9ancial contract ( ! debtor or an affiliate2 or 7#c7 "u any security agreem5t or arrangem5t or o!r cr$it enhancem5t =m+ a "p ( or relat$ to a qualifi$ f9ancial contract ( ! debtor or an affiliate4 7b7 7#a7 ,dur+ ! p]iod specifi$ 9 section #aahg7;a77#c77;,a71 ! tru/ee or ! affiliate %all p]=m all paym5t & deliv]y obligations "u su* qualifi$ f9ancial contract ( ! debtor or ! affiliate1 z ! case may be1 t become due aft] ! comm5cem5t ( ! case4 ,! /ay provid$ "u subsection 7a7 t]m9ates z to a qualifi$ f9ancial contract ( ! debtor or an affiliate imm$iately ^u ! failure ( ! tru/ee or ! affiliate1 z ! case may be1 to p]=m any su* obligation dur+ su* p]iod4 7#b7 ,any failure by a c\nt]p>ty to any qualifi$ f9ancial contract ( ! debtor or any affiliate to p]=m any paym5t or deliv]y obligation "u su* qualifi$ f9ancial contract1 includ+ dur+ ! p5d5cy ( ! /ay provid$ "u subsection 7a71 %all con/itute a brea* ( su* qualifi$ f9ancial contract by ! c\nt]p>ty4 7c7 ,subject to ! c\rt's approval1 a qualifi$ f9ancial contract betwe5 an entity & ! debtor may be assign$ to or assum$ by ! bridge company 9 a transf] "u1 & 9 accordance )1 section #aahe if & only if-- 7#a7 all qualifi$ f9ancial contracts betwe5 ! entity & ! debtor are assign$ to & assum$ by ! bridge company 9 ! transf] "u section #aahe2 7#b7 all claims ( ! entity aga9/ ! debtor 9 respect ( any qualifi$ f9ancial contract betwe5 ! entity & ! debtor 7o!r ?an any claim t1 "u ! t]ms ( ! qualifi$ f9ancial contract1 is subord9at$ to ! claims ( g5]al unsecur$ cr$itors7 are assign$ to & assum$ by ! bridge company2 7#c7 all claims ( ! debtor aga9/ ! entity "u any qualifi$ f9ancial contract betwe5 ! entity & ! debtor are assign$ to & assum$ by ! bridge company2 & 7#d7 all prop]ty secur+ or any o!r cr$it enhancem5t furni%$ by ! debtor = any qualifi$ f9ancial contract describ$ 9 p>agraph 7#a7 or any claim describ$ 9 p>agraph 7#b7 or 7#c7 "u any qualifi$ f9ancial contract betwe5 ! entity & ! debtor is assign$ to & assum$ by ! bridge company4 7d7 ,not)/&+ any provision ( a qualifi$ f9ancial contract or ( applicable nonbankruptcy law1 a qualifi$ f9ancial contract ( ! debtor t is assum$ or assign$ 9 a transf] "u section #aahe may n be accel]at$1 t]m9at$1 or modifi$1 aft] ! entry ( ! ord] approv+ a transf] "u section #aahe1 & any "r or obligation "u ! qualifi$ f9ancial contract may n be accel]at$1 t]m9at$1 or modifi$1 aft] ! entry ( ! ord] approv+ a transf] "u section #aahe solely because ( a condition describ$ 9 section #aahg7;c77#a71 o!r ?an a condition ( ! k9d specifi$ 9 section #aahg7;b7 t occurs aft] prop]ty ( ! e/ate no long] includes a direct b5eficial int]e/ or an indirect b5eficial int]e/ ?r\gh ! special tru/ee1 9 m ?an #ej p]c5t ( ! equity securities ( ! bridge company4 7e7 ,not)/&+ any provision ( any agreem5t or 9 applicable nonbankruptcy law1 an agreem5t ( an affiliate 7includ+ an executory contract1 an unexpir$ lease1 qualifi$ f9ancial contract1 or an agreem5t "u :i* ! affiliate issu$ or is obligat$ = debt7 & any "r or obligation "u su* agreem5t may n be accel]at$1 t]m9at$1 or modifi$1 solely because ( a condition describ$ 9 section #aahg7;c77#a71 o!r ?an a condition ( ! k9d specifi$ 9 section #aahg7;b7 t occurs aft] ! bridge company is no long] a direct or indirect b5eficial hold] ( m ?an #ej p]c5t ( ! equity securities ( ! affiliate1 at any "t aft] ! comm5cem5t ( ! case if-- 7#a7 all direct or indirect int]e/s 9 ! affiliate t are prop]ty ( ! e/ate are transf]r$ "u section #aahe to ! bridge company )9 ! p]iod specifi$ 9 subsection 7a72 7#b7 ! bridge company assumes-- 7,a7 any gu>antee or o!r cr$it enhancem5t issu$ by ! debtor relat+ to ! agreem5t ( ! affiliate2 & 7,b7 any obligations 9 respect ( rights ( set(f1 nett+ arrangem5t1 or debt ( ! debtor t directly arises out ( or directly relates to ! gu>antee or cr$it enhancem5t2 & 7#c7 any prop]ty ( ! e/ate t directly s]ves z collat]al = ! gu>antee or cr$it enhancem5t is transf]r$ to ! bridge company4 #aahi4 ,lic5ses1 p]mits1 & regi/rations 7a7 ,not)/&+ any o!rwise applicable nonbankruptcy law1 if a reque/ is made "u section #aahe = a transf] ( prop]ty ( ! e/ate1 any ,f$]al1 ,/ate1 or local lic5se1 p]mit1 or regi/ration t ! debtor or an affiliate _h imm$iately be=e ! comm5cem5t ( ! case & t is propos$ to be transf]r$ "u section #aahe may n be accel]at$1 t]m9at$1 or modifi$ at any "t aft] ! reque/ solely on acc\nt (-- 7#a7 ! insolv5cy or f9ancial condition ( ! debtor at any "t be=e ! clos+ ( ! case2 7#b7 ! comm5cem5t ( a case "u ?is title conc]n+ ! debtor2 7#c7 ! appo9tm5t ( or tak+ possession by a tru/ee 9 a case "u ?is title conc]n+ ! debtor or by a cu/odian be=e ! comm5cem5t ( ! case2 or 7#d7 a transf] "u section #aahe4 7b7 ,not)/&+ any o!rwise applicable nonbankruptcy law1 any ,f$]al1 ,/ate1 or local lic5se1 p]mit1 or regi/ration t ! debtor _h imm$iately be=e ! comm5cem5t ( ! case t is includ$ 9 a transf] "u section #aahe %all be valid & all rights & obligations !reund] %all ve/ 9 ! bridge company4 #aaij4 ,exemption f securities laws ,= purposes ( section #aade1 a security ( ! bridge company %all be deem$ to be a security ( a successor to ! debtor "u a plan if ! c\rt approves ! disclosure /atem5t = ! plan z provid+ adequate in=mation 7z def9$ 9 section #aabe7;a77 ab\t ! bridge company & ! security4 #aaia4 ,inapplicability ( c]ta9 avoid+ p[]s ,a transf] made or an obligation incurr$ by ! debtor to an affiliate prior to or aft] ! comm5cem5t ( ! case1 includ+ any obligation releas$ by ! debtor or ! e/ate to or = ! b5efit ( an affiliate1 9 contemplation ( or 9 connection ) a transf] "u section #aahe is n avoidable "u section #edd1 #edg1 #edh7;a77#a77;,b71 or #edi1 or "u any simil> nonbankruptcy law4 #aaib4 ,consid]ation ( f9ancial /ability ,! c\rt may consid] ! effect t any decision 9 connection ) ?is sub*apt] may h on f9ancial /ability 9 ! ,unit$ ,/ates4 4 #bcc4 ,am5dm5ts to title #bh1 ,unit$ ,/ates ,code 7a7 ,am5dm5t to *apt] #ac ,*apt] #ac ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #bih4 ,judge = a case "u sub*apt] ,v ( *apt] #aa ( title #aa 7a7 7#a7 ,not)/&+ section #bie1 ! ,*ief ,ju/ice ( ! ,unit$ ,/ates %all designate n few] ?an #aj bankruptcy judges to be available to he> a case "u sub*apt] ,v ( *apt] #aa ( title #aa4 ,bankruptcy judges may reque/ to be consid]$ by ! ,*ief ,ju/ice ( ! ,unit$ ,/ates = su* designation4 7#b7 ,not)/&+ section #aee1 a case "u sub*apt] ,v ( *apt] #aa ( title #aa %all be he>d "u section #aeg by a bankruptcy judge designat$ "u p>agraph 7#a71 :o %all be r&omly assign$ to he> su* case by ! *ief judge ( ! c\rt ( appeals = ! circuit embrac+ ! di/rict 9 :i* ! case is p5d+4 ,to ! greate/ ext5t practicable1 ! approvals requir$ "u section #aee %\ld be obta9$4 7#c7 ,if ! bankruptcy judge assign$ to he> a case "u p>agraph 7#b7 is n assign$ to ! di/rict 9 :i* ! case is p5d+1 ! bankruptcy judge %all be tempor>ily assign$ to ! di/rict4 7b7 ,a case "u sub*apt] ,v ( *apt] #aa ( title #aa1 & all proce$+s 9 ! case1 %all take place 9 ! di/rict 9 :i* ! case is p5d+4 7c7 ,9 ?is section1 ! t]m cov]$ f9ancial corporation has ! mean+ giv5 t t]m 9 section #aja7i;,a7 ( title #aa4 4 7b7 ,am5dm5t to section #accd ( title #bh ,section #accd ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7f7 ,?is section does n grant jurisdiction to ! di/rict c\rt aft] a transf] pursuant to an ord] "u section #aahe ( title #aa ( any proce$+ relat$ to a special tru/ee appo9t$1 or to a bridge company =m$1 9 connection ) a case "u sub*apt] ,v ( *apt] #aa ( title #aa4 4 7c7 ,te*nical & con=m+ am5dm5t ,! table ( sections = *apt] #ac ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #bih4 ,judge = a case "u sub*apt] ,v ( *apt] #aa ( title #aa4 4 ,d ,end+ ,gov]nm5t ,gu>antees #bda4 ,repeal ( obligation gu>antee program 7a7 ,9 g5]al ,! foll[+ sections ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 are repeal$3 7#a7 ,section #aajd4 7#b7 ,section #aaje4 7#c7 ,section #aajf4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! items relat+ to sections #aajd1 #aaje1 & #aajf4 #bdb4 ,repeal ( sy/emic risk det]m9ation 9 resolutions ,section #ac7;c77#d77;,g7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,g77 is h]eby repeal$4 #bdc4 ,re/rictions on use ( ! ,ex*ange ,/abilization ,fund 7a7 ,9 g5]al ,section #ecjb ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7e7 ,am\nts 9 ! fund may n be us$ = ! e/abli%m5t ( a gu>anty program = any nongov]nm5tal entity4 4 7b7 ,con=m+ am5dm5t ,section #aca7;b7 ( ! ,em]g5cy ,economic ,/abilization ,act ( #bjjh 7#ab ,u4,s4,c4 #ebcf7;b77 is am5d$ by ins]t+ 1 or = ! purposes ( prev5t+ ! liquidation or insolv5cy ( any entity be=e ! p]iod4 ,e ,elim9at+ ,f9ancial ,m>ket ,utility ,designations #bea4 ,repeal ( title ,,viii 7a7 ,repeal ,title ,,viii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edfa et seq47 is repeal$1 & provisions ( law am5d$ by su* title are re/or$ & reviv$ z if su* title _h nev] be5 enact$4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! items relat+ to title ,,viii4 ,,iii ,emp[]+ ,am]icans to ,a*ieve ,f9ancial ,indep5d5ce ,a ,sep>ation ( ,p[]s & ,lib]ty ,enhancem5ts #caa4 ,consum] ,f9ancial ,opportunity ,commission 7a7 ,mak+ ! ,bureau an indep5d5t ,consum] ,f9ancial ,opportunity ,commission ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7 9 section #ajaa-- 7,a7 9 ! head+ ( su* section1 by /rik+ ,,bureau ,,( ,,consum] ,,f9ancial ,,protection & ins]t+ ,,consum] ,,f9ancial ,,opportunity ,,commission2 7,b7 9 subsection 7a7-- 7i7 9 ! head+ ( su* subsection1 by /rik+ ,bureau & ins]t+ ,commission2 7ii7 by /rik+ 9 ! ,f$]al ,res]ve ,sy/em12 7iii7 by /rik+ indep5d5t bureau & ins]t+ indep5d5t commission2 7iv7 by /rik+ ,bureau ( ,consum] ,f9ancial ,protection & ins]t+ ,consum] ,f9ancial ,opportunity ,commission 7h]e9aft] 9 ?is section ref]r$ to z ! ,commission72 & 7v7 by /rik+ ,bureau ea* place su* t]m appe>s & ins]t+ ,commission2 7,c7 by /rik+ subsections 7b71 7c71 & 7d72 7,d7 by r$esignat+ subsection 7e7 z subsection 7h72 7,e7 9 subsection 7h71 z s r$esignat$-- 7i7 by /rik+ 1 includ+ 9 cities 9 :i* ! ,f$]al res]ve banks1 or bran*es ( su* banks1 are locat$12 & 7ii7 by /rik+ ,bureau ea* place su* t]m appe>s & ins]t+ ,commission2 & 7,f7 by ins]t+ aft] subsection 7a7 ! foll[+ new subsections3 7b7 ,composition ( ! ,commission 7#a7 ,9 g5]al ,! ,commission %all be compos$ ( #e memb]s :o %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among individuals :o-- 7,a7 are citiz5s ( ! ,unit$ ,/ates2 & 7,b7 h /rong compet5cies & exp]i5ces relat$ to consum] f9ancial products & s]vices4 7#b7 ,/agg]+ ,! memb]s ( ! ,commission %all s]ve /agg]$ t]ms1 :i* initially %all be e/abli%$ by ! ,presid5t = t]ms ( #a1 #b1 #c1 #d1 & #e ye>s1 respectively4 7#c7 ,t]ms 7,a7 ,9 g5]al ,ea* memb] ( ! ,commission1 includ+ ! ,*air1 %all s]ve = a t]m ( #e ye>s4 7,b7 ,removal ,! ,presid5t may remove any memb] ( ! ,commission = ineffici5cy1 neglect ( duty1 or malfeasance 9 (fice4 7,c7 ,vacancies ,any memb] ( ! ,commission appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m to :i* t memb]'s pr$ecessor 0 appo9t$ 7includ+ ! ,*air7 %all be appo9t$ only = ! rema9d] ( ! t]m4 7,d7 ,cont9uation ( s]vice ,ea* memb] ( ! ,commission may cont9ue to s]ve aft] ! expiration ( ! t]m ( (fice to :i* t memb] 0 appo9t$ until a successor has be5 appo9t$ by ! ,presid5t & confirm$ by ! ,s5ate1 except t a memb] may n cont9ue to s]ve m ?an #a ye> aft] ! date on :i* t memb]'s t]m w\ld o!rwise expire4 7,e7 ,o!r employm5t prohibit$ ,no memb] ( ! ,commission %all engage 9 any o!r bus9ess1 vocation1 or employm5t4 7c7 ,affiliation ,n m ?an #c memb]s ( ! ,commission %all be memb]s ( any "o political p>ty4 7d7 ,*air ( ! ,commission 7#a7 ,appo9tm5t ,! ,*air ( ! ,commission %all be appo9t$ by ! ,presid5t f among ! memb]s ( ! ,commission4 7#b7 ,au?ority ,! ,*air %all be ! pr9cipal executive (fic] ( ! ,commission1 & %all ex]cise all ( ! executive & adm9i/rative functions ( ! ,commission1 includ+ ) respect to-- 7,a7 ! appo9tm5t & sup]vision ( p]sonnel employ$ "u ! ,commission 7o!r ?an p]sonnel employ$ regul>ly & full "t 9 ! imm$iate (fices ( memb]s ( ! ,commission o!r ?an ! ,*air72 7,b7 ! di/ribution ( bus9ess among p]sonnel appo9t$ & sup]vis$ by ! ,*air & among adm9i/rative units ( ! ,commission2 & 7,c7 ! use & exp5diture ( funds4 7#c7 ,limitation ,9 c>ry+ out any ( ! ,*air's functions "u ! provisions ( ?is subsection ! ,*air %all be gov]n$ by g5]al policies ( ! ,commission & by su* regulatory decisions1 f9d+s1 & det]m9ations z ! ,commission may by law be au?oriz$ to make4 7#d7 ,reque/s or e/imates relat$ to appropriations ,reque/s or e/imates = regul>1 supplem5tal1 or defici5cy appropriations on behalf ( ! ,commission may n be submitt$ by ! ,*air )\t ! prior approval ( ! ,commission4 7e7 ,no impairm5t by reason ( vacancies ,no vacancy 9 ! memb]s ( ! ,commission %all impair ! "r ( ! rema9+ memb]s ( ! ,commission to ex]cise all ! p[]s ( ! ,commission4 ,?ree memb]s ( ! ,commission %all con/itute a quorum = ! transaction ( bus9ess1 except t if !re are only #c memb]s s]v+ on ! ,commission because ( vacancies 9 ! ,commission1 #b memb]s ( ! ,commission %all con/itute a quorum = ! transaction ( bus9ess4 ,if !re are only #b memb]s s]v+ on ! ,commission because ( vacancies 9 ! ,commission1 #b memb]s %all con/itute a quorum = ! #f-mon? p]iod beg9n+ on ! date ( ! vacancy :i* caus$ ! numb] ( ,commission memb]s to decl9e to #b4 7f7 ,seal ,! ,commission %all h an (ficial seal4 7g7 ,comp5sation 7#a7 ,*air ,! ,*air %all receive comp5sation at ! rate prescrib$ = level ,i ( ! ,executive ,s*$ule "u section #ecac ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,o!r memb]s ( ! ,commission ,! #d o!r memb]s ( ! ,commission %all ea* receive comp5sation at ! rate prescrib$ = level ,,ii ( ! ,executive ,s*$ule "u section #ecad ( title #e1 ,unit$ ,/ates ,code4 2 7#b7 9 section #ajab7;c71 by /rik+ p>agraphs 7#b71 7#c71 7#d71 & 7#e72 & 7#c7 9 section #ajad7;b71 by /rik+ ,n few] ?an #f memb]s %all be appo9t$ ^u ! recomm5dation ( ! regional ,f$]al ,res]ve ,bank ,presid5ts1 on a rotat+ basis44 7b7 ,deem+ ( "n ,any ref]5ce 9 a law1 regulation1 docum5t1 pap]1 or o!r record ( ! ,unit$ ,/ates to ! ,bureau ( ,consum] ,f9ancial ,protection %all be deem$ a ref]5ce to ! ,consum] ,f9ancial ,opportunity ,commission4 7c7 ,con=m+ am5dm5ts 7#a7 ,consum] ,f9ancial ,protection ,act ( #bjaj 7,a7 ,replacem5t ( ref]5ces to ,director 7i7 ,9 g5]al ,except z provid$ "u clause 7ii7 & subp>agraph 7,b71 ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7,i7 by /rik+ ,director ( ! ,bureau ea* place su* t]m appe>s & ins]t+ ,consum] ,f9ancial ,opportunity ,commission2 7,,ii7 by /rik+ ,director ea* place su* t]m appe>s & ins]t+ ,consum] ,f9ancial ,opportunity ,commission2 & 7,,iii7 9 section #ajjb1 by /rik+ p>agraph 7#aj74 7ii7 ,exceptions ,! am5dm5ts describ$ "u clause 7i7 %all n apply to ! foll[+ provisions ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj3 7,i7 ,p>agraphs 7#e7 & 7#f7 ( section #ajac7;d74 7,,ii7 ,! second in/ance ( ,director "u section #ajag7;a77#a71 z r$esignat$ by section #cab4 7,,iii7 ,section #ajdc4 7,,iv7 ,section #ajfa7;b77#c74 7,v7 ,subsections 7a77#a7 & 7b77#a7 ( section #ajfb4 7,,vi7 ,section #ajfc7;f74 7,,vii7 ,subsection 7a77#e77;,a7 & subp>agraphs 7,e7 & 7,g77iii7 ( subsection 7i77#b7 ( section #ajfd4 7,,viii7 ,section #ajfe7;a74 7,b7 ,exceptions ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7i7 9 section #ajac7;c77#c7-- 7,i7 by /rik+ ,assi/ant ,director ( ! ,bureau = & ins]t+ ,head ( ! ,(fice (2 & 7,,ii7 9 subp>agraph 7,b71 by /rik+ ,assi/ant ,director & ins]t+ ,head ( ! ,(fice2 7ii7 9 section #ajac7;g77#b7-- 7,i7 by /rik+ ,assi/ant director & ins]t+ ,head ( ! ,(fice2 & 7,,ii7 by /rik+ an assi/ant director & ins]t+ a ,head ( ! ,(fice ( ,f9ancial ,protection = ,old] ,am]icans2 7iii7 9 section #ajaf7;a71 by /rik+ ,director ( ! ,bureau & ins]t+ ,*air ( ! ,consum] ,f9ancial ,opportunity ,commission2 & 7iv7 9 section #ajbg7l77#a71 by /rik+ ,director & ! ,bureau & ins]t+ ,*air ( ! ,consum] ,f9ancial ,opportunity ,commission & ! ,consum] ,f9ancial ,opportunity ,commission2 & 7v7 9 section #ajff7;a71 by /rik+ ,director ( ! ,bureau is & ins]t+ fir/ memb] ( ! ,commission is4 7#b7 ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is am5d$-- 7,a7 9 ! item relat+ to section #ajaa 9 table ( cont5ts 9 section #a7;b7 ( su* ,act1 by /rik+ ,bureau ( ,consum] ,f9ancial ,protection & ins]t+ ,consum] ,f9ancial ,opportunity ,commission2 & 7,b7 9 section #addg1 by /rik+ ,director ( ! ,bureau ea* place su* t]m appe>s & ins]t+ ,consum] ,f9ancial ,opportunity ,commission4 7#c7 ,exp$it$ ,funds ,availability ,act ,! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq471 z am5d$ by section #ajhf ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 is am5d$ by /rik+ ,director ( ! ,bureau ea* place su* t]m appe>s & ins]t+ ,consum] ,f9ancial ,opportunity ,commission4 7#d7 ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh ,section #ajjd7;a77#d7 ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjc7;a77#d771 z am5d$ by section #ajia ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 is am5d$ by /rik+ ,director ( ! ,consum] ,f9ancial ,protection ,bureau & ins]t+ ,*air ( ! ,consum] ,f9ancial ,opportunity ,commission4 7#e7 ,f9ancial ,lit]acy & ,education ,improvem5t ,act ,section #eac ( ! ,f9ancial ,lit]acy & ,education ,improvem5t ,act 7#bj ,u4,s4,c4 #igjb71 z am5d$ by section #ajac7;d77#e7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 is am5d$ by /rik+ ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection ea* place su* t]m appe>s & ins]t+ ,*air ( ! ,consum] ,f9ancial ,opportunity ,commission4 7#f7 ,home ,mortgage ,disclosure ,act ( #aige ,section #cjg ( ! ,home ,mortgage ,disclosure ,act ( #aige1 z am5d$ by section #ajid7f7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 is am5d$ by /rik+ ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection ea* place su* t]m appe>s & ins]t+ ,consum] ,f9ancial ,opportunity ,commission4 7#g7 ,int]/ate ,l& ,sales ,full ,disclosure ,act ,! ,int]/ate ,l& ,sales ,full ,disclosure ,act1 z am5d$ by section #ajih;,a ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 is am5d$-- 7,a7 by am5d+ section #adjb7a7 to read z foll[s3 7#a7 ,*air means ! ,*air ( ! ,consum] ,f9ancial ,opportunity ,commission2 2 & 7,b7 9 section #adaf7;a71 by /rik+ ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection & ins]t+ ,*air4 7#h7 ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd ,section #e ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjd71 z am5d$ by section #adej ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act1 is am5d$-- 7,a7 by /rik+ ,! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection 7h]eaft] 9 ?is section ref]r$ to z ! ,director7 & ins]t+ ,! ,consum] ,f9ancial ,opportunity ,commission2 7,b7 by /rik+ ,director ea* place su* t]m appe>s & ins]t+ ,consum] ,f9ancial ,opportunity ,commission2 & 7,c7 by /rik+ ,director ea* place su* t]m appe>s & ins]t+ ,*air4 7#i7 ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh ,! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaja et seq471 z am5d$ by section #aajj ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 is am5d$-- 7,a7 by /rik+ ,director ea* place su* t]m appe>s 9 head+s & text & ins]t+ ,consum] ,f9ancial ,opportunity ,commission2 & 7,b7 9 section #aejc1 by /rik+ p>agraph 7#aj74 7#aj7 ,title #dd1 ,unit$ ,/ates ,code ,section #ceac7;c7 ( title #dd1 ,unit$ ,/ates ,code1 z am5d$ by section #aajj;,d7b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 is am5d$ by /rik+ ,director ( ! ,bureau & ins]t+ ,consum] ,f9ancial ,opportunity ,commission4 #cab4 ,br++ ! ,commission into ! regul> appropriations process ,section #ajag ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edig7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by am5d+ ! head+ ( su* subsection to read z foll[s3 ,budget1 f9ancial managem5t1 & audit4--2 7,b7 by /rik+ p>agraphs 7#a71 7#b71 & 7#c72 7,c7 by r$esignat+ p>agraphs 7#d7 & 7#e7 z p>agraphs 7#a7 & 7#b71 respectively2 & 7,d7 by /rik+ subp>agraphs 7,e7 & 7,f7 ( p>agraph 7#a71 z s r$esignat$2 7#b7 by /rik+ subsections 7b7 & 7c72 7#c7 by r$esignat+ subsections 7d7 & 7e7 z subsections 7b7 & 7c71 respectively2 & 7#d7 9 subsection 7c71 z s r$esignat$-- 7,a7 by /rik+ p>agraphs 7#a71 7#b71 & 7#c7 & ins]t+ ! foll[+3 7#a7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to ! ,commission = fiscal ye> #bjag an am\nt equal to ! aggregate am\nt ( funds transf]r$ by ! ,bo>d ( ,gov]nors to ! ,bureau ( ,consum] ,f9ancial ,protection dur+ fiscal ye> #bjae4 2 & 7,b7 by r$esignat+ p>agraph 7#d7 z p>agraph 7#b74 #cac4 ,consum] ,f9ancial ,opportunity ,commission ,inspector ,g5]al ,re=m 7a7 ,appo9tm5t ( ,inspector ,g5]al ,! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app47 is am5d$-- 7#a7 9 section #h;,g-- 7,a7 9 subsection 7a77#b71 by /rik+ & ! ,bureau ( ,consum] ,f9ancial ,protection2 7,b7 9 subsection 7c71 by /rik+ ,= purposes ( implem5t+ ?is section & all t foll[s ?r\gh ! end ( ! subsection2 & 7,c7 9 subsection 7g77#c71 by /rik+ & ! ,bureau ( ,consum] ,f9ancial ,protection2 & 7#b7 9 section #ab-- 7,a7 9 p>agraph 7#a71 by ins]t+ ! ,consum] ,f9ancial ,opportunity ,commission2 aft] ! ,presid5t ( ! ,export-,import ,bank22 & 7,b7 9 p>agraph 7#b71 by ins]t+ ! ,consum] ,f9ancial ,opportunity ,commission1 aft] ! ,export-,import ,bank14 7b7 ,requirem5ts = ! ,inspector ,g5]al = ! ,consum] ,f9ancial ,opportunity ,commission 7#a7 ,e/abli%m5t ,section #ajaa ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edia71 z am5d$ by section #caa1 is fur!r am5d$ by add+ at ! end ! foll[+3 7i7 ,inspector ,g5]al ,!re is e/abli%$ ! position ( ! ,inspector ,g5]al ( ! ,commission4 2 & 7#b7 ,he>+s ,section #ajaf ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edif7 is am5d$ by ins]t+ aft] subsection 7c7 ! foll[+3 7d7 ,additional ,requirem5t = ,inspector ,g5]al ,on a sep>ate occasion f t describ$ 9 subsection 7a71 ! ,inspector ,g5]al ( ! ,commission %all appe>1 ^u invitation1 be=e ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices & ! ,committee on ,en]gy & ,comm]ce ( ! ,h\se ( ,repres5tatives at semi-annual he>+s reg>d+ ! reports requir$ "u subsection 7b7 & ! reports requir$ "u section #e ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app474 4 7#c7 ,p>ticipation 9 ! ,c\ncil ( ,inspectors ,g5]al on ,f9ancial ,ov]sight ,section #ihi;,e7a77#a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by add+ at ! end ! foll[+3 7,j7 ,! ,consum] ,f9ancial ,opportunity ,commission4 4 7#d7 ,deadl9e = appo9tm5t ,n lat] ?an #fj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,presid5t %all appo9t an ,inspector ,g5]al = ! ,consum] ,f9ancial ,opportunity ,commission 9 accordance ) section #c ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app474 7c7 ,transition p]iod ,! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,bureau ( ,consum] ,f9ancial ,protection %all s]ve 9 t position until ! confirmation ( an ,inspector ,g5]al = ! ,consum] ,f9ancial ,opportunity ,commission4 ,at t "t1 ! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,bureau ( ,consum] ,f9ancial ,protection %all become ! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 #cad4 ,private p>ties au?oriz$ to compel ! ,commission to seek sanctions by fil+ civil actions2 ,adjudications deem$ actions ,section #ajec ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eefc7 is am5d$ by add+ at ! end ! foll[+3 7f7 ,private p>ties au?oriz$ to compel ! ,commission to seek sanctions by fil+ civil actions 7#a7 ,t]m9ation ( adm9i/rative proce$+ ,9 ! case ( any p]son :o is a p>ty to a proce$+ br\ght by ! ,commission "u ?is section1 to :i* *apt] #e ( title #e1 ,unit$ ,/ates ,code1 applies1 & aga9/ :om an ord] impos+ a cease & desi/ ord] or a p5alty may be issu$ at ! conclusion ( ! proce$+1 t p]son may1 n lat] ?an #bj days aft] receiv+ notice ( su* proce$+1 & at t p]son's discretion1 require ! ,commission to t]m9ate ! proce$+4 7#b7 ,civil action au?oriz$ ,if a p]son requires ! ,commission to t]m9ate a proce$+ pursuant to p>agraph 7#a71 ! ,commission may br+ a civil action aga9/ t p]son = ! same rem$y t might be impos$4 7g7 ,adjudications deem$ actions ,any adm9i/rative adjudication comm5c$ "u ?is section %all be deem$ an action = purposes ( section #ajed7;g74 4 #cae4 ,civil inve/igative dem&s to be appeal$ to c\rts ,section #ajeb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eefb7 is am5d$-- 7#a7 9 subsection 7c7-- 7,a7 9 p>agraph 7#b71 by ins]t+ aft] %all /ate ! foll[+3 ) specificity2 & 7,b7 by add+ at ! end ! foll[+3 7#ad7 ,meet+ requirem5t ,! recipi5t ( a civil inve/igative dem& %all meet & conf] ) a ,commission inve/igator )9 #cj cal5d> days aft] receipt ( ! dem& to discuss & attempt to resolve all issues reg>d+ compliance ) ! civil inve/igative dem&1 unless ! ,commission grants an ext5sion reque/$ by su* recipi5t4 2 7#b7 9 subsection 7f7-- 7,a7 by am5d+ p>agraph 7#a7 to read z foll[s3 7#a7 ,9 g5]al ,n lat] ?an #de days aft] ! s]vice ( any civil inve/igative dem& ^u any p]son "u subsection 7c71 or at any "t be=e ! return date specifi$ 9 ! dem&1 :i*ev] p]iod is %ort]1 or )9 su* p]iod exce$+ #de days aft] s]vice or 9 excess ( su* return date z may be prescrib$ 9 writ+1 subsequ5t to s]vice1 by any ,commission inve/igator nam$ 9 ! dem&1 su* p]son may file1 9 ! di/rict c\rt ( ! ,unit$ ,/ates = any judicial di/rict 9 :i* su* p]son resides1 is f\nd1 or transacts bus9ess1 a petition = an ord] modify+ or sett+ aside ! dem&4 2 & 7,b7 9 p>agraph 7#b71 by /rik+ at ! ,bureau2 & 7#c7 9 subsection 7h7-- 7,a7 by /rik+ 7#a7 ,9 g5]al4-- 2 & 7,b7 by /rik+ p>agraph 7#b74 #caf4 ,commission dual m&ate & economic analysis 7a7 ,purpose ,section #ajba7;a7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeaa7;a77 is am5d$-- 7#a7 by /rik+ fair1 transp>5t1 & competitive & ins]t+3 fair & transp>5t2 & 7#b7 by add+ at ! end ! foll[+3 ,9 addition1 ! ,commission %all seek to implem5t &1 :]e applicable1 en=ce ,f$]al consum] f9ancial law consi/5tly = ! purpose ( /r5g!n+ p>ticipation 9 m>kets by cov]$ p]sons1 )\t ,gov]nm5t int]f]5ce or subsidies1 to increase competition & enhance consum] *oice42 & 7b7 ,(fice ( ,economic ,analysis 7#a7 ,9 g5]al ,section #ajac ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edic7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,(fice ( ,economic ,analysis 7#a7 ,e/abli%m5t ,! ,*air %all e/abli% an ,(fice ( ,economic ,analysis4 7#b7 ,review & assessm5t ( propos$ rules & regulations ,! ,(fice ( ,economic ,analysis %all-- 7,a7 review all propos$ rules & regulations ( ! ,commission2 7,b7 assess ! impact ( su* rules & regulations on consum] *oice1 price1 & access to cr$it products2 & 7,c7 publi% a report on su* reviews & assessm5ts 9 ! ,f$]al ,regi/]4 7#c7 ,measur+ exi/+ rules & regulations ,! ,(fice ( ,economic ,analysis %all-- 7,a7 review ea* rule & regulation issu$ by ! ,commission aft] #a1 #b1 #e1 & #aj ye>s2 7,b7 measure ! rule or regulation's success 9 solv+ ! problem t ! rule or regulation 0 int5d$ to solve :5 issu$2 & 7,c7 publi% a report on su* review & measurem5t 9 ! ,f$]al ,regi/]4 4 7#b7 ,consid]ation ( review & assessm5t2 rulemak+ requirem5ts ,section #ajbb7;b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7;b77 is am5d$ by add+ at ! end ! foll[+3 7#e7 ,consid]ation ( review & assessm5t by ! ,(fice ( ,economic ,analysis 7,a7 ,9 g5]al ,be=e issu+ any rule or regulation1 ! ,*air %all consid] ! review & assessm5t ( su* rule or regulation c>ri$ out by ! ,(fice ( ,economic ,analysis4 7,b7 ,notice ( disagreem5t ,if a memb] ( ! ,commission disagrees ) any "p ( a review & assessm5t describ$ "u subp>agraph 7,a7 ) respect to any rule or regulation1 ! memb] %all accompany any su* rule or regulation ) a /atem5t expla9+ :y ! memb] s disagrees4 7#f7 ,id5tification ( problems & metrics = judg+ success 7,a7 ,9 g5]al ,! ,*air %all1 9 ea* propos$ rulemak+ ( ! ,commission-- 7i7 id5tify ! problem t ! p>ticul> rule or regulations is seek+ to solve2 & 7ii7 specify ! metrics by :i* ! ,commission w measure ! success ( ! rule or regulation 9 solv+ su* problem4 7,b7 ,requir$ metrics ,! metrics specifi$ "u subp>agraph 7,a77ii7 %all include a measurem5t ( *anges to consum] access to1 & co/ (1 consum] f9ancial products & s]vices4 4 7c7 ,avoidance ( duplicative or unnecess>y analyses ,! ,commission may p]=m any ( ! analyses requir$ by ?is section 9 conjunction )1 or z "p (1 any o!r ag5da or analysis requir$ by any o!r provision ( law1 if su* o!r ag5da or analysis satisfies ! provisions ( ?is section4 #cag4 ,no def]5ce to ,commission int]pretation ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7 9 section #ajbb7;b77#d7-- 7,a7 by /rik+ 7,a7 ,9 g5]al4--2 & 7,b7 by /rik+ subp>agraph 7,b72 & 7#b7 9 section #ajfa7;b77#e77;,e7-- 7,a7 by /rik+ af=ds to !-- & all t foll[s ?r\gh 7i7 ,f$]al ,trade ,commission & ins]t+ af=ds to ! ,f$]al ,trade ,commission2 7,b7 by /rik+ 2 or & ins]t+ a p]iod2 & 7,c7 by /rik+ clause 7ii74 ,b ,adm9i/rative ,enhancem5ts #cba4 ,commission ,advisory ,bo>ds 7a7 ,9 g5]al ,! ,consum] ,f9ancial ,protection ,act ( #bjaj is am5d$ by ins]t+ aft] section #ajad 7#ab ,u4,s4,c4 #edid7 ! foll[+ new section3 #ajad;,a4 ,advisory ,bo>ds 7a7 ,small ,bus9ess ,advisory ,bo>d 7#a7 ,e/abli%m5t ,! ,commission %all e/abli% a ,small ,bus9ess ,advisory ,bo>d-- 7,a7 to advise & consult ) ! ,commission 9 ! ex]cise ( ! ,commission's functions "u ! ,f$]al consum] f9ancial laws applicable to eligible f9ancial products or s]vices2 & 7,b7 to provide in=mation on em]g+ practices ( small bus9ess conc]ns t provide eligible f9ancial products or s]vices1 includ+ regional tr5ds1 conc]ns1 & o!r relevant in=mation4 7#b7 ,memb]%ip 7,a7 ,numb] ,! ,commission %all appo9t no few] ?an #ae & no m ?an #bj memb]s to ! ,small ,bus9ess ,advisory ,bo>d4 7,b7 ,qualification ,memb]s appo9t$ pursuant to subp>agraph 7,a7 %all be repres5tatives ( small bus9ess conc]ns t-- 7i7 provide eligible f9ancial products or s]vices2 7ii7 are s]vice provid]s to cov]$ p]sons2 & 7iii7 use consum] f9ancial products or s]vices 9 f9anc+ ! bus9ess activities ( su* conc]n4 7#c7 ,meet+s ,! ,small ,bus9ess ,advisory ,bo>d-- 7,a7 %all meet f "t to "t at ! call ( ! ,commission2 & 7,b7 %all meet at lea/ twice ea* ye>4 7b7 ,cr$it ,union ,advisory ,c\ncil 7#a7 ,e/abli%m5t ,! ,commission %all e/abli% a ,cr$it ,union ,advisory ,c\ncil to advise & consult ) ! ,commission on consum] f9ancial products or s]vices t impact cr$it unions4 7#b7 ,memb]%ip ,! ,commission %all appo9t no few] ?an #ae & no m ?an #bj memb]s to ! ,cr$it ,union ,advisory ,c\ncil4 7#c7 ,meet+s ,! ,cr$it ,union ,advisory ,c\ncil-- 7,a7 %all meet f "t to "t at ! call ( ! ,commission2 & 7,b7 %all meet at lea/ twice ea* ye>4 7c7 ,community ,bank ,advisory ,c\ncil 7#a7 ,e/abli%m5t ,! ,commission %all e/abli% a ,community ,bank ,advisory ,c\ncil to advise & consult ) ! ,commission on consum] f9ancial products or s]vices t impact community banks4 7#b7 ,memb]%ip ,! ,commission %all appo9t no few] ?an #ae & no m ?an #bj memb]s to ! ,community ,bank ,advisory ,c\ncil4 7#c7 ,meet+s ,! ,community ,bank ,advisory ,c\ncil-- 7,a7 %all meet f "t to "t at ! call ( ! ,commission2 & 7,b7 %all meet at lea/ twice ea* ye>4 7d7 ,comp5sation & travel exp5ses ,memb]s ( ! ,small ,bus9ess ,advisory ,bo>d1 ! ,cr$it ,union ,advisory ,c\ncil1 or ! ,community ,bank ,advisory ,c\ncil :o are n full-"t employees ( ! ,unit$ ,/ates %all-- 7#a7 be entitl$ to receive comp5sation at a rate fix$ by ! ,commission :ile att5d+ meet+s ( ! ,small ,bus9ess ,advisory ,bo>d1 ! ,cr$it ,union ,advisory ,c\ncil1 or ! ,community ,bank ,advisory ,c\ncil1 includ+ travel "t2 & 7#b7 be all[$ travel exp5ses1 includ+ transportation & subsi/5ce1 :ile away f _! homes or regul> places ( bus9ess4 7e7 ,def9itions ,9 ?is section-- 7#a7 ! t]m eligible f9ancial product or s]vice means a f9ancial product or s]vice t is (f]$ or provid$ = use by consum]s prim>ily = p]sonal1 family1 or h\sehold purposes z describ$ 9 clause 7i71 7iii71 7v71 7vi71 or 7ix7 ( section #ajjb7ae77;,a72 & 7#b7 ! t]m small bus9ess conc]n has ! mean+ giv5 su* t]m 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74 4 7b7 ,table ( cont5ts am5dm5t ,! table ( cont5ts 9 section #a ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is am5d$ by ins]t+ aft] ! item relat+ to section #ajad ! foll[+ new item3 ,sec4#ajad;,a4 ,advisory ,bo>ds4 4 #cbb4 ,advisory op9ions ,section #ajbb7;b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7;b771 z am5d$ by section #caf1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#g7 ,advisory op9ions 7,a7 ,e/abli%+ proc$ures 7i7 ,9 g5]al ,! ,*air %all e/abli% a proc$ure &1 z necess>y1 promulgate rules to provide writt5 op9ions 9 response to inquiries conc]n+ ! con=mance ( specific conduct ) ,f$]al consum] f9ancial law4 ,9 e/abli%+ ! proc$ure ! ,*air %all consult ) ! prud5tial regulators & su* o!r ,f$]al dep>tm5ts & ag5cies z ! ,*air det]m9es appropriate1 & obta9 ! views ( all int]e/$ p]sons ?r\gh a public notice & comm5t p]iod4 7ii7 ,scope ( reque/ ,a reque/ = an op9ion "u ?is p>agraph mu/ relate to specific propos$ or prospective conduct by a cov]$ p]son contemplat+ ! propos$ or prospective conduct4 7iii7 ,submission ,a reque/ = an op9ion "u ?is p>agraph may be submitt$ to ! ,*air ei!r by or on behalf ( a cov]$ p]son4 7iv7 ,"r to )draw inquiry ,any inquiry "u ?is p>agraph may be )drawn at any "t prior to ! ,*air issu+ an op9ion 9 response to su* inquiry1 & any op9ion bas$ on an inquiry t has be5 )drawn %all h no =ce or effect4 7,b7 ,issuance ( op9ions 7i7 ,9 g5]al ,! ,*air %all1 )9 #ij days ( receiv+ ! reque/ = an op9ion "u ?is p>agraph1 ei!r-- 7,i7 issue an op9ion /at+ :e!r ! describ$ conduct w\ld violate ,f$]al consum] f9ancial law2 7,,ii7 if p]missible "u clause 7iii71 d5y ! reque/2 or 7,,iii7 expla9 :y x is n feasible to issue an op9ion4 7ii7 ,ext5sion ,not)/&+ clause 7i71 if ! ,*air det]m9es t ! ,commission requires additional "t to issue an op9ion1 ! ,*air may make a s+le ext5sion ( ! deadl9e ( #ij days or less4 7iii7 ,d5ial ( reque/s ,! ,*air %all n issue an op9ion1 & %all s in=m ! reque/or1 if ! reque/ = an op9ion-- 7,i7 asks a g5]al "q ( int]pretation2 7,,ii7 asks ab\t a hypo!tical situation2 7,,iii7 asks ab\t ! conduct ( someone o!r ?an ! cov]$ p]son on ^: behalf ! reque/ is made2 7,,iv7 asks ab\t pa/ conduct t ! cov]$ p]son on ^: behalf ! reque/ is made does n plan to cont9ue 9 ! future2 or 7,v7 fails to provide necess>y support+ in=mation reque/$ by ! ,commission )9 a reasonable "t e/abli%$ by ! ,commission4 7iv7 ,am5dm5t & revocation ,an advisory op9ion issu$ "u ?is p>agraph may be am5d$ or revok$ at any "t4 7v7 ,public disclosure ,an op9ion r5d]$ pursuant to ?is p>agraph %all be plac$ 9 ! ,commission's public record #ij days aft] ! reque/+ p>ty has receiv$ ! advice1 subject to any limitations on public disclosure aris+ f /atutory re/rictions1 ,commission regulations1 or ! public int]e/4 ,! ,commission %all r$act any p]sonal1 confid5tial1 or id5tify+ in=mation ab\t ! cov]$ p]son or any o!r p]sons m5tion$ 9 ! advisory op9ion1 unless ! cov]$ p]son cons5ts to su* disclosure4 7vi7 ,report to ,congress ,! ,commission %all1 concurr5t ) ! semi-annual report requir$ "u section #ajaf7;b71 submit in=mation reg>d+ ! numb] ( reque/s = an advisory op9ion receiv$1 ! subject ( ea* reque/1 ! numb] ( reque/s d5i$ pursuant to clause 7iii71 & ! "t ne$$ to respond to ea* reque/4 7,c7 ,reliance on op9ion ,any p]son may rely on an op9ion issu$ by ! ,*air pursuant to ?is p>agraph t has n be5 am5d$ or )drawn4 ,no liability "u ,f$]al consum] f9ancial law %all atta* to conduct consi/5t ) an advisory op9ion t _h n be5 am5d$ or )drawn at ! "t ! conduct 0 und]tak54 7,d7 ,confid5tiality ,any docum5t or o!r mat]ial t is receiv$ by ! ,commission or any o!r ,f$]al dep>tm5t or ag5cy 9 connection ) an inquiry "u ?is p>agraph %all be exempt f disclosure "u section #eeb ( title #e1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,fre$om ( ,in=mation ,act7 & may n1 except ) ! cons5t ( ! cov]$ p]son mak+ su* inquiry1 be made publicly available1 reg>dless ( :e!r ! ,*air responds to su* inquiry or ! cov]$ p]son )draws su* inquiry be=e receiv+ an op9ion4 7,e7 ,assi/ance = small bus9esses 7i7 ,9 g5]al ,! ,commission %all assi/1 to ! maximum ext5t practicable1 small bus9esses 9 prep>+ inquiries "u ?is p>agraph4 7ii7 ,small bus9ess def9$ ,= purposes ( ?is subp>agraph1 ! t]m small bus9ess has ! mean+ giv5 ! t]m small bus9ess conc]n "u section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74 7,f7 ,inquiry fee 7i7 ,9 g5]al ,! ,*air %all develop a sy/em to *>ge a fee = ea* inquiry made "u ?is p>agraph 9 an am\nt suffici5t1 9 ! aggregate1 to pay = ! co/ ( c>ry+ out ?is p>agraph4 7ii7 ,notice & comm5t ,n lat] ?an #de days aft] ! date ( ! enactm5t ( ?is p>agraph1 ! ,*air %all publi% a description ( ! fee sy/em describ$ 9 clause 7i7 9 ! ,f$]al ,regi/] & %all solicit comm5ts f ! public = a p]iod ( #fj days aft] publication4 7iii7 ,f9alization ,! ,*air %all publi% a f9al description ( ! fee sy/em & implem5t su* fee sy/em n lat] ?an #cj days aft] ! end ( ! public comm5t p]iod describ$ 9 clause 7ii74 4 #cbc4 ,re=m ( ,consum] ,f9ancial ,civil ,p5alty ,fund 7a7 ,segregat$ ,acc\nts ,section #ajag7;b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 z r$esignat$ by section #cab1 is am5d$ by r$esignat+ p>agraph 7#b7 z p>agraph 7#c71 & by ins]t+ aft] p>agraph 7#a7 ! foll[+ new p>agraph3 7#b7 ,segregat$ ,acc\nts 9 ,civil ,p5alty ,fund 7,a7 ,9 ,g5]al ,! ,commission %all e/abli% & ma9ta9 a segregat$ acc\nt 9 ! ,civil ,p5alty ,fund ea* "t ! ,commission obta9s a civil p5alty aga9/ any p]son 9 any judicial or adm9i/rative action "u ,f$]al consum] f9ancial laws4 7,b7 ,deposits 9 ,segregat$ ,acc\nts ,! ,commission %all deposit ea* civil p5alty collect$ into ! segregat$ acc\nt e/abli%$ = su* p5alty "u subp>agraph 7,a74 4 7b7 ,paym5t to ,victims ,p>agraph 7#c7 ( section #ajag7;b7 ( su* ,act1 z r$esignat$ by subsection 7a71 is am5d$ to read z foll[s3 7#c7 ,paym5t to ,victims 7,a7 ,9 ,g5]al 7i7 ,id5tification ( ,class ,n lat] ?an #fj days aft] ! date ( deposit ( am\nts 9 a segregat$ acc\nt 9 ! ,civil ,p5alty ,fund1 ! ,commission %all id5tify ! class ( victims ( ! violation ( ,f$]al consum] f9ancial laws = :i* su* am\nts 7 collect$ & deposit$ "u p>agraph 7#b74 7ii7 ,paym5ts ,! ,commission1 )9 #b ye>s aft] ! date on :i* su* class ( victims is id5tifi$1 %all locate & make paym5ts f su* am\nts to ea* victim4 7,b7 ,funds ,deposit$ 9 ,treasury 7i7 ,9 ,g5]al ,! ,commission %all deposit into ! g5]al fund ( ! ,treasury any am\nts rema9+ 9 a segregat$ acc\nt 9 ! ,civil ,p5alty ,fund at ! end ( ! #b-ye> p]iod = paym5ts to victims "u subp>agraph 7,a74 7ii7 ,impossible or ,impractical ,paym5ts ,if ! ,commission det]m9es be=e ! end ( ! #b-ye> p]iod = paym5ts to victims "u subp>agraph 7,a7 t su* victims _c be locat$ or paym5ts to su* victims are o!rwise n practicable1 ! ,commission %all deposit into ! g5]al fund ( ! ,treasury ! am\nts 9 ! segregat$ acc\nt 9 ! ,civil ,p5alty ,fund4 4 7c7 ,effective ,date 7#a7 ,9 ,g5]al ,! am5dm5ts made by ?is section %all apply ) respect to civil p5alties collect$ aft] ! date ( enactm5t ( ?is ,act4 7#b7 ,am\nts 9 ,consum] ,f9ancial ,civil ,p5alty ,fund on ,date ( ,enactm5t ,) respect to am\nts 9 ! ,consum] ,f9ancial ,civil ,p5alty ,fund on ! date ( enactm5t ( ?is ,act t 7 n allocat$ = consum] education & f9ancial lit]acy programs on or be=e ,septemb] #cj1 #bjae1 ! ,consum] ,f9ancial ,opportunity ,commission %all sep>ate su* am\nts into segregat$ acc\nts 9 accordance )1 & = purposes (1 section #ajag7;d7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 z am5d$ by ?is section4 ,! date ( deposit ( su* am\nts %all be deem$ to be ! date ( enactm5t ( ?is ,act4 #cbd4 ,commission rese>* pap] transp>5cy ,section #ajac ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edic71 z am5d$ by section #caf1 is fur!r am5d$ by add+ at ! end ! foll[+3 7j7 ,rese>* pap] transp>5cy ,any "t ! ,commission1 ei!r ?r\gh ! rese>* unit e/abli%$ by ! ,*air "u subsection 7b77#a7 or o!rwise1 issues a rese>* pap] t is available to ! public1 ! ,commission %all accompany su* pap] ) all /udies1 data1 & o!r analyses on :i* ! pap] 0 bas$4 4 #cbe4 ,commission pay fairness 7a7 ,9 g5]al ,section #ajac7;a77#b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edic7;a77#b77 is am5d$ to read z foll[s3 7#b7 ,comp5sation ,! rates ( basic pay = all employees ( ! ,commission %all be set & adju/$ by ! ,commission 9 accordance ) ! ,g5]al ,s*$ule set =? 9 section #eccb ( title #e1 ,unit$ ,/ates ,code4 4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply to s]vice by an employee ( ! ,consum] ,f9ancial ,opportunity ,commission foll[+ ! #ij-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act4 #cbf4 ,sep>ation ( m>ket monitor+ functions & sup]visory functions ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7 9 section #ajbb7;c7-- 7,a7 9 p>agraph 7#a71 by /rik+ ,9 ord] to support its rulemak+ & o!r functions1 ! & ins]t+ ,!2 & 7,b7 9 p>agraph 7#d7-- 7i7 9 subp>agraph 7,a71 by ins]t+ aft] ga!r in=mation ! foll[+3 on a sampl+ basis2 7ii7 9 subp>agraph 7,b7-- 7,i7 9 clause 7i71 by /rik+ a v>iety ( s\rces1 includ+ exam9ation reports conc]n+ cov]$ p]sons or s]vice provid]s2 & 7,,ii7 9 clause 7ii71 by ins]t+ aft] require ! foll[+3 1 on a sampl+ basis12 & 7iii7 9 subp>agraph 7,c71 by ins]t+ be=e ! p]iod ! foll[+3 or = purposes ( assess+ su* cov]$ p]sons' or s]vice provid]s' compliance ) ! requirem5ts ( ,f$]al consum] f9ancial law2 7#b7 9 section #ajbd7;b77#a7-- 7,a7 9 subp>agraph 7,a71 by add+ & at ! end2 7,b7 9 subp>agraph 7,b71 by /rik+ 2 & & ins]t+ a p]iod2 & 7,c7 by /rik+ subp>agraph 7,c72 7#c7 9 section #ajbe7;b77#a7-- 7,a7 9 subp>agraph 7,a71 by add+ & at ! end2 7,b7 9 subp>agraph 7,b71 by /rik+ 2 & & ins]t+ a p]iod2 & 7,c7 by /rik+ subp>agraph 7,c72 & 7#d7 9 section #ajbf7;b71 by /rik+ 1 & to assess & detect risks to consum]s & consum] f9ancial m>kets4 #cbg4 ,requirem5t to v]ify in=mation 9 ! compla9t database be=e x may be releas$ to ! g5]al public ,section #ajac7;b77#c77;,a7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edic7;b77#c77;,a77 is am5d$ by add+ at ! end ! foll[+3 ,! ,*air may n make any in=mation ab\t a consum] compla9t 9 su* database available to ! public )\t fir/ v]ify+ ! accuracy ( all facts alleg$ 9 su* compla9t44 #cbh4 ,commission sup]vision limit$ to banks1 ?rifts1 & cr$it unions ) great] ?an #ej billion 9 assets ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7 9 section #ajbe7;a71 by /rik+ #aj1jjj1jjj1jjj ea* place su* t]m appe>s & ins]t+ #ej1jjj1jjj1jjj2 & 7#b7 9 section #ajbf7;a71 by /rik+ #aj1jjj1jjj1jjj ea* place su* t]m appe>s & ins]t+ #ej1jjj1jjj1jjj4 #cbi4 ,transf] ( old ,,ots build+ f ,,occ to ,,gsa ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,*air ( ! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy %all transf] adm9i/rative jurisdiction ov] ! ,f$]al prop]ty locat$ at #agjj ,g ,/reet1 ,nor?we/1 9 ! ,di/rict ( ,columbia to ! ,adm9i/rator ( ,g5]al ,s]vices4 ,c ,policy ,enhancem5ts #cca4 ,consum] "r to f9ancial privacy 7a7 ,requirem5t ( ! ,commission to obta9 p]mission be=e collect+ nonpublic p]sonal in=mation 7#a7 ,requir$ notification & p]mission ,section #ajbb7;c77#i77;,a7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7;c77#i77;,a77 is am5d$-- 7,a7 by /rik+ may n obta9 f a cov]$ p]son or s]vice provid] & ins]t+ may n reque/1 obta91 access1 collect1 use1 reta91 or disclose2 7,b7 by /rik+ p]sonally id5tifiable f9ancial & ins]t+ nonpublic p]sonal2 & 7,c7 by /rik+ f ! f9ancial records & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ unless-- 7i7 ! ,commission cle>ly & conspicu\sly discloses to ! consum]1 9 writ+ or 9 an electronic =m1 :at in=mation w be reque/$1 obta9$1 access$1 collect$1 us$1 reta9$1 or disclos$2 & 7ii7 be=e su* in=mation is reque/$1 obta9$1 access$1 collect$1 us$1 reta9$1 or disclos$1 ! consum] in=ms ! ,commission t su* in=mation may be reque/$1 obta9$1 access$1 collect$1 us$1 reta9$1 or disclos$4 4 7#b7 ,application ( requirem5t to contractors ( ! ,commission ,section #ajbb7;c77#i77;,b7 ( su* ,act 7#ab ,u4,s4,c4 #eeab7;c77#i77;,b77 is am5d$ to read z foll[s3 7,b7 ,application ( requirem5t to contractors ( ! ,commission ,subp>agraph 7,a7 %all apply to any p]son direct$ or engag$ by ! ,commission to collect in=mation to ! ext5t su* in=mation is be+ collect$ on behalf ( ! ,commission4 4 7#c7 ,def9ition ( nonpublic p]sonal in=mation ,section #ajbb7;c77#i7 ( su* ,act 7#ab ,u4,s4,c4 #eeab7;c77#i77 is am5d$ by add+ at ! end ! foll[+3 7,c7 ,def9ition ( nonpublic p]sonal in=mation ,9 ?is p>agraph1 ! t]m nonpublic p]sonal in=mation has ! mean+ giv5 ! t]m 9 section #eji ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhji74 4 7b7 ,removal ( exemption = ! ,commission f ! ,"r to ,f9ancial ,privacy ,act ,section #aaac ( ! ,"r to ,f9ancial ,privacy ,act ( #aigh 7#ab ,u4,s4,c4 #cdac7 is am5d$ by /rik+ subsection 7r74 #ccb4 ,repeal ( ,c\ncil au?ority to set aside ,bureau rules & requirem5t ( safety & s\ndness consid]ations :5 issu+ rules 7a7 ,repeal ( au?ority 7#a7 ,9 g5]al ,section #ajbc ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeac7 is h]eby repeal$4 7#b7 ,con=m+ am5dm5t ,section #ajbb7;b77#b77;,c7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7;b77#b77;,c77 is am5d$ by /rik+ 1 except t no?+ 9 ?is clause %all be con/ru$ z alt]+ or limit+ ! proc$ures "u section #ajbc t may apply to any rule prescrib$ by ! ,bureau4 7#c7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! item relat+ to section #ajbc4 7b7 ,safety & s\ndness *eck ,section #ajbb7;b77#b77;,a7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7;b77#b77;,a77 is am5d$-- 7#a7 9 clause 7i71 by /rik+ & at ! end2 7#b7 9 clause 7ii71 by add+ & at ! end2 & 7#c7 by add+ at ! end ! foll[+3 7iii7 ! impact ( su* rule on ! f9ancial safety or s\ndness ( an insur$ depository in/itution2 4 #ccc4 ,/ate & tribal payday loan regulation #e-ye> exemption ,section #ajbb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,/ate & tribal payday loan regulation #e-ye> exemption 7#a7 ,9 g5]al ,) respect to a f9al rule or regulation issu$ by ! ,bureau ( ,consum] ,f9ancial ,protection to regulate payday loans1 vehicle title loans1 or o!r simil> loans1 if a ,/ate or a f$]ally recogniz$ ,indian tribe reque/s1 9 writ+1 = ! ,commission to provide ! ,/ate or tribe ) a waiv] f su* rule or regulation1 ! ,commission %all grant a #e-ye> waiv] to su* ,/ate or tribe1 dur+ :i* su* rule or regulation %all n apply )9 su* ,/ate or l& held 9 tru/ = ! b5efit ( su* f$]ally recogniz$ ,indian tribe4 7#b7 ,ext5sion ( waiv] ,a ,/ate or a f$]ally recogniz$ ,indian tribe receiv+ a waiv] "u p>agraph 7#a7 %all h ! "r to an unlimit$ numb] ( #e-ye> ext5sions ( su* waiv]1 :i* %all be grant$ ^u ! reque/1 9 writ+1 = su* waiv] by ! ,/ate or tribe4 4 #ccd4 ,re=m+ indirect auto f9anc+ guidance 7a7 ,nullification ( auto l5d+ guidance ,bullet9 #bjac-jb ( ! ,bureau ( ,consum] ,f9ancial ,protection 7publi%$ ,m>* #ba1 #bjac7 %all h no =ce or effect4 7b7 ,guidance requirem5ts ,section #ajbb7;b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7;b771 z am5d$ by section #cbb1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#h7 ,guidance on indirect auto f9anc+ ,9 propos+ & issu+ guidance prim>ily relat$ to indirect auto f9anc+1 ! ,commission %all-- 7,a7 provide = a public notice & comm5t p]iod be=e issu+ ! guidance 9 f9al =m2 7,b7 make available to ! public1 includ+ on ! website ( ! ,commission1 all /udies1 data1 me?odologies1 analyses1 & o!r in=mation reli$ on by ! ,commission 9 prep>+ su* guidance2 7,c7 r$act any in=mation t is exempt f disclosure "u p>agraph 7#c71 7#d71 7#f71 7#g71 or 7#h7 ( section #eeb7;b7 ( title #e1 ,unit$ ,/ates ,code2 7,d7 consult ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,trade ,commission1 & ! ,dep>tm5t ( ,ju/ice2 & 7,e7 conduct a /udy on ! co/s & impacts ( su* guidance to consum]s & wom5-own$1 m9ority-own$1 vet]an-own$1 & small bus9esses1 includ+ consum]s & small bus9esses 9 rural areas4 4 7c7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to apply to guidance issu$ by ! ,consum] ,f9ancial ,opportunity ,commission t is n prim>ily relat$ to indirect auto f9anc+4 #cce4 ,prohibition ( ,gov]nm5t price controls = paym5t c>d transactions 7a7 ,9 g5]al ,section #ajge ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj is h]eby repeal$ & ! provisions ( law am5d$ by su* section are reviv$ or re/or$ z if su* section _h n be5 enact$4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! item relat+ to section #ajge4 #ccf4 ,annual /udies on end+ ! cons]vator%ip ( ,fannie ,mae1 ,fr$die ,mac1 & re=m+ ! h\s+ f9ance sy/em ,section #ajgd ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 7#a71 by ins]t+ aft] ,secret>y ( ! ,treasury %all ! foll[+3 1 on an annual basis12 & 7,b7 9 p>agraph 7#b71 by /rik+ ,! /udy & ins]t+ ,ea* /udy2 7#b7 by am5d+ subsection 7b7 to read z foll[s3 7b7 ,report & recomm5dations ,! ,secret>y ( ! ,treasury %all submit a report on ea* /udy requir$ "u subsection 7a71 along ) recomm5dations develop$ 9 su* /udy1 to ! ,presid5t1 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives4 2 & 7#c7 by add+ at ! end ! foll[+3 7c7 ,appe>ances be=e ,congress ,! ,secret>y ( ! ,treasury %all appe> be=e ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives at annual he>+s reg>d+ ea* report requir$ "u subsection 7b74 4 #ccg4 ,removal ( abusive au?ority ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7 9 section #ajac7;g7-- 7,a7 by /rik+ 1 deceptive1 & abusive ea* place su* t]m appe>s & ins]t+ & deceptive2 & 7,b7 by /rik+ 1 deceptive1 or abusive ea* place su* t]m appe>s & ins]t+ or deceptive2 7#b7 9 section #ajba7;b77#b71 by /rik+ 1 deceptive1 or abusive & ins]t+ or deceptive2 7#c7 9 section #ajca-- 7,a7 9 ! head+ ( su* section1 by /rik+ 1 ,,deceptive1 ,,or ,,abusive & ins]t+ ,,or ,,deceptive2 7,b7 by /rik+ 1 deceptive1 or abusive ea* place su* t]m appe>s & ins]t+ or deceptive2 7,c7 by /rik+ subsection 7d72 & 7,d7 by r$esignat+ subsections 7e7 & 7f7 z subsections 7d7 & 7e71 respectively2 7#d7 9 section #ajcf7;a77#a77;,b71 by /rik+ 1 deceptive1 or abusive & ins]t+ or deceptive2 & 7#e7 9 section #ajgf7;b77#b77;,a71 by /rik+ 1 deceptive1 or abusive & ins]t+ or deceptive4 #cch4 ,repeal ( au?ority to re/rict arbitration 7a7 ,9 g5]al ,section #ajbh ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeah7 is h]eby repeal$4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! item relat+ to section #ajbh4 ,,iv ,capital ,m>kets ,improvem5ts ,a ,,sec ,re=m1 ,re/ructur+1 & ,acc\ntability #dja4 ,au?orization ( appropriations ,section #ce ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghkk7 is am5d$ by /rik+ p>agraphs 7#a7 ?r\gh 7#e7 & ins]t+ ! foll[+3 7#a7 = fiscal ye> #bjag1 #a1eee1jjj1jjj2 7#b7 = fiscal ye> #bjah1 #a1fje1jjj1jjj2 7#c7 = fiscal ye> #bjai1 #a1fee1jjj1jjj2 7#d7 = fiscal ye> #bjbj1 #a1gje1jjj1jjj2 & 7#e7 = fiscal ye> #bjba1 #a1gee1jjj1jjj4 4 #djb4 ,report on unobligat$ appropriations ,section #bc ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghw7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,report on unobligat$ appropriations ,if1 at ! end ( any fiscal ye>1 !re rema9 unobligat$ any funds t 7 appropriat$ to ! ,commission = su* fiscal ye>1 ! ,commission %all1 n lat] ?an #cj days aft] ! la/ day ( su* fiscal ye>1 submit to ! ,committee on ,f9ancial ,s]vices & ! ,committee on ,appropriations ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs & ! ,committee on ,appropriations ( ! ,s5ate a report /at+ ! am\nt ( su* unobligat$ funds4 ,if !re is any mat]ial *ange 9 ! am\nt /at$ 9 ! report1 ! ,commission %all1 n lat] ?an #g days aft] det]m9+ ! am\nt ( ! *ange1 submit to su* committees a supplem5t>y report /at+ ! am\nt ( & reason = ! *ange4 4 #djc4 ,,sec ,res]ve ,fund aboli%$ ,section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is am5d$ by /rik+ subsection 7i74 #djd4 ,fees to (fset appropriations 7a7 ,section #ca ( ! ,securities ,ex*ange ,act ( #aicd ,section #ca ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;ee7 is am5d$-- 7#a7 by /rik+ subsection 7a7 & ins]t+ ! foll[+3 7a7 ,collection ,! ,commission %all1 9 accordance ) ?is section1 collect transaction fees & assessm5ts4 2 7#b7 9 subsection 7i7-- 7,a7 9 p>agraph 7#a77;,a71 by ins]t+ except z provid$ 9 p>agraph 7#b71 be=e %all2 & 7,b7 by /rik+ p>agraph 7#b7 & ins]t+ ! foll[+3 7#b7 ,g5]al ,rev5ue ,any fees collect$ = a fiscal ye> pursuant to ?is section1 sections #ac7;e7 & #ad7;g7 ( ?is title1 & section #f7;b7 ( ! ,securities ,act ( #aicc 9 excess ( ! am\nt provid$ 9 appropriation ,acts = collection = su* fiscal ye> pursuant to su* sections %all be deposit$ & cr$it$ z g5]al rev5ue ( ! ,treasury4 2 7#c7 9 subsection 7j7-- 7,a7 by /rik+ ! regul> appropriation to ! ,commission by ,congress = su* fiscal ye> ea* place x appe>s & ins]t+ ! t>get (fsett+ collection am\nt = su* fiscal ye>2 & 7,b7 9 p>agraph 7#b71 by /rik+ subsection 7l7 & ins]t+ subsection 7l77#b72 & 7#d7 by /rik+ subsection 7l7 & ins]t+ ! foll[+3 7l7 ,def9itions ,= purposes ( ?is section3 7#a7 ,t>get (fsett+ collection am\nt ,! t>get (fsett+ collection am\nt = a fiscal ye> is-- 7,a7 = fiscal ye> #bjag1 #a1djj1jjj1jjj2 & 7,b7 = ea* succe$+ fiscal ye>1 ! t>get (fsett+ collection am\nt = ! prior fiscal ye>1 adju/$ by ! rate ( inflation4 7#b7 ,basel9e e/imate ( ! aggregate doll> am\nt ( sales ,! basel9e e/imate ( ! aggregate doll> am\nt ( sales = any fiscal ye> is ! basel9e e/imate ( ! aggregate doll> am\nt ( sales ( securities 7o!r ?an bonds1 deb5tures1 o!r evid5ces ( indebt$ness1 security futures products1 & options on securities indexes 7exclud+ a n>r[-bas$ security index77 to be transact$ on ea* national securities ex*ange & by or ?r\gh any memb] ( ea* national securities association 7o!rwise ?an on a national securities ex*ange7 dur+ su* fiscal ye> z det]m9$ by ! ,commission1 aft] consultation ) ! ,congressional ,budget ,(fice & ! ,(fice ( ,managem5t & ,budget1 us+ ! me?odology requir$ = mak+ projections pursuant to section #beg ( ! ,balanc$ ,budget & ,em]g5cy ,deficit ,control ,act ( #aihe4 4 7b7 ,section #f7;b7 ( ! ,securities ,act ( #aicc ,section #f7;b7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;f7b77 is am5d$-- 7#a7 by /rik+ t>get fee collection am\nt ea* place x appe>s & ins]t+ t>get (fsett+ collection am\nt2 7#b7 9 p>agraph 7#d71 by /rik+ ! la/ s5t5ce & ins]t+ ! foll[+3 ,subject to p>agraphs 7#f77;,b7 & 7#g71 an adju/$ rate prescrib$ "u p>agraph 7#b7 %all take effect on ! lat] (-- 7,a7 ! fir/ day ( ! fiscal ye> to :i* su* rate applies2 or 7,b7 five days aft] ! date on :i* a regul> appropriation to ! ,commission = su* fiscal ye> is enact$4 2 7#c7 9 p>agraph 7#e71 by ins]t+ ( ! ,securities ,ex*ange ,act ( #aicd aft] sections #ac7;e7 & #ad7;g72 7#d7 by r$esignat+ p>agraph 7#f7 z p>agraph 7#h72 7#e7 by ins]t+ aft] p>agraph 7#e7 ! foll[+3 7#f7 ,(fsett+ collections ,fees collect$ pursuant to ?is subsection = any fiscal ye>-- 7,a7 except z provid$ 9 section #ca7;i77#b7 ( ! ,securities ,ex*ange ,act ( #aicd1 %all be deposit$ & cr$it$ z (fsett+ collections to ! acc\nt provid+ appropriations to ! ,commission2 & 7,b7 except z provid$ 9 p>agraph 7#g71 %all n be collect$ = any fiscal ye> except to ! ext5t provid$ 9 advance 9 appropriation ,acts4 7#g7 ,lapse ( appropriation ,if on ! fir/ day ( a fiscal ye> a regul> appropriation to ! ,commission has n be5 enact$1 ! ,commission %all cont9ue to collect fees 7z (fsett+ collections7 "u ?is subsection at ! rate 9 effect dur+ ! prec$+ fiscal ye>1 until #e days aft] ! date su* a regul> appropriation is enact$4 2 & 7#f7 9 subp>agraph 7,a7 ( p>agraph 7#h7 7z s r$esignat$7-- 7,a7 by /rik+ ! subp>agraph head+ & ins]t+ ,t>get (fsett+ collection am\nt4--2 & 7,b7 9 ! head+ ( ! "r column ( ! table1 by /rik+ fee & ins]t+ (fsett+4 7c7 ,section #ac7;e7 ( ! ,securities ,ex*ange ,act ( #aicd ,section #ac7;e7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7e77 is am5d$-- 7#a7 by /rik+ p>agraph 7#e7 & ins]t+ ! foll[+3 7#e7 ,(fsett+ collections ,fees collect$ pursuant to ?is subsection = any fiscal ye>-- 7,a7 except z provid$ 9 section #ca7;i77#b71 %all be deposit$ & cr$it$ z (fsett+ collections to ! acc\nt provid+ appropriations to ! ,commission2 & 7,b7 except z provid$ 9 p>agraph 7#h71 %all n be collect$ = any fiscal ye> except to ! ext5t provid$ 9 advance 9 appropriations ,acts4 2 & 7#b7 by add+ at ! end ! foll[+3 7#h7 ,lapse ( appropriation ,if on ! fir/ day ( a fiscal ye> a regul> appropriation to ! ,commission has n be5 enact$1 ! ,commission %all cont9ue to collect fees 7z (fsett+ collections7 "u ?is subsection at ! rate 9 effect dur+ ! prec$+ fiscal ye>1 until #e days aft] ! date su* a regul> appropriation is enact$4 4 7d7 ,section #ad7;g7 ( ! ,securities ,ex*ange ,act ( #aicd ,section #ad7;g7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghn7g77 is am5d$-- 7#a7 by /rik+ p>agraph 7#e7 & ins]t+ ! foll[+3 7#e7 ,(fsett+ collections ,fees collect$ pursuant to ?is subsection = any fiscal ye>-- 7,a7 except z provid$ 9 section #ca7;i77#b71 %all be deposit$ & cr$it$ z (fsett+ collections to ! acc\nt provid+ appropriations to ! ,commission2 & 7,b7 except z provid$ 9 p>agraph 7#h71 %all n be collect$ = any fiscal ye> except to ! ext5t provid$ 9 advance 9 appropriations ,acts4 2 7#b7 by r$esignat+ p>agraph 7#h7 z p>agraph 7#i72 & 7#c7 by ins]t+ aft] p>agraph 7#g7 ! foll[+3 7#h7 ,lapse ( appropriation ,if on ! fir/ day ( a fiscal ye> a regul> appropriation to ! ,commission has n be5 enact$1 ! ,commission %all cont9ue to collect fees 7z (fsett+ collections7 "u ?is subsection at ! rate 9 effect dur+ ! prec$+ fiscal ye>1 until #e days aft] ! date su* a regul> appropriation is enact$4 4 7e7 ,effective date ,! am5dm5ts made by ?is section-- 7#a7 %all apply beg9n+ on ,octob] #a1 #bjaf1 except t = fiscal ye> #bjag1 ! ,securities & ,ex*ange ,commission %all publi%-- 7,a7 ! rates e/abli%$ "u section #ca ( ! ,securities ,ex*ange ,act ( #aicd1 z am5d$ by ?is section1 n lat] ?an #cj days aft] ! date on :i* an ,act mak+ a regul> appropriation to ! ,commission = fiscal ye> #bjag is enact$2 & 7,b7 ! rate e/abli%$ "u section #f7;b7 ( ! ,securities ,act ( #aicc1 z am5d$ by ?is section1 n lat] ?an ,augu/ #ca1 #bjaf2 & 7#b7 %all n apply ) respect to fees = any fiscal ye> be=e fiscal ye> #bjag4 #dje4 ,implem5tation ( recomm5dations ,section #ifg ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by add+ at ! end ! foll[+3 7d7 ,implem5tation ( recomm5dations ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is subsection1 ! ,securities & ,ex*ange ,commission %all complete an implem5tation ( ! recomm5dations conta9$ 9 ! report ( ! indep5d5t consultant issu$ "u subsection 7b7 on ,m>* #aj1 #bjaa4 ,to ! ext5t t implem5tation ( c]ta9 recomm5dations requires legislation1 ! ,commission %all submit a report to ,congress conta9+ a reque/ = legislation grant+ ! ,commission su* au?ority x ne$s to fully implem5t su* recomm5dations4 4 #djf4 ,(fice ( ,cr$it ,rat+s to report to ! ,division ( ,trad+ & ,m>kets ,section #ae;,e7p77#a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#g7p77#a77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ )9 ! ,commission & ins]t+ )9 ! ,division ( ,trad+ & ,m>kets2 & 7#b7 9 subp>agraph 7,b71 by /rik+ report to ! ,*airman & ins]t+ report to ! head ( ! ,division ( ,trad+ & ,m>kets4 #djg4 ,(fice ( ,municipal ,securities to report to ! ,division ( ,trad+ & ,m>kets ,section #igi ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ae ,u4,s4,c4 #gho-#d;a7 is am5d$-- 7#a7 9 subsection 7a71 by ins]t+ 1 )9 ! ,division ( ,trad+ & ,m>kets1 aft] ,!re %all be 9 ! ,commission2 & 7#b7 9 subsection 7b71 by /rik+ report to ! ,*airman & ins]t+ report to ! head ( ! ,division ( ,trad+ & ,m>kets4 #djh4 ,indep5d5ce ( ,commission ,ombudsman ,section #d7;g77#h7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7g77#h77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ ! ,inve/or ,advocate %all appo9t & all t foll[s ?r\gh ,inve/or ,advocate & ins]t+ ! ,*airman %all appo9t an ,ombudsman1 :o %all report to ! ,commission2 & 7#b7 9 subp>agraph 7,d7-- 7,a7 by /rik+ report to ! ,inve/or ,advocate & ins]t+ report to ! ,commission2 & 7,b7 by /rik+ ! la/ s5t5ce4 #dji4 ,coord9ation ) ! ,inve/or ,advisory ,committee ,section #ci ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghpp7 is am5d$-- 7#a7 9 subsection 7a77#b77;,b71 by /rik+ submit & ins]t+1 9 consultation ) ! ,small ,bus9ess ,capital ,=mation ,advisory ,committee e/abli%$ "u section #dj1 submit2 7#b7 9 subsection 7b77#a7-- 7,a7 9 subp>agraph 7,c71 by /rik+ &2 7,b7 9 subp>agraph 7,d77iv71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,e7 a memb] ( ! ,small ,bus9ess ,capital ,=mation ,advisory ,committee :o %all be a nonvot+ memb]4 2 & 7#c7 by /rik+ subsections 7i7 & 7j74 #daj4 ,duties ( ,inve/or ,advocate ,section #d7;g77#d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7g77#d77 is am5d$-- 7#a7 9 subp>agraph 7,d77ii71 by /rik+ &2 7#b7 9 subp>agraph 7,e71 by /rik+ ! p]iod at ! end & ins]t+ a semicolon2 & 7#c7 by add+ at ! end ! foll[+3 7,f7 n take a position on any legislation p5d+ be=e ,congress o!r ?an a legislative *ange propos$ by ! ,inve/or ,advocate pursuant to subp>agraph 7,e72 7,g7 consult ) ! ,advocate = ,small ,bus9ess ,capital ,=mation on propos$ recomm5dations made "u subp>agraph 7,e72 & 7,h7 advise ! ,advocate = ,small ,bus9ess ,capital ,=mation on issues relat$ to small bus9ess inve/ors4 4 #daa4 ,int]nal risk controls ,! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$-- 7#a7 by ins]t+ aft] section #d;,g1 z add$ by ?is ,act1 ! foll[+3 #d;,h4 ,int]nal risk controls ,! ,commission1 9 consultation ) ! ,*ief ,economi/1 %all develop compreh5sive int]nal risk control me*anisms to safegu>d & gov]n ! /orage ( all m>ket data by ! ,commission1 all m>ket data %>+ agreem5ts ( ! ,commission1 & all academic rese>* p]=m$ at ! ,commission us+ m>ket data4 2 7#b7 9 section #c7;a71 by r$esignat+ ! second p>agraph 7#hj7 7relat+ to fund+ portals7 z p>agraph 7#ha72 & 7#c7 9 section #c7;a71 by add+ at ! end ! foll[+3 7#hb7 ,*ief ,economi/ ,! t]m ,*ief ,economi/ means ! ,director ( ! ,division ( ,economic & ,risk ,analysis1 or an employee ( ! ,commission ) comp>able au?ority1 z det]m9$ by ! ,commission4 4 #dab4 ,applicability ( ,notice & ,comm5t ,requirem5ts ( ! ,adm9i/rative ,proc$ure ,act to ,guidance ,vot$ on by ! ,commission ,! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$ by ins]t+ aft] section #d;,h1 z add$ by ?is ,act1 ! foll[+3 #d;,i4 ,applicability ( ,notice & ,comm5t ,requirem5ts ( ! ,adm9i/rative ,proc$ure ,act to ,guidance ,vot$ on by ! ,commission ,! notice & comm5t requirem5ts ( section #eec ( title #e1 ,unit$ ,/ates ,code1 %all also apply ) respect to any ,commission /atem5t or guidance1 includ+ int]pretive rules1 g5]al /atem5ts ( policy1 or rules ( ,commission organization1 proc$ure1 or practice1 t has ! effect ( implem5t+1 int]pret+1 or prescrib+ law or policy & t is vot$ on by ! ,commission4 4 #dac4 ,process = clos+ inve/igations 7a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all e/abli% a process = clos+ inve/igations 7includ+ prelim9>y or in=mal inve/igations7 t is design$ to ensure t ! ,commission1 9 a timely mann]-- 7#a7 makes a det]m9ation ( :e!r or n to in/itute an adm9i/rative or judicial action 9 a matt] or ref] ! matt] to ! ,attorney ,g5]al = pot5tial crim9al prosecution2 & 7#b7 if ! ,commission det]m9es n to in/itute su* an action or ref] ! matt] to ! ,attorney ,g5]al1 in=ms ! p]sons :o are ! subject ( ! inve/igation t ! inve/igation is clos$4 7b7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to affect ! au?ority ( ! ,commission to re-op5 an inve/igation if ! ,commission obta9s new evid5ce aft] ! inve/igation is clos$1 subject to any applicable /atute ( limitations4 #dad4 ,en=cem5t ,ombudsman 7a7 ,9 g5]al ,section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d71 z am5d$ by ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+3 7i7 ,en=cem5t ,ombudsman 7#a7 ,e/abli%m5t ,! ,commission %all h an ,en=cem5t ,ombudsman1 :o %all be appo9t$ by & report directly to ! ,commission4 7#b7 ,duties ,! ,en=cem5t ,ombudsman %all-- 7,a7 act z a liaison betwe5 ! ,commission & any p]son :o is ! subject ( an inve/igation 7includ+ a prelim9>y or in=mal inve/igation7 by ! ,commission or an adm9i/rative or judicial action br\ght by ! ,commission 9 resolv+ problems t su* p]sons may h ) ! ,commission or ! conduct ( ,commission /aff2 & 7,b7 e/abli% safegu>ds to ma9ta9 ! confid5tiality ( communications betwe5 ! p]sons describ$ 9 subp>agraph 7,a7 & ! ,en=cem5t ,ombudsman4 7#c7 ,limitation ,9 c>ry+ out ! duties ( ! ,en=cem5t ,ombudsman "u p>agraph 7#b71 ! ,en=cem5t ,ombudsman %all utilize p]sonnel ( ! ,commission to ! ext5t practicable4 ,no?+ 9 ?is subsection %all be con/ru$ z replac+1 alt]+1 or dim9i%+ ! activities ( any ombudsman or simil> (fice ( any o!r ag5cy4 7#d7 ,report ,! ,en=cem5t ,ombudsman %all submit to ! ,commission & to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate an annual report t describes ! activities & evaluates ! effectiv5ess ( ! ,en=cem5t ,ombudsman dur+ ! prec$+ ye>4 4 7b7 ,deadl9e = initial appo9tm5t ,! ,securities & ,ex*ange ,commission %all appo9t ! initial ,en=cem5t ,ombudsman "u subsection 7i7 ( section #d ( ! ,securities ,ex*ange ,act ( #aicd1 z add$ by subsection 7a71 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act4 #dae4 ,process to ensure en=cem5t actions are )9 au?ority ( ,commission ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all e/abli% a process to ensure t adm9i/rative & judicial actions br\ght by ! ,commission "u ! securities laws 7z def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a777 d n exce$ ! au?ority ( ! ,commission "u su* laws &1 9 ! case ( adm9i/rative actions1 are conduct$ consi/5tly ) sub*apt] ,,ii ( *apt] #e ( title #e1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,adm9i/rative ,proc$ure ,act74 #daf4 ,process to p]mit recipi5t ( ,wells notification to appe> be=e ,commission /aff 9-p]son 7a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all e/abli% a process "u :i*1 9 any in/ance 9 :i* ! ,commission /aff provides a writt5 ,wells notification to an individual in=m+ ! individual t ! ,commission /aff has made a prelim9>y det]m9ation to recomm5d t ! ,commission br+ an adm9i/rative or judicial action aga9/ ! individual1 ! individual %all h ! "r to make an 9-p]son pres5tation be=e ! ,commission /aff conc]n+ su* recomm5dation & to be repres5t$ by c\nsel at su* pres5tation1 at ! individual's own exp5se4 7b7 ,att5dance by ,commission]s ,su* process %all provide t ea* ,commission] ( ! ,commission1 or a designee ( ! ,commission]1 may att5d any su* pres5tation4 7c7 ,report by ,commission /aff ,su* process %all provide t1 be=e any ,commission vote on :e!r to br+ ! adm9i/rative or judicial action aga9/ ! individual1 ! ,commission /aff %all provide to ea* ,commission] a writt5 report on any su* pres5tation1 includ+ any factual or legal argum5ts made by ! individual & any support+ docum5ts provid$ by ! individual4 #dag4 ,publication ( en=cem5t manual 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all approve1 by vote ( ! ,commission1 & publi% an updat$ manual t sets =? ! policies & practices t ! ,commission w foll[ 9 ! en=cem5t ( ! securities laws 7z def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 ,su* manual %all include policies & practices requir$ by ?is ,act1 & by ! am5dm5ts made by ?is ,act1 & %all be develop$ s z to ensure transp>5cy 9 su* en=cem5t & uni=m application ( su* laws by ! ,commission4 7b7 ,en=cem5t plan & report ,beg9n+ on ! date t is "o ye> aft] ! date ( enactm5t ( ?is ,act1 & ea* ye> !reaft]1 & ! ,securities & ,ex*ange ,commission %all transmit to ,congress & publi% on its ,int]net website an annual en=cem5t plan & report t %all-- 7#a7 detail ! priorities ( ! ,commission ) reg>d to en=cem5t & exam9ation activities = ! =?com+ ye>2 7#b7 report on ! ,commission's en=cem5t & exam9ation activities = ! previ\s ye>1 includ+ an assessm5t ( h[ su* activities comport$ ) ! priorities id5tifi$ = t ye> pursuant to p>agraph 7#a72 & 7#c7 provide an opportunity & me*anism = public comm5t4 #dah4 ,private p>ties au?oriz$ to compel ! ,securities & ,ex*ange ,commission to seek sanctions by fil+ civil actions ,title ,i ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$ by add+ at ! end ! foll[+3 #da4 ,private p>ties au?oriz$ to compel ! ,commission to seek sanctions by fil+ civil actions 7a7 ,t]m9ation ( adm9i/rative proce$+ ,9 ! case ( any p]son :o is a p>ty to a proce$+ br\ght by ! ,commission "u a securities law1 to :i* section #eed ( title #e1 ,unit$ ,/ates ,code1 applies1 & aga9/ :om an ord] impos+ a cease & desi/ ord] & a p5alty may be issu$ at ! conclusion ( ! proce$+1 t p]son may1 n lat] ?an #bj days aft] receiv+ notice ( su* proce$+1 & at t p]son's discretion1 require ! ,commission to t]m9ate ! proce$+4 7b7 ,civil action au?oriz$ ,if a p]son requires ! ,commission to t]m9ate a proce$+ pursuant to subsection 7a71 ! ,commission may br+ a civil action aga9/ t p]son = ! same rem$y t might be impos$4 7c7 ,/&>d ( pro( 9 adm9i/rative proce$+ ,not)/&+ any o!r provision ( law1 9 ! case ( a proce$+ br\ght by ! ,commission "u a securities law1 to :i* section #eed ( title #e1 ,unit$ ,/ates ,code1 applies1 a legal or equitable rem$y may be impos$ on ! p]son aga9/ :om ! proce$+ 0 br\ght only on a %[+ by ! ,commission ( cle> & conv9c+ evid5ce t ! p]son has violat$ ! relevant provision ( law4 4 #dai4 ,c]ta9 f9d+s requir$ to approve civil money p5alties aga9/ issu]s ,! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$ by ins]t+ aft] section #d;,e ! foll[+3 #d;,f4 ,c]ta9 f9d+s requir$ to approve civil money p5alties aga9/ issu]s ,! ,commission may n seek aga9/ or impose on an issu] a civil money p5alty = violation ( ! securities laws unless ! publicly available text ( ! ord] approv+ ! seek+ or imposition ( su* p5alty conta9s f9d+s1 support$ by an analysis by ! ,division ( ,economic & ,risk ,analysis & c]tifi$ by ! ,*ief ,economi/1 ( :e!r-- 7#a7 ! alleg$ violation result$ 9 direct economic b5efit to ! issu]2 & 7#b7 ! p5alty w h>m ! %>ehold]s ( ! issu]4 4 #dbj4 ,repeal ( au?ority ( ! ,commission to prohibit p]sons f s]v+ z (fic]s or directors 7a7 ,"u ,securities ,act ( #aicc ,subsection 7f7 ( section #h;,a ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;h-#a7 is repeal$4 7b7 ,"u ,securities ,ex*ange ,act ( #aicd ,subsection 7f7 ( section #ba;,c ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu-#c7 is repeal$4 #dba4 ,subpo5a duration & r5ewal ,section #ba7;b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu7b77 is am5d$-- 7#a7 by ins]t+ ,subpo5a4--aft] ! enum]ator2 7#b7 by /rik+ ,= ! purpose ( & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,= ! purpose ( 2 & 7#c7 by add+ at ! end ! foll[+3 7#b7 ,omnibus ord]s ( inve/igation 7,a7 ,duration & r5ewal ,an omnibus ord] ( inve/igation %all n be = an indef9ite duration & may be r5ew$ only by ,commission action4 7,b7 ,def9ition ,9 p>agraph 7,a71 ! t]m omnibus ord] ( inve/igation means an ord] ( ! ,commission au?oriz+ #a ( m memb]s ( ! ,commission or its /aff to issue subpo5as "u p>agraph 7#a7 to multiple p]sons 9 relation to a p>ticul> subject matt] area4 4 #dbb4 ,elim9ation ( automatic disqualifications ,! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq471 z am5d$ by ?is ,act1 is fur!r am5d$ by ins]t+ aft] section #d;,f ! foll[+3 #d;,g4 ,elim9ation ( automatic disqualifications 7a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 a non-natural p]son may n be disqualifi$ or o!rwise made ineligible to use an exemption or regi/ration provision1 engage 9 an activity1 or qualify = any simil> treatm5t "u a provision ( ! securities laws or ! rules issu$ by ! ,commission "u ! securities laws by reason ( hav+1 or a p]son describ$ 9 subsection 7b7 hav+1 be5 convict$ ( any felony or misdemeanor or made ! subject ( any judicial or adm9i/rative ord]1 judgm5t1 or decree aris+ out ( a gov]nm5tal action 7includ+ an ord]1 judgm5t1 or decree agre$ to 9 a settlem5t71 or hav+1 or a p]son describ$ 9 subsection 7b7 hav+1 be5 susp5d$ or expell$ f memb]%ip 91 or susp5d$ or b>r$ f association ) a memb] (1 a regi/]$ national securities ex*ange or a regi/]$ national or affiliat$ securities association = any act or omission to act con/itut+ conduct inconsi/5t ) j & equitable pr9ciples ( trade1 unless ! ,commission1 by ord]1 on ! record aft] notice & an opportunity = he>+1 makes a det]m9ation t su* non-natural p]son %\ld be s disqualifi$ or o!rwise made ineligible = purposes ( su* provision4 7b7 ,p]son describ$ ,a p]son is describ$ 9 ?is subsection if ! p]son is-- 7#a7 a natural p]son :o is a director1 (fic]1 employee1 p>tn]1 memb]1 or %>ehold] ( ! non-natural p]son ref]r$ to 9 subsection 7a7 or is o!rwise associat$ or affiliat$ ) su* non-natural p]son 9 any way2 or 7#b7 a non-natural p]son :o is associat$ or affiliat$ ) ! non-natural p]son ref]r$ to 9 subsection 7a7 9 any way4 7c7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to limit any au?ority ( ! ,commission1 by ord]1 on ! record aft] notice & an opportunity = he>+1 to prohibit a p]son f us+ an exemption or regi/ration provision1 engag+ 9 an activity1 or qualify+ = any simil> treatm5t "u a provision ( ! securities laws1 or ! rules issu$ by ! ,commission "u ! securities laws1 by reason ( a circum/ance ref]r$ to 9 subsection 7a7 or any simil> circum/ance4 4 #dbc4 ,confid5tiality ( records obta9$ f =eign securities & law en=cem5t au?orities ,section #bd7;d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghx7d77 is am5d$ to read z foll[s3 7d7 ,records obta9$ f =eign securities & law en=cem5t au?orities ,except z provid$ 9 subsection 7g71 ! ,commission %all n be compell$ to disclose records obta9$ f a =eign securities au?ority1 or f a =eign law en=cem5t au?ority z def9$ 9 subsection 7f77#d71 if-- 7#a7 ! =eign securities au?ority or =eign law en=cem5t au?ority has 9 good fai? det]m9$ & repres5t$ to ! ,commission t ! records are confid5tial "u ! laws ( ! c\ntry ( su* au?ority2 & 7#b7 ! ,commission obta9s su* records pursuant to-- 7,a7 su* proc$ure z ! ,commission may au?orize = use 9 connection ) ! adm9i/ration or en=cem5t ( ! securities laws2 or 7,b7 a memor&um ( und]/&+4 ,= purposes ( section #eeb ( title #e1 ,unit$ ,/ates ,code1 ?is subsection %all be consid]$ a /atute describ$ 9 subsection 7b77#c77;,b7 ( su* section #eeb4 4 #dbd4 ,cl>ification ( au?ority to impose sanctions on p]sons associat$ ) a brok] or deal] ,section #ae7;b77#f77;,a77i7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho7b77#f77;,a77i77 is am5d$ by /rik+ enum]at$ & all t foll[s & ins]t+ enum]at$ 9 subp>agraph 7,a71 7,d71 7,e71 7,g71 or 7,h7 ( p>agraph 7#d7 ( ?is subsection24 #dbe4 ,congressional access to in=mation held by ! ,public ,company ,acc\nt+ ,ov]sight ,bo>d ,section #aje7;b77#e7 ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbae7;b77#e77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ subp>agraphs 7,b7 & 7,c7 & ins]t+ subp>agraphs 7,b71 7,c7 & 7,d72 & 7#b7 by add+ at ! end ! foll[+3 7,d7 ,availability to ! ,congressional ,committees ,! ,bo>d %all make available to ! ,committees specifi$ "u section #aja7;h7-- 7i7 su* in=mation z ! ,committees %all reque/2 & 7ii7 ) respect to any confid5tial or privileg$ in=mation provid$ 9 response to a reque/ "u clause 7i71 includ+ any in=mation subject to section #ajd7;g7 & subp>agraph 7,a71 or any confid5tial or privileg$ in=mation provid$ orally 9 response to su* a reque/1 su* in=mation %all ma9ta9 ! protections provid$ 9 subp>agraph 7,a71 & %all reta9 its confid5tial & privileg$ /atus 9 ! h&s ( ! ,bo>d & ! ,committees4 4 #dbf4 ,repeal ( requirem5t = ,public ,company ,acc\nt+ ,ov]sight ,bo>d to use c]ta9 funds = m]it s*ol>%ip program 7a7 ,9 g5]al ,section #aji7;c7 ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbai7;c77 is am5d$ by /rik+ p>agraph 7#b74 7b7 ,con=m+ am5dm5ts ,section #aji ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbai7 is am5d$-- 7#a7 9 subsection 7c71 by /rik+ uses ( funds & all t foll[s ?r\gh ,! budget & ins]t+ uses ( funds4--,! budget2 & 7#b7 9 subsection 7f71 by /rik+ subsection 7c77#a7 & ins]t+ subsection 7c74 #dbg4 ,reallocation ( f9es = violations ( rules ( municipal securities rulemak+ bo>d 7a7 ,9 g5]al ,section #ae;,b7c77#i7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#d7;c77#i77 is am5d$ to read z foll[s3 7#i7 ,f9es collect$ = violations ( ! rules ( ! ,bo>d %all be deposit$ & cr$it$ z g5]al rev5ue ( ! ,treasury1 except z o!rwise provid$ 9 section #cjh ( ! ,s>banes-,oxley ,act ( #bjjb or section #ba;,f ( ?is title4 4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply to f9es collect$ aft] ! date ( enactm5t ( ?is ,act4 ,b ,elim9at+ ,excessive ,gov]nm5t ,intrusion 9 ! ,capital ,m>kets #dda4 ,repeal ( ,dep>tm5t ( ,labor fiduci>y rule & requirem5ts prior to rulemak+ relat+ to /&>ds ( conduct = brok]s & deal]s 7a7 ,repeal ( ,dep>tm5t ( ,labor fiduci>y rule ,! f9al rule ( ! ,dep>tm5t ( ,labor titl$ ,def9ition ( ! ,t]m ,fiduci>y2 ,conflict ( ,int]e/ ,rule--,retirem5t ,inve/m5t ,advice & relat$ prohibit$ transaction exemptions publi%$ ,april #h1 #bjaf 7#ha ,f$4 ,reg4 #bjidf7 %all h no =ce or effect4 7b7 ,/ay on rules def9+ c]ta9 fiduci>ies ,aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all n prescribe any regulation "u ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajja et seq47 def9+ ! circum/ances "u :i* an individual is consid]$ a fiduci>y until ! date t is #fj days aft] ! ,securities & ,ex*ange ,commission issues a f9al rule relat+ to /&>ds ( conduct = brok]s & deal]s pursuant to ! second subsection 7k7 ( section #ae ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho7k77 7c7 ,requirem5ts prior to rulemak+ relat+ to /&>ds ( conduct = brok]s & deal]s ,! second subsection 7k7 ( section #ae ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho7k771 z add$ by section #iac7;g77#a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq471 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,requirem5ts prior to rulemak+ ,! ,commission %all n promulgate a rule pursuant to p>agraph 7#a7 be=e provid+ a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate describ+ :e!r-- 7,a7 retail inve/ors 7& su* o!r cu/om]s z ! ,commission may provide7 are be+ h>m$ due to brok]s or deal]s op]at+ "u diff]5t /&>ds ( conduct ?an ^? t apply to inve/m5t advisors "u section #baa ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#aa72 7,b7 alt]native rem$ies w r$uce any confusion or h>m to retail inve/ors due to brok]s or deal]s op]at+ "u diff]5t /&>ds ( conduct ?an ^? /&>ds t apply to inve/m5t advisors "u section #baa ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#aa71 includ+-- 7i7 simplify+ ! titles us$ by brok]s1 deal]s1 & inve/m5t advis]s2 & 7ii7 enhanc+ disclosure surr\nd+ ! diff]5t /&>ds ( conduct curr5tly applicable to brok]s1 deal]s1 & inve/m5t advis]s2 7,c7 ! adoption ( a uni=m fiduci>y /&>d ( conduct = brok]s1 deal]s1 & inve/m5t advisors w\ld adv]sely impact ! commissions ( brok]s & deal]s1 ! availability ( propriet>y products (f]$ by brok]s & deal]s1 & ! ability ( brok]s & deal]s to engage 9 pr9cipal transactions ) cu/om]s2 & 7,d7 ! adoption ( a uni=m fiduci>y /&>d ( conduct = brok]s or deal]s & inve/m5t advisors w\ld adv]sely impact retail inve/or access to p]sonaliz$ & co/-effective inve/m5t advice1 recomm5dations ab\t securities1 or ! availability ( su* advice & recomm5dations4 7#d7 ,economic analysis ,! ,commission's conclusions conta9$ 9 ! report describ$ 9 p>agraph 7#c7 %all be support$ by economic analysis4 7#e7 ,requirem5ts = promulgat+ a rule ,! ,commission %all publi% 9 ! ,f$]al ,regi/] alongside ! rule promulgat$ pursuant to p>agraph 7#a7 =mal f9d+s t su* rule w\ld r$uce confusion or h>m to retail cu/om]s 7& su* o!r cu/om]s z ! ,commission may by rule provide7 due to diff]5t /&>ds ( conduct applicable to brok]s1 deal]s1 & inve/m5t advisors4 7#f7 ,requirem5ts "u ,inve/m5t ,advis]s ,act ( #aidj ,9 propos+ rules "u p>agraph 7#a7 = brok]s or deal]s1 ! ,commission %all consid] ! diff]5ces 9 ! regi/ration1 sup]vision1 & exam9ation requirem5ts applicable to brok]s1 deal]s1 & inve/m5t advisors4 4 #ddb4 ,exemption f risk ret5tion requirem5ts = nonresid5tial mortgage 7a7 ,9 g5]al ,section #ae;,g ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#aa7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 7#c77;,b71 by /rik+ & at ! end2 7,b7 9 p>agraph 7#d77;,b71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7#e7 ! t]m asset-back$ security ref]s only to an asset-back$ security t is compris$ :olly ( resid5tial mortgages4 2 7#b7 9 subsection 7b7-- 7,a7 by /rik+ p>agraph 7#a72 & 7,b7 by /rik+ 7#b7 ,resid5tial mortgages4--2 7#c7 by /rik+ subsection 7h7 & r$esignat+ subsection 7i7 z subsection 7h72 & 7#d7 9 subsection 7h7 7z s r$esignat$7-- 7,a7 by /rik+ effective-- & all t foll[s ?r\gh 7#a7 ) respect to & ins]t+ effective ) respect to2 7,b7 9 p>agraph 7#a71 by /rik+ 2 & & ins]t+ a p]iod2 & 7,c7 by /rik+ p>agraph 7#b74 7b7 ,con=m+ am5dm5t ,section #ida ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ subsection 7c74 4 #ddc4 ,frequ5cy ( %>ehold] approval ( executive comp5sation ,section #ad;,a7a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghn-#a7;a77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ ,n less frequ5tly ?an once e #c ye>s & ins]t+ ,ea* ye> 9 :i* !re has be5 a mat]ial *ange to ! comp5sation ( executives ( an issu] f ! previ\s ye>2 & 7#b7 by /rik+ p>agraph 7#b7 & r$esignat+ p>agraph 7#c7 z p>agraph 7#b74 #ddd4 ,requirem5t = municipal advisor = issu]s ( municipal securities ,section #ae;,b7d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#d7;d77 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,an issu] ( municipal securities %all n be requir$ to reta9 a municipal advisor prior to issu+ any su* securities4 4 #dde4 ,small issu] exemption f int]nal control evaluation ,section #djd7;c7 ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbfb7;c77 is am5d$ to read z foll[s3 7c7 ,exemption = small] issu]s ,subsection 7b7 %all n apply ) respect to any audit report prep>$ = an issu] t has total m>ket capitalization ( less ?an #bej1jjj1jjj1 nor to any issu] t is a depository in/itution ) assets ( less ?an #a1jjj1jjj1jjj4 4 #ddf4 ,exemptive au?ority = c]ta9 provisions relat+ to regi/ration ( nationally recogniz$ /ati/ical rat+ organizations ,section #ae;,e ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#g7 is am5d$ by add+ at ! end ! foll[+3 7w7 ,commission exemptive au?ority ,! ,commission1 by rules & regulations ^u its own motion1 or by ord] ^u application1 may conditionally or unconditionally exempt any p]son f any provision or provisions ( ?is title or ( any rule or regulation !reund]1 if & to ! ext5t x det]m9es t su* rule1 regulation1 or requirem5t is creat+ a b>ri] to entry into ! m>ket = nationally recogniz$ /ati/ical rat+ organizations or imp$+ competition among su* organizations1 or t su* an exemption is necess>y or appropriate 9 ! public int]e/ & is consi/5t ) ! protection ( inve/ors4 4 #ddg4 ,re/riction on recov]y ( errone\sly aw>d$ comp5sation ,section #aj;,d7b77#b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;j-#d7;b77#b77 is am5d$ by ins]t+ be=e ! p]iod ! foll[+3 1 :]e su* executive (fic] _h control or au?ority ov] ! f9ancial report+ t result$ 9 ! acc\nt+ re/atem5t4 #ddh4 ,risk-,bas$ ,exam9ations ( ,nationally ,recogniz$ ,/ati/ical ,rat+ ,organizations ,section #ae;,e7p77#c77;,b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#g7p77#c77;,b77 is am5d$ 9 ! matt] prec$+ clause 7i71 by ins]t+ 1 z appropriate1 aft] ,ea* exam9ation "u subp>agraph 7,a7 %all include4 #ddi4 ,repeals 7a7 ,repeals ,! foll[+ provisions ( title ,,ix ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act are repeal$1 & ! provisions ( law am5d$ or repeal$ by su* sections are re/or$ or reviv$ z if su* sections _h n be5 enact$3 7#a7 ,section #iab4 7#b7 ,section #iad4 7#c7 ,section #iag4 7#d7 ,section #iah4 7#e7 ,section #iai;,a4 7#f7 ,section #iai;,b4 7#g7 ,section #iai;,c4 7#h7 ,section #iba4 7#i7 ,section #ibi,t4 7#aj7 ,section #ibi,x4 7#aa7 ,section #ibi,y4 7#ab7 ,section #ibi,z4 7#ac7 ,section #ica4 7#ad7 ,section #icc4 7#ae7 ,section #icg4 7#af7 ,section #ici;,b4 7#ag7 ,section #ici;,c4 7#ah7 ,section #ici;,d4 7#ai7 ,section #ici;,e4 7#bj7 ,section #ici;,f4 7#ba7 ,section #ici;,g4 7#bb7 ,section #ici;,h4 7#bc7 ,section #idf4 7#bd7 ,subsection 7b7 ( section #iec4 7#be7 ,section #iee4 7#bf7 ,section #ief4 7#bg7 ,section #ifd4 7#bh7 ,section #ife4 7#bi7 ,section #ifh4 7#cj7 ,section #iga4 7#ca7 ,section #igb4 7#cb7 ,section #igf4 7#cc7 ,section #igg4 7#cd7 ,section #igh4 7#ce7 ,section #ihd4 7#cf7 ,section #ihi4 7#cg7 ,section #ihi;,a4 7#ch7 ,section #ihi;,f4 7#ci7 ,subsection 7b7 ( section #ihi;,g4 7#dj7 ,section #ihi;,i4 7b7 ,con=m+ am5dm5ts ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja7 is am5d$-- 7#a7 9 ! table ( cont5ts 9 section #a7;b71 by /rik+ ! items relat+ to ! sections describ$ "u p>agraphs 7#a7 ?r\gh 7#bc71 7#be7 ?r\gh 7#ch71 & 7#dj7 ( subsection 7a72 7#b7 9 section #iec1 by /rik+ 7a7 ,disclosure ( pay v]sus p]=mance4--2 & 7#c7 9 section #ihi;,g1 by /rik+ 7a7 ,exemption4--4 #dej4 ,exemption ( & report+ by private equity fund advis]s ,section #bjc ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#c7 is am5d$ by add+ at ! end ! foll[+3 7o7 ,exemption ( & report+ by private equity fund advis]s 7#a7 ,9 g5]al ,except z provid$ 9 ?is subsection1 no inve/m5t advis] %all be subject to ! regi/ration or report+ requirem5ts ( ?is title ) respect to ! provision ( inve/m5t advice relat+ to a private equity fund4 7#b7 ,ma9t5ance ( records & access by ,commission ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is subsection1 ! ,commission %all issue f9al rules-- 7,a7 to require inve/m5t advis]s describ$ 9 p>agraph 7#a7 to ma9ta9 su* records & provide to ! ,commission su* annual or o!r reports z ! ,commission1 tak+ into acc\nt fund size1 gov]nance1 inve/m5t /rategy1 risk1 & o!r factors1 det]m9es necess>y & appropriate 9 ! public int]e/ & = ! protection ( inve/ors2 & 7,b7 to def9e ! t]m private equity fund = purposes ( ?is subsection4 4 #dea4 ,records & reports ( private funds ,! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47 is am5d$-- 7#a7 9 section #bjd7;b7-- 7,a7 9 p>agraph 7#a7-- 7i7 9 subp>agraph 7,a71 by /rik+ inve/ors1 & all t foll[s & ins]t+ inve/ors42 7ii7 by /rik+ subp>agraph 7,b72 & 7iii7 by /rik+ ?is title-- & all t foll[s ?r\gh to ma9ta9 & ins]t+ ?is title to ma9ta92 7,b7 9 p>agraph 7#c77;,h7-- 7i7 by /rik+ 1 9 consultation ) ! ,c\ncil12 & 7ii7 by /rik+ or = ! assessm5t ( sy/emic risk2 7,c7 9 p>agraph 7#d71 by /rik+ 1 or = ! assessm5t ( sy/emic risk2 7,d7 9 p>agraph 7#e71 by /rik+ or = ! assessm5t ( sy/emic risk2 7,e7 9 p>agraph 7#f77;,a77ii71 by /rik+ 1 or = ! assessm5t ( sy/emic risk2 7,f7 by /rik+ p>agraph 7#g7 & r$esignat+ p>agraphs 7#h7 ?r\gh 7#aa7 z p>agraphs 7#g7 ?r\gh 7#aj71 respectively2 & 7,g7 9 p>agraph 7#h7 7z s r$esignat$71 by /rik+ p>agraph 7#h7 & ins]t+ p>agraph 7#g72 & 7#b7 9 section #baa7;e7-- 7,a7 by /rik+ aft] consultation ) ! ,c\ncil b2 & 7,b7 by /rik+ subsection #bjd7;b7 & ins]t+ section #bjd7;b74 #deb4 ,def9ition ( accr$it$ inve/or 7a7 ,9 g5]al ,section #b7;a77#ae7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7a77#ae77 is am5d$-- 7#a7 by r$esignat+ clauses 7i7 & 7ii7 z subp>agraphs 7,a7 & 7,f71 respectively2 & 7#b7 9 subp>agraph 7,a7 7z s r$esignat$71 by /rik+ 2 or at ! end & ins]t+ a semicolon1 & ins]t+ aft] su* subp>agraph ! foll[+3 7,b7 any natural p]son ^: individual net wor?1 or jo9t net wor? ) t p]son's sp\se1 exce$s #a1jjj1jjj 7:i* am\nt1 along ) ! am\nts set =? 9 subp>agraph 7,c71 %all be adju/$ = inflation by ! ,commission e #e ye>s to ! ne>e/ #aj1jjj to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics7 :]e1 = purposes ( calculat+ net wor? "u ?is subp>agraph-- 7i7 ! p]son's prim>y resid5ce %all n be includ$ z an asset2 7ii7 indebt$ness t is secur$ by ! p]son's prim>y resid5ce1 up to ! e/imat$ fair m>ket value ( ! prim>y resid5ce at ! "t ( ! sale ( securities1 %all n be includ$ z a liability 7except t if ! am\nt ( su* indebt$ness out/&+ at ! "t ( sale ( securities exce$s ! am\nt out/&+ #fj days be=e su* "t1 o!r ?an z a result ( ! acquisition ( ! prim>y resid5ce1 ! am\nt ( su* excess %all be includ$ z a liability72 & 7iii7 indebt$ness t is secur$ by ! p]son's prim>y resid5ce 9 excess ( ! e/imat$ fair m>ket value ( ! prim>y resid5ce at ! "t ( ! sale ( securities %all be includ$ z a liability2 7,c7 any natural p]son :o _h an individual income 9 excess ( #bjj1jjj 9 ea* ( ! #b mo/ rec5t ye>s or jo9t income ) t p]son's sp\se 9 excess ( #cjj1jjj 9 ea* ( ^? ye>s & has a reasonable expectation ( rea*+ ! same income level 9 ! curr5t ye>2 7,d7 any natural p]son :o is curr5tly lic5s$ or regi/]$ z a brok] or inve/m5t advis] by ! ,commission1 ! ,f9ancial ,indu/ry ,regulatory ,au?ority1 or an equival5t self-regulatory organization 7z def9$ 9 section #c7;a77#bf7 ( ! ,securities ,ex*ange ,act ( #aicd71 or ! securities division ( a ,/ate or ! equival5t ,/ate division responsible = lic5s+ or regi/ration ( individuals 9 connection ) securities activities2 7,e7 any natural p]son ! ,commission det]m9es1 by regulation1 to h demon/rable education or job exp]i5ce to qualify su* p]son z hav+ pr(essional k ( a subject relat$ to a p>ticul> inve/m5t1 & ^: education or job exp]i5ce is v]ifi$ by ! ,f9ancial ,indu/ry ,regulatory ,au?ority or an equival5t self-regulatory organization 7z def9$ 9 section #c7;a77#bf7 ( ! ,securities ,ex*ange ,act ( #aicd72 or 4 7b7 ,repeal 7#a7 ,9 g5]al ,section #dac ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc7 is h]eby repeal$4 7#b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! items relat+ to section #dac4 #dec4 ,repeal ( c]ta9 provisions requir+ a /udy & report to ,congress 7a7 ,repeal ,! foll[+ provisions ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act are repeal$3 7#a7 ,section #dab4 7#b7 ,section #dae4 7#c7 ,section #daf4 7#d7 ,section #dag4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! items relat+ to sections #dab1 #dae1 #daf1 & #dag4 #ded4 ,te*nical correction ,section #bbd ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#ah;c7 is am5d$ by /rik+ ,commodities & ins]t+ ,commodity4 #dee4 ,repeal 7a7 ,repeal ,! foll[+ sections ( title ,,xv ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act are repeal$1 & ! provisions ( law am5d$ or repeal$ by su* sections are re/or$ or reviv$ z if su* sections _h n be5 enact$3 7#a7 ,section #aejb4 7#b7 ,section #aejc4 7#c7 ,section #aejd4 7#d7 ,section #aeje4 7#e7 ,section #aejf4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! items relat+ to sections #aejb1 #aejc1 #aejd1 #aeje1 & #aejf4 ,c ,commodity ,futures ,trad+ ,commission ,re=ms #dfa4 ,division directors ,section #b7;a77#f77;,c7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #b7;a77#f77;,c77 is am5d$ by ins]t+ 1 & ! heads ( ! units %all s]ve at ! pleasure ( ! ,commission be=e ! p]iod4 #dfb4 ,proc$ures gov]n+ actions tak5 by commission /aff ,section #b7;a77#ab7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #b7;a77#ab77 is am5d$-- 7#a7 by /rik+ 7#ab7 ,! & ins]t+ ! foll[+3 7#ab7 ,rules & regulations 7,a7 ,9 g5]al ,subject to ! o!r provisions ( ?is p>agraph1 ! 2 & 7#b7 by add+ aft] & bel[ ! end ! foll[+ new subp>agraph3 7,b7 ,notice to commission]s ,! ,commission %all develop & publi% int]nal proc$ures gov]n+ ! issuance by any division or (fice ( ! ,commission ( any response to a =mal1 writt5 reque/ or petition f any memb] ( ! public = an exemptive1 a no-action1 or an int]pretive lett] & su* proc$ures %all provide t ! commission]s be provid$ ) ! f9al v]sion ( ! matt] to be issu$ ) suffici5t notice to review ! matt] prior to its issuance4 4 #dfc4 ,/rategic te*nology plan ,section #b7;a7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #b7;a771 is am5d$ by add+ at ! end ! foll[+3 7#af7 ,/rategic te*nology plan 7,a7 ,9 g5]al ,e #e ye>s1 ! ,commission %all develop & submit to ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives & ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate a detail$ plan focus$ on ! acquisition & use ( te*nology by ! ,commission4 7,b7 ,cont5ts ,! plan %all-- 7i7 include = ea* relat$ division or (fice a detail$ te*nology /rategy focus$ on m>ket surveillance & risk detection1 m>ket data collection1 aggregation1 int]pretation1 /&>dization1 h>monization1 normalization1 validation1 /reaml9+ or o!r data analytic processes1 & int]nal managem5t & protection ( data collect$ by ! ,commission1 includ+ a detail$ acc\nt+ ( h[ ! funds provid$ = te*nology w be us$ & ! priorities t w apply 9 ! use ( ! funds2 7ii7 set =? annual goals to be accompli%$ & annual budgets ne$$ to accompli% ! goals2 & 7iii7 include a summ>y ( any plan ( action & mile/ones to address any kn[n in=mation security vuln]ability1 z id5tifi$ pursuant to a widely accept$ indu/ry or ,gov]nm5t /&>d1 includ+-- 7,i7 specific in=mation ab\t ! indu/ry or ,gov]nm5t /&>d us$ to id5tify ! kn[n in=mation security vuln]ability2 7,,ii7 a detail$ "t l9e ) specific deadl9es = address+ ! kn[n in=mation security vuln]ability2 & 7,,iii7 an update ( any su* "t l9e & ! rationale = any deviation f ! "t l9e4 4 #dfd4 ,int]nal risk controls 7a7 ,9 g5]al ,section #b7;a77#ab7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #b7;a77#ab771 z am5d$ by section #dfb1 is fur!r am5d$ by add+ at ! end ! foll[+3 7,c7 ,int]nal risk controls ,! ,commission1 9 consultation ) ! ,*ief ,economi/1 %all develop compreh5sive int]nal risk control me*anisms to safegu>d & gov]n ! /orage ( all m>ket data by ! ,commission1 all m>ket data %>+ agreem5ts ( ! ,commission1 & all academic rese>* p]=m$ at ! ,commission us+ m>ket data4 4 7b7 ,def9ition ( ,*ief ,economi/ ,section #a;a ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a;a7 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#h7 ?r\gh 7#ea7 z p>agraphs 7#i7 ?r\gh 7#eb72 & 7#b7 by ins]t+ aft] p>agraph 7#g7 ! foll[+3 7#h7 ,*ief ,economi/ ,! t]m ,*ief ,economi/ means ! ,*ief ,economi/ ( ! ,commission1 or an employee ( ! ,commission ) comp>able au?ority1 z det]m9$ by ! ,commission4 4 #dfe4 ,subpo5a duration & r5ewal ,section #f7;c77#e7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #i7e77 is am5d$-- 7#a7 by /rik+ ,= ! purpose ( secur+ & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,= ! purpose ( secur+ 2 & 7#b7 by add+ aft] & bel[ ! end ! foll[+3 7,b7 ,omnibus ord]s ( inve/igation 7i7 ,duration & r5ewal ,an omnibus ord] ( inve/igation %all n be = an indef9ite duration & may be r5ew$ only by ,commission action4 7ii7 ,def9ition ,9 clause 7i71 ! t]m omnibus ord] ( inve/igation means an ord] ( ! ,commission au?oriz+ #a ( m memb]s ( ! ,commission or its /aff to issue subpo5as "u subp>agraph 7,a7 to multiple p]sons 9 relation to a p>ticul> subject matt] area4 4 #dff4 ,applicability ( notice & comm5t requirem5ts ( ! adm9i/rative proc$ure act to guidance vot$ on by ! commission ,section #b7;a77#ab7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #b7;a77#ab771 z am5d$ by section #dfd1 is fur!r am5d$ by add+ at ! end ! foll[+3 7,d7 ,applicability ( notice & comm5t rules to guidance vot$ on by ! commission ,! notice & comm5t requirem5ts ( section #eec ( title #e1 ,unit$ ,/ates ,code1 %all also apply ) respect to any ,commission /atem5t or guidance1 includ+ int]pretive rules1 g5]al /atem5ts ( policy1 or rules ( ,commission organization1 proc$ure1 or practice1 t has ! effect ( implem5t+1 int]pret+ or prescrib+ law or policy & t is vot$ on by ! ,commission4 4 #dfg4 ,judicial review ( commission rules ,! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a et seq47 is am5d$ by add+ at ! end ! foll[+3 #bd4 ,judicial review ( commission rules 7a7 ,a p]son adv]sely affect$ by a rule ( ! ,commission promulgat$ "u ?is ,act may obta9 review ( ! rule 9 ! ,unit$ ,/ates ,c\rt ( ,appeals = ! ,di/rict ( ,columbia ,circuit or ! ,unit$ ,/ates ,c\rt ( ,appeals = ! circuit :]e ! p>ty resides or has ! pr9cipal place ( bus9ess1 by fil+ 9 ! c\rt1 )9 #fj days aft] publication 9 ! ,f$]al ,regi/] ( ! entry ( ! rule1 a writt5 petition reque/+ t ! rule be set aside4 7b7 ,a copy ( ! petition %all be transmitt$ =?) by ! cl]k ( ! c\rt to an (fic] designat$ by ! ,commission = t purpose4 ,!reupon ! ,commission %all file 9 ! c\rt ! record on :i* ! rule compla9$ ( is ent]$1 z provid$ 9 section #baab ( title #bh1 ,unit$ ,/ates ,code1 & ! ,f$]al ,rules ( ,appellate ,proc$ure4 7c7 ,on ! fil+ ( ! petition1 ! c\rt has jurisdiction1 :i* becomes exclusive on ! fil+ ( ! record1 to affirm & en=ce or to set aside ! rule 9 :ole or 9 "p4 7d7 ,! c\rt %all affirm & en=ce ! rule unless ! ,commission's action 9 promulgat+ ! rule is f\nd to be arbitr>y1 caprici\s1 an abuse ( discretion1 or o!rwise n 9 accordance ) law2 contr>y to con/itutional "r1 p[]1 privilege1 or immunity2 9 excess ( /atutory jurisdiction1 au?ority1 or limitations1 or %ort ( /atutory "r2 or )\t obs]vance ( proc$ure requir$ by law4 4 #dfh4 ,cross-bord] regulation ( d]ivatives transactions 7a7 ,rulemak+ requir$ ,)9 #a ye> aft] ! date ( ! enactm5t ( ?is subtitle1 ! ,commodity ,futures ,trad+ ,commission %all issue a rule t addresses-- 7#a7 ! nature ( ! connections to ! ,unit$ ,/ates t require a non-,unit$ ,/ates p]son to regi/] z a swap deal] or a major swap p>ticipant "u ! ,commodity ,ex*ange ,act & ! regulations issu$ "u su* ,act2 7#b7 :i* ( ! ,unit$ ,/ates swaps requirem5ts apply to ! swap activities ( non-,unit$ ,/ates p]sons & ,unit$ ,/ates p]sons & _! bran*es1 ag5cies1 subsidi>ies1 & affiliates outside ( ! ,unit$ ,/ates1 & ! ext5t to :i* ! requirem5ts apply2 & 7#c7 ! circum/ances "u :i* a ,unit$ ,/ates p]son or non-,unit$ ,/ates p]son 9 compliance ) ! swaps regulatory requirem5ts ( a =eign jurisdiction %all be exempt f ,unit$ ,/ates swaps requirem5ts4 7b7 ,cont5t ( ! rule 7#a7 ,crit]ia ,9 ! rule1 ! ,commission %all e/abli% crit]ia = det]m9+ t #a or m categories ( ! swaps regulatory requirem5ts ( a =eign jurisdiction are comp>able to & z compreh5sive z ,unit$ ,/ates swaps requirem5ts4 ,! crit]ia %all include-- 7,a7 ! scope & objectives ( ! swaps regulatory requirem5ts ( ! =eign jurisdiction2 7,b7 ! effectiv5ess ( ! sup]visory compliance program adm9i/]$2 7,c7 ! en=cem5t au?ority ex]cis$ by ! =eign jurisdiction2 & 7,d7 su* o!r factors z ! ,commission1 by rule1 det]m9es to be necess>y or appropriate 9 ! public int]e/4 7#b7 ,comp>ability ,9 ! rule1 ! ,commission %all-- 7,a7 provide t any non-,unit$ ,/ates p]son or any transaction betwe5 #b non-,unit$ ,/ates p]sons %all be exempt f ,unit$ ,/ates swaps requirem5ts if ! p]son or transaction is 9 compliance ) ! swaps regulatory requirem5ts ( a =eign jurisdiction :i* ! ,commission has det]m9$ to be comp>able to & z compreh5sive z ,unit$ ,/ates swaps requirem5ts2 & 7,b7 set =? ! circum/ances 9 :i* a ,unit$ ,/ates p]son or a transaction betwe5 a ,unit$ ,/ates p]son & a non-,unit$ ,/ates p]son %all be exempt f ,unit$ ,/ates swaps requirem5ts if ! p]son or transaction is 9 compliance ) ! swaps regulatory requirem5ts ( a =eign jurisdiction :i* ! ,commission has det]m9$ to be comp>able to & z compreh5sive z ,unit$ ,/ates swaps requirem5ts4 7#c7 ,outcomes-bas$ comp>ison ,9 develop+ & apply+ ! crit]ia1 ! ,commission %all emphasize ! results & outcomes (1 r ?an ! design & con/ruction (1 =eign swaps regulatory requirem5ts4 7#d7 ,risk-bas$ rulemak+ ,9 ! rule1 ! ,commission %all n take into acc\nt1 = ! purposes ( det]m9+ ! applicability ( ,unit$ ,/ates swaps requirem5ts1 ! location ( p]sonnel t arrange1 negotiate1 or execute swaps4 7#e7 ,pres]vation ( antifraud & antimanipulation au?ority ,no "p ( any rulemak+ "u ?is section %all limit ! ,commission's antifraud or antimanipulation au?ority4 7c7 ,application ( ! rule 7#a7 ,assessm5ts ( =eign jurisdictions ,beg9n+ on ! date on :i* a f9al rule is issu$ "u ?is section1 ! ,commission %all beg9 to assess ! swaps regulatory requirem5ts ( =eign jurisdictions1 9 ! ord] ! ,commission det]m9es appropriate1 9 accordance ) ! crit]ia e/abli%$ pursuant to subsection 7b77#a74 ,foll[+ ea* assessm5t1 ! ,commission %all det]m9e1 by rule or by ord]1 :e!r ! swaps regulatory requirem5ts ( ! =eign jurisdiction are comp>able to & z compreh5sive z ,unit$ ,/ates swaps requirem5ts4 7#b7 ,sub/itut$ compliance = unassess$ major m>kets ,beg9n+ #ah mon?s aft] ! date ( enactm5t ( ?is ,act-- 7,a7 ! swaps regulatory requirem5ts ( ea* ( ! #h =eign jurisdictions ) ! l>ge/ swaps m>kets1 z calculat$ by notional value dur+ ! #ab-mon? p]iod end+ ) su* date ( enactm5t1 except ^? ) respect to :i* a det]m9ation has be5 made "u p>agraph 7#a71 %all be consid]$ to be comp>able to & z compreh5sive z ,unit$ ,/ates swaps requirem5ts2 & 7,b7 a non-,unit$ ,/ates p]son or a transaction betwe5 #b non-,unit$ ,/ates p]sons %all be exempt f ,unit$ ,/ates swaps requirem5ts if ! p]son or transaction is 9 compliance ) ! swaps regulatory requirem5ts ( any ( su* unexcept$ =eign jurisdictions4 7#c7 ,susp5sion ( sub/itut$ compliance ,if ! ,commission det]m9es1 by rule or by ord]1 t-- 7,a7 ! swaps regulatory requirem5ts ( a =eign jurisdiction are n comp>able to & z compreh5sive z ,unit$ ,/ates swaps requirem5ts1 us+ ! categories & crit]ia e/abli%$ "u subsection 7b77#a72 7,b7 ! =eign jurisdiction does n exempt f its swaps regulatory requirem5ts ,unit$ ,/ates p]sons :o are 9 compliance ) ,unit$ ,/ates swaps requirem5ts2 or 7,c7 ! =eign jurisdiction is n provid+ equival5t recognition (1 or sub/itut$ compliance =1 regi/]$ entities 7z def9$ 9 section #a;a7#da7 ( ! ,commodity ,ex*ange ,act7 domicil$ 9 ! ,unit$ ,/ates1 ! ,commission may susp5d1 9 :ole or 9 "p1 a det]m9ation made "u p>agraph 7#a7 or a consid]ation grant$ "u p>agraph 7#b74 7d7 ,petition = review ( =eign jurisdiction practices ,a regi/]$ entity1 comm]cial m>ket p>ticipant 7z def9$ 9 section #a;a7#g7 ( ! ,commodity ,ex*ange ,act71 or ,commission regi/rant 7)9 ! mean+ ( su* ,act7 :o petitions ! ,commission to make or *ange a det]m9ation "u subsection 7c77#a7 or 7c77#c7 ( ?is section %all be entitl$ to exp$it$ consid]ation ( ! petition4 ,a petition %all include any evid5ce or o!r support+ mat]ials to ju/ify :y ! petition] believes ! ,commission %\ld make or *ange ! det]m9ation4 ,petitions "u ?is section %all be consid]$ by ! ,commission any "t foll[+ ! enactm5t ( ?is ,act4 ,)9 #ahj days aft] receipt ( a petition = a rulemak+ "u ?is section1 ! ,commission %all take f9al action on ! petition4 ,)9 #ij days aft] receipt ( a petition to issue an ord] or *ange an ord] issu$ "u ?is section1 ! ,commission %all take f9al action on ! petition4 7e7 ,report to congress ,if ! ,commission makes a det]m9ation describ$ 9 ?is section ?r\gh an ord]1 ! ,commission %all articulate ! basis = ! det]m9ation 9 a writt5 report publi%$ 9 ! ,f$]al ,regi/] & transmitt$ to ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives & ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate )9 #ae days ( ! det]m9ation4 ,! det]m9ation %all n be effective until #ae days aft] ! committees receive ! report4 7f7 ,def9itions ,z us$ 9 ?is section & = purposes ( ! rules issu$ pursuant to ?is section1 ! foll[+ def9itions apply3 7#a7 ,unit$ /ates p]son ,! t]m ,unit$ ,/ates p]son-- 7,a7 means-- 7i7 any natural p]son resid5t 9 ! ,unit$ ,/ates2 7ii7 any p>tn]%ip1 corporation1 tru/1 or o!r legal p]son organiz$ or incorporat$ "u ! laws ( ! ,unit$ ,/ates or hav+ its pr9cipal place ( bus9ess 9 ! ,unit$ ,/ates2 7iii7 any acc\nt 7:e!r discretion>y or non-discretion>y7 ( a ,unit$ ,/ates p]son2 & 7iv7 any o!r p]son z ! ,commission may fur!r def9e to m effectively c>ry out ! purposes ( ?is section2 & 7,b7 does n include ! ,int]national ,monet>y ,fund1 ! ,int]national ,bank = ,recon/ruction & ,developm5t1 ! ,int]-,am]ican ,developm5t ,bank1 ! ,asian ,developm5t ,bank1 ! ,african ,developm5t ,bank1 ! ,unit$ ,nations1 _! ag5cies or p5sion plans1 or any o!r simil> int]national organizations or _! ag5cies or p5sion plans4 7#b7 ,unit$ /ates swaps requirem5ts ,! t]m ,unit$ ,/ates swaps requirem5ts means ! provisions relat+ to swaps conta9$ 9 ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a;a et seq47 t 7 add$ by title ,,vii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ae ,u4,s4,c4 #hcja et seq47 & any rules or regulations prescrib$ by ! ,commodity ,futures ,trad+ ,commission pursuant to su* provisions4 7#c7 ,=eign jurisdiction ,! t]m =eign jurisdiction means any national or supranational political entity ) common rules gov]n+ swaps transactions4 7#d7 ,swaps regulatory requirem5ts ,! t]m swaps regulatory requirem5ts means any provisions ( law1 & any rules or regulations pursuant to ! provisions1 gov]n+ swaps transactions or ! c\nt]p>ties to swaps transactions4 7g7 ,con=m+ am5dm5t ,section #d7;c77#a77;,a7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #f7;c77#a77;,a77 is am5d$ by ins]t+ or except z necess>y to effectuate ! purposes ( ! ,commodity ,end-,us] ,relief ,act1 aft] to grant exemptions14 ,d ,h>monization ( ,d]ivatives ,rules #dga4 ,ag5cy review & h>monization ( rules relat+ to ! regulation ( ov]-!-c\nt] swaps m>kets ,! ,securities & ,ex*ange ,commission & ! ,commodity ,futures ,trad+ ,commission %all review ea* rule1 ord]1 & int]pretive guidance issu$ by ei!r su* ,commission pursuant to title ,,vii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ae ,u4,s4,c4 #hcja et seq47 &1 :]e ! ,commissions f9d inconsi/5cies 9 any su* rules1 ord]s1 or int]pretive guidance1 %all jo9tly issue new rules1 ord]s1 or int]pretive guidance to resolve su* inconsi/5cies4 ,v ,improv+ ,insurance ,coord9ation ?r\gh an ,indep5d5t ,advocate #eja4 ,repeal ( ! ,f$]al ,insurance ,(fice2 ,creation ( ! ,(fice ( ! ,indep5d5t ,insurance ,advocate 7a7 ,e/abli%m5t ,section #cac ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ to read z foll[s 7& con=m+ ! table ( cont5ts = *apt] #c ( su* title accord+ly73 #cac4 ,(fice ( ! ,indep5d5t ,insurance ,advocate 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury a bureau to be kn[n z ! ,(fice ( ! ,indep5d5t ,insurance ,advocate 79 ?is section ref]r$ to z ! ,(fice74 7b7 ,indep5d5t insurance advocate 7#a7 ,e/abli%m5t ( position ,! *ief (fic] ( ! ,(fice ( ! ,indep5d5t ,insurance ,advocate %all be kn[n z ! ,indep5d5t ,insurance ,advocate4 ,! ,indep5d5t ,insurance ,advocate %all p]=m ! duties ( su* (fice "u ! g5]al direction ( ! ,secret>y ( ! ,treasury4 7#b7 ,appo9tm5t ,! ,indep5d5t ,insurance ,advocate %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among p]sons hav+ insurance exp]tise4 7#c7 ,t]m 7,a7 ,9 g5]al ,! ,indep5d5t ,insurance ,advocate %all s]ve a t]m ( #f ye>s1 unless soon] remov$ by ! ,presid5t ^u reasons :i* %all be communicat$ to ! ,s5ate4 7,b7 ,s]vice aft] expiration ,if a successor is n nom9at$ & confirm$ by ! end ( ! t]m ( s]vice ( ! ,indep5d5t ,insurance ,advocate1 ! p]son s]v+ z ,indep5d5t ,insurance ,advocate %all cont9ue to s]ve until su* "t a successor is appo9t$ & confirm$4 7,c7 ,vacancy ,an ,indep5d5t ,insurance ,advocate :o is appo9t$ to s]ve ! rema9d] ( a pr$ecessor's uncomplet$ t]m %all be eligible !reaft] to be appo9t$ to a full #f ye> t]m4 7,d7 ,act+ (ficial on ,f9ancial ,/ability ,ov]sight ,c\ncil ,9 ! ev5t ( a vacancy 9 ! (fice ( ! ,indep5d5t ,insurance ,advocate1 & p5d+ ! appo9tm5t & confirmation ( a successor1 or dur+ ! abs5ce or disability ( ! ,indep5d5t ,insurance ,advocate1 ! ,indep5d5t ,memb] %all appo9t a f$]al (ficial appo9t$ by ! ,presid5t & confirm$ by ! ,s5ate f a memb] ag5cy ( ! ,f9ancial ,/ability ,ov]sight ,c\ncil1 n o!rwise s]v+ on ! ,c\ncil1 :o %all s]ve z a memb] ( ! ,c\ncil & act 9 ! place ( ! ,indep5d5t ,insurance ,advocate until su* vacancy1 abs5ce1 or disability concludes4 7#d7 ,employm5t ,! ,indep5d5t ,insurance ,advocate %all be an employee ( ! ,f$]al ,gov]nm5t )9 ! def9ition ( employee "u section #baje ( title #e1 ,unit$ ,/ates ,code4 7c7 ,indep5d5ce2 ov]sight 7#a7 ,indep5d5ce ,! ,secret>y ( ! ,treasury may n delay or prev5t ! issuance ( any rule or ! promulgation ( any regulation by ! ,indep5d5t ,insurance ,advocate1 & may n int]v5e 9 any matt] or proce$+ be=e ! ,indep5d5t ,insurance ,advocate1 unless o!rwise specifically provid$ by law4 7#b7 ,ov]sight by ,inspector ,g5]al ,! ,(fice ( ! ,indep5d5t ,insurance ,advocate %all be an (fice 9 ! e/abli%m5t ( ! ,dep>tm5t ( ! ,treasury = purposes ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app474 7d7 ,ret5tion ( ,exi/+ ,/ate ,regulatory ,au?ority ,no?+ 9 ?is section or section #cad %all be con/ru$ to e/abli% or provide ! ,(fice or ! ,dep>tm5t ( ! ,treasury ) g5]al sup]visory or regulatory au?ority ov] ! bus9ess ( insurance4 7e7 ,budget 7#a7 ,annual transmittal ,= ea* fiscal ye>1 ! ,indep5d5t ,insurance ,advocate %all transmit a budget e/imate & reque/ to ! ,secret>y ( ! ,treasury1 :i* %all specify ! aggregate am\nt ( funds reque/$ = su* fiscal ye> = ! op]ations ( ! ,(fice ( ! ,indep5d5t ,insurance ,advocate4 7#b7 ,inclusions ,9 transmitt+ ! propos$ budget to ! ,presid5t = approval1 ! ,secret>y ( ! ,treasury %all include-- 7,a7 an aggregate reque/ = ! ,indep5d5t ,insurance ,advocate2 & 7,b7 any comm5ts ( ! ,indep5d5t ,insurance ,advocate ) respect to ! proposal4 7#c7 ,presid5t's budget ,! ,presid5t %all include 9 ea* budget ( ! ,unit$ ,/ates ,gov]nm5t submitt$ to ! ,congress-- 7,a7 a sep>ate /atem5t ( ! budget e/imate prep>$ 9 accordance ) p>agraph 7#a72 7,b7 ! am\nt reque/$ by ! ,presid5t = ! ,indep5d5t ,insurance ,advocate2 & 7,c7 any comm5ts ( ! ,indep5d5t ,insurance ,advocate ) respect to ! proposal if ! ,indep5d5t ,insurance ,advocate concludes t ! budget submitt$ by ! ,presid5t w\ld sub/antially inhibit ! ,indep5d5t ,insurance ,advocate f p]=m+ ! duties ( ! (fice4 7f7 ,assi/ance ,! ,secret>y ( ! ,treasury %all provide ! ,indep5d5t ,insurance ,advocate su* s]vices1 funds1 facilities & o!r support s]vices z ! ,indep5d5t ,insurance ,advocate may reque/ & z ! ,secret>y may approve4 7g7 ,p]sonnel 7#a7 ,employees ,! ,indep5d5t ,insurance ,advocate may fix ! numb] (1 & appo9t & direct1 ! employees ( ! ,(fice1 9 accordance ) ! applicable provisions ( title #e1 ,unit$ ,/ates ,code4 ,! ,indep5d5t ,insurance ,advocate is au?oriz$ to employ attorneys1 analy/s1 economi/s1 & o!r employees z may be deem$ necess>y to assi/ ! ,indep5d5t ,insurance ,advocate to c>ry out ! duties & functions ( ! ,(fice4 ,unless o!rwise provid$ expressly by law1 any individual appo9t$ "u ?is p>agraph %all be an employee z def9$ 9 section #baje ( title #e1 ,unit$ ,/ates ,code1 & subject to ! provisions ( su* title & o!r laws g5]ally applicable to ! employees ( ! ,executive ,bran*4 7#b7 ,comp5sation ,employees ( ! ,(fice %all be paid 9 accordance ) ! provisions ( *apt] #ea & sub*apt] ,,iii ( *apt] #ec ( title #e1 ,unit$ ,/ates ,code1 relat+ to classification & ,g5]al ,s*$ule pay rates4 7#c7 ,procurem5t ( tempor>y & int]mitt5t s]vices ,! ,indep5d5t ,insurance ,advocate may procure tempor>y & int]mitt5t s]vices "u section #caji7;b7 ( title #e1 ,unit$ ,/ates ,code1 at rates = individuals :i* d n exce$ ! daily equival5t ( ! annual rate ( basic pay prescrib$ = ,level ,v ( ! ,executive ,s*$ule "u section #ecaf ( su* title4 7#d7 ,details ,any employee ( ! ,f$]al ,gov]nm5t may be detail$ to ! ,(fice ) or )\t reimbursem5t1 & su* detail %all be )\t int]ruption or loss ( civil s]vice /atus or privilege4 ,an employee ( ! ,f$]al ,gov]nm5t detail$ to ! ,(fice %all report to & be subject to ov]sight by ! ,indep5d5t ,insurance ,advocate dur+ ! assignm5t to ! (fice1 & may be comp5sat$ by ! bran*1 dep>tm5t1 or ag5cy f :i* ! employee 0 detail$4 7#e7 ,int]gov]nm5tal p]sonnel ,! ,indep5d5t ,insurance ,advocate may ent] into agreem5ts "u sub*apt] ,,vi ( *apt] #cc ( title #e1 ,unit$ ,/ates ,code1 ) ,/ate & local gov]nm5ts1 in/itutions ( high] education1 ,indian tribal gov]nm5ts1 & o!r eligible organizations = ! assignm5t ( int]mitt5t1 "p-"t1 & full-"t p]sonnel1 on a reimbursable or non-reimbursable basis4 7h7 ,e?ics 7#a7 ,designat$ e?ics (ficial ,! ,legal ,c\nsel ( ! ,f9ancial ,/ability ,ov]sight ,c\ncil1 or 9 ! abs5ce ( a ,legal ,c\nsel ( ! ,c\ncil1 ! designat$ e?ics (ficial ( any ,c\ncil memb] ag5cy1 z *os5 by ! ,indep5d5t ,insurance ,advocate1 %all be ! e?ics (ficial = ! ,indep5d5t ,insurance ,advocate4 7#b7 ,re/riction on repres5tation ,9 addition to any re/riction "u section #bje7;c7 ( title#ah1 ,unit$ ,/ates ,code1 except z provid$ 9 subsections 7d7 ?r\gh 7i7 ( section #bje ( su* title1 ! ,indep5d5t ,insurance ,advocate 7except 9 ! prop] dis*>ge ( (ficial duties7 %all n1 ) or )\t comp5sation1 repres5t anyone to or be=e any (fic] or employee (-- 7,a7 ! ,f9ancial ,/ability ,ov]sight ,c\ncil on any matt]2 or 7,b7 ! ,dep>tm5t ( ,ju/ice ) respect to litigation involv+ a matt] describ$ 9 subp>agraph 7,a74 7#c7 ,comp5sation = s]vices provid$ by ano!r ,= purposes ( section #bjc ( title #ah1 ,unit$ ,/ates ,code1 & if a special gov]nm5t employee-- 7,a7 ! ,indep5d5t ,insurance ,advocate %all n be subject to ! re/rictions ( subsection 7a77#a7 ( section #bjc1( title #ah1 ,unit$ ,/ates ,code1 = %>+ 9 comp5sation e>n$ by ano!r = repres5tations on matt]s cov]$ by su* section2 & 7,b7 a p]son %all n be subject to ! re/rictions ( subsection 7a77#b7 ( su* section = %>+ su* comp5sation ) ! ,indep5d5t ,insurance ,advocate4 7i7 ,advisory1 te*nical1 & pr(essional committees ,! ,indep5d5t ,insurance ,advocate may appo9t su* special advisory1 te*nical1 or pr(essional committees z may be useful 9 c>ry+ out ! functions ( ! ,(fice & ! memb]s ( su* committees may be /aff ( ! ,(fice1 or o!r p]sons1 or bo?4 7j7 ,mission & functions 7#a7 ,mission ,9 c>ry+ out ! functions "u ?is subsection1 ! mission ( ! ,(fice %all be to act z an indep5d5t advocate on behalf ( ! int]e/s ( ,unit$ ,/ates policyhold]s on prud5tial aspects ( insurance matt]s ( importance1 & to provide p]spective on protect+ _! int]e/s1 sep>ate & ap>t f any o!r ,f$]al ag5cy or ,/ate insurance regulator4 7#b7 ,(fice ,! ,(fice %all h ! au?ority-- 7,a7 to coord9ate ,f$]al ef=ts on prud5tial aspects ( int]national insurance matt]s1 includ+ repres5t+ ! ,unit$ ,/ates1 z appropriate1 9 ! ,int]national ,association ( ,insurance ,sup]visors 7or a successor entity7 & assi/+ ! ,secret>y 9 negotiat+ cov]$ agreem5ts 7z su* t]m is def9$ 9 subsection 7q77 9 coord9ation ) ,/ates 7includ+ ,/ate insurance commission]s7 & ! ,unit$ ,/ates ,trade ,repres5tative2 7,b7 to consult ) ! ,/ates 7includ+ ,/ate insurance regulators7 reg>d+ insurance matt]s ( national importance & prud5tial insurance matt]s ( int]national importance2 7,c7 to assi/ ! ,secret>y 9 adm9i/]+ ! ,t]rorism ,insurance ,program e/abli%$ 9 ! ,dep>tm5t ( ! ,treasury "u ! ,t]rorism ,risk ,insurance ,act ( #bjjb 7#ae ,u4,s4,c4 #fgja note72 7,d7 to obs]ve all aspects ( ! insurance indu/ry1 includ+ id5tify+ issues or gaps 9 ! regulation ( insur]s t c\ld contribute to a sy/emic crisis 9 ! insurance indu/ry or ! ,unit$ ,/ates f9ancial sy/em2 & 7,e7 to make det]m9ations & ex]cise ! au?ority "u subsection 7m7 ) respect to cov]$ agreem5ts & ,/ate insurance measures4 7#c7 ,memb]%ip on ,f9ancial ,/ability ,ov]sight ,c\ncil 7,a7 ,9 g5]al ,! ,indep5d5t ,insurance ,advocate %all s]ve1 pursuant to section #aaa7;b77#a77;,j7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecba7;b77#a77;,j771 z a memb] on ! ,f9ancial ,/ability ,ov]sight ,c\ncil4 7,b7 ,au?ority ,to assi/ ! ,f9ancial ,/ability ,ov]sight ,c\ncil ) its responsibilities to monitor int]national insurance developm5ts1 advise ! ,congress1 & make recomm5dations1 ! ,indep5d5t ,insurance ,advocate %all h ! au?ority-- 7i7 to regul>ly consult ) int]national insurance sup]visors & int]national f9ancial /ability c\nt]p>ts2 7ii7 to consult ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,/ates ) respect to repres5t+ ! ,unit$ ,/ates1 z appropriate1 9 ! ,int]national ,association ( ,insurance ,sup]visors 7includ+ to become a non-vot+ memb] !re(71 p>ticul>ly on matt]s ( sy/emic risk2 7iii7 to p>ticipate at ! ,f9ancial ,/ability ,bo>d ( ,! ,gr\p ( ,tw5ty & to jo9 ) o!r memb]s f ! ,unit$ ,/ates includ+ on matt]s relat$ to insurance2 & 7iv7 to p>ticipate ) ! ,unit$ ,/ates delegation to ! ,organization = ,economic ,coop]ation & ,developm5t & obs]ve & p>ticipate at ! ,insurance & ,private ,p5sions ,committee4 7#d7 ,limitations on p>ticipation 9 sup]visory colleges ,! ,(fice may n engage 9 any activities t x is n specifically au?oriz$ to engage 9 "u ?is section or any o!r provision ( law1 includ+ p>ticipation 9 any sup]visory college or o!r meet+s or =a = coop]ation & communication betwe5 ! involv$ insurance sup]visors e/abli%$ = ! fundam5tal purpose ( facilitat+ ! effectiv5ess ( sup]vision ( entities :i* belong to an insurance gr\p4 7k7 ,scope ,! au?ority ( ! ,(fice z specifi$ & limit$ 9 ?is section %all ext5d to all l9es ( insurance except-- 7#a7 heal? insurance1 z det]m9$ by ! ,secret>y 9 coord9ation ) ! ,secret>y ( ,heal? & ,human ,s]vices bas$ on section #bgia ( ! ,public ,heal? ,s]vice ,act 7#db ,u4,s4,c4 #cjj;gg-#ia72 7#b7 long-t]m c>e insurance1 except long-t]m c>e insurance t is includ$ ) life or annuity insurance compon5ts1 z det]m9$ by ! ,secret>y 9 coord9ation ) ! ,secret>y ( ,heal? & ,human ,s]vices1 & 9 ! case ( long-t]m c>e insurance t is includ$ ) su* compon5ts1 ! ,secret>y %all coord9ate ) ! ,secret>y ( ,heal? & ,human ,s]vices 9 p]=m+ ! functions ( ! ,(fice2 & 7#c7 crop insurance1 z e/abli%$ by ! ,f$]al ,crop ,insurance ,act 7#g ,u4,s4,c4 #aeja et seq474 7l7 ,access to in=mation ,9 c>ry+ out ! functions requir$ "u subsection 7j71 ! ,(fice may coord9ate ) any relevant ,f$]al ag5cy & any ,/ate insurance regulator 7or o!r relevant ,f$]al or ,/ate regulatory ag5cy1 if any1 9 ! case ( an affiliate ( an insur]7 & any publicly available s\rces = ! provision to ! ,(fice ( publicly available in=mation4 ,not)/&+ any o!r provision ( law1 ea* su* relevant ,f$]al ag5cy & ,/ate insurance regulator or o!r ,f$]al or ,/ate regulatory ag5cy is au?oriz$ to provide to ! ,(fice su* data or in=mation4 7m7 ,preemption pursuant to cov]$ agreem5ts 7#a7 ,/&>ds ,a ,/ate insurance measure %all be preempt$ pursuant to ?is section or section #cad if1 & only to ! ext5t t ! ,indep5d5t ,insurance ,advocate det]m9es1 9 accordance ) ?is subsection1 t ! measure-- 7,a7 results 9 less favorable treatm5t ( a non-,unit$ ,/ates insur] domicil$ 9 a =eign jurisdiction t is subject to a cov]$ agreem5t ?an a ,unit$ ,/ates insur] domicil$1 lic5s$1 or o!rwise admitt$ 9 t ,/ate2 & 7,b7 is inconsi/5t ) a cov]$ agreem5t4 7#b7 ,det]m9ation 7,a7 ,notice ( pot5tial inconsi/5cy ,be=e mak+ any det]m9ation "u p>agraph 7#a71 ! ,indep5d5t ,insurance ,advocate %all-- 7i7 notify & consult ) ! appropriate ,/ate reg>d+ any pot5tial inconsi/5cy or preemption2 7ii7 notify & consult ) ! ,unit$ ,/ates ,trade ,repres5tative reg>d+ any pot5tial inconsi/5cy or preemption2 7iii7 cause to be publi%$ 9 ! ,f$]al ,regi/] notice ( ! issue reg>d+ ! pot5tial inconsi/5cy or preemption1 includ+ a description ( ea* ,/ate insurance measure at issue & any applicable cov]$ agreem5t2 7iv7 provide int]e/$ p>ties a reasonable opportunity to submit writt5 comm5ts to ! ,(fice2 & 7v7 consid] any comm5ts receiv$4 7,b7 ,scope ( review ,= purposes ( ?is subsection1 any det]m9ation ( ! ,indep5d5t ,insurance ,advocate reg>d+ ,/ate insurance measures1 & any preemption "u p>agraph 7#a7 z a result ( su* det]m9ation1 %all be limit$ to ! subject matt] conta9$ )9 ! cov]$ agreem5t involv$ & %all a*ieve a level ( protection = insurance or re9surance consum]s t is sub/antially equival5t to ! level ( protection a*iev$ "u ,/ate insurance or re9surance regulation4 7,c7 ,notice ( det]m9ation ( inconsi/5cy ,^u mak+ any det]m9ation "u p>agraph 7#a71 ! ,director %all-- 7i7 notify ! appropriate ,/ate ( ! det]m9ation & ! ext5t ( ! inconsi/5cy2 7ii7 e/abli% a reasonable p]iod ( "t1 :i* %all n be less ?an #cj days1 be=e ! det]m9ation %all become effective2 & 7iii7 notify ! ,committees on ,f9ancial ,s]vices & ,ways & ,means ( ! ,h\se ( ,repres5tatives & ! ,committees on ,bank+1 ,h\s+1 & ,urban ,affairs & ,f9ance ( ! ,s5ate4 7#c7 ,notice ( effectiv5ess ,^u ! conclusion ( ! p]iod ref]r$ to 9 p>agraph 7#b77;,c77ii71 if ! basis = su* det]m9ation /ill exi/s1 ! det]m9ation %all become effective & ! ,indep5d5t ,insurance ,advocate %all-- 7,a7 cause to be publi%$ a notice 9 ! ,f$]al ,regi/] t ! preemption has become effective1 z well z ! effective date2 & 7,b7 notify ! appropriate ,/ate4 7#d7 ,limitation ,no ,/ate may en=ce a ,/ate insurance measure to ! ext5t t su* measure has be5 preempt$ "u ?is subsection4 7#e7 ,applicability ( ,adm9i/rative ,proc$ures ,act ,det]m9ations ( inconsi/5cy made pursuant to p>agraph 7#b7 %all be subject to ! applicable provisions ( sub*apt] ,,ii ( *apt] #e ( title #e1 ,unit$ ,/ates ,code 7relat+ to adm9i/rative proc$ure71 & *apt] #g ( su* title 7relat+ to judicial review71 except t 9 any action = judicial review ( a det]m9ation ( inconsi/5cy1 ! c\rt %all det]m9e ! matt] de novo4 7n7 ,consultation ,! ,indep5d5t ,insurance ,advocate %all consult ) ,/ate insurance regulators1 individually or collectively1 to ! ext5t ! ,indep5d5t ,insurance ,advocate det]m9es appropriate1 9 c>ry+ out ! functions ( ! ,(fice4 7o7 ,notices & reque/s = comm5t ,9 addition to ! o!r functions & duties specifi$ 9 ?is section1 ! ,indep5d5t ,insurance ,advocate may prescribe su* notices & reque/s = comm5t 9 ! ,f$]al ,regi/] z are deem$ necess>y relat$ to & gov]n+ ! mann] 9 :i* ! duties & au?orities ( ! ,indep5d5t ,insurance ,advocate are c>ri$ out2 7p7 ,sav+s ,provisions ,no?+ 9 ?is section %all-- 7#a7 preempt-- 7,a7 any ,/ate insurance measure t gov]ns any insur]'s rates1 premiums1 und]writ+1 or sales practices2 7,b7 any ,/ate cov]age requirem5ts = insurance2 7,c7 ! application ( ! antitru/ laws ( any ,/ate to ! bus9ess ( insurance2 or 7,d7 any ,/ate insurance measure gov]n+ ! capital or solv5cy ( an insur]1 except to ! ext5t t su* ,/ate insurance measure results 9 less favorable treatm5t ( a non-,unit$ ,/ate insur] ?an a ,unit$ ,/ates insur]2 or 7#b7 affect ! preemption ( any ,/ate insurance measure o!rwise inconsi/5t ) & preempt$ by ,f$]al law4 7q7 ,ret5tion ( ,au?ority ( ,f$]al ,f9ancial ,regulatory ,ag5cies ,no?+ 9 ?is section or section #cad %all be con/ru$ to limit ! au?ority ( any ,f$]al f9ancial regulatory ag5cy1 includ+ ! au?ority to develop & coord9ate policy1 negotiate1 & ent] into agreem5ts ) =eign gov]nm5ts1 au?orities1 regulators1 & mult9ational regulatory committees & to preempt ,/ate measures to affect uni=mity ) int]national regulatory agreem5ts4 7r7 ,ret5tion ( ,au?ority ( ,unit$ ,/ates ,trade ,repres5tative ,no?+ 9 ?is section or section #cad %all be con/ru$ to affect ! au?ority ( ! ,(fice ( ! ,unit$ ,/ates ,trade ,repres5tative pursuant to section #ada ( ! ,trade ,act ( #aigd 7#ai ,u4,s4,c4 #baga7 or any o!r provision ( law1 includ+ au?ority ov] ! developm5t & coord9ation ( ,unit$ ,/ates int]national trade policy & ! adm9i/ration ( ! ,unit$ ,/ates trade agreem5ts program4 7s7 ,congressional te/imony ,! ,indep5d5t ,insurance ,advocate %all appe> be=e ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs at semi-annual he>+s & %all provide te/imony1 :i* %all include submitt+ writt5 te/imony 9 advance ( su* appe>ances to su* committees & to ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives & ! ,committee on ,f9ance ( ! ,s5ate1 on ! foll[+ matt]s3 7#a7 ,(fice activities ,! ef=ts1 activities1 objectives1 & plans ( ! ,(fice4 7#b7 ,section #cac7l7 actions ,any actions tak5 by ! ,(fice pursuant to subsection 7l7 7reg>d+ preemption pursuant to cov]$ agreem5ts74 7#c7 ,insurance indu/ry ,! /ate (1 & developm5ts 91 ! insurance indu/ry4 7#d7 ,u4,s4 & global insurance & re9surance m>kets ,! bread? & scope ( ! global insurance & re9surance m>kets & ! critical role su* m>kets plays 9 support+ insurance 9 ! ,unit$ ,/ates & ! ongo+ impacts ( "p ,,ii ( ! ,nonadmitt$ & ,re9surance ,re=m ,act ( #bjaj on ! ability ( ,/ate regulators to access re9surance in=mation = regulat$ companies 9 _! jurisdictions4 7#e7 ,o!r ,any o!r matt]s z deem$ relevant by ! ,indep5d5t ,insurance ,advocate or reque/$ by su* ,committees4 7t7 ,report ^u end ( t]m ( (fice ,n lat] ?an two mon?s prior to ! expiration ( ! t]m ( (fice1 or discont9uation ( s]vice1 ( ea* individual s]v+ z ! ,indep5d5t ,insurance ,advocate1 ! ,indep5d5t ,insurance ,advocate %all submit a report to ! ,committees on ,f9ancial ,s]vices & ,ways & ,means ( ! ,h\se ( ,repres5tatives & ! ,committees on ,bank+1 ,h\s+1 & ,urban ,affairs & ,f9ance ( ! ,s5ate sett+ =? recomm5dations reg>d+ ! ,f9ancial ,/ability ,ov]sight ,c\ncil & ! role1 duties1 & functions ( ! ,indep5d5t ,insurance ,advocate4 7u7 ,def9itions ,9 ?is section & section #cad1 ! foll[+ def9itions %all apply3 7#a7 ,affiliate ,! t]m affiliate means1 ) respect to an insur]1 any p]son :o controls1 is controll$ by1 or is "u common control ) ! insur]4 7#b7 ,cov]$ agreem5t ,! t]m cov]$ agreem5t means a writt5 bilat]al or multilat]al agreem5t reg>d+ prud5tial measures ) respect to ! bus9ess ( insurance or re9surance t-- 7,a7 is ent]$ into betwe5 ! ,unit$ ,/ates & "o or m =eign gov]nm5ts1 au?orities1 or regulatory entities2 & 7,b7 relates to ! recognition ( prud5tial measures ) respect to ! bus9ess ( insurance or re9surance t a*ieves a level ( protection = insurance or re9surance consum]s t is sub/antially equival5t to ! level ( protection a*iev$ "u ,/ate insurance or re9surance regulation4 7#c7 ,insur] ,! t]m insur] means any p]son engag$ 9 ! bus9ess ( insurance1 includ+ re9surance4 7#d7 ,f$]al f9ancial regulatory ag5cy ,! t]m ,f$]al f9ancial regulatory ag5cy means ! ,dep>tm5t ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,(fice ( ,?rift ,sup]vision1 ! ,securities & ,ex*ange ,commission1 ! ,commodity ,futures ,trad+ ,commission1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 or ! ,national ,cr$it ,union ,adm9i/ration4 7#e7 ,f9ancial ,/ability ,ov]sight ,c\ncil ,! t]m ,f9ancial ,/ability ,ov]sight ,c\ncil means ! ,f9ancial ,/ability ,ov]sight ,c\ncil e/abli%$ "u section #aaa7;a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecba7;a774 7#f7 ,memb] ag5cy ,! t]m memb] ag5cy has ! mean+ giv5 su* t]m 9 section #aaa7;a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecba7;a774 7#g7 ,non-,unit$ ,/ates insur] ,! t]m non-,unit$ ,/ates insur] means an insur] t is organiz$ "u ! laws ( a jurisdiction o!r ?an a ,/ate1 b does n include any ,unit$ ,/ates bran* ( su* an insur]4 7#h7 ,(fice ,! t]m ,(fice means ! ,(fice ( ! ,indep5d5t ,insurance ,advocate e/abli%$ by ?is section4 7#i7 ,/ate insurance measure ,! t]m ,/ate insurance measure means any ,/ate law1 regulation1 adm9i/rative rul+1 bullet91 guidel9e1 or practice relat+ to or affect+ prud5tial measures applicable to insurance or re9surance4 7#aj7 ,/ate insurance regulator ,! t]m ,/ate insurance regulator means any ,/ate regulatory au?ority responsible = ! sup]vision ( insur]s4 7#aa7 ,sub/antially equival5t to ! level ( protection a*iev$ ,! t]m sub/antially equival5t to ! level ( protection a*iev$ means ! prud5tial measures ( a =eign gov]nm5t1 au?ority1 or regulatory entity a*ieve a simil> outcome 9 consum] protection z ! outcome a*iev$ "u ,/ate insurance or re9surance regulation4 7#ab7 ,unit$ ,/ates insur] ,! t]m ,unit$ ,/ates insur] means-- 7,a7 an insur] t is organiz$ "u ! laws ( a ,/ate2 or 7,b7 a ,unit$ ,/ates bran* ( a non-,unit$ ,/ates insur]4 4 7b7 ,pay at ,level ,,iii ( ,executive ,s*$ule ,section #ecad ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+ new item3 ,indep5d5t ,insurance ,advocate1 ,dep>tm5t ( ! ,treasury4 4 7c7 ,vot+ memb] ( ,,fsoc ,p>agraph 7#a7 ( section #aaa7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecba7;b77#a77 is am5d$ by /rik+ subp>agraph 7,j7 & ins]t+ ! foll[+ new subp>agraph3 7,j7 ! ,indep5d5t ,insurance ,advocate appo9t$ pursuant to section #cac ( title #ca1 ,unit$ ,/ates ,code4 4 7d7 ,indep5d5ce ,section #aaa ( ,public ,law #ic-die 7#ab ,u4,s4,c4 #bej7 is am5d$-- 7#a7 by ins]t+ ! ,indep5d5t ,insurance ,advocate ( ! ,dep>tm5t ( ! ,treasury1 aft] ,f$]al ,h\s+ ,f9ance ,ag5cy12 & 7#b7 by ins]t+ or (ficial be=e submitt+ !m4 7e7 ,transf] ( employees ,all employees ( ! ,dep>tm5t ( ,treasury :o are p]=m+ /aff functions = ! indep5d5t memb] ( ! ,f9ancial ,/ability ,ov]sight ,c\ncil "u section #aaa7;b77#b77;,j7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecba7;b77#b77;,j77 on a full-"t equival5t basis z ( ! date ( enactm5t ( ?is ,act %all be eligible = transf] to ! ,(fice ( ! ,indep5d5t ,insurance ,advocate e/abli%$ pursuant to ! am5dm5t made by subsection 7a7 ( ?is section = appo9tm5t z an employee & %all be transf]r$ at ! jo9t discretion ( ! ,indep5d5t ,insurance ,advocate & ! eligible employee4 ,any employee eligible = transf] t is n appo9t$ )9 #cfj days f ! date ( enactm5t ( ?is ,act %all be eligible = detail "u section #cac7;f77#d7 ( title #ca1 ,unit$ ,/ates ,code4 7f7 ,tempor>y s]vice2 transition ,not)/&+ ! am5dm5t made by subsection 7a7 ( ?is section1 dur+ ! p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act & end+ on ! date on :i* ! ,indep5d5t ,insurance ,advocate is appo9t$ & confirm$ pursuant to section #cac7;b77#b7 ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by su* am5dm5t1 ! p]son s]v+1 on su* date ( enactm5t1 z ! indep5d5t memb] ( ! ,f9ancial ,/ability ,ov]sight ,c\ncil pursuant to section #aaa7;b77#a77;,j7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecba7;b77#a77;,j77 %all act = all purposes z1 & ) ! full p[]s (1 ! ,indep5d5t ,insurance ,advocate4 7g7 ,comp>ability 9 comp5sation s*$ules ,subsection 7a7 ( section #abjf ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahcc;b7a77 is am5d$ by ins]t+ & ! ,(fice ( ! ,indep5d5t ,insurance ,advocate ( ! ,dep>tm5t ( ! ,treasury1 aft] ,f>m ,cr$it ,adm9i/ration14 7h7 ,s5ior executives ,subp>agraph 7,d7 ( section #cacb7;a77#a7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ ! ,(fice ( ! ,indep5d5t ,insurance ,advocate ( ! ,dep>tm5t ( ! ,treasury1 aft] ,f9ance ,ag5cy14 #ejb4 ,treatm5t ( cov]$ agreem5ts ,subsection 7c7 ( section #cad ( title #ca1 ,unit$ ,/ates ,code is am5d$-- 7#a7 by designat+ p>agraphs 7#a7 & 7#b7 z p>agraphs 7#b7 & 7#c71 respectively2 & 7#b7 by ins]t+ be=e p>agraph 7#b71 z s r$esignat$1 ! foll[+ new p>agraph3 7#a7 ! ,secret>y ( ! ,treasury & ! ,unit$ ,/ates ,trade ,repres5tative h caus$ to be publi%$ 9 ! ,f$]al ,regi/]1 & made available = public comm5t = a p]iod ( n few] ?an #cj days & n great] ?an #ij days 7:i* p]iod may run concurr5tly ) ! #ij-;day p]iod = ! cov]$ agreem5t ref]r$ to 9 p>agraph 7#c771 ! propos$ text ( ! cov]$ agreem5t2 4 ,,vi ,dem&+ ,acc\ntability f ,f9ancial ,regulators & ,devolv+ ,p[] ,away f ,wa%+ton ,a ,co/-,b5efit ,analyses #faa4 ,def9itions ,z us$ 9 ?is subtitle-- 7#a7 ! t]m ag5cy means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,consum] ,f9ancial ,opportunity ,commission1 ! ,commodity ,futures ,trad+ ,commission1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,securities & ,ex*ange ,commission2 7#b7 ! t]m *ief economi/ means-- 7,a7 ) respect to ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,director ( ! ,division ( ,rese>* & ,/ati/ics1 or an employee ( ! ag5cy ) comp>able au?ority2 7,b7 ) respect to ! ,consum] ,f9ancial ,opportunity ,commission1 ! ,head ( ! ,(fice ( ,economic ,analysis1 or an employee ( ! ag5cy ) comp>able au?ority2 7,c7 ) respect to ! ,commodity ,futures ,trad+ ,commission1 ! ,*ief ,economi/1 or an employee ( ! ag5cy ) comp>able au?ority2 7,d7 ) respect to ! ,f$]al ,deposit ,insurance ,corporation1 ! ,director ( ! ,division ( ,insurance & ,rese>*1 or an employee ( ! ag5cy ) comp>able au?ority2 7,e7 ) respect to ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,*ief ,economi/1 or an employee ( ! ag5cy ) comp>able au?ority2 7,f7 ) respect to ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,director = ,policy ,analysis1 or an employee ( ! ag5cy ) comp>able au?ority2 7,g7 ) respect to ! ,national ,cr$it ,union ,adm9i/ration1 ! ,*ief ,economi/1 or an employee ( ! ag5cy ) comp>able au?ority2 & 7,h7 ) respect to ! ,securities & ,ex*ange ,commission1 ! ,director ( ! ,division ( ,economic & ,risk ,analysis1 or an employee ( ! ag5cy ) comp>able au?ority2 7#c7 ! t]m ,c\ncil means ! ,*ief ,economi/s ,c\ncil e/abli%$ "u section #fah2 & 7#d7 ! t]m regulation-- 7,a7 means an ag5cy /atem5t ( g5]al applicability & future effect t is design$ to implem5t1 int]pret1 or prescribe law or policy or to describe ! proc$ure or practice requirem5ts ( an ag5cy1 includ+ rules1 ord]s ( g5]al applicability1 int]pretive releases1 & o!r /atem5ts ( g5]al applicability t ! ag5cy int5ds to h ! =ce & effect ( law2 & 7,b7 does n include-- 7i7 a regulation issu$ 9 accordance ) ! =mal rulemak+ provisions ( section #eef or #eeg ( title #e1 ,unit$ ,/ates ,code2 7ii7 a regulation t is limit$ to ag5cy organization1 managem5t1 or p]sonnel matt]s2 7iii7 a regulation promulgat$ pursuant to /atutory au?ority t expressly prohibits compliance ) ?is provision2 7iv7 a regulation t is c]tifi$ by ! ag5cy to be an em]g5cy action1 if su* c]tification is publi%$ 9 ! ,f$]al ,regi/]2 7v7 a regulation t is promulgat$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em or ! ,f$]al ,op5 ,m>ket ,committee "u section #aj;,a1 #aj;,b1 #ac1 #ac;,a1 or #ai ( ! ,f$]al ,res]ve ,act1 or any ( subsections 7a7 ?r\gh 7f7 ( section #ad ( t ,act2 or 7vi7 a regulation fil$ ) ! ,commission by a self-regulatory organization-- 7,i7 t meets ! crit]ia = imm$iate effectiv5ess "u section #bdj4ai;b-#d7;f7 ( title #ag1 ,code ( ,f$]al ,regulations2 or 7,,ii7 = :i* ! self-regulatory organization has itself conduct$ ! co/-b5efit analysis & o!rwise compli$ ) ! requirem5ts ( section #fab4 #fab4 ,requir$ regulatory analysis 7a7 ,requirem5ts = notices ( propos$ rulemak+ ,an ag5cy may n issue a notice ( propos$ rulemak+ unless ! ag5cy includes 9 ! notice ( propos$ rulemak+ an analysis t conta9s1 at a m9imum1 ) respect to ea* regulation t is be+ propos$-- 7#a7 an id5tification ( ! ne$ = ! regulation & ! regulatory objective1 includ+ id5tification ( ! nature & significance ( ! m>ket failure1 regulatory failure1 or o!r problem t necessitates ! regulation2 7#b7 an explanation ( :y ! private m>ket or ,/ate1 local1 or tribal au?orities _c adequately address ! id5tifi$ m>ket failure or o!r problem2 7#c7 an analysis ( ! adv]se impacts to regulat$ entities1 o!r m>ket p>ticipants1 economic activity1 or ag5cy effectiv5ess t are eng5d]$ by ! regulation & ! magnitude ( su* adv]se impacts2 7#d7 a quantitative & qualitative assessm5t ( all anticipat$ direct & indirect co/s & b5efits ( ! regulation 7z comp>$ to a b5*m>k t assumes ! abs5ce ( ! regulation71 includ+-- 7,a7 compliance co/s2 7,b7 effects on economic activity1 net job creation 7exclud+ jobs relat$ to ensur+ compliance ) ! regulation71 effici5cy1 competition1 & capital =mation2 7,c7 regulatory adm9i/rative co/s2 & 7,d7 co/s impos$ by ! regulation on ,/ate1 local1 or tribal gov]nm5ts or o!r regulatory au?orities2 7#e7 if quantifi$ b5efits d n outweigh quantitative co/s1 a ju/ification = ! regulation2 7#f7 an id5tification & assessm5t ( all available alt]natives to ! regulation1 includ+ modification ( an exi/+ regulation or /atute1 toge!r )-- 7,a7 an explanation ( :y ! regulation meets ! objectives ( ! regulation m effectively ?an ! alt]natives1 & if ! ag5cy is propos+ multiple alt]natives1 an explanation ( :y a notice ( propos$ rulemak+1 r ?an an advanc$ notice ( propos$ rulemak+1 is appropriate2 & 7,b7 if ! regulation is n a pilot program1 an explanation ( :y a pilot program is n appropriate2 7#g7 if ! regulation specifies ! behavior or mann] ( compliance1 an explanation ( :y ! ag5cy did n in/ead specify p]=mance objectives2 7#h7 an assessm5t ( h[ ! burd5 impos$ by ! regulation w be di/ribut$ among m>ket p>ticipants1 includ+ :e!r consum]s1 inve/ors1 or small bus9esses w be disproportionately burd5$2 7#i7 an assessm5t ( ! ext5t to :i* ! regulation is inconsi/5t1 incompatible1 or duplicative ) ! exi/+ regulations ( ! ag5cy or ^? ( o!r dome/ic & int]national regulatory au?orities ) ov]lapp+ jurisdiction2 7#aj7 a description ( any /udies1 surveys1 or o!r data reli$ ^u 9 prep>+ ! analysis2 7#aa7 an assessm5t ( ! degree to :i* ! key assumptions und]ly+ ! analysis are subject to unc]ta9ty2 & 7#ab7 an explanation ( pr$ict$ *anges 9 m>ket /ructure & infra/ructure & 9 behavior by m>ket p>ticipants1 includ+ consum]s & inve/ors1 assum+ t !y w pursue _! economic int]e/s4 7b7 ,requirem5ts = notices ( f9al rulemak+ 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 an ag5cy may n issue a notice ( f9al rulemak+ ) respect to a regulation unless ! ag5cy-- 7,a7 has issu$ a notice ( propos$ rulemak+ = ! relevant regulation2 7,b7 has conduct$ & includes 9 ! notice ( f9al rulemak+ an analysis t conta9s1 at a m9imum1 ! elem5ts requir$ "u subsection 7a72 & 7,c7 includes 9 ! notice ( f9al rulemak+ regulatory impact metrics select$ by ! *ief economi/ to be us$ 9 prep>+ ! report requir$ pursuant to section #fae4 7#b7 ,consid]ation ( comm5ts ,! ag5cy %all incorporate 9 ! elem5ts describ$ 9 p>agraph 7#a77;,b7 ! data & analyses provid$ to ! ag5cy by comm5t]s dur+ ! comm5t p]iod1 or expla9 :y ! data or analyses are n be+ incorporat$4 7#c7 ,comm5t p]iod ,an ag5cy %all n publi% a notice ( f9al rulemak+ ) respect to a regulation1 unless ! ag5cy-- 7,a7 has all[$ at lea/ #ij days f ! date ( publication 9 ! ,f$]al ,regi/] ( ! notice ( propos$ rulemak+ = ! submission ( public comm5ts2 or 7,b7 includes 9 ! notice ( f9al rulemak+ an explanation ( :y ! ag5cy 0 n able to provide a #ij-;day comm5t p]iod4 7#d7 ,prohibit$ ,rules 7,a7 ,9 g5]al ,an ag5cy may n publi% a notice ( f9al rulemak+ if ! ag5cy1 9 its analysis "u p>agraph 7#a77;,b71 det]m9es t ! quantifi$ co/s are great] ?an ! quantifi$ b5efits "u subsection 7a77#e74 7,b7 ,publication ( ,analysis ,if ! ag5cy is preclud$ by subp>agraph 7,a7 f publi%+ a notice ( f9al rulemak+1 ! ag5cy %all publi% 9 ! ,f$]al ,regi/] & on ! public website ( ! ag5cy its analysis "u p>agraph 7#a77;,b71 & provide ! analysis to ea* ,h\se ( ,congress4 7,c7 ,congressional waiv] ,if ! ag5cy is preclud$ by subp>agraph 7,a7 f publi%+ a notice ( f9al rulemak+1 ,congress1 by jo9t resolution pursuant to ! proc$ures set =? = jo9t resolutions 9 section #hjb ( title #e1 ,unit$ ,/ates ,code1 may direct ! ag5cy to publi% a notice ( f9al rulemak+ not)/&+ ! prohibition conta9$ 9 subp>agraph 7,a74 ,9 apply+ section #hjb ( title #e1 ,unit$ ,/ates ,code1 = purposes ( ?is p>agraph1 section #hjb7;e77#b7 %all n apply & ! t]ms-- 7i7 jo9t resolution or jo9t resolution describ$ 9 subsection 7a7 means only a jo9t resolution introduc$ dur+ ! p]iod beg9n+ on ! submission or publication date & end+ #fj days !reaft] 7exclud+ days ei!r ,h\se ( ,congress is adj\rn$ = m ?an #c days dur+ a session ( ,congress71 ! matt] aft] ! resolv+ clause ( :i* is z foll[s3 8,t ,congress directs1 not)/&+ ! prohibition conta9$ 9 section #fab7;b77#d77;,a7 ( ! ,f9ancial ,,*oice ,act ( #bjaf1 ! to publi% ! notice ( f9al rulemak+ = ! regulation or regulations t 7 ! subject ( ! analysis submitt$ by ! to ,congress on 40 7,! blank spaces be+ appropriately fill$ 9472 & 7ii7 submission or publication date means-- 7,i7 ! date on :i* ! analysis "u p>agraph 7#a77;,b7 is submitt$ to ,congress "u p>agraph 7#d77;,b72 or 7,,ii7 if ! analysis is submitt$ to ,congress less ?an #fj session days or #fj legislative days be=e ! date on :i* ! ,congress adj\rns a session ( ,congress1 ! date on :i* ! same or succe$+ ,congress fir/ conv5es its next session4 #fac4 ,rule ( con/ruction ,= purposes ( ! ,pap]work ,r$uction ,act 7#dd ,u4,s4,c4 #ceja et seq471 obta9+1 caus+ to be obta9$1 or solicit+ in=mation = purposes ( comply+ ) section #fab ) respect to a propos$ rulemak+ %all n be con/ru$ to be a collection ( in=mation1 provid$ t ! ag5cy has fir/ issu$ an advanc$ notice ( propos$ rulemak+ 9 connection ) ! regulation1 id5tifies t advanc$ notice ( propos$ rulemak+ 9 its solicitation ( in=mation1 & in=ms ! p]son f :om ! in=mation is obta9$ or solicit$ t ! provision ( in=mation is volunt>y4 #fad4 ,public availability ( data & regulatory analysis 7a7 ,9 g5]al ,at or be=e ! comm5cem5t ( ! public comm5t p]iod ) respect to a regulation1 ! ag5cy %all make available on its public website suffici5t in=mation ab\t ! data1 me?odologies1 & assumptions und]ly+ ! analyses p]=m$ pursuant to section #fab s t ! analytical results ( ! ag5cy are capable ( be+ sub/antially reproduc$1 subject to an acceptable degree ( imprecision or error4 7b7 ,confid5tiality ,! ag5cy %all comply ) subsection 7a7 9 a mann] t pres]ves ! confid5tiality ( nonpublic in=mation1 includ+ confid5tial trade secrets1 confid5tial comm]cial or f9ancial in=mation1 & confid5tial in=mation ab\t positions1 transactions1 or bus9ess practices4 #fae4 ,five-ye> regulatory impact analysis 7a7 ,9 g5]al ,n lat] ?an #e ye>s aft] ! date ( publication 9 ! ,f$]al ,regi/] ( a notice ( f9al rulemak+1 ! *ief economi/ ( ! ag5cy %all issue a report t exam9es ! economic impact ( ! subject regulation1 includ+ ! direct & indirect co/s & b5efits ( ! regulation4 7b7 ,regulatory impact metrics ,9 prep>+ ! report requir$ by subsection 7a71 ! *ief economi/ %all employ ! regulatory impact metrics includ$ 9 ! notice ( f9al rulemak+ pursuant to section #fab7;b77#a77;,c74 7c7 ,reproducibility ,! report %all include ! data1 me?odologies1 & assumptions und]ly+ ! evaluation s t ! ag5cy's analytical results are capable ( be+ sub/antially reproduc$1 subject to an acceptable degree ( imprecision or error4 7d7 ,confid5tiality ,! ag5cy %all comply ) subsection 7c7 9 a mann] t pres]ves ! confid5tiality ( nonpublic in=mation1 includ+ confid5tial trade secrets1 confid5tial comm]cial or f9ancial in=mation1 & confid5tial in=mation ab\t positions1 transactions1 or bus9ess practices4 7e7 ,report ,! ag5cy %all submit ! report requir$ by subsection 7a7 to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & po/ x on ! public website ( ! ag5cy4 ,! ,commodity ,futures ,trad+ ,commission %all also submit its report to ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate & ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives4 #faf4 ,retrospective review ( exi/+ rules 7a7 ,regulatory improvem5t plan ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act & e #e ye>s !reaft]1 ea* ag5cy %all develop1 submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 & po/ on ! public website ( ! ag5cy a plan1 consi/5t ) law & its res\rces & regulatory priorities1 "u :i* ! ag5cy w modify1 /reaml9e1 exp&1 or repeal exi/+ regulations s z to make ! regulatory program ( ! ag5cy m effective or less burd5some 9 a*iev+ ! regulatory objectives4 ,! ,commodity ,futures ,trad+ ,commission %all also submit its plan to ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate & ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives4 7b7 ,implem5tation progress report ,two ye>s aft] ! date ( submission ( ea* plan requir$ "u subsection 7a71 ea* ag5cy %all develop1 submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 & po/ on ! public website ( ! ag5cy a report ( ! /eps t x has tak5 to implem5t ! plan1 /eps t rema9 to be tak5 to implem5t ! plan1 &1 if any p>ts ( ! plan w n be implem5t$1 reasons = n implem5t+ ^? p>ts ( ! plan4 ,! ,commodity ,futures ,trad+ ,commission %all also submit its plan to ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate & ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives4 #fag4 ,judicial review 7a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 dur+ ! p]iod beg9n+ on ! date on :i* a notice ( f9al rulemak+ = a regulation is publi%$ 9 ! ,f$]al ,regi/] & end+ #a ye> lat]1 a p]son t is adv]sely affect$ or aggriev$ by ! regulation is entitl$ to br+ an action 9 ! ,unit$ ,/ates ,c\rt ( ,appeals = ! ,di/rict ( ,columbia ,circuit = judicial review ( ag5cy compliance ) ! requirem5ts ( section #fab4 7b7 ,/ay ,! c\rt may /ay ! effective date ( ! regulation or any provision !re(4 7c7 ,relief ,if ! c\rt f9ds t an ag5cy has n compli$ ) ! requirem5ts ( section #fab1 ! c\rt %all vacate ! subject regulation1 unless ! ag5cy %[s by cle> & conv9c+ evid5ce t vacat+ ! regulation w\ld result 9 irrep>able h>m4 ,no?+ 9 ?is section affects o!r limitations on judicial review or ! p[] or duty ( ! c\rt to dismiss any action or d5y relief on any o!r appropriate legal or equitable gr\nd4 #fah4 ,*ief ,economi/s ,c\ncil 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,*ief ,economi/s ,c\ncil4 7b7 ,memb]%ip ,! ,c\ncil %all consi/ ( ! *ief economi/ ( ea* ag5cy4 ,! memb]s ( ! ,c\ncil %all select ! fir/ *airp]son ( ! ,c\ncil4 ,!reaft] ! position ( ,*airp]son %all rotate annually among ! memb]s ( ! ,c\ncil4 7c7 ,meet+s ,! ,c\ncil %all meet at ! call ( ! ,*airp]son1 b n less frequ5tly ?an qu>t]ly4 7d7 ,report ,"o ye> aft] ! effective date ( ?is ,act & annually !reaft]1 ! ,c\ncil %all prep>e & submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs & ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices & ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives a report on-- 7#a7 ! b5efits & co/s ( regulations adopt$ by ! ag5cies dur+ ! pa/ #ab mon?s2 7#b7 ! regulatory actions plann$ by ! ag5cies = ! upcom+ #ab mon?s2 7#c7 ! cumulative effect ( ! exi/+ regulations ( ! ag5cies on economic activity1 innovation1 int]national competitiv5ess ( entities regulat$ by ! ag5cies1 & net job creation 7exclud+ jobs relat$ to ensur+ compliance ) ! regulation72 7#d7 ! tra9+ & qualifications ( ! p]sons :o prep>$ ! co/-b5efit analyses ( ea* ag5cy dur+ ! pa/ #ab mon?s2 7#e7 ! suffici5cy ( ! res\rces available to ! *ief economi/s dur+ ! pa/ #ab mon?s = ! conduct ( ! activities requir$ by ?is subtitle2 & 7#f7 recomm5dations = legislative or regulatory action to enhance ! effici5cy & effectiv5ess ( f9ancial regulation 9 ! ,unit$ ,/ates4 #fai4 ,con=m+ am5dm5ts ,section #ae7;a7 ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #ai7;a77 is am5d$-- 7#a7 by /rik+ p>agraph 7#a72 7#b7 9 p>agraph 7#b71 by /rik+ 7#b7 & all t foll[s ?r\gh light (-- & ins]t+ ! foll[+3 7#a7 ,consid]ations ,be=e promulgat+ a regulation "u ?is *apt] or issu+ an ord] 7except z provid$ 9 p>agraph 7#b771 ! ,commission %all take into consid]ation-- 2 7#c7 9 p>agraph 7#a71 z s r$esignat$-- 7,a7 9 subp>agraph 7,b71 by /rik+ futures & ins]t+ ! relevant2 7,b7 9 subp>agraph 7,c71 by add+ & at ! end2 7,c7 9 subp>agraph 7,d71 by /rik+ 2 & & ins]t+ a p]iod2 & 7,d7 by /rik+ subp>agraph 7,e72 & 7#d7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#b74 #fbj4 ,o!r regulatory entities 7a7 ,securities & ,ex*ange ,commission ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all provide to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report sett+ =? a plan = subject+ ! ,public ,company ,acc\nt+ ,ov]sight ,bo>d1 ! ,municipal ,securities ,rulemak+ ,bo>d1 & any national securities association regi/]$ "u section #ae;,a ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#d7;a77 to ! requirem5ts ( ?is subtitle1 o!r ?an direct repres5tation on ! ,c\ncil4 7b7 ,commodity ,futures ,trad+ ,commission ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,commodity ,futures ,trad+ ,commission %all provide to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate1 & ! ,committee on ,agriculture ( ! ,h\se ( ,repres5tatives a report sett+ =? a plan = subject+ any futures association regi/]$ "u section #ag ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #ba7 to ! requirem5ts ( ?is subtitle1 o!r ?an direct repres5tation on ! ,c\ncil4 #fba4 ,avoidance ( duplicative or unnecess>y analyses ,an ag5cy may p]=m ! analyses requir$ by ?is subtitle 9 conjunction )1 or z a "p (1 any o!r ag5da or analysis requir$ by any o!r provision ( law1 if su* o!r analysis satisfies ! provisions ( ?is subtitle4 ,b ,congressional ,review ( ,f$]al ,f9ancial ,ag5cy ,rulemak+ #fca4 ,congressional review 7a7 7#a7 7,a7 ,be=e a rule may take effect1 a ,f$]al f9ancial ag5cy %all publi% 9 ! ,f$]al ,regi/] a li/ ( in=mation on :i* ! rule is bas$1 includ+ data1 sci5tific & economic /udies1 & co/-b5efit analyses1 & id5tify h[ ! public c access su* in=mation onl9e1 & %all submit to ea* ,h\se ( ! ,congress & to ! ,comptroll] ,g5]al a report conta9+-- 7i7 a copy ( ! rule2 7ii7 a concise g5]al /atem5t relat+ to ! rule2 7iii7 a classification ( ! rule z a major or nonmajor rule1 includ+ an explanation ( ! classification specifically address+ ea* crit]ia = a major rule conta9$ )9 subp>agraphs 7,a7 ?r\gh 7,c7 ( section #fcd7b72 7iv7 a li/ ( any o!r relat$ regulatory actions int5d$ to implem5t ! same /atutory provision or regulatory objective z well z ! individual & aggregate economic effects ( ^? actions2 & 7v7 ! propos$ effective date ( ! rule4 7,b7 ,on ! date ( ! submission ( ! report "u subp>agraph 7,a71 ! ,f$]al f9ancial ag5cy %all submit to ! ,comptroll] ,g5]al & make available to ea* ,h\se ( ,congress-- 7i7 a complete copy ( ! co/-b5efit analysis ( ! rule1 if any1 includ+ an analysis ( any jobs add$ or lo/1 diff]5tiat+ betwe5 public & private sector jobs2 7ii7 ! ,f$]al f9ancial ag5cy's actions pursuant to sections #fjc1 #fjd1 #fje1 #fjg1 & #fji ( title #e1 ,unit$ ,/ates ,code2 7iii7 ! ,f$]al f9ancial ag5cy's actions pursuant to sections #bjb1 #bjc1 #bjd1 & #bje ( ! ,unfund$ ,m&ates ,re=m ,act ( #aiie2 & 7iv7 any o!r relevant in=mation or requirem5ts "u any o!r ,act & any relevant ,executive ord]s4 7,c7 ,^u receipt ( a report submitt$ "u subp>agraph 7,a71 ea* ,h\se %all provide copies ( ! report to ! *airman & rank+ memb] ( ea* /&+ committee ) jurisdiction "u ! rules ( ! ,h\se ( ,repres5tatives or ! ,s5ate to report a bill to am5d ! provision ( law "u :i* ! rule is issu$4 7#b7 7,a7 ,! ,comptroll] ,g5]al %all provide a report on ea* major rule to ! committees ( jurisdiction by ! end ( #ae cal5d> days aft] ! submission or publication date4 ,! report ( ! ,comptroll] ,g5]al %all include an assessm5t ( ! ,f$]al f9ancial ag5cy's compliance ) proc$ural /eps requir$ by p>agraph 7#a77;,b7 & an assessm5t ( :e!r ! major rule imposes any new limits or m&ates on private-sector activity4 7,b7 ,f$]al f9ancial ag5cies %all coop]ate ) ! ,comptroll] ,g5]al by provid+ in=mation relevant to ! ,comptroll] ,g5]al's report "u subp>agraph 7,a74 7#c7 ,a major rule relat+ to a report submitt$ "u p>agraph 7#a7 %all take effect ^u enactm5t ( a jo9t resolution ( approval describ$ 9 section #fcb or z provid$ = 9 ! rule foll[+ enactm5t ( a jo9t resolution ( approval describ$ 9 section #fcb1 :i*ev] is lat]4 7#d7 ,a nonmajor rule %all take effect z provid$ by section #fcc aft] submission to ,congress "u p>agraph 7#a74 7#e7 ,if a jo9t resolution ( approval relat+ to a major rule is n enact$ )9 ! p]iod provid$ 9 subsection 7b77#b71 !n a jo9t resolution ( approval relat+ to ! same rule may n be consid]$ "u ?is subtitle 9 ! same ,congress by ei!r ! ,h\se ( ,repres5tatives or ! ,s5ate4 7b7 7#a7 ,a major rule %all n take effect unless ! ,congress enacts a jo9t resolution ( approval describ$ "u section #fcb4 7#b7 ,if a jo9t resolution describ$ 9 subsection 7a7 is n enact$ into law by ! end ( #gj session days or legislative days1 z applicable1 beg9n+ on ! date on :i* ! report ref]r$ to 9 subsection 7a77#a77;,a7 is receiv$ by ,congress 7exclud+ days ei!r ,h\se ( ,congress is adj\rn$ = m ?an #c days dur+ a session ( ,congress71 !n ! rule describ$ 9 t resolution %all be deem$ n to be approv$ & su* rule %all n take effect4 7c7 7#a7 ,not)/&+ any o!r provision ( ?is section 7except subject to p>agraph 7#c771 a major rule may take effect = "o #ij-;cal5d>-day p]iod if ! ,presid5t makes a det]m9ation "u p>agraph 7#b7 & submits writt5 notice ( su* det]m9ation to ! ,congress4 7#b7 ,p>agraph 7#a7 applies to a det]m9ation made by ! ,presid5t by ,executive ord] t ! major rule %\ld take effect because su* rule is-- 7,a7 necess>y because ( an imm95t ?reat to heal? or safety or o!r em]g5cy2 7,b7 necess>y = ! en=cem5t ( crim9al laws2 7,c7 necess>y = national security2 or 7,d7 issu$ pursuant to any /atute implem5t+ an int]national trade agreem5t4 7#c7 ,an ex]cise by ! ,presid5t ( ! au?ority "u ?is subsection %all h no effect on ! proc$ures "u section #fcb4 7d7 7#a7 ,9 addition to ! opportunity = review o!rwise provid$ "u ?is subtitle1 9 ! case ( any rule = :i* a report 0 submitt$ 9 accordance ) subsection 7a77#a77;,a7 dur+ ! p]iod beg9n+ on ! date occurr+-- 7,a7 9 ! case ( ! ,s5ate1 #fj session days2 or 7,b7 9 ! case ( ! ,h\se ( ,repres5tatives1 #fj legislative days1 be=e ! date ! ,congress is s*$ul$ to adj\rn a session ( ,congress ?r\gh ! date on :i* ! same or succe$+ ,congress fir/ conv5es its next session1 sections #fcb & #fcc %all apply to su* rule 9 ! succe$+ session ( ,congress4 7#b7 7,a7 ,9 apply+ sections #fcb & #fcc = purposes ( su* additional review1 a rule describ$ "u p>agraph 7#a7 %all be treat$ z ?\gh-- 7i7 su* rule 7 publi%$ 9 ! ,f$]al ,regi/] on-- 7,i7 9 ! case ( ! ,s5ate1 ! #ae? session day2 or 7,,ii7 9 ! case ( ! ,h\se ( ,repres5tatives1 ! #ae? legislative day1 aft] ! succe$+ session ( ,congress fir/ conv5es2 & 7ii7 a report on su* rule 7 submitt$ to ,congress "u subsection 7a77#a7 on su* date4 7,b7 ,no?+ 9 ?is p>agraph %all be con/ru$ to affect ! requirem5t "u subsection 7a77#a7 t a report %all be submitt$ to ,congress be=e a rule c take effect4 7#c7 ,a rule describ$ "u p>agraph 7#a7 %all take effect z o!rwise provid$ by law 7includ+ o!r subsections ( ?is section74 #fcb4 ,congressional approval proc$ure = major rules 7a7 7#a7 ,= purposes ( ?is section1 ! t]m jo9t resolution means only a jo9t resolution address+ a report classify+ a rule z major pursuant to section #fca7;a77#a77;,a77iii7 t-- 7,a7 be>s no preamble2 7,b7 be>s ! foll[+ title 7) blanks fill$ z appropriate73 ,approv+ ! rule submitt$ by relat+ to 42 7,c7 includes aft] its resolv+ clause only ! foll[+ 7) blanks fill$ z appropriate73 ,t ,congress approves ! rule submitt$ by relat+ to 42 & 7,d7 is introduc$ pursuant to p>agraph 7#b74 7#b7 ,aft] a ,h\se ( ,congress receives a report classify+ a rule z major pursuant to section #fca7;a77#a77;,a77iii71 ! majority lead] ( t ,h\se 7or 8 or h] respective designee7 %all introduce 7by reque/1 if appropriate7 a jo9t resolution describ$ 9 p>agraph 7#a7-- 7,a7 9 ! case ( ! ,h\se ( ,repres5tatives1 )9 #c legislative days2 & 7,b7 9 ! case ( ! ,s5ate1 )9 #c session days4 7#c7 ,a jo9t resolution describ$ 9 p>agraph 7#a7 %all n be subject to am5dm5t at any /age ( proce$+4 7b7 ,a jo9t resolution describ$ 9 subsection 7a7 %all be ref]r$ 9 ea* ,h\se ( ,congress to ! committees hav+ jurisdiction ov] ! provision ( law "u :i* ! rule is issu$4 7c7 ,9 ! ,s5ate1 if ! committee or committees to :i* a jo9t resolution describ$ 9 subsection 7a7 has be5 ref]r$ h n report$ x at ! end ( #ae session days aft] its introduction1 su* committee or committees %all be automatically dis*>g$ f fur!r consid]ation ( ! resolution & x %all be plac$ on ! cal5d>4 ,a vote on f9al passage ( ! resolution %all be tak5 on or be=e ! close ( ! #ae? session day aft] ! resolution is report$ by ! committee or committees to :i* x 0 ref]r$1 or aft] su* committee or committees h be5 dis*>g$ f fur!r consid]ation ( ! resolution4 7d7 7#a7 ,9 ! ,s5ate1 :5 ! committee or committees to :i* a jo9t resolution is ref]r$ h report$1 or :5 a committee or committees are dis*>g$ 7"u subsection 7c77 f fur!r consid]ation ( a jo9t resolution describ$ 9 subsection 7a71 x is at any "t !reaft] 9 ord] 7ev5 ?\gh a previ\s motion to ! same effect has be5 disagre$ to7 = a motion to proce$ to ! consid]ation ( ! jo9t resolution1 & all po9ts ( ord] aga9/ ! jo9t resolution 7& aga9/ consid]ation ( ! jo9t resolution7 are waiv$4 ,! motion is n subject to am5dm5t1 or to a motion to po/pone1 or to a motion to proce$ to ! consid]ation ( o!r bus9ess4 ,a motion to reconsid] ! vote by :i* ! motion is agre$ to or disagre$ to %all n be 9 ord]4 ,if a motion to proce$ to ! consid]ation ( ! jo9t resolution is agre$ to1 ! jo9t resolution %all rema9 ! unf9i%$ bus9ess ( ! ,s5ate until dispos$ (4 7#b7 ,9 ! ,s5ate1 debate on ! jo9t resolution1 & on all debatable motions & appeals 9 connection !re)1 %all be limit$ to n m ?an #b h\rs1 :i* %all be divid$ equally betwe5 ^? favor+ & ^? oppos+ ! jo9t resolution4 ,a motion to fur!r limit debate is 9 ord] & n debatable4 ,an am5dm5t to1 or a motion to po/pone1 or a motion to proce$ to ! consid]ation ( o!r bus9ess1 or a motion to recommit ! jo9t resolution is n 9 ord]4 7#c7 ,9 ! ,s5ate1 imm$iately foll[+ ! conclusion ( ! debate on a jo9t resolution describ$ 9 subsection 7a71 & a s+le quorum call at ! conclusion ( ! debate if reque/$ 9 accordance ) ! rules ( ! ,s5ate1 ! vote on f9al passage ( ! jo9t resolution %all occur4 7#d7 ,appeals f ! decisions ( ! ,*air relat+ to ! application ( ! rules ( ! ,s5ate to ! proc$ure relat+ to a jo9t resolution describ$ 9 subsection 7a7 %all be decid$ )\t debate4 7e7 ,9 ! ,h\se ( ,repres5tatives1 if any committee to :i* a jo9t resolution describ$ 9 subsection 7a7 has be5 ref]r$ has n report$ x to ! ,h\se at ! end ( #ae legislative days aft] its introduction1 su* committee %all be dis*>g$ f fur!r consid]ation ( ! jo9t resolution1 & x %all be plac$ on ! appropriate cal5d>4 ,on ! second & f\r? ,?ursdays ( ea* mon? x %all be 9 ord] at any "t = ! ,speak] to recognize a ,memb] :o favors passage ( a jo9t resolution t has appe>$ on ! cal5d> = at lea/ #e legislative days to call up t jo9t resolution = imm$iate consid]ation 9 ! ,h\se )\t int]v5tion ( any po9t ( ord]4 ,:5 s call$ up a jo9t resolution %all be consid]$ z read & %all be debatable = #a h\r equally divid$ & controll$ by ! propon5t & an oppon5t1 & ! previ\s "q %all be consid]$ z ord]$ to its passage )\t int]v5+ motion4 ,x %all n be 9 ord] to reconsid] ! vote on passage4 ,if a vote on f9al passage ( ! jo9t resolution has n be5 tak5 by ! ?ird ,?ursday on :i* ! ,speak] may recognize a ,memb] "u ?is subsection1 su* vote %all be tak5 on t day4 7f7 7#a7 ,if1 be=e pass+ a jo9t resolution describ$ 9 subsection 7a71 "o ,h\se receives f ! o!r a jo9t resolution hav+ ! same text1 !n-- 7,a7 ! jo9t resolution ( ! o!r ,h\se %all n be ref]r$ to a committee2 & 7,b7 ! proc$ure 9 ! receiv+ ,h\se %all be ! same z if no jo9t resolution _h be5 receiv$ f ! o!r ,h\se until ! vote on passage1 :5 ! jo9t resolution receiv$ f ! o!r ,h\se %all supplant ! jo9t resolution ( ! receiv+ ,h\se4 7#b7 ,?is subsection %all n apply to ! ,h\se ( ,repres5tatives if ! jo9t resolution receiv$ f ! ,s5ate is a rev5ue measure4 7g7 ,if ei!r ,h\se has n tak5 a vote on f9al passage ( ! jo9t resolution by ! la/ day ( ! p]iod describ$ 9 section #fca7;b77#b71 !n su* vote %all be tak5 on t day4 7h7 ,?is section & section #fcc are enact$ by ,congress-- 7#a7 z an ex]cise ( ! rulemak+ p[] ( ! ,s5ate & ,h\se ( ,repres5tatives1 respectively1 & z su* is deem$ to be "p ( ! rules ( ea* ,h\se1 respectively1 b applicable only ) respect to ! proc$ure to be foll[$ 9 t ,h\se 9 ! case ( a jo9t resolution describ$ 9 subsection 7a7 & sup]s$+ o!r rules only :]e explicitly s2 & 7#b7 ) full recognition ( ! ,con/itutional "r ( ei!r ,h\se to *ange ! rules 7s f> z !y relate to ! proc$ure ( t ,h\se7 at any "t1 9 ! same mann] & to ! same ext5t z 9 ! case ( any o!r rule ( t ,h\se4 #fcc4 ,congressional disapproval proc$ure = nonmajor rules 7a7 ,= purposes ( ?is section1 ! t]m jo9t resolution means only a jo9t resolution introduc$ 9 ! p]iod beg9n+ on ! date on :i* ! report ref]r$ to 9 section #fca7;a77#a77;,a7 is receiv$ by ,congress & end+ #fj days !reaft] 7exclud+ days ei!r ,h\se ( ,congress is adj\rn$ = m ?an #c days dur+ a session ( ,congress71 ! matt] aft] ! resolv+ clause ( :i* is z foll[s3 ,t ,congress disapproves ! nonmajor rule submitt$ by ! relat+ to 1 & su* rule %all h no =ce or effect4 7,! blank spaces be+ appropriately fill$ 974 7b7 ,a jo9t resolution describ$ 9 subsection 7a7 %all be ref]r$ to ! committees 9 ea* ,h\se ( ,congress ) jurisdiction4 7c7 ,9 ! ,s5ate1 if ! committee to :i* is ref]r$ a jo9t resolution describ$ 9 subsection 7a7 has n report$ su* jo9t resolution 7or an id5tical jo9t resolution7 at ! end ( #ae session days aft] ! date ( introduction ( ! jo9t resolution1 su* committee may be dis*>g$ f fur!r consid]ation ( su* jo9t resolution ^u a petition support$ 9 writ+ by #cj ,memb]s ( ! ,s5ate1 & su* jo9t resolution %all be plac$ on ! cal5d>4 7d7 7#a7 ,9 ! ,s5ate1 :5 ! committee to :i* a jo9t resolution is ref]r$ has report$1 or :5 a committee is dis*>g$ 7"u subsection 7c77 f fur!r consid]ation ( a jo9t resolution describ$ 9 subsection 7a71 x is at any "t !reaft] 9 ord] 7ev5 ?\gh a previ\s motion to ! same effect has be5 disagre$ to7 = a motion to proce$ to ! consid]ation ( ! jo9t resolution1 & all po9ts ( ord] aga9/ ! jo9t resolution 7& aga9/ consid]ation ( ! jo9t resolution7 are waiv$4 ,! motion is n subject to am5dm5t1 or to a motion to po/pone1 or to a motion to proce$ to ! consid]ation ( o!r bus9ess4 ,a motion to reconsid] ! vote by :i* ! motion is agre$ to or disagre$ to %all n be 9 ord]4 ,if a motion to proce$ to ! consid]ation ( ! jo9t resolution is agre$ to1 ! jo9t resolution %all rema9 ! unf9i%$ bus9ess ( ! ,s5ate until dispos$ (4 7#b7 ,9 ! ,s5ate1 debate on ! jo9t resolution1 & on all debatable motions & appeals 9 connection !re)1 %all be limit$ to n m ?an #aj h\rs1 :i* %all be divid$ equally betwe5 ^? favor+ & ^? oppos+ ! jo9t resolution4 ,a motion to fur!r limit debate is 9 ord] & n debatable4 ,an am5dm5t to1 or a motion to po/pone1 or a motion to proce$ to ! consid]ation ( o!r bus9ess1 or a motion to recommit ! jo9t resolution is n 9 ord]4 7#c7 ,9 ! ,s5ate1 imm$iately foll[+ ! conclusion ( ! debate on a jo9t resolution describ$ 9 subsection 7a71 & a s+le quorum call at ! conclusion ( ! debate if reque/$ 9 accordance ) ! rules ( ! ,s5ate1 ! vote on f9al passage ( ! jo9t resolution %all occur4 7#d7 ,appeals f ! decisions ( ! ,*air relat+ to ! application ( ! rules ( ! ,s5ate to ! proc$ure relat+ to a jo9t resolution describ$ 9 subsection 7a7 %all be decid$ )\t debate4 7e7 ,9 ! ,s5ate1 ! proc$ure specifi$ 9 subsection 7c7 or 7d7 %all n apply to ! consid]ation ( a jo9t resolution respect+ a nonmajor rule-- 7#a7 aft] ! expiration ( ! #fj session days beg9n+ ) ! applicable submission or publication date2 or 7#b7 if ! report "u section #fca7;a77#a77;,a7 0 submitt$ dur+ ! p]iod ref]r$ to 9 section #fca7;d77#a71 aft] ! expiration ( ! #fj session days beg9n+ on ! #ae? session day aft] ! succe$+ session ( ,congress fir/ conv5es4 7f7 ,if1 be=e ! passage by "o ,h\se ( a jo9t resolution ( t ,h\se describ$ 9 subsection 7a71 t ,h\se receives f ! o!r ,h\se a jo9t resolution describ$ 9 subsection 7a71 !n ! foll[+ proc$ures %all apply3 7#a7 ,! jo9t resolution ( ! o!r ,h\se %all n be ref]r$ to a committee4 7#b7 ,) respect to a jo9t resolution describ$ 9 subsection 7a7 ( ! ,h\se receiv+ ! jo9t resolution-- 7,a7 ! proc$ure 9 t ,h\se %all be ! same z if no jo9t resolution _h be5 receiv$ f ! o!r ,h\se2 b 7,b7 ! vote on f9al passage %all be on ! jo9t resolution ( ! o!r ,h\se4 #fcd4 ,def9itions ,= purposes ( ?is subtitle3 7#a7 ,! t]m ,f$]al f9ancial ag5cy means ! ,consum] ,f9ancial ,opportunity ,commission1 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,commodity ,futures ,trad+ ,commission1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,securities & ,ex*ange ,commission4 7#b7 ,! t]m major rule means any rule1 includ+ an int]im f9al rule1 t ! ,adm9i/rator ( ! ,(fice ( ,in=mation & ,regulatory ,affairs ( ! ,(fice ( ,managem5t & ,budget f9ds has result$ 9 or is likely to result 9-- 7,a7 an annual effect on ! economy ( #ajj million or m2 7,b7 a major increase 9 co/s or prices = consum]s1 individual indu/ries1 ,f$]al1 ,/ate1 or local gov]nm5t ag5cies1 or geographic regions2 or 7,c7 significant adv]se effects on competition1 employm5t1 inve/m5t1 productivity1 innovation1 or on ! ability ( ,unit$ ,/ates-bas$ ent]prises to compete ) =eign-bas$ ent]prises 9 dome/ic & export m>kets4 7#c7 ,! t]m nonmajor rule means any rule t is n a major rule4 7#d7 ,! t]m rule has ! mean+ giv5 su* t]m 9 section #eea ( title #e1 ,unit$ ,/ates ,code1 except t su* t]m does n include-- 7,a7 any rule ( p>ticul> applicability1 includ+ a rule t approves or prescribes = ! future rates1 wages1 prices1 s]vices1 or all[ances !re=e1 corporate or f9ancial /ructures1 reorganizations1 m]g]s1 or acquisitions !re(1 or acc\nt+ practices or disclosures be>+ on any ( ! =ego+2 7,b7 any rule relat+ to ag5cy managem5t or p]sonnel2 or 7,c7 any rule ( ag5cy organization1 proc$ure1 or practice t does n sub/antially affect ! rights or obligations ( non-ag5cy p>ties4 7#e7 ,! t]m submission date or publication date1 except z o!rwise provid$ 9 ?is subtitle1 means-- 7,a7 9 ! case ( a major rule1 ! date on :i* ! ,congress receives ! report submitt$ "u section #fca7;a77#a77;,a72 & 7,b7 9 ! case ( a nonmajor rule1 ! lat] (-- 7i7 ! date on :i* ! ,congress receives ! report submitt$ "u section #fca7;a77#a77;,a72 & 7ii7 ! date on :i* ! nonmajor rule is publi%$ 9 ! ,f$]al ,regi/]1 if s publi%$4 #fce4 ,judicial review 7a7 ,no det]m9ation1 f9d+1 action1 or omission "u ?is subtitle %all be subject to judicial review4 7b7 ,not)/&+ subsection 7a71 a c\rt may det]m9e :e!r a ,f$]al f9ancial ag5cy has complet$ ! necess>y requirem5ts "u ?is subtitle = a rule to take effect4 7c7 ,! enactm5t ( a jo9t resolution ( approval "u section #fcb %all n be int]pret$ to s]ve z a grant or modification ( /atutory au?ority by ,congress = ! promulgation ( a rule1 %all n ext+ui% or affect any claim1 :e!r sub/antive or proc$ural1 aga9/ any alleg$ defect 9 a rule1 & %all n =m "p ( ! record be=e ! c\rt 9 any judicial proce$+ conc]n+ a rule except = purposes ( det]m9+ :e!r or n ! rule is 9 effect4 #fcf4 ,effective date ( c]ta9 rules ,not)/&+ section #fca-- 7#a7 any rule t e/abli%es1 modifies1 op5s1 closes1 or conducts a regulatory program = a comm]cial1 recreational1 or subsi/5ce activity relat$ to hunt+1 fi%+1 or camp+2 or 7#b7 any rule o!r ?an a major rule :i* ! ,f$]al f9ancial ag5cy = good cause f9ds 7& incorporates ! f9d+ & a brief /atem5t ( reasons !re=e 9 ! rule issu$7 t notice & public proc$ure !reon are impracticable1 unnecess>y1 or contr>y to ! public int]e/1 %all take effect at su* "t z ! ,f$]al f9ancial ag5cy promulgat+ ! rule det]m9es4 #fcg4 ,budget>y effects ( rules subject to section #fcb ( ! ,f9ancial ,,*oice ,act ( #bjaf ,section #beg7;b77#b7 ( ! ,balanc$ ,budget & ,em]g5cy ,deficit ,control ,act ( #aihe is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,e7 ,budget>y effects ( rules subject to section #fcb ( ! ,f9ancial ,,*oice ,act ( #bjaf ,any rules subject to ! congressional approval proc$ure set =? 9 section #fcb ( ! ,f9ancial ,,*oice ,act ( #bjaf affect+ budget au?ority1 outlays1 or receipts %all be assum$ to be effective unless x is n approv$ 9 accordance ) su* section4 4 ,c ,judicial ,review ( ,ag5cy ,actions #fda4 ,scope ( judicial review ( ag5cy actions 7a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 9 any judicial review ( an ag5cy action pursuant to *apt] #g ( title #e1 ,unit$ ,/ates ,code1 to ! ext5t necess>y to decision & :5 pres5t$1 ! review+ c\rt %all det]m9e ! mean+ or applicability ( ! t]ms ( an ag5cy action & decide de novo all relevant que/ions ( law1 includ+ ! int]pretation ( con/itutional & /atutory provisions1 & rules made by an ag5cy4 ,not)/&+ any o!r provision ( law1 ?is section %all apply 9 any action = judicial review ( ag5cy action au?oriz$ "u any provision ( law4 ,no law may exempt any su* civil action f ! application ( ?is section except by specific ref]5ce to ?is section4 7b7 ,ag5cy def9$ ,= purposes ( ?is section1 ! t]m ag5cy means ! ,consum] ,f9ancial ,opportunity ,commission1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,commodity ,futures ,trad+ ,commission1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,securities & ,ex*ange ,commission4 ,d ,lead]%ip ( ,f9ancial ,regulators #fea4 ,f$]al ,deposit ,insurance ,corporation ,section #b ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab7 is am5d$-- 7#a7 9 subsection 7a77#a71 by /rik+ #e memb]s & all t foll[s ?r\gh #c ( :om & ins]t+ ! foll[+3 #e memb]s1 :o2 7#b7 by am5d+ subsection 7d7 to read z foll[s3 7d7 ,vacancy ,any vacancy on ! ,bo>d ( ,directors %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 2 & 7#c7 9 subsection 7f7-- 7,a7 by /rik+ p>agraph 7#b72 & 7,b7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#b74 #feb4 ,f$]al ,h\s+ ,f9ance ,ag5cy 7a7 ,e/abli%m5t ( ,bo>d ,section #acab ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deab7 is am5d$-- 7#a7 9 ! head+ ( su* section1 by /rik+ ,director & ins]t+ ,bo>d ( ,directors2 & 7#b7 by /rik+ subsections 7a7 & 7b7 & ins]t+ ! foll[+3 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,bo>d ( ,directors ( ! ,ag5cy1 :i* %all s]ve z ! head ( ! ,ag5cy4 7b7 ,bo>d ( ,directors 7#a7 ,composition ( ! ,bo>d 7,a7 ,9 g5]al ,! ,bo>d %all be compos$ ( #e memb]s :o %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among individuals :o-- 7i7 are citiz5s ( ! ,unit$ ,/ates2 & 7ii7 h a demon/rat$ und]/&+ ( f9ancial managem5t or ov]sight1 & h a demon/rat$ und]/&+ ( capital m>kets1 includ+ ! mortgage securities m>kets & h\s+ f9ance4 7,b7 ,/agg]+ ,! memb]s ( ! ,bo>d %all s]ve /agg]$ t]ms1 :i* initially %all be e/abli%$ by ! ,presid5t = t]ms ( #a1 #b1 #c1 #d1 & #e ye>s1 respectively4 7,c7 ,t]ms 7i7 ,9 g5]al ,ea* memb] ( ! ,bo>d1 includ+ ! ,*air1 %all s]ve = a t]m ( #e ye>s4 7ii7 ,removal ,! ,presid5t may remove any memb] ( ! ,bo>d = ineffici5cy1 neglect ( duty1 or malfeasance 9 (fice4 7iii7 ,vacancies ,any memb] ( ! ,bo>d appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m to :i* t memb]'s pr$ecessor 0 appo9t$ 7includ+ ! ,*air7 %all be appo9t$ only = ! rema9d] ( ! t]m4 7iv7 ,cont9uation ( s]vice ,ea* memb] ( ! ,bo>d may cont9ue to s]ve aft] ! expiration ( ! t]m ( (fice to :i* t memb] 0 appo9t$ until a successor has be5 appo9t$ by ! ,presid5t & confirm$ by ! ,s5ate1 except t a memb] may n cont9ue to s]ve m ?an #a ye> aft] ! date on :i* t memb]'s t]m w\ld o!rwise expire4 7v7 ,o!r employm5t prohibit$ ,no memb] ( ! ,bo>d %all engage 9 any o!r bus9ess1 vocation1 or employm5t4 7#b7 ,affiliation ,n m ?an #c memb]s ( ! ,bo>d %all be memb]s ( any "o political p>ty4 7#c7 ,*air ( ! ,bo>d 7,a7 ,appo9tm5t ,! ,*air ( ! ,bo>d %all be appo9t$ by ! ,presid5t4 7,b7 ,au?ority ,! ,*air %all be ! pr9cipal executive (fic] ( ! ,ag5cy1 & %all ex]cise all ( ! executive & adm9i/rative functions ( ! ,ag5cy1 includ+ ) respect to-- 7i7 ! appo9tm5t & sup]vision ( p]sonnel employ$ "u ! ,ag5cy 7o!r ?an p]sonnel employ$ regul>ly & full "t 9 ! imm$iate (fices ( memb]s ( ! ,bo>d o!r ?an ! ,*air72 7ii7 ! di/ribution ( bus9ess among p]sonnel appo9t$ & sup]vis$ by ! ,*air & among adm9i/rative units ( ! ,ag5cy2 & 7iii7 ! use & exp5diture ( funds4 7,c7 ,limitation ,9 c>ry+ out any ( ! ,*air's functions "u ! provisions ( ?is p>agraph ! ,*air %all be gov]n$ by g5]al policies ( ! ,ag5cy & by su* regulatory decisions1 f9d+s1 & det]m9ations z ! ,ag5cy may by law be au?oriz$ to make4 7#d7 ,no impairm5t by reason ( vacancies ,no vacancy 9 ! memb]s ( ! ,bo>d %all impair ! "r ( ! rema9+ memb]s ( ! ,bo>d to ex]cise all ! p[]s ( ! ,bo>d4 ,?ree memb]s ( ! ,bo>d %all con/itute a quorum = ! transaction ( bus9ess1 except t if !re are only #c memb]s s]v+ on ! ,bo>d because ( vacancies 9 ! ,bo>d1 #b memb]s ( ! ,bo>d %all con/itute a quorum = ! transaction ( bus9ess4 ,if !re are only #b memb]s s]v+ on ! ,bo>d because ( vacancies 9 ! ,bo>d1 #b memb]s %all con/itute a quorum = ! #f-mon? p]iod beg9n+ on ! date ( ! vacancy :i* caus$ ! numb] ( ,bo>d memb]s to decl9e to #b4 7#e7 ,comp5sation 7,a7 ,*air ,! ,*air %all receive comp5sation at ! rate prescrib$ = level ,i ( ! ,executive ,s*$ule "u section #ecac ( title #e1 ,unit$ ,/ates ,code4 7,b7 ,o!r memb]s ( ! ,bo>d ,! #d o!r memb]s ( ! ,bo>d %all ea* receive comp5sation at ! rate prescrib$ = level ,,ii ( ! ,executive ,s*$ule "u section #ecad ( title #e1 ,unit$ ,/ates ,code4 7#f7 ,initial quorum e/abli%$ ,dur+ any "t p]iod prior to ! confirmation ( at lea/ two memb]s ( ! ,bo>d1 "o memb] ( ! ,bo>d %all con/itute a quorum = ! transaction ( bus9ess4 ,foll[+ ! confirmation ( at lea/ #b additional memb]s ( ! ,bo>d1 ! quorum requirem5ts ( p>agraph 7#d7 %all apply4 4 7b7 ,con=m+ am5dm5t ,section #ecac ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy44 7c7 ,deem+ ,any ref]5ce 9 a law1 regulation1 docum5t1 pap]1 or o!r record ( ! ,unit$ ,/ates to ! position ( ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all be deem$ a ref]5ce to ! ,bo>d ( ,directors ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy4 #fec4 ,national ,cr$it ,union ,adm9i/ration ,section #ajb ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb;a7 is am5d$-- 7#a7 9 subsection 7b77#a7-- 7,a7 by /rik+ ?ree & ins]t+ five2 & 7,b7 by /rik+ two & ins]t+ ?ree2 & 7#b7 by am5d+ subsection 7c7 to read z foll[s3 7c7 ,t]ms ,! t]m ( (fice ( ea* memb] ( ! ,bo>d %all be five ye>s1 & ! memb]s %all s]ve /agg]$ t]ms4 ,bo>d memb]s %all n be appo9t$ to succe$ !mselves4 ,any ,bo>d memb] may cont9ue to s]ve z su* aft] ! expiration ( said memb]'s t]m until a successor has qualifi$4 4 #fed4 ,(fice ( ! ,comptroll] ( ! ,curr5cy 7a7 ,e/abli%m5t ( bo>d ,subsection 7b7 ( section #cbd ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #a7 is am5d$ to read z foll[s3 7b7 ,bo>d ( ,directors 7#a7 ,e/abli%m5t ,!re is e/abli%$ ! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy 7h]e9aft] ref]r$ to z ! ,bo>d71 :i* %all s]ve z ! head ( ! ,(fice4 7#b7 ,composition ( ! ,bo>d 7,a7 ,9 g5]al ,! ,bo>d %all be compos$ ( #e memb]s :o %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among individuals :o-- 7i7 are citiz5s ( ! ,unit$ ,/ates2 & 7ii7 h /rong compet5cies & exp]i5ces relat$ to ! bank+ indu/ry4 7,b7 ,/agg]+ ,! memb]s ( ! ,bo>d %all s]ve /agg]$ t]ms1 :i* initially %all be e/abli%$ by ! ,presid5t = t]ms ( #a1 #b1 #c1 #d1 & #e ye>s1 respectively4 7,c7 ,t]ms 7i7 ,9 g5]al ,ea* memb] ( ! ,bo>d1 includ+ ! ,*air1 %all s]ve = a t]m ( #e ye>s4 7ii7 ,removal ,! ,presid5t may remove any memb] ( ! ,bo>d = ineffici5cy1 neglect ( duty1 or malfeasance 9 (fice4 7iii7 ,vacancies ,any memb] ( ! ,bo>d appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m to :i* t memb]'s pr$ecessor 0 appo9t$ 7includ+ ! ,*air7 %all be appo9t$ only = ! rema9d] ( ! t]m4 7iv7 ,cont9uation ( s]vice ,ea* memb] ( ! ,bo>d may cont9ue to s]ve aft] ! expiration ( ! t]m ( (fice to :i* t memb] 0 appo9t$ until a successor has be5 appo9t$ by ! ,presid5t & confirm$ by ! ,s5ate1 except t a memb] may n cont9ue to s]ve m ?an #a ye> aft] ! date on :i* t memb]'s t]m w\ld o!rwise expire4 7v7 ,o!r employm5t prohibit$ ,no memb] ( ! ,bo>d %all engage 9 any o!r bus9ess1 vocation1 or employm5t4 7#c7 ,affiliation ,n m ?an #c memb]s ( ! ,bo>d %all be memb]s ( any "o political p>ty4 7#d7 ,*air ( ! ,bo>d 7,a7 ,appo9tm5t ,! ,*air ( ! ,bo>d %all be appo9t$ by ! ,presid5t4 7,b7 ,au?ority ,! ,*air %all be ! pr9cipal executive (fic] ( ! ,(fice1 & %all ex]cise all ( ! executive & adm9i/rative functions ( ! ,(fice1 includ+ ) respect to-- 7i7 ! appo9tm5t & sup]vision ( p]sonnel employ$ "u ! ,(fice 7o!r ?an p]sonnel employ$ regul>ly & full "t 9 ! imm$iate (fices ( memb]s ( ! ,bo>d o!r ?an ! ,*air72 7ii7 ! di/ribution ( bus9ess among p]sonnel appo9t$ & sup]vis$ by ! ,*air & among adm9i/rative units ( ! ,(fice2 & 7iii7 ! use & exp5diture ( funds4 7,c7 ,limitation ,9 c>ry+ out any ( ! ,*air's functions "u ! provisions ( ?is p>agraph ! ,*air %all be gov]n$ by g5]al policies ( ! ,(fice & by su* regulatory decisions1 f9d+s1 & det]m9ations z ! ,(fice may by law be au?oriz$ to make4 7#e7 ,no impairm5t by reason ( vacancies ,no vacancy 9 ! memb]s ( ! ,bo>d %all impair ! "r ( ! rema9+ memb]s ( ! ,bo>d to ex]cise all ! p[]s ( ! ,bo>d4 ,?ree memb]s ( ! ,bo>d %all con/itute a quorum = ! transaction ( bus9ess1 except t if !re are only #c memb]s s]v+ on ! ,bo>d because ( vacancies 9 ! ,bo>d1 #b memb]s ( ! ,bo>d %all con/itute a quorum = ! transaction ( bus9ess4 ,if !re are only #b memb]s s]v+ on ! ,bo>d because ( vacancies 9 ! ,bo>d1 #b memb]s %all con/itute a quorum = ! #f-mon? p]iod beg9n+ on ! date ( ! vacancy :i* caus$ ! numb] ( ,bo>d memb]s to decl9e to #b4 7#f7 ,comp5sation 7,a7 ,*air ,! ,*air %all receive comp5sation at ! rate prescrib$ = level ,i ( ! ,executive ,s*$ule "u section #ecac ( title #e1 ,unit$ ,/ates ,code4 7,b7 ,o!r memb]s ( ! ,bo>d ,! #d o!r memb]s ( ! ,bo>d %all ea* receive comp5sation at ! rate prescrib$ = level ,,ii ( ! ,executive ,s*$ule "u section #ecad ( title #e1 ,unit$ ,/ates ,code4 7#g7 ,initial quorum e/abli%$ ,dur+ any "t p]iod prior to ! confirmation ( at lea/ two memb]s ( ! ,bo>d1 "o memb] ( ! ,bo>d %all con/itute a quorum = ! transaction ( bus9ess4 ,foll[+ ! confirmation ( at lea/ #b additional memb]s ( ! ,bo>d1 ! quorum requirem5ts ( p>agraph 7#e7 %all apply4 4 7b7 ,con=m+ am5dm5t ,section #ecad ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ,comptroll] ( ! ,curr5cy44 7c7 ,deem+ ,any ref]5ce 9 a law1 regulation1 docum5t1 pap]1 or o!r record ( ! ,unit$ ,/ates to ! position ( ! ,comptroll] ( ! ,curr5cy %all be deem$ a ref]5ce to ! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy4 ,e ,congressional ,ov]sight ( ,appropriations #ffa4 ,br++ ! ,f$]al ,deposit ,insurance ,corporation into ! regul> appropriations process 7a7 ,9 g5]al ,section #aj ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by /rik+ 7a7 ,! & ins]t+ ! foll[+3 7a7 ,p[]s 7#a7 ,9 g5]al ,! 2 7,b7 by ins]t+ 1 subject to p>agraph 7#b7 & subsection 7l71 aft] ,! ,bo>d ( ,directors ( ! ,corporation2 & 7,c7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,appropriations requirem5t ,! ,corporation may only incur obligations or all[ & pay exp5ses pursuant to an appropriations ,act1 o!r ?an ) respect to obligations or exp5ses paid = ) funds f ! ,deposit ,insurance ,fund or incurr$1 all[$1 or paid = ! purpose ( c>ry+ out ! insurance function ( ! ,corporation4 2 & 7#b7 by add+ at ! end ! foll[+ new subsection3 7l7 ,non-insurance fees z (fsett+ collections ,any fees collect$ by ! ,corporation1 except pursuant to section #e7;d71 %all be deposit$ & cr$it$ z (fsett+ collections to ! acc\nt provid+ appropriations to ! ,corporation4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to exp5ses paid & fees collect$ on or aft] ! date t is #ij days aft] ! date ( ! enactm5t ( ! fir/ appropriation ,act t provides = appropriations to ! ,f$]al ,deposit ,insurance ,corporation & t is enact$ aft] ! date ( ! enactm5t ( ?is ,act4 #ffb4 ,br++ ! ,f$]al ,h\s+ ,f9ance ,ag5cy into ! regul> appropriations process 7a7 ,9 g5]al ,section #acaf7;f7 ( ! ,h\s+ & ,community ,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 #deaf7;f77 is am5d$ to read z foll[s3 7f7 ,appropriations requirem5t2 assessm5ts deposit$ z (fsett+ collections 7#a7 ,appropriations requirem5t ,! ,ag5cy may only incur obligations or all[ & pay exp5ses pursuant to an appropriations ,act4 7#b7 ,(fsett+ collections ,any assessm5ts or o!r fees collect$ by ! ,ag5cy %all be deposit$ & cr$it$ z (fsett+ collections to ! acc\nt provid+ appropriations to ! ,ag5cy4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to exp5ses paid & fees collect$ on or aft] ! date t is #ij days aft] ! date ( ! enactm5t ( ! fir/ appropriation ,act t provides = appropriations to ! ,f$]al ,h\s+ ,f9ance ,ag5cy & t is enact$ aft] ! date ( ! enactm5t ( ?is ,act4 #ffc4 ,br++ ! ,national ,cr$it ,union ,adm9i/ration into ! regul> appropriations process 7a7 ,9 g5]al ,section #aje ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agee7 is am5d$ by /rik+ subsections 7d7 & 7e7 & ins]t+ ! foll[+3 7d7 ,appropriations requirem5t ,! ,adm9i/ration may only incur obligations or all[ & pay exp5ses pursuant to an appropriations ,act1 o!r ?an ) respect to obligations or exp5ses paid = ) funds f ! ,national ,cr$it ,union ,%>e ,insurance ,fund or incurr$1 all[$1 or paid = ! purpose ( c>ry+ out ! insurance function ( ! ,adm9i/ration4 7e7 ,non-insurance fees z (fsett+ collections ,any fees collect$ by ! ,adm9i/ration1 except = insurance fees collect$ "u title ,,ii1 %all be deposit$ & cr$it$ z (fsett+ collections to ! acc\nt provid+ appropriations to ! ,adm9i/ration4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to exp5ses paid & fees collect$ on or aft] ! date t is #ij days aft] ! date ( ! enactm5t ( ! fir/ appropriation ,act t provides = appropriations to ! ,national ,cr$it ,union ,adm9i/ration & t is enact$ aft] ! date ( ! enactm5t ( ?is ,act4 #ffd4 ,br++ ! ,(fice ( ! ,comptroll] ( ! ,curr5cy into ! regul> appropriations process 7a7 ,9 g5]al ,section #ebdj;,a ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates is am5d$-- 7#a7 by /rik+ ,sec4 #ebdj;,a4 ,! ,comptroll] ( ! ,curr5cy may & ins]t+ ! foll[+3 #ebdj;,a4 ,appropriations requirem5t2 assessm5ts deposit$ z (fsett+ collections 7a7 ,9 g5]al ,! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy may 2 7#b7 by /rik+ ,funds d]iv$ & all t foll[s ?r\gh ! end ( ! section2 & 7#c7 by add+ at ! end ! foll[+3 7b7 ,appropriations requirem5t ,! ,*air ( ! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy may only incur obligations or all[ & pay exp5ses pursuant to an appropriations ,act4 7c7 ,(fsett+ collections ,any assessm5ts or o!r fees collect$ by ! ,*air %all be deposit$ & cr$it$ z (fsett+ collections to ! acc\nt provid+ appropriations to ! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy4 4 7b7 ,effective ,date ,! am5dm5ts made by ?is section %all apply ) respect to exp5ses paid & fees collect$ on or aft] ! date t is #ij days aft] ! date ( ! enactm5t ( ! fir/ appropriation ,act t provides = appropriations to ! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy & t is enact$ aft] ! date ( ! enactm5t ( ?is ,act4 #ffe4 ,br++ ! non-monet>y policy relat$ functions ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em into ! regul> appropriations process ,! ,f$]al ,res]ve ,act is am5d$ by ins]t+ aft] section #aa;,b ! foll[+3 #aa;,c4 ,appropriations requirem5t = non-monet>y policy relat$ adm9i/rative co/s 7a7 ,appropriations requirem5t ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al res]ve banks may only incur obligations or all[ & pay exp5ses ) respect to non-monet>y policy relat$ adm9i/rative co/s pursuant to an appropriations ,act4 7b7 ,e>n+s & assessm5ts us$ to recov] ! co/ ( appropriations 7#a7 ,9 g5]al ,except z provid$ "u p>agraph 7#b7 & not)/&+ any o!r provision ( law1 all e>n+s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al res]ve banks & all am\nts collect$ pursuant to section #aa7t7 t w\ld1 abs5t ?is section1 be us$ to fund ! non-monet>y policy relat$ adm9i/rative co/s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ea* ( ! ,f$]al res]ve banks %all be deposit$ into ! g5]al fund ( ! ,treasury & cr$it$ z (fsett+ collections = ! am\nts appropriat$ to fund su* non-monet>y policy relat$ adm9i/rative co/s4 7#b7 ,no deposits 9 excess ( appropriations ,! am\nt deposit$ pursuant to p>agraph 7#a7 ) respect to a fiscal ye> %all n exce$ ! am\nt appropriat$ to fund ! non-monet>y policy relat$ adm9i/rative co/s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ea* ( ! ,f$]al res]ve banks = su* fiscal ye>4 7c7 ,def9itions ,= purposes ( ?is section3 7#a7 ,monet>y policy ,! t]m monet>y policy means a /rategy = produc+ a g5]ally acceptable ex*ange m$ium t supports ! productive employm5t ( economic res\rces by reliably s]v+ z bo? a unit ( acc\nt & /ore ( value4 7#b7 ,non-monet>y policy relat$ adm9i/rative co/s ,! t]m non-monet>y policy relat$ adm9i/rative co/s means adm9i/rative co/s n relat$ to ! conduct ( monet>y policy1 & include-- 7,a7 direct op]at+ exp5ses = sup]vis+ & regulat+ entities sup]vis$ & regulat$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 includ+ conduct+ exam9ations1 conduct+ /ress te/s1 communicat+ ) ! entities reg>d+ sup]visory matt]s & laws1 & regulations2 7,b7 op]at+ exp5ses = activities integral to c>ry+ out sup]visory & regulatory responsibilities1 su* z tra9+ /aff 9 ! sup]visory function1 rese>* & analysis functions includ+ libr>y subscription s]vices1 & collect+ & process+ regulatory reports fil$ by sup]vis$ in/itutions2 & 7,c7 support1 ov]head1 & p5sion exp5ses relat$ to ! items describ$ "u subp>agraphs 7,a7 & 7,b74 4 ,f ,int]national ,processes #fga4 ,requirem5ts = int]national processes 7a7 ,bo>d ( ,gov]nors requirem5ts ,section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh71 z am5d$ by section #gjf1 is fur!r am5d$ by add+ at ! end ! foll[+ new subsection3 7w7 ,int]national processes 7#a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e any memb] or employee ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,gov]nors %all-- 7,a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,bo>d ( ,gov]nors2 & 7,c7 solicit public comm5t1 & consult ) ! committees describ$ "u subp>agraph 7,a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7#b7 ,public reports on process ,aft] ! end ( any process describ$ "u p>agraph 7#a71 ! ,bo>d ( ,gov]nors %all issue a public report on ! topics t 7 discuss$ dur+ ! process & any new or revis$ rulemak+s or policy *anges t ! ,bo>d ( ,gov]nors believes %\ld be implem5t$ z a result ( ! process4 7#c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e any memb] or employee ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,gov]nors %all-- 7,a7 issue a notice ( agreem5t to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,bo>d ( ,gov]nors2 & 7,c7 consult ) ! committees describ$ "u subp>agraph 7,a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7#d7 ,def9ition ,= purposes ( ?is subsection1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 4 7b7 ,,fdic requirem5ts ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$ by add+ at ! end ! foll[+ new section3 #ea4 ,int]national processes 7a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,bo>d ( ,directors p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,directors %all-- 7#a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7#b7 make su* notice available to ! public1 includ+ on ! website ( ! ,corporation2 & 7#c7 solicit public comm5t1 & consult ) ! committees describ$ "u p>agraph 7#a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7b7 ,public reports on process ,aft] ! end ( any process describ$ "u subsection 7a71 ! ,bo>d ( ,directors %all issue a public report on ! topics t 7 discuss$ at ! process & any new or revis$ rulemak+s or policy *anges t ! ,bo>d ( ,directors believes %\ld be implem5t$ z a result ( ! process4 7c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,bo>d ( ,directors p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,directors %all-- 7#a7 issue a notice ( agreem5t to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7#b7 make su* notice available to ! public1 includ+ on ! website ( ! ,corporation2 & 7#c7 consult ) ! committees describ$ "u p>agraph 7#a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7d7 ,def9ition ,= purposes ( ?is section1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 4 7c7 ,treasury requirem5ts ,section #cbe ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+ new subsection3 7d7 ,int]national processes 7#a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,secret>y p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,secret>y %all-- 7,a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,dep>tm5t ( ! ,treasury2 & 7,c7 solicit public comm5t1 & consult ) ! committees describ$ "u subp>agraph 7,a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7#b7 ,public reports on process ,aft] ! end ( any process describ$ "u p>agraph 7#a71 ! ,secret>y %all issue a public report on ! topics t 7 discuss$ at ! process & any new or revis$ rulemak+s or policy *anges t ! ,secret>y believes %\ld be implem5t$ z a result ( ! process4 7#c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,secret>y p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,secret>y %all-- 7,a7 issue a notice ( agreem5t to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,dep>tm5t ( ! ,treasury2 & 7,c7 consult ) ! committees describ$ "u subp>agraph 7,a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7#d7 ,def9ition ,= purposes ( ?is subsection1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 4 7d7 ,,occ requirem5ts ,*apt] "o ( title ,,lxii ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #ba et seq47 is am5d$-- 7#a7 by add+ at ! end ! foll[+ new section3 #eaef;,b4 ,int]national processes 7a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,bo>d ( ,directors ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,directors %all-- 7#a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7#b7 make su* notice available to ! public1 includ+ on ! website ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy2 & 7#c7 solicit public comm5t1 & consult ) ! committees describ$ "u p>agraph 7#a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7b7 ,public reports on process ,aft] ! end ( any process describ$ "u subsection 7a71 ! ,bo>d ( ,directors %all issue a public report on ! topics t 7 discuss$ at ! process & any new or revis$ rulemak+s or policy *anges t ! ,bo>d ( ,directors believes %\ld be implem5t$ z a result ( ! process4 7c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,bo>d ( ,directors p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,bo>d ( ,directors %all-- 7#a7 issue a notice ( agreem5t to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7#b7 make su* notice available to ! public1 includ+ on ! website ( ! ,(fice ( ! ,comptroll] ( ! ,curr5cy2 & 7#c7 consult ) ! committees describ$ "u p>agraph 7#a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7d7 ,def9ition ,= purposes ( ?is section1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 2 & 7#b7 9 ! table ( cont5ts = su* *apt]1 by add+ at ! end ! foll[+ new item3 #eaef;,b4 ,int]national processes4 4 7e7 ,securities & ,ex*ange ,commission requirem5ts ,section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7j7 ,int]national processes 7#a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,commission p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,commission %all-- 7,a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,commission2 & 7,c7 solicit public comm5t1 & consult ) ! committees describ$ "u subp>agraph 7,a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7#b7 ,public reports on process ,aft] ! end ( any process describ$ "u p>agraph 7#a71 ! ,commission %all issue a public report on ! topics t 7 discuss$ at ! process & any new or revis$ rulemak+s or policy *anges t ! ,commission believes %\ld be implem5t$ z a result ( ! process4 7#c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,commission p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,commission %all-- 7,a7 issue a notice ( agreem5t to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,commission2 & 7,c7 consult ) ! committees describ$ "u subp>agraph 7,a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7#d7 ,def9ition ,= purposes ( ?is subsection1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 4 7f7 ,commodity ,futures ,trad+ ,commission ,requirem5ts ,section #b ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #b7 is am5d$ by add+ at ! end ! foll[+3 7k7 ,int]national processes 7#a7 ,notice ( process2 consultation ,at lea/ #cj cal5d> days be=e ! ,commission p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,commission %all-- 7,a7 issue a notice ( ! process1 includ+ ! subject matt]1 scope1 & goals ( ! process1 to-- 7i7 ! ,committees on ,f9ancial ,s]vices & ,agriculture ( ! ,h\se ( ,repres5tatives2 & 7ii7 ! ,committees on ,bank+1 ,h\s+1 & ,urban ,affairs & ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,commission2 & 7,c7 solicit public comm5t1 & consult ) ! committees describ$ "u subp>agraph 7,a71 ) respect to ! subject matt]1 scope1 & goals ( ! process4 7#b7 ,public reports on process ,aft] ! end ( any process describ$ "u p>agraph 7#a71 ! ,commission %all issue a public report on ! topics t 7 discuss$ dur+ ! process & any new or revis$ rulemak+s or policy *anges t ! ,commission believes %\ld be implem5t$ z a result ( ! process4 7#c7 ,notice ( agreem5ts2 consultation ,at lea/ #ij cal5d> days be=e ! ,commission p>ticipates 9 a process ( sett+ f9ancial /&>ds z a "p ( any =eign or mult9ational entity1 ! ,commission %all-- 7,a7 issue a notice ( agreem5t to-- 7i7 ! ,committees on ,f9ancial ,s]vices & ,agriculture ( ! ,h\se ( ,repres5tatives2 & 7ii7 ! ,committees on ,bank+1 ,h\s+1 & ,urban ,affairs & ,agriculture1 ,nutrition1 & ,=e/ry ( ! ,s5ate2 7,b7 make su* notice available to ! public1 includ+ on ! website ( ! ,commission2 & 7,c7 consult ) ! committees describ$ "u subp>agraph 7,a7 ) respect to ! nature ( ! agreem5t & any anticipat$ effects su* agreem5t w h on ! economy4 7#d7 ,def9ition ,= purposes ( ?is subsection1 ! t]m process %all include any (ficial proce$+ or meet+ on f9ancial regulation ( a recogniz$ int]national organization ) au?ority to set f9ancial /&>ds on a global or regional level1 includ+ ! ,f9ancial ,/ability ,bo>d1 ! ,basel ,committee on ,bank+ ,sup]vision 7or a simil> organization71 & ! ,int]national ,association ( ,insurance ,sup]visors 7or a simil> organization74 4 ,,vii ,f$ ,ov]sight ,re=m & ,mod]nization #gja4 ,requirem5ts = policy rules ( ! ,f$]al ,op5 ,m>ket ,committee ,! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bba et seq47 is am5d$ by ins]t+ aft] section #b;,b ! foll[+ new section3 #b;,c4 ,directive ,policy ,rules ( ! ,f$]al ,op5 ,m>ket ,committee 7a7 ,def9itions ,9 ?is section ! foll[+ def9itions %all apply3 7#a7 ,appropriate congressional committees ,! t]m appropriate congressional committees means ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate4 7#b7 ,directive ,policy ,rule ,! t]m ,directive ,policy ,rule means a policy rule develop$ by ! ,f$]al ,op5 ,m>ket ,committee t meets ! requirem5ts ( subsection 7c7 & t provides ! basis = ! ,op5 ,m>ket ,op]ations ,directive4 7#c7 ,,gdp ,! t]m ,,gdp means ! gross dome/ic product ( ! ,unit$ ,/ates z comput$ & publi%$ by ! ,dep>tm5t ( ,comm]ce4 7#d7 ,int]m$iate ,policy ,input ,! t]m ,int]m$iate ,policy ,input-- 7,a7 may include any v>iable det]m9$ by ! ,f$]al ,op5 ,m>ket ,committee z a necess>y input to guide op5-m>ket op]ations2 7,b7 %all include an e/imate (1 & ! me?od ( calculation =1 ! curr5t rate ( inflation or curr5t inflation expectations2 & 7,c7 %all include1 specify+ :e!r ! v>iable or e/imate is hi/orical1 curr5t1 or a =eca/ & ! me?od ( calculation1 at lea/ "o (-- 7i7 an e/imate ( real ,,gdp1 nom9al ,,gdp1 or pot5tial ,,gdp2 7ii7 an e/imate ( ! monet>y aggregate compil$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ,f$]al res]ve banks2 or 7iii7 an int]active v>iable or a net e/imate compos$ ( ! e/imates describ$ 9 clauses 7i7 & 7ii74 7#e7 ,legislative day ,! t]m legislative day means a day on :i* ei!r ,h\se ( ,congress is 9 session4 7#f7 ,op5 ,m>ket ,op]ations ,directive ,! t]m ,op5 ,m>ket ,op]ations ,directive means an ord] to a*ieve a specifi$ ,policy ,in/rum5t ,t>get provid$ to ! ,f$]al ,res]ve ,bank ( ,new ,york by ! ,f$]al ,op5 ,m>ket ,committee pursuant to p[]s au?oriz$ "u section #ad ( ?is ,act t guide op5-m>ket op]ations4 7#g7 ,policy ,in/rum5t ,! t]m ,policy ,in/rum5t means-- 7,a7 ! nom9al ,f$]al funds rate2 7,b7 ! nom9al rate ( int]e/ paid on nonborr[$ res]ves2 or 7,c7 ! disc\nt w9d[ prim>y cr$it int]e/ rate mo/ rec5tly publi%$ on ! ,f$]al ,res]ve ,/ati/ical ,release on select$ int]e/ rates 7daily or weekly71 commonly ref]r$ to z ! ,h4#ae release4 7#h7 ,policy ,in/rum5t ,t>get ,! t]m ,policy ,in/rum5t ,t>get means ! t>get = ! ,policy ,in/rum5t specifi$ 9 ! ,op5 ,m>ket ,op]ations ,directive4 7#i7 ,ref]5ce ,policy ,rule ,! t]m ,ref]5ce ,policy ,rule means a calculation ( ! nom9al ,f$]al funds rate z equal to ! sum ( ! foll[+3 7,a7 ,! rate ( inflation ov] ! previ\s f\r qu>t]s4 7,b7 ,"o-half ( ! p]c5tage deviation ( ! real ,,gdp f an e/imate ( pot5tial ,,gdp4 7,c7 ,"o-half ( ! diff]5ce betwe5 ! rate ( inflation ov] ! previ\s f\r qu>t]s & two p]c5t4 7,d7 ,two p]c5t4 7b7 ,submitt+ a ,directive ,policy ,rule ,n lat] ?an #dh h\rs aft] ! end ( a meet+ ( ! ,f$]al ,op5 ,m>ket ,committee1 ! ,*airman ( ! ,f$]al ,op5 ,m>ket ,committee %all submit to ! appropriate congressional committees & ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates a ,directive ,policy ,rule & a /atem5t t id5tifies ! memb]s ( ! ,f$]al ,op5 ,m>ket ,committee :o vot$ 9 favor ( ! ,rule4 7c7 ,requirem5ts = a ,directive ,policy ,rule ,a ,directive ,policy ,rule %all-- 7#a7 id5tify ! ,policy ,in/rum5t ! ,directive ,policy ,rule is design$ to t>get2 7#b7 describe ! /rategy or rule ( ! ,f$]al ,op5 ,m>ket ,committee = ! sy/ematic quantitative adju/m5t ( ! ,policy ,in/rum5t ,t>get to respond to a *ange 9 ! ,int]m$iate ,policy ,inputs2 7#c7 include a function t compreh5sively models ! int]active relation%ip betwe5 ! ,int]m$iate ,policy ,inputs2 7#d7 include ! coeffici5ts ( ! ,directive ,policy ,rule t g5]ate ! curr5t ,policy ,in/rum5t ,t>get & a range ( pr$ict$ future values = ! ,policy ,in/rum5t ,t>get if *anges occur 9 any ,int]m$iate ,policy ,input2 7#e7 describe ! proc$ure = adju/+ ! supply ( bank res]ves to a*ieve ! ,policy ,in/rum5t ,t>get2 7#f7 include a /atem5t z to :e!r ! ,directive ,policy ,rule sub/antially con=ms to ! ,ref]5ce ,policy ,rule &1 if applicable-- 7,a7 an explanation ( ! ext5t to :i* x dep>ts f ! ,ref]5ce ,policy ,rule2 7,b7 a detail$ ju/ification = t dep>ture2 & 7,c7 a description ( ! circum/ances "u :i* ! ,directive ,policy ,rule may be am5d$ 9 ! future2 7#g7 include a c]tification t su* ,rule is expect$ to support ! economy 9 a*iev+ /able prices & maximum natural employm5t ov] ! long t]m2 7#h7 include a calculation t describes ) ma!matical precision ! expect$ annual inflation rate ov] a #e-ye> p]iod2 & 7#i7 include a plan to use ! mo/ accurate data1 subject to all hi/orical revisions1 = inputs into ! ,directive ,policy ,rule & ! ,ref]5ce ,policy ,rule4 7d7 ,,gao report ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all comp>e ! ,directive ,policy ,rule submitt$ "u subsection 7b7 ) ! rule t 0 mo/ rec5tly submitt$ to det]m9e :e!r ! ,directive ,policy ,rule has mat]ially *ang$4 ,if ! ,directive ,policy ,rule has mat]ially *ang$1 ! ,comptroll] ,g5]al %all1 n lat] ?an #g days aft] ea* meet+ ( ! ,f$]al ,op5 ,m>ket ,committee1 prep>e & submit a compliance report to ! appropriate congressional committees specify+ :e!r ! ,directive ,policy ,rule submitt$ aft] t meet+ & ! ,f$]al ,op5 ,m>ket ,committee are 9 compliance ) ?is section4 7e7 ,*ang+ m>ket conditions 7#a7 ,rule ( con/ruction ,no?+ 9 ?is ,act %all be con/ru$ to require t ! plans ) respect to ! sy/ematic quantitative adju/m5t ( ! ,policy ,in/rum5t ,t>get describ$ "u subsection 7c77#b7 be implem5t$ if ! ,f$]al ,op5 ,m>ket ,committee det]m9es t su* plans _c or %\ld n be a*iev$ due to *ang+ m>ket conditions4 7#b7 ,,gao approval ( update ,^u det]m9+ t plans describ$ 9 p>agraph 7#a7 _c or %\ld n be a*iev$1 ! ,f$]al ,op5 ,m>ket ,committee %all submit an explanation = t det]m9ation & an updat$ v]sion ( ! ,directive ,policy ,rule to ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates & ! appropriate congressional committees n lat] ?an #dh h\rs aft] mak+ ! det]m9ation4 ,! ,comptroll] ,g5]al %all1 n lat] ?an #dh h\rs aft] receiv+ su* updat$ v]sion1 prep>e & submit to ! appropriate congressional committees a compliance report det]m9+ :e!r su* updat$ v]sion & ! ,f$]al ,op5 ,m>ket ,committee are 9 compliance ) ?is section4 7f7 ,directive ,policy ,rule & ,f$]al ,op5 ,m>ket ,committee n 9 compliance 7#a7 ,9 g5]al ,if ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates det]m9es t ! ,directive ,policy ,rule & ! ,f$]al ,op5 ,m>ket ,committee are n 9 compliance ) ?is section 9 ! report submitt$ pursuant to subsection 7d71 or t ! updat$ v]sion ( ! ,directive ,policy ,rule & ! ,f$]al ,op5 ,m>ket ,committee are n 9 compliance ) ?is section 9 ! report submitt$ pursuant to subsection 7e77#b71 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all1 if reque/$ by ! *airman ( ei!r ( ! appropriate congressional committees1 n lat] ?an #g legislative days aft] su* reque/1 te/ify be=e su* committee z to :y ! ,directive ,policy ,rule1 ! updat$ v]sion1 or ! ,f$]al ,op5 ,m>ket ,committee is n 9 compliance4 7#b7 ,,gao audit ,not)/&+ subsection 7b7 ( section #gad ( title #ca1 ,unit$ ,/ates ,code1 ^u submitt+ a report ( noncompliance pursuant to subsection 7d7 or subsection 7e77#b7 & aft] ! p]iod ( #g legislative days describ$ 9 p>agraph 7#a71 ! ,comptroll] ,g5]al %all audit ! conduct ( monet>y policy by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al ,op5 ,m>ket ,committee ^u reque/ ( ! appropriate congressional committee4 ,su* committee may specify ! p>amet]s ( su* audit4 7g7 ,congressional he>+s ,! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all1 if reque/$ by ! *airman ( ei!r ( ! appropriate congressional committees & n lat] ?an #g legislative days aft] su* reque/1 appe> be=e su* committee to expla9 any *ange to ! ,directive ,policy ,rule4 4 #gjb4 ,f$]al ,op5 ,m>ket ,committee black\t p]iod ,section #ab;,a ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7d7 ,black\t p]iod 7#a7 ,9 g5]al ,dur+ a black\t p]iod1 ! only public communications t may be made by memb]s & /aff ( ! ,committee ) respect to macroeconomic or f9ancial developm5ts or ab\t curr5t or prospective monet>y policy issues are ! foll[+3 7,a7 ,! dissem9ation ( publi%$ data1 surveys1 & reports t h be5 cle>$ = publication by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7,b7 ,answ]s to te*nical que/ions specific to a data release4 7,c7 ,communications ) respect to ! prud5tial or sup]visory functions ( ! ,bo>d ( ,gov]nors4 7#b7 ,black\t p]iod def9$ ,= purposes ( ?is subsection1 & ) respect to a meet+ ( ! ,committee describ$ "u subsection 7a71 ! t]m black\t p]iod means ! "t p]iod t-- 7,a7 beg9s imm$iately aft] midnight on ! day t is "o week prior to ! date on :i* su* meet+ takes place2 & 7,b7 ends at midnight on ! day aft] ! date on :i* su* meet+ takes place4 7#c7 ,exemption = ,*airman ( ! ,bo>d ( ,gov]nors ,no?+ 9 ?is section %all prohibit ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em f p>ticipat+ 9 or issu+ public communications4 4 #gjc4 ,memb]%ip ( ,f$]al ,op5 ,m>ket ,committee ,section #ab;,a7a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc7;a77 is am5d$-- 7#a7 9 ! fir/ s5t5ce1 by /rik+ five & ins]t+ six2 7#b7 9 ! second s5t5ce1 by /rik+ ,"o by ! bo>d ( directors & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ ! foll[+3 ,"o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,new ,york & ,bo/on2 "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,philadelphia & ,clevel&2 "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,ri*mond & ,atlanta2 "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,*icago & ,/4 ,l\is2 "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,m9neapolis & ,kansas ,city2 & "o by ! bo>ds ( directors ( ! ,f$]al ,res]ve ,banks ( ,dallas & ,san ,francisco42 & 7#c7 by ins]t+ aft] ! second s5t5ce ! foll[+3 ,9 odd numb]$ cal5d> ye>s1 "o repres5tative %all be elect$ f ea* ( ! ,f$]al ,res]ve ,banks ( ,bo/on1 ,philadelphia1 ,ri*mond1 ,*icago1 ,m9neapolis1 & ,dallas4 ,9 ev5-numb]$ cal5d> ye>s1 "o repres5tative %all be elect$ f ea* ( ! ,f$]al ,res]ve ,banks ( ,new ,york1 ,clevel&1 ,atlanta1 ,/4 ,l\is1 ,kansas ,city1 & ,san ,francisco44 #gjd4 ,frequ5cy ( te/imony ( ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em to ,congress 7a7 ,9 g5]al ,section #b;,b ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bbe;b7 is am5d$-- 7#a7 by /rik+ semi-annual ea* place x appe>s & ins]t+ qu>t]ly2 & 7#b7 9 subsection 7a77#b7-- 7,a7 by ins]t+ & ,octob] #bj aft] ,july #bj ea* place x appe>s2 & 7,b7 by ins]t+ & ,may #bj aft] ,febru>y #bj ea* place x appe>s4 7b7 ,con=m+ am5dm5t ,p>agraph 7#ab7 ( section #aj ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdg;b7#ab77 is am5d$ by /rik+ semi-annual & ins]t+ qu>t]ly4 #gje4 ,vice ,*airman = ,sup]vision report requirem5t ,p>agraph 7#ab7 ( section #aj ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdg7;b77 is am5d$-- 7#a7 by r$esignat+ su* p>agraph z p>agraph 7#aa72 & 7#b7 9 su* p>agraph1 by add+ at ! end ! foll[+3 ,9 ea* su* appe>ance1 ! ,vice ,*airman = ,sup]vision %all provide writt5 te/imony t includes ! /atus ( all p5d+ & anticipat$ rulemak+s t are be+ made by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 ,if1 at ! "t ( any appe>ance describ$ 9 ?is p>agraph1 ! position ( ,vice ,*airman = ,sup]vision is vacant1 ! ,vice ,*airman = ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7:o has ! responsibility to s]ve 9 ! abs5ce ( ! ,*airman7 %all appe> in/ead & provide ! requir$ writt5 te/imony4 ,if1 at ! "t ( any appe>ance describ$ 9 ?is p>agraph1 bo? ,vice ,*airman positions are vacant1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all appe> in/ead & provide ! requir$ writt5 te/imony44 #gjf4 ,sal>ies1 f9ancial disclosures1 & (fice /aff ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7a7 ,9 g5]al ,section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is am5d$-- 7#a7 by r$esignat+ ! second subsection 7s7 7relat+ to ,assessm5ts1 ,fees1 & ,o!r ,*>ges = ,c]ta9 ,companies7 z subsection 7t72 & 7#b7 by add+ at ! end ! foll[+ new subsections3 7u7 ,e?ics /&>ds = memb]s & employees 7#a7 ,prohibit$ & re/rict$ f9ancial int]e/s & transactions ,! memb]s & employees ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all be subject to ! provisions "u section #ddja4ajb ( title #e1 ,code ( ,f$]al ,regulations1 to ! same ext5t z su* provisions apply to an employee ( ! ,securities & ,ex*ange ,commission4 7#b7 ,treatm5t ( brok]age acc\nts & availability ( acc\nt /atem5ts ,! memb]s & employees ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all-- 7,a7 disclose all brok]age acc\nts t !y ma9ta91 z well z ^? 9 :i* !y control trad+ or h a f9ancial int]e/ 7includ+ manag$ acc\nts1 tru/ acc\nts1 inve/m5t club acc\nts1 & ! acc\nts ( sp\ses or m9or *ildr5 :o live ) ! memb] or employee72 & 7,b7 ) respect to any securities acc\nt t ! memb] or employee is requir$ to disclose to ! ,bo>d ( ,gov]nors1 au?orize _! brok]s & deal]s to s5d duplicate acc\nt /atem5ts directly to ,bo>d ( ,gov]nors4 7#c7 ,prohibitions relat$ to outside employm5t & activities ,! memb]s & employees ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all be subject to ! prohibitions relat$ to outside employm5t & activities describ$ "u section #ddja4ajc7;c7 ( title #e1 ,code ( ,f$]al ,regulations1 to ! same ext5t z su* prohibitions apply to an employee ( ! ,securities & ,ex*ange ,commission4 7#d7 ,additional e?ics /&>ds ,! memb]s & employees ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all be subject to-- 7,a7 ! employee responsibilities & conduct regulations ( ! ,(fice ( ,p]sonnel ,managem5t "u "p #gce ( title #e1 ,code ( ,f$]al ,regulations2 7,b7 ! canons ( e?ics conta9$ 9 subp>t ,c ( "p #bjj ( title #ag1 ,code ( ,f$]al ,regulations1 to ! same ext5t z su* subp>t applies to ! employees ( ! ,securities & ,ex*ange ,commission2 & 7,c7 ! regulations conc]n+ ! conduct ( memb]s & employees & =m] memb]s & employees conta9$ 9 subp>t ,m ( "p #bjj ( title #ag1 ,code ( ,f$]al ,regulations1 to ! same ext5t z su* subp>t applies to ! employees ( ! ,securities & ,ex*ange ,commission4 7v7 ,disclosure ( /aff sal>ies & f9ancial in=mation ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all make publicly available1 on ! website ( ! ,bo>d ( ,gov]nors1 a se>*able database t conta9s ! names ( all memb]s1 (fic]s1 & employees ( ! ,bo>d ( ,gov]nors :o receive an annual sal>y 9 excess ( ! annual rate ( basic pay = ,,gs-#ae ( ! ,g5]al ,s*$ule1 &-- 7#a7 ! ye>ly sal>y in=mation = su* individuals1 along ) any nonsal>y comp5sation receiv$ by su* individuals2 & 7#b7 any f9ancial disclosures requir$ to be made by su* individuals4 4 7b7 ,(fice /aff = ea* memb] ( ! ,bo>d ( ,gov]nors ,subsection 7l7 ( section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is am5d$ by add+ at ! end ! foll[+3 ,ea* memb] ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em may employ1 at a m9imum1 #b individuals1 ) su* individuals select$ by su* memb] & ! sal>ies ( su* individuals set by su* memb]4 ,a memb] may employ additional individuals z det]m9$ necess>y by ! ,bo>d ( ,gov]nors44 #gjg4 ,am5dm5ts to p[]s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7a7 ,9 g5]al ,section #ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdc7c771 z am5d$ by section #bba1 is fur!r am5d$-- 7#a7 9 subp>agraph 7,a7-- 7,a7 by ins]t+ t pose a ?reat to ! f9ancial /ability ( ! ,unit$ ,/ates aft] unusual & exig5t circum/ances2 & 7,b7 by ins]t+ & by ! affirmative vote ( n less ?an n9e presid5ts ( ! ,f$]al res]ve banks aft] five memb]s2 7#b7 9 subp>agraph 7,b7-- 7,a7 9 clause 7i71 by ins]t+ at ! end ! foll[+3 ,f$]al res]ve banks may n accept equity securities issu$ by ! recipi5t ( any loan or o!r f9ancial assi/ance "u ?is p>agraph z collat]al4 ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is s5t5ce1 ! ,bo>d %all1 by rule1 e/abli%-- 7,i7 a me?od = det]m9+ ! suffici5cy ( ! collat]al requir$ "u ?is p>agraph2 7,,ii7 acceptable classes ( collat]al2 7,,iii7 ! am\nt ( any disc\nt ( su* value t ! ,f$]al res]ve banks w apply = purposes ( calculat+ ! suffici5cy ( collat]al "u ?is p>agraph2 & 7,,iv7 a me?od = obta9+ indep5d5t appraisals ( ! value ( collat]al ! ,f$]al res]ve banks receive4 2 & 7,b7 9 clause 7ii7-- 7i7 by /rik+ ! second s5t5ce2 & 7ii7 by ins]t+ aft] ! fir/ s5t5ce ! foll[+3 ,a borr[] %all n be eligible to borr[ f any em]g5cy l5d+ program or facility unless ! ,bo>d & all f$]al bank+ regulators ) jurisdiction ov] ! borr[] c]tify t1 at ! "t ! borr[] initially borr[s "u ! program or facility1 ! borr[] is n insolv5t42 7#c7 by ins]t+ f9ancial in/itution be=e p>ticipant ea* place su* t]m appe>s2 7#d7 9 subp>agraph 7,d77i71 by ins]t+ f9ancial in/itution be=e p>ticipants2 & 7#e7 by add+ at ! end ! foll[+ new subp>agraphs3 7,e7 ,p5alty rate 7i7 ,9 g5]al ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is subp>agraph1 ! ,bo>d %all1 ) respect to a recipi5t ( any loan or o!r f9ancial assi/ance "u ?is p>agraph1 e/abli% by rule a m9imum int]e/ rate on ! pr9cipal am\nt ( any loan or o!r f9ancial assi/ance4 7ii7 ,m9imum int]e/ rate def9$ ,9 ?is subp>agraph1 ! t]m m9imum int]e/ rate %all mean ! sum (-- 7,i7 ! av]age ( ! second>y disc\nt rate ( all ,f$]al ,res]ve banks ov] ! mo/ rec5t #ij-;day p]iod2 & 7,,ii7 ! av]age ( ! diff]5ce betwe5 a di/ress$ corporate bond yield index 7z def9$ by rule ( ! ,bo>d7 & a bond yield index ( debt issu$ by ! ,unit$ ,/ates 7z def9$ by rule ( ! ,bo>d7 ov] ! mo/ rec5t #ij-;day p]iod4 7,f7 ,f9ancial in/itution p>ticipant def9$ ,= purposes ( ?is p>agraph1 ! t]m f9ancial in/itution p>ticipant-- 7i7 means a company t is pr$om9antly engag$ 9 f9ancial activities 7z def9$ 9 section #ajb7;a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecaa7;a7772 & 7ii7 does n include an ag5cy describ$ 9 subp>agraph 7,w7 ( section #ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates ,code1 or an entity controll$ or sponsor$ by su* an ag5cy4 4 7b7 ,con=m+ am5dm5t ,section #aa7r77#b77;,a7 ( su* ,act is am5d$-- 7#a7 9 clause 7ii77,,iv71 by /rik+ 2 & & ins]t+ a semicolon2 7#b7 9 clause 7iii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+ new clause3 7iv7 ! available memb]s secure ! affirmative vote ( n less ?an n9e presid5ts ( ! ,f$]al res]ve banks4 4 #gjh4 ,int]e/ rates on balances ma9ta9$ at a ,f$]al ,res]ve bank by depository in/itutions e/abli%$ by ,f$]al ,op5 ,m>ket ,committee ,subp>agraph 7,a7 ( section #ai7;b77#ab7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #dfa7;b77#ab77;,a77 is am5d$ by ins]t+ e/abli%$ by ! ,f$]al ,op5 ,m>ket ,committee aft] rate or rates4 #gji4 ,audit re=m & transp>5cy = ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 7a7 ,9 g5]al ,not)/&+ section #gad ( title #ca1 ,unit$ ,/ates ,code1 or any o!r provision ( law1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all annually complete an audit ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al res]ve banks "u subsection 7b7 ( su* section #gad )9 #ab mon?s aft] ! date ( ! enactm5t ( ?is ,act4 7b7 ,report 7#a7 ,9 g5]al ,n lat] ?an #ij days aft] ea* audit requir$ pursuant to subsection 7a7 is complet$1 ! ,comptroll] ,g5]al-- 7,a7 %all submit to ,congress a report on su* audit2 & 7,b7 %all make su* report available to ! ,speak] ( ! ,h\se1 ! majority & m9ority lead]s ( ! ,h\se ( ,repres5tatives1 ! majority & m9ority lead]s ( ! ,s5ate1 ! ,*airman & ,rank+ ,memb] ( ! committee & ea* subcommittee ( jurisdiction 9 ! ,h\se ( ,repres5tatives & ! ,s5ate1 & any o!r ,memb] ( ,congress :o reque/s ! report4 7#b7 ,cont5ts ,! report "u p>agraph 7#a7 %all include a detail$ description ( ! f9d+s & conclusion ( ! ,comptroll] ,g5]al ) respect to ! audit t is ! subject ( ! report1 toge!r ) su* recomm5dations = legislative or adm9i/rative action z ! ,comptroll] ,g5]al may det]m9e to be appropriate4 7c7 ,repeal ( c]ta9 limitations ,subsection 7b7 ( section #gad ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ! second s5t5ce4 7d7 ,te*nical & con=m+ am5dm5ts 7#a7 ,9 g5]al ,section #gad ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 9 subsection 7d77#c71 by /rik+ or 7f7 ea* place su* t]m appe>s2 7,b7 9 subsection 7e71 by /rik+ ! ?ird undesignat$ p>agraph ( section #ac & ins]t+ section #ac7c72 & 7,c7 by /rik+ subsection 7f74 7#b7 ,f$]al ,res]ve ,act ,subsection 7s7 7relat+ to ,f$]al ,res]ve ,transp>5cy & ,release ( ,in=mation7 ( section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7 is am5d$-- 7,a7 9 p>agraph 7#d77;,a71 by /rik+ has ! same mean+ z 9 section #gad7;f77#a77;,a7 ( title #ca1 ,unit$ ,/ates ,code & ins]t+ means a program or facility1 includ+ any special purpose vehicle or o!r entity e/abli%$ by or on behalf ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em or a ,f$]al res]ve bank1 au?oriz$ by ! ,bo>d ( ,gov]nors "u section #ac7c71 t is n subject to audit "u section #gad7;e7 ( title #ca1 ,unit$ ,/ates ,code2 7,b7 9 p>agraph 7#f71 by /rik+ or 9 section #gad7;f77#c77;,c7 ( title #ca1 ,unit$ ,/ates ,code1 ! in=mation describ$ 9 p>agraph 7#a7 & in=mation conc]n+ ! transactions describ$ 9 section #gad7;f7 ( su* title1 & ins]t+ ! in=mation describ$ 9 p>agraph 7#a72 & 7,c7 9 p>agraph 7#g71 by /rik+ & section #ac7c77;,c71 section #gad7;f77#c77;,c7 ( title #ca1 ,unit$ ,/ates ,code1 & & ins]t+ 1 section #ac7c77;,c71 &4 #gaj4 ,e/abli%m5t ( a ,c5t5nial ,monet>y ,commission 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,! ,con/itution end[s ,congress ) ! p[] to co9 money1 regulate ! value !re(4 7#b7 ,foll[+ ! f9ancial crisis kn[n z ! ,panic ( #aijg1 ,congress e/abli%$ ! ,national ,monet>y ,commission to provide recomm5dations = ! re=m ( ! f9ancial & monet>y sy/ems ( ! ,unit$ ,/ates4 7#c7 ,incorporat+ sev]al ( ! recomm5dations ( ! ,national ,monet>y ,commission1 ,congress creat$ ! ,f$]al ,res]ve ,sy/em 9 #aiac4 ,z curr5tly organiz$1 ! ,f$]al ,res]ve ,sy/em consi/s ( ! ,bo>d ( ,gov]nors 9 ,wa%+ton1 ,di/rict ( ,columbia1 & ! ,f$]al ,res]ve ,banks organiz$ into #ab di/ricts ar\nd ! ,unit$ ,/ates4 ,! /ockhold]s ( ! #ab ,f$]al ,res]ve ,banks include national & c]ta9 ,/ate-*>t]$ comm]cial banks1 :i* op]ate on a fractional res]ve basis4 7#d7 ,orig9ally1 ,congress gave ! ,f$]al ,res]ve ,sy/em a monet>y m&ate to provide an ela/ic curr5cy1 )9 ! context ( a gold /&>d1 9 response to seasonal fluctuations 9 ! dem& = curr5cy4 7#e7 ,congress also gave ! ,f$]al ,res]ve ,sy/em a f9ancial /ability m&ate to s]ve z ! l5d] ( la/ resort to solv5t b illiquid banks dur+ a f9ancial crisis4 7#f7 ,9 #aigg1 ,congress *ang$ ! monet>y m&ate ( ! ,f$]al ,res]ve ,sy/em to a dual m&ate = maximum employm5t & /able prices4 7#g7 ,empirical /udies & hi/orical evid5ce1 bo? )9 ! ,unit$ ,/ates & 9 o!r c\ntries1 demon/rate t price /ability is desirable because bo? inflation & deflation damage ! economy4 7#h7 ,! economic *all5ge ( rec5t ye>s--mo/ notably ! bur/+ ( ! h\s+ bubble1 ! f9ancial crisis ( #bjjh1 & ! ensu+ anemic recov]y--h occurr$ at great co/ 9 t]ms ( lo/ jobs & output4 7#i7 ,policymak]s are reexam9+ ! /ructure & function+ ( f9ancial in/itutions & m>kets to det]m9e :at1 if any1 *anges ne$ to be made to place ! f9ancial sy/em on a /rong]1 m su/a9able pa? go+ =w>d4 7#aj7 ,! ,f$]al ,res]ve ,sy/em has tak5 extraord9>y actions 9 response to ! rec5t economic *all5ges4 7#aa7 ,! ,f$]al ,op5 ,m>ket ,committee has engag$ 9 multiple r\nds ( quantitative eas+1 provid+ unprec$5t$ liquidity to f9ancial m>kets1 :ile committ+ to hold+ %ort-t]m int]e/ rates l[ = a seem+ly indef9ite p]iod1 & pursu+ a policy ( cr$it allocation by pur*as+ ,f$]al ag5cy debt & mortgage-back$ securities4 7#ab7 ,9 ! wake ( ! rec5t extraord9>y actions ( ! ,f$]al ,res]ve ,sy/em1 ,congress--consi/5t ) its con/itutional responsibilities & z x has done p]iodically ?r\gh\t ! hi/ory ( ! ,unit$ ,/ates--has once aga9 r5ew$ its exam9ation ( monet>y policy4 7#ac7 ,c5tral 9 su* exam9ation has be5 a r5ew$ look at :at is ! mo/ prop] m&ate = ! ,f$]al ,res]ve ,sy/em to conduct monet>y policy 9 ! #ba/ c5tury4 7b7 ,e/abli%m5t ( a ,c5t5nial ,monet>y ,commission ,!re is e/abli%$ a commission to be kn[n z ! ,c5t5nial ,monet>y ,commission 79 ?is section ref]r$ to z ! ,commission74 7c7 ,/udy & report on monet>y policy 7#a7 ,/udy ,! ,commission %all-- 7,a7 exam9e h[ ,unit$ ,/ates monet>y policy s9ce ! creation ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 9 #aiac has affect$ ! p]=mance ( ! ,unit$ ,/ates economy 9 t]ms ( output1 employm5t1 prices1 & f9ancial /ability ov] "t2 7,b7 evaluate v>i\s op]ational regimes "u :i* ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,f$]al ,op5 ,m>ket ,committee may conduct monet>y policy 9 t]ms a*iev+ ! maximum su/a9able level ( output & employm5t & price /ability ov] ! long t]m1 includ+-- 7i7 discretion 9 det]m9+ monet>y policy )\t an op]ational regime2 7ii7 price level t>get+2 7iii7 inflation rate t>get+2 7iv7 nom9al gross dome/ic product t>get+ 7bo? level & gr[? rate72 7v7 ! use ( monet>y policy rules2 & 7vi7 ! gold /&>d2 7,c7 evaluate ! use ( macro-prud5tial sup]vision & regulation z a tool ( monet>y policy 9 t]ms ( a*iev+ ! maximum su/a9able level ( output & employm5t & price /ability ov] ! long t]m2 7,d7 evaluate ! use ( ! l5d]-(-la/-resort function ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em z a tool ( monet>y policy 9 t]ms ( a*iev+ ! maximum su/a9able level ( output & employm5t & price /ability ov] ! long t]m2 7,e7 recomm5d a c\rse = ,unit$ ,/ates monet>y policy go+ =w>d1 includ+-- 7i7 ! legislative m&ate2 7ii7 ! op]ational regime2 7iii7 ! securities us$ 9 op5 m>ket op]ations2 & 7iv7 transp>5cy issues2 & 7,f7 consid] ! effects ( ! ,,gdp output & employm5t t>gets ( ! dual m&ate 7bo? f ! creation ( ! dual m&ate 9 #aigg until ! pres5t "t & e/imates ( ! future effect ( ! dual m&ate 7 on-- 7i7 ,unit$ ,/ates economic activity2 7ii7 ,f$]al ,res]ve actions2 & 7iii7 ,f$]al debt4 7#b7 ,report ,n lat] ?an ,decemb] #a1 #bjag1 ! ,commission %all submit to ,congress & make publicly available a report conta9+ a /atem5t ( ! f9d+s & conclusions ( ! ,commission 9 c>ry+ out ! /udy "u p>agraph 7#a71 toge!r ) ! recomm5dations ! ,commission consid]s appropriate4 ,9 mak+ su* report1 ! ,commission %all specifically report on ! consid]ations requir$ "u p>agraph 7#a77;,f74 7d7 ,memb]%ip 7#a7 ,numb] & appo9tm5t 7,a7 ,appo9t$ vot+ memb]s ,! ,commission %all conta9 #ab vot+ memb]s z foll[s3 7i7 ,six memb]s appo9t$ by ! ,speak] ( ! ,h\se ( ,repres5tatives1 ) f\r memb]s f ! majority p>ty & two memb]s f ! m9ority p>ty4 7ii7 ,six memb]s appo9t$ by ! ,presid5t ,pro ,tempore ( ! ,s5ate1 ) f\r memb]s f ! majority p>ty & two memb]s f ! m9ority p>ty4 7,b7 ,*airman ,! ,speak] ( ! ,h\se ( ,repres5tatives & ! majority lead] ( ! ,s5ate %all jo9tly designate "o ( ! memb]s ( ! ,commission z ,*airman4 7,c7 ,non-vot+ memb]s ,! ,commission %all conta9 #b non-vot+ memb]s z foll[s3 7i7 ,"o memb] appo9t$ by ! ,secret>y ( ! ,treasury4 7ii7 ,"o memb] :o is ! presid5t ( a di/rict ,f$]al res]ve bank appo9t$ by ! ,*air ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#b7 ,p]iod ( ,appo9tm5t ,ea* memb] %all be appo9t$ = ! life ( ! ,commission4 7#c7 ,tim+ ( appo9tm5t ,all memb]s ( ! ,commission %all be appo9t$ n lat] ?an #cj days aft] ! date ( ! enactm5t ( ?is section4 7#d7 ,vacancies ,a vacancy 9 ! ,commission %all n affect its p[]s1 & %all be fill$ 9 ! mann] 9 :i* ! orig9al appo9tm5t 0 made4 7#e7 ,meet+s 7,a7 ,initial meet+ ,! ,commission %all hold its initial meet+ & beg9 ! op]ations ( ! ,commission z soon z is practicable4 7,b7 ,fur!r ,meet+s ,! ,commission %all meet ^u ! call ( ! ,*air or a majority ( its memb]s4 7#f7 ,quorum ,sev5 vot+ memb]s ( ! ,commission %all con/itute a quorum b a less] numb] may hold he>+s4 7#g7 ,memb] ( ,congress ,def9$ ,9 ?is subsection1 ! t]m ,memb] ( ,congress means a ,s5ator or a ,repres5tative 91 or ,delegate or ,resid5t ,commission] to1 ! ,congress4 7e7 ,p[]s 7#a7 ,he>+s & sessions ,! ,commission or1 on ! au?ority ( ! ,commission1 any subcommittee or memb] !re(1 may1 = ! purpose ( c>ry+ out ?is section1 hold he>+s1 sit & act at times & places1 take te/imony1 receive evid5ce1 or adm9i/] oa?s z ! ,commission or su* subcommittee or memb] !re( consid]s appropriate4 7#b7 ,contract au?ority ,to ! ext5t or 9 ! am\nts provid$ 9 advance 9 appropriation ,acts1 ! ,commission may contract ) & comp5sate gov]nm5t & private ag5cies or p]sons to enable ! ,commission to dis*>ge its duties "u ?is section1 )\t reg>d to section #cgji ( ! ,revis$ ,/atutes 7#da ,u4,s4,c4 #e74 7#c7 ,obta9+ (ficial data 7,a7 ,9 g5]al ,! ,commission is au?oriz$ to secure directly f any executive dep>tm5t1 bureau1 ag5cy1 bo>d1 commission1 (fice1 indep5d5t e/abli%m5t1 or in/rum5tality ( ! ,gov]nm5t1 any in=mation1 includ+ sugge/ions1 e/imates1 or /ati/ics1 = ! purposes ( ?is section4 7,b7 ,reque/+ (ficial data ,! head ( su* dep>tm5t1 bureau1 ag5cy1 bo>d1 commission1 (fice1 indep5d5t e/abli%m5t1 or in/rum5tality ( ! gov]nm5t %all1 to ! ext5t au?oriz$ by law1 furni% su* in=mation ^u reque/ made by-- 7i7 ! ,*air2 7ii7 ! ,*air ( any subcommittee creat$ by a majority ( ! ,commission2 or 7iii7 any memb] ( ! ,commission designat$ by a majority ( ! commission to reque/ su* in=mation4 7#d7 ,assi/ance ,f ,f$]al ,ag5cies 7,a7 ,g5]al s]vices adm9i/ration ,! ,adm9i/rator ( ,g5]al ,s]vices %all provide to ! ,commission on a reimbursable basis adm9i/rative support & o!r s]vices = ! p]=mance ( ! functions ( ! ,commission4 7,b7 ,o!r dep>tm5ts & ag5cies ,9 addition to ! assi/ance prescrib$ 9 subp>agraph 7,a71 at ! reque/ ( ! ,commission1 dep>tm5ts & ag5cies ( ! ,unit$ ,/ates %all provide su* s]vices1 funds1 facilities1 /aff1 & o!r support s]vices z may be au?oriz$ by law4 7#e7 ,po/al s]vice ,! ,commission may use ! ,unit$ ,/ates mails 9 ! same mann] & "u ! same conditions z o!r dep>tm5ts & ag5cies ( ! ,unit$ ,/ates4 7f7 ,commission p]sonnel 7#a7 ,appo9tm5t & comp5sation ( /aff 7,a7 ,9 ,g5]al ,subject to rules prescrib$ by ! ,commission1 ! ,*air may appo9t & fix ! pay ( ! executive director & o!r p]sonnel z ! ,*air consid]s appropriate4 7,b7 ,applicability ( civil s]vice laws ,! /aff ( ! ,commission may be appo9t$ )\t reg>d to ! provisions ( title #e1 ,unit$ ,/ates ,code1 gov]n+ appo9tm5ts 9 ! competitive s]vice1 & may be paid )\t reg>d to ! provisions ( *apt] #ea & sub*apt] ,,iii ( *apt] #ec ( t title relat+ to classification & ,g5]al ,s*$ule pay rates1 except t an individual s appo9t$ may n receive pay 9 excess ( level ,v ( ! ,executive ,s*$ule4 7#b7 ,consultants ,! ,commission may procure tempor>y & int]mitt5t s]vices "u section #caji7;b7 ( title #e1 ,unit$ ,/ates ,code1 b at rates = individuals n to exce$ ! daily equival5t ( ! rate ( pay = a p]son occupy+ a position at level ,,iv ( ! ,executive ,s*$ule4 7#c7 ,/aff ( f$]al ag5cies ,^u reque/ ( ! ,commission1 ! head ( any ,f$]al dep>tm5t or ag5cy may detail1 on a reimbursable basis1 any ( ! p]sonnel ( su* dep>tm5t or ag5cy to ! ,commission to assi/ x 9 c>ry+ out its duties "u ?is section4 7g7 ,t]m9ation ( commission 7#a7 ,9 g5]al ,! ,commission %all t]m9ate on ,june #a1 #bjag4 7#b7 ,adm9i/rative ,activities be=e t]m9ation ,! ,commission may use ! p]iod betwe5 ! submission ( its report & its t]m9ation = ! purpose ( conclud+ its activities1 includ+ provid+ te/imony to ! committee ( ,congress conc]n+ its report4 7h7 ,au?orization ( ,appropriations ,!re is au?oriz$ to be appropriat$ to c>ry out ?is section #a1jjj1jjj1 :i* %all rema9 available until ! date on :i* ! ,commission t]m9ates4 #gaa4 ,public transcripts ( ,,fomc meet+s ,section #ab;,a ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bfc71 z am5d$ by ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+3 7e7 ,public transcripts ( meet+s ,! ,committee %all-- 7#a7 record all meet+s ( ! ,committee2 & 7#b7 make ! full transcript ( su* meet+s available to ! public4 4 ,,viii ,dem&+ ,acc\ntability f ,wall ,/reet ,a ,,sec ,p5alties ,mod]nization #hja4 ,enhancem5t ( civil p5alties = securities laws violations 7a7 ,updat$ civil money p5alties 7#a7 ,securities ,act ( #aicc 7,a7 ,money p5alties 9 adm9i/rative actions ,section #h;,a7g77#b7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;h-#a7;g77#b77 is am5d$-- 7i7 9 subp>agraph 7,a7-- 7,i7 by /rik+ #g1ejj & ins]t+ #aj1jjj2 & 7,,ii7 by /rik+ #ge1jjj & ins]t+ #ajj1jjj2 7ii7 9 subp>agraph 7,b7-- 7,i7 by /rik+ #ge1jjj & ins]t+ #ajj1jjj2 & 7,,ii7 by /rik+ #cge1jjj & ins]t+ #ejj1jjj2 & 7iii7 by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 ,?ird ti] 7i7 ,9 g5]al ,not)/&+ subp>agraphs 7,a7 & 7,b71 ! am\nt ( p5alty = ea* su* act or omission %all n exce$ ! am\nt specifi$ 9 clause 7ii7 if-- 7,i7 ! act or omission describ$ 9 p>agraph 7#a7 involv$ fraud1 deceit1 manipulation1 or delib]ate or reckless disreg>d ( a regulatory requirem5t2 & 7,,ii7 su* act or omission directly or indirectly result$ 9-- 7aa7 sub/antial losses or creat$ a significant risk ( sub/antial losses to o!r p]sons2 or 7bb7 sub/antial pecuni>y ga9 to ! p]son :o committ$ ! act or omission4 7ii7 ,maximum am\nt ( p5alty ,! am\nt ref]r$ to 9 clause 7i7 is ! greate/ (-- 7,i7 #cjj1jjj = a natural p]son or #a1dej1jjj = any o!r p]son2 7,,ii7 #c times ! gross am\nt ( pecuni>y ga9 to ! p]son :o committ$ ! act or omission2 or 7,,iii7 ! am\nt ( losses incurr$ by victims z a result ( ! act or omission4 4 7,b7 ,money p5alties 9 civil actions ,section #bj7;d77#b7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggt7d77#b77 is am5d$-- 7i7 9 subp>agraph 7,a7-- 7,i7 by /rik+ #e1jjj & ins]t+ #aj1jjj2 & 7,,ii7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 7ii7 9 subp>agraph 7,b7-- 7,i7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 & 7,,ii7 by /rik+ #bej1jjj & ins]t+ #ejj1jjj2 & 7iii7 by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 ,?ird ti] 7i7 ,9 g5]al ,not)/&+ subp>agraphs 7,a7 & 7,b71 ! am\nt ( p5alty = ea* su* violation %all n exce$ ! am\nt specifi$ 9 clause 7ii7 if-- 7,i7 ! violation describ$ 9 p>agraph 7#a7 involv$ fraud1 deceit1 manipulation1 or delib]ate or reckless disreg>d ( a regulatory requirem5t2 & 7,,ii7 su* violation directly or indirectly result$ 9 sub/antial losses or creat$ a significant risk ( sub/antial losses to o!r p]sons4 7ii7 ,maximum am\nt ( p5alty ,! am\nt ref]r$ to 9 clause 7i7 is ! greate/ (-- 7,i7 #cjj1jjj = a natural p]son or #a1dej1jjj = any o!r p]son2 7,,ii7 #c times ! gross am\nt ( pecuni>y ga9 to su* def5dant z a result ( ! violation2 or 7,,iii7 ! am\nt ( losses incurr$ by victims z a result ( ! violation4 4 7#b7 ,securities ,ex*ange ,act ( #aicd 7,a7 ,money p5alties 9 civil actions ,section #ba7;d77#c77;,b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu7d77#c77;,b77 is am5d$-- 7i7 9 clause 7i7-- 7,i7 by /rik+ #e1jjj & ins]t+ #aj1jjj2 & 7,,ii7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 7ii7 9 clause 7ii7-- 7,i7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 & 7,,ii7 by /rik+ #bej1jjj & ins]t+ #ejj1jjj2 & 7iii7 by /rik+ clause 7iii7 & ins]t+ ! foll[+3 7iii7 ,?ird ti] 7,i7 ,9 g5]al ,not)/&+ clauses 7i7 & 7ii71 ! am\nt ( p5alty = ea* su* violation %all n exce$ ! am\nt specifi$ 9 subclause 7,,ii7 if-- 7aa7 ! violation describ$ 9 subp>agraph 7,a7 involv$ fraud1 deceit1 manipulation1 or delib]ate or reckless disreg>d ( a regulatory requirem5t2 & 7bb7 su* violation directly or indirectly result$ 9 sub/antial losses or creat$ a significant risk ( sub/antial losses to o!r p]sons4 7,,ii7 ,maximum am\nt ( p5alty ,! am\nt ref]r$ to 9 subclause 7,i7 is ! greate/ (-- 7aa7 #cjj1jjj = a natural p]son or #a1dej1jjj = any o!r p]son2 7bb7 #c times ! gross am\nt ( pecuni>y ga9 to su* def5dant z a result ( ! violation2 or 7cc7 ! am\nt ( losses incurr$ by victims z a result ( ! violation4 4 7,b7 ,money p5alties 9 adm9i/rative actions ,section #ba;,b7b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu-#b7;b77 is am5d$-- 7i7 9 p>agraph 7#a7-- 7,i7 by /rik+ #e1jjj & ins]t+ #aj1jjj2 & 7,,ii7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 7ii7 9 p>agraph 7#b7-- 7,i7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 & 7,,ii7 by /rik+ #bej1jjj & ins]t+ #ejj1jjj2 & 7iii7 by /rik+ p>agraph 7#c7 & ins]t+ ! foll[+3 7#c7 ,?ird ti] 7,a7 ,9 g5]al ,not)/&+ p>agraphs 7#a7 & 7#b71 ! am\nt ( p5alty = ea* su* act or omission %all n exce$ ! am\nt specifi$ 9 subp>agraph 7,b7 if-- 7i7 ! act or omission describ$ 9 subsection 7a7 involv$ fraud1 deceit1 manipulation1 or delib]ate or reckless disreg>d ( a regulatory requirem5t2 & 7ii7 su* act or omission directly or indirectly result$ 9 sub/antial losses or creat$ a significant risk ( sub/antial losses to o!r p]sons or result$ 9 sub/antial pecuni>y ga9 to ! p]son :o committ$ ! act or omission4 7,b7 ,maximum am\nt ( p5alty ,! am\nt ref]r$ to 9 subp>agraph 7,a7 is ! greate/ (-- 7i7 #cjj1jjj = a natural p]son or #a1dej1jjj = any o!r p]son2 7ii7 #c times ! gross am\nt ( pecuni>y ga9 to ! p]son :o committ$ ! act or omission2 or 7iii7 ! am\nt ( losses incurr$ by victims z a result ( ! act or omission4 4 7#c7 ,inve/m5t ,company ,act ( #aidj 7,a7 ,money p5alties 9 adm9i/rative actions ,section #i7;d77#b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#i7;d77#b77 is am5d$-- 7i7 9 subp>agraph 7,a7-- 7,i7 by /rik+ #e1jjj & ins]t+ #aj1jjj2 & 7,,ii7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 7ii7 9 subp>agraph 7,b7-- 7,i7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 & 7,,ii7 by /rik+ #bej1jjj & ins]t+ #ejj1jjj2 & 7iii7 by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 ,?ird ti] 7i7 ,9 g5]al ,not)/&+ subp>agraphs 7,a7 & 7,b71 ! am\nt ( p5alty = ea* su* act or omission %all n exce$ ! am\nt specifi$ 9 clause 7ii7 if-- 7,i7 ! act or omission describ$ 9 p>agraph 7#a7 involv$ fraud1 deceit1 manipulation1 or delib]ate or reckless disreg>d ( a regulatory requirem5t2 & 7,,ii7 su* act or omission directly or indirectly result$ 9 sub/antial losses or creat$ a significant risk ( sub/antial losses to o!r p]sons or result$ 9 sub/antial pecuni>y ga9 to ! p]son :o committ$ ! act or omission4 7ii7 ,maximum am\nt ( p5alty ,! am\nt ref]r$ to 9 clause 7i7 is ! greate/ (-- 7,i7 #cjj1jjj = a natural p]son or #a1dej1jjj = any o!r p]son2 7,,ii7 #c times ! gross am\nt ( pecuni>y ga9 to ! p]son :o committ$ ! act or omission2 or 7,,iii7 ! am\nt ( losses incurr$ by victims z a result ( ! act or omission4 4 7,b7 ,money p5alties 9 civil actions ,section #db7;e77#b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#da7;e77#b77 is am5d$-- 7i7 9 subp>agraph 7,a7-- 7,i7 by /rik+ #e1jjj & ins]t+ #aj1jjj2 & 7,,ii7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 7ii7 9 subp>agraph 7,b7-- 7,i7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 & 7,,ii7 by /rik+ #bej1jjj & ins]t+ #ejj1jjj2 & 7iii7 by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 ,?ird ti] 7i7 ,9 g5]al ,not)/&+ subp>agraphs 7,a7 & 7,b71 ! am\nt ( p5alty = ea* su* violation %all n exce$ ! am\nt specifi$ 9 clause 7ii7 if-- 7,i7 ! violation describ$ 9 p>agraph 7#a7 involv$ fraud1 deceit1 manipulation1 or delib]ate or reckless disreg>d ( a regulatory requirem5t2 & 7,,ii7 su* violation directly or indirectly result$ 9 sub/antial losses or creat$ a significant risk ( sub/antial losses to o!r p]sons4 7ii7 ,maximum am\nt ( p5alty ,! am\nt ref]r$ to 9 clause 7i7 is ! greate/ (-- 7,i7 #cjj1jjj = a natural p]son or #a1dej1jjj = any o!r p]son2 7,,ii7 #c times ! gross am\nt ( pecuni>y ga9 to su* def5dant z a result ( ! violation2 or 7,,iii7 ! am\nt ( losses incurr$ by victims z a result ( ! violation4 4 7#d7 ,inve/m5t ,advis]s ,act ( #aidj 7,a7 ,money p5alties 9 adm9i/rative actions ,section #bjc7;i77#b7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#c7;i77#b77 is am5d$-- 7i7 9 subp>agraph 7,a7-- 7,i7 by /rik+ #e1jjj & ins]t+ #aj1jjj2 & 7,,ii7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 7ii7 9 subp>agraph 7,b7-- 7,i7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 & 7,,ii7 by /rik+ #bej1jjj & ins]t+ #ejj1jjj2 & 7iii7 by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 ,?ird ti] 7i7 ,9 g5]al ,not)/&+ subp>agraphs 7,a7 & 7,b71 ! am\nt ( p5alty = ea* su* act or omission %all n exce$ ! am\nt specifi$ 9 clause 7ii7 if-- 7,i7 ! act or omission describ$ 9 p>agraph 7#a7 involv$ fraud1 deceit1 manipulation1 or delib]ate or reckless disreg>d ( a regulatory requirem5t2 & 7,,ii7 su* act or omission directly or indirectly result$ 9 sub/antial losses or creat$ a significant risk ( sub/antial losses to o!r p]sons or result$ 9 sub/antial pecuni>y ga9 to ! p]son :o committ$ ! act or omission4 7ii7 ,maximum am\nt ( p5alty ,! am\nt ref]r$ to 9 clause 7i7 is ! greate/ (-- 7,i7 #cjj1jjj = a natural p]son or #a1dej1jjj = any o!r p]son2 7,,ii7 #c times ! gross am\nt ( pecuni>y ga9 to ! p]son :o committ$ ! act or omission2 or 7,,iii7 ! am\nt ( losses incurr$ by victims z a result ( ! act or omission4 4 7,b7 ,money p5alties 9 civil actions ,section #bji7;e77#b7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#i7;e77#b77 is am5d$-- 7i7 9 subp>agraph 7,a7-- 7,i7 by /rik+ #e1jjj & ins]t+ #aj1jjj2 & 7,,ii7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 7ii7 9 subp>agraph 7,b7-- 7,i7 by /rik+ #ej1jjj & ins]t+ #ajj1jjj2 & 7,,ii7 by /rik+ #bej1jjj & ins]t+ #ejj1jjj2 & 7iii7 by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 ,?ird ti] 7i7 ,9 g5]al ,not)/&+ subp>agraphs 7,a7 & 7,b71 ! am\nt ( p5alty = ea* su* violation %all n exce$ ! am\nt specifi$ 9 clause 7ii7 if-- 7,i7 ! violation describ$ 9 p>agraph 7#a7 involv$ fraud1 deceit1 manipulation1 or delib]ate or reckless disreg>d ( a regulatory requirem5t2 & 7,,ii7 su* violation directly or indirectly result$ 9 sub/antial losses or creat$ a significant risk ( sub/antial losses to o!r p]sons4 7ii7 ,maximum am\nt ( p5alty ,! am\nt ref]r$ to 9 clause 7i7 is ! greate/ (-- 7,i7 #cjj1jjj = a natural p]son or #a1dej1jjj = any o!r p]son2 7,,ii7 #c times ! gross am\nt ( pecuni>y ga9 to su* def5dant z a result ( ! violation2 or 7,,iii7 ! am\nt ( losses incurr$ by victims z a result ( ! violation4 4 7b7 ,p5alties = recidivi/s 7#a7 ,securities ,act ( #aicc 7,a7 ,money p5alties 9 adm9i/rative actions ,section #h;,a7g77#b7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;h-#a7;g77#b77 is am5d$ by add+ at ! end ! foll[+3 7,d7 ,f\r? ti] ,not)/&+ subp>agraphs 7,a71 7,b71 & 7,c71 ! maximum am\nt ( p5alty = ea* su* act or omission %all be #c times ! o!rwise applicable am\nt 9 su* subp>agraphs if1 )9 ! #e-ye> p]iod prec$+ su* act or omission1 ! p]son :o committ$ ! act or omission 0 crim9ally convict$ = securities fraud or became subject to a judgm5t or ord] impos+ monet>y1 equitable1 or adm9i/rative relief 9 any ,commission action alleg+ fraud by t p]son4 4 7,b7 ,money p5alties 9 civil actions ,section #bj7;d77#b7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggt7d77#b77 is am5d$ by add+ at ! end ! foll[+3 7,d7 ,f\r? ti] ,not)/&+ subp>agraphs 7,a71 7,b71 & 7,c71 ! maximum am\nt ( p5alty = ea* su* violation %all be #c times ! o!rwise applicable am\nt 9 su* subp>agraphs if1 )9 ! #e-ye> p]iod prec$+ su* violation1 ! def5dant 0 crim9ally convict$ = securities fraud or became subject to a judgm5t or ord] impos+ monet>y1 equitable1 or adm9i/rative relief 9 any ,commission action alleg+ fraud by t def5dant4 4 7#b7 ,securities ,ex*ange ,act ( #aicd 7,a7 ,money p5alties 9 civil actions ,section #ba7;d77#c77;,b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu7d77#c77;,b77 is am5d$ by add+ at ! end ! foll[+3 7iv7 ,f\r? ti] ,not)/&+ clauses 7i71 7ii71 & 7iii71 ! maximum am\nt ( p5alty = ea* su* violation %all be #c times ! o!rwise applicable am\nt 9 su* clauses if1 )9 ! #e-ye> p]iod prec$+ su* violation1 ! def5dant 0 crim9ally convict$ = securities fraud or became subject to a judgm5t or ord] impos+ monet>y1 equitable1 or adm9i/rative relief 9 any ,commission action alleg+ fraud by t def5dant4 4 7,b7 ,money p5alties 9 adm9i/rative actions ,section #ba;,b7b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu-#b7;b77 is am5d$ by add+ at ! end ! foll[+3 7#d7 ,f\r? ti] ,not)/&+ p>agraphs 7#a71 7#b71 & 7#c71 ! maximum am\nt ( p5alty = ea* su* act or omission %all be #c times ! o!rwise applicable am\nt 9 su* p>agraphs if1 )9 ! #e-ye> p]iod prec$+ su* act or omission1 ! p]son :o committ$ ! act or omission 0 crim9ally convict$ = securities fraud or became subject to a judgm5t or ord] impos+ monet>y1 equitable1 or adm9i/rative relief 9 any ,commission action alleg+ fraud by t p]son4 4 7#c7 ,inve/m5t ,company ,act ( #aidj 7,a7 ,money p5alties 9 adm9i/rative actions ,section #i7;d77#b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#i7;d77#b77 is am5d$ by add+ at ! end ! foll[+3 7,d7 ,f\r? ti] ,not)/&+ subp>agraphs 7,a71 7,b71 & 7,c71 ! maximum am\nt ( p5alty = ea* su* act or omission %all be #c times ! o!rwise applicable am\nt 9 su* subp>agraphs if1 )9 ! #e-ye> p]iod prec$+ su* act or omission1 ! p]son :o committ$ ! act or omission 0 crim9ally convict$ = securities fraud or became subject to a judgm5t or ord] impos+ monet>y1 equitable1 or adm9i/rative relief 9 any ,commission action alleg+ fraud by t p]son4 4 7,b7 ,money p5alties 9 civil actions ,section #db7;e77#b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#da7;e77#b77 is am5d$ by add+ at ! end ! foll[+3 7,d7 ,f\r? ti] ,not)/&+ subp>agraphs 7,a71 7,b71 & 7,c71 ! maximum am\nt ( p5alty = ea* su* violation %all be #c times ! o!rwise applicable am\nt 9 su* subp>agraphs if1 )9 ! #e-ye> p]iod prec$+ su* violation1 ! def5dant 0 crim9ally convict$ = securities fraud or became subject to a judgm5t or ord] impos+ monet>y1 equitable1 or adm9i/rative relief 9 any ,commission action alleg+ fraud by t def5dant4 4 7#d7 ,inve/m5t ,advis]s ,act ( #aidj 7,a7 ,money p5alties 9 adm9i/rative actions ,section #bjc7;i77#b7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#c7;i77#b77 is am5d$ by add+ at ! end ! foll[+3 7,d7 ,f\r? ti] ,not)/&+ subp>agraphs 7,a71 7,b71 & 7,c71 ! maximum am\nt ( p5alty = ea* su* act or omission %all be #c times ! o!rwise applicable am\nt 9 su* subp>agraphs if1 )9 ! #e-ye> p]iod prec$+ su* act or omission1 ! p]son :o committ$ ! act or omission 0 crim9ally convict$ = securities fraud or became subject to a judgm5t or ord] impos+ monet>y1 equitable1 or adm9i/rative relief 9 any ,commission action alleg+ fraud by t p]son4 4 7,b7 ,money p5alties 9 civil actions ,section #bji7;e77#b7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#i7;e77#b77 is am5d$ by add+ at ! end ! foll[+3 7,d7 ,f\r? ti] ,not)/&+ subp>agraphs 7,a71 7,b71 & 7,c71 ! maximum am\nt ( p5alty = ea* su* violation %all be #c times ! o!rwise applicable am\nt 9 su* subp>agraphs if1 )9 ! #e-ye> p]iod prec$+ su* violation1 ! def5dant 0 crim9ally convict$ = securities fraud or became subject to a judgm5t or ord] impos+ monet>y1 equitable1 or adm9i/rative relief 9 any ,commission action alleg+ fraud by t def5dant4 4 7c7 ,violations ( injunctions & b>s 7#a7 ,securities ,act ( #aicc ,section #bj7;d7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggt7d77 is am5d$-- 7,a7 9 p>agraph 7#a71 by ins]t+ aft] ! rules or regulations !reund]1 ! foll[+3 a ,f$]al c\rt injunction or a b> obta9$ or ent]$ by ! ,commission "u ?is title12 & 7,b7 by /rik+ p>agraph 7#d7 & ins]t+ ! foll[+3 7#d7 ,special provisions relat+ to a violation ( an injunction or c]ta9 ord]s 7,a7 ,9 g5]al ,ea* sep>ate violation ( an injunction or ord] describ$ 9 subp>agraph 7,b7 %all be a sep>ate (f5se1 except t 9 ! case ( a violation ?r\gh a cont9u+ failure to comply ) su* injunction or ord]1 ea* day ( ! failure to comply ) ! injunction or ord] %all be deem$ a sep>ate (f5se4 7,b7 ,injunctions & ord]s ,subp>agraph 7,a7 %all apply ) respect to any action to en=ce-- 7i7 a ,f$]al c\rt injunction obta9$ pursuant to ?is title2 7ii7 an ord] ent]$ or obta9$ by ! ,commission pursuant to ?is title t b>s1 susp5ds1 places limitations on ! activities or functions (1 or prohibits ! activities (1 a p]son2 or 7iii7 a cease-&-desi/ ord] ent]$ by ! ,commission pursuant to section #h;,a4 4 7#b7 ,securities ,ex*ange ,act ( #aicd ,section #ba7;d77#c7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu7d77#c77 is am5d$-- 7,a7 9 subp>agraph 7,a71 by ins]t+ aft] ! rules or regulations !reund]1 ! foll[+3 a ,f$]al c\rt injunction or a b> obta9$ or ent]$ by ! ,commission "u ?is title12 & 7,b7 by /rik+ subp>agraph 7,d7 & ins]t+ ! foll[+3 7,d7 ,special provisions relat+ to a violation ( an injunction or c]ta9 ord]s 7i7 ,9 g5]al ,ea* sep>ate violation ( an injunction or ord] describ$ 9 clause 7ii7 %all be a sep>ate (f5se1 except t 9 ! case ( a violation ?r\gh a cont9u+ failure to comply ) su* injunction or ord]1 ea* day ( ! failure to comply ) ! injunction or ord] %all be deem$ a sep>ate (f5se4 7ii7 ,injunctions & ord]s ,clause 7i7 %all apply ) respect to an action to en=ce-- 7,i7 a ,f$]al c\rt injunction obta9$ pursuant to ?is title2 7,,ii7 an ord] ent]$ or obta9$ by ! ,commission pursuant to ?is title t b>s1 susp5ds1 places limitations on ! activities or functions (1 or prohibits ! activities (1 a p]son2 or 7,,iii7 a cease-&-desi/ ord] ent]$ by ! ,commission pursuant to section #ba;,c4 4 7#c7 ,inve/m5t ,company ,act ( #aidj ,section #db7;e7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#da7;e77 is am5d$-- 7,a7 9 p>agraph 7#a71 by ins]t+ aft] ! rules or regulations !reund]1 ! foll[+3 a ,f$]al c\rt injunction or a b> obta9$ or ent]$ by ! ,commission "u ?is title12 & 7,b7 by /rik+ p>agraph 7#d7 & ins]t+ ! foll[+3 7#d7 ,special provisions relat+ to a violation ( an injunction or c]ta9 ord]s 7,a7 ,9 g5]al ,ea* sep>ate violation ( an injunction or ord] describ$ 9 subp>agraph 7,b7 %all be a sep>ate (f5se1 except t 9 ! case ( a violation ?r\gh a cont9u+ failure to comply ) su* injunction or ord]1 ea* day ( ! failure to comply ) ! injunction or ord] %all be deem$ a sep>ate (f5se4 7,b7 ,injunctions & ord]s ,subp>agraph 7,a7 %all apply ) respect to any action to en=ce-- 7i7 a ,f$]al c\rt injunction obta9$ pursuant to ?is title2 7ii7 an ord] ent]$ or obta9$ by ! ,commission pursuant to ?is title t b>s1 susp5ds1 places limitations on ! activities or functions (1 or prohibits ! activities (1 a p]son2 or 7iii7 a cease-&-desi/ ord] ent]$ by ! ,commission pursuant to section #i7;f74 4 7#d7 ,inve/m5t ,advis]s ,act ( #aidj ,section #bji7;e7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#i7;e77 is am5d$-- 7,a7 9 p>agraph 7#a71 by ins]t+ aft] ! rules or regulations !reund]1 ! foll[+3 a ,f$]al c\rt injunction or a b> obta9$ or ent]$ by ! ,commission "u ?is title12 & 7,b7 by /rik+ p>agraph 7#d7 & ins]t+ ! foll[+3 7#d7 ,special provisions relat+ to a violation ( an injunction or c]ta9 ord]s 7,a7 ,9 g5]al ,ea* sep>ate violation ( an injunction or ord] describ$ 9 subp>agraph 7,b7 %all be a sep>ate (f5se1 except t 9 ! case ( a violation ?r\gh a cont9u+ failure to comply ) su* injunction or ord]1 ea* day ( ! failure to comply ) ! injunction or ord] %all be deem$ a sep>ate (f5se4 7,b7 ,injunctions & ord]s ,subp>agraph 7,a7 %all apply ) respect to any action to en=ce-- 7i7 a ,f$]al c\rt injunction obta9$ pursuant to ?is title2 7ii7 an ord] ent]$ or obta9$ by ! ,commission pursuant to ?is title t b>s1 susp5ds1 places limitations on ! activities or functions (1 or prohibits ! activities (1 a p]son2 or 7iii7 a cease-&-desi/ ord] ent]$ by ! ,commission pursuant to section #bjc7k74 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to conduct t occurs aft] ! date ( ! enactm5t ( ?is ,act4 #hjb4 ,updat$ civil money p5alties ( ,public ,company ,acc\nt+ ,ov]sight ,bo>d 7a7 ,9 g5]al ,section #aje7;c77#d77;,d7 ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbae7;c77#d77;,d77 is am5d$-- 7#a7 9 clause 7i7-- 7,a7 by /rik+ #ajj1jjj & ins]t+ #bjj1jjj2 & 7,b7 by /rik+ #b1jjj1jjj & ins]t+ #d1jjj1jjj2 & 7#b7 9 clause 7ii7-- 7,a7 by /rik+ #gej1jjj & ins]t+ #a1jjj1jjj2 & 7,b7 by /rik+ #ae1jjj1jjj & ins]t+ #bj1jjj1jjj4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to conduct t occurs aft] ! date ( ! enactm5t ( ?is ,act4 #hjc4 ,updat$ civil money p5alty = controll+ p]sons 9 connection ) insid] trad+ 7a7 ,9 g5]al ,section #ba;,a7a77#c7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu-#a7;a77#c77 is am5d$ by /rik+ #a1jjj1jjj & ins]t+ #b1jjj1jjj4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply ) respect to conduct t occurs aft] ! date ( ! enactm5t ( ?is ,act4 #hjd4 ,update ( c]ta9 o!r p5alties 7a7 ,9 g5]al ,section #cb ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;ff7 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ #e1jjj1jjj & ins]t+ #g1jjj1jjj2 & 7#b7 9 subsection 7c7-- 7,a7 9 p>agraph 7#a7-- 7i7 9 subp>agraph 7,a71 by /rik+ #b1jjj1jjj & ins]t+ #d1jjj1jjj2 & 7ii7 9 subp>agraph 7,b71 by /rik+ #aj1jjj & ins]t+ #ej1jjj2 & 7,b7 9 p>agraph 7#b7-- 7i7 9 subp>agraph 7,a71 by /rik+ #ajj1jjj & ins]t+ #bej1jjj2 & 7ii7 9 subp>agraph 7,b71 by /rik+ #aj1jjj & ins]t+ #ej1jjj4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to conduct t occurs aft] ! date ( ! enactm5t ( ?is ,act4 #hje4 ,monet>y sanctions to be us$ = ! relief ( victims 7a7 ,9 g5]al ,section #cjh7;a7 ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbdf7;a77 is am5d$ to read z foll[s3 7a7 ,monet>y sanctions to be us$ = ! relief ( victims ,if1 9 any judicial or adm9i/rative action br\ght by ! ,commission "u ! securities laws1 ! ,commission obta9s a monet>y sanction 7z def9$ 9 section #ba;,f7a7 ( ! ,securities ,ex*ange ,act ( #aicd7 aga9/ any p]son = a violation ( su* laws1 or su* p]son agrees1 9 settlem5t ( any su* action1 to su* monet>y sanction1 ! am\nt ( su* monet>y sanction %all1 on ! motion or at ! direction ( ! ,commission1 be add$ to & become "p ( a disgorgem5t fund or o!r fund e/abli%$ = ! b5efit ( ! victims ( su* violation4 4 7b7 ,monet>y sanction def9$ ,section #ba;,f7a77#d77;,a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu-#f7;a77#d77;,a77 is am5d$ by /rik+ ord]$ & ins]t+ requir$4 7c7 ,effective date ,! am5dm5ts made by ?is section apply ) respect to any monet>y sanction ord]$ or requir$ to be paid be=e or aft] ! date ( enactm5t ( ?is ,act4 #hjf4 ,,gao report on use ( civil money p5alty au?ority by ,commission 7a7 ,9 g5]al ,n lat] ?an #b ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a report on ! use by ! ,commission ( ! au?ority to impose or obta9 civil money p5alties = violations ( ! securities laws dur+ ! p]iod beg9n+ on ,june #a1 #bjaj1 & end+ on ! date ( ! enactm5t ( ?is ,act4 7b7 ,matt]s requir$ to be includ$ ,! matt]s cov]$ by ! report requir$ by subsection 7a7 %all include ! foll[+3 7#a7 ,! types ( violations = :i* civil money p5alties 7 impos$ or obta9$4 7#b7 ,! types ( p]sons on :om civil money p5alties 7 impos$ or f :om su* p5alties 7 obta9$4 7#c7 ,! numb] & doll> am\nt ( civil money p5alties impos$ or obta9$1 disaggregat$ z foll[s3 7,a7 ,p5alties impos$ 9 adm9i/rative actions & p5alties obta9$ 9 judicial actions4 7,b7 ,p5alties impos$ on or obta9$ f issu]s 7individual & aggregate fil]s7 & p5alties impos$ on or obta9$ f o!r p]sons4 7,c7 ,p5alties p]mitt$ to be reta9$ = use by ! ,commission & p5alties deposit$ 9 ! g5]al fund ( ! ,treasury ( ! ,unit$ ,/ates4 7#d7 ,= p5alties impos$ on or obta9$ f issu]s3 7,a7 ,:e!r ! violations involv$ result$ 9 direct economic b5efit to ! issu]s4 7,b7 ,! impact ( ! p5alties on ! %>ehold]s ( ! issu]s4 7c7 ,def9itions ,9 ?is section1 ! t]ms ,commission1 issu]1 & securities laws h ! mean+s giv5 su* t]ms 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774 ,b ,,firrea ,p5alties ,mod]nization #haa4 ,increase ( civil & crim9al p5alties orig9ally e/abli%$ 9 ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7a7 ,am5dm5ts to ,,firrea ,section #iea7;b7 ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahcc;a7b77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7#b7 9 p>agraph 7#b71 by /rik+ #a1jjj1jjj p] day or #e1jjj1jjj & ins]t+ #a1ejj1jjj p] day or #g1ejj1jjj4 7b7 ,am5dm5ts to ! ,home ,own]s' ,loan ,act ,! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfa et seq47 is am5d$-- 7#a7 9 section #e7v77#f71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7#b7 9 section #aj-- 7,a7 9 subsection 7r77#c71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7,b7 9 subsection 7i77#a77;,b71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj4 7c7 ,am5dm5ts to ! ,f$]al ,deposit ,insurance ,act ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$-- 7#a7 9 section #g-- 7,a7 9 subsection 7a77#a71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7,b7 9 subsection 7j77#af77;,d71 by /rik+ #a1jjj1jjj ea* place su* t]m appe>s & ins]t+ #a1ejj1jjj2 7#b7 9 section #h-- 7,a7 9 subsection 7i77#b77;,d71 by /rik+ #a1jjj1jjj ea* place su* t]m appe>s & ins]t+ #a1ejj1jjj2 & 7,b7 9 subsection 7j71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7#c7 9 section #ai7;b71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj4 7d7 ,am5dm5ts to ! ,f$]al ,cr$it ,union ,act ,! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agea et seq47 is am5d$-- 7#a7 9 section #bjb7;a77#c71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 7#b7 9 section #bje7;d77#c71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7#c7 9 section #bjf-- 7,a7 9 subsection 7k77#b77;,d71 by /rik+ #a1jjj1jjj ea* place su* t]m appe>s & ins]t+ #a1ejj1jjj2 & 7,b7 9 subsection 7l71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj4 7e7 ,am5dm5ts to ! ,revis$ ,/atutes ( ! ,unit$ ,/ates ,title ,,lxii ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates is am5d$-- 7#a7 9 section #ebac7;c71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7#b7 9 section #ebci7;b77#d71 by /rik+ #a1jjj1jjj ea* place su* t]m appe>s & ins]t+ #a1ejj1jjj4 7f7 ,am5dm5ts to ! ,f$]al ,res]ve ,act ,! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bba et seq47 is am5d$-- 7#a7 9 ! #f? undesignat$ p>agraph ( section #i1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 7#b7 9 section #ai7l77#d71 by /rik+ #a1jjj1jjj ea* place su* t]m appe>s & ins]t+ #a1ejj1jjj2 & 7#c7 9 section #bi7;d71 by /rik+ #a1jjj1jjj ea* place su* t]m appe>s & ins]t+ #a1ejj1jjj4 7g7 ,am5dm5ts to ! ,bank ,hold+ ,company ,act ,am5dm5ts ( #aigj ,section #ajf7;b77#b77;,f77iv7 ( ! ,bank ,hold+ ,company ,act ,am5dm5ts ( #aigj 7#ab ,u4,s4,c4 #aigh7;b77#b77;,f77iv77 is am5d$ by /rik+ #a1jjj1jjj ea* place su* t]m appe>s & ins]t+ #a1ejj1jjj4 7h7 ,am5dm5ts to ! ,bank ,hold+ ,company ,act ( #aief ,section #h ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahdg7 is am5d$-- 7#a7 9 subsection 7a77#b71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7#b7 9 subsection 7d77#c71 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj4 7i7 ,am5dm5ts to title #ah1 ,unit$ ,/ates ,code ,title #ah1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 section #bae7;a7 ( *apt] #aa1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 7#b7 9 *apt] #ca-- 7,a7 9 section #fef1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7,b7 9 section #feg1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 7#c7 9 *apt] #dg-- 7,a7 9 section #ajje1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 7,b7 9 section #ajjf1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 7,c7 9 section #ajjg1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7,d7 9 section #ajad1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7#d7 9 *apt] #fc-- 7,a7 9 section #acda1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 7,b7 9 section #acdc1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj2 & 7,c7 9 section #acdd1 by /rik+ #a1jjj1jjj & ins]t+ #a1ejj1jjj4 ,,ix ,repeal ( ! ,volck] ,rule & ,o!r ,provisions #ija4 ,repeals 7a7 ,9 g5]al ,! foll[+ sections ( title ,,vi ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act are repeal$1 & ! provisions ( law am5d$ or repeal$ by su* sections are re/or$ or reviv$ z if su* sections _h n be5 enact$3 7#a7 ,section #fjc4 7#b7 ,section #fah4 7#c7 ,section #fai4 7#d7 ,section #fbj4 7#e7 ,section #fba4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by /rik+ ! items relat+ to sections #fjc1 #fah1 #fai1 #fbj1 & #fba4 ,x ,unlea%+ ,opportunities = ,small ,bus9esses1 ,innovators1 & ,job ,creators by ,facilitat+ ,capital ,=mation ,a ,small ,bus9ess ,m]g]s1 ,acquisitions1 ,sales1 & ,brok]age ,simplification #ajja4 ,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 ( ?is p>agraph1 & 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 #ajjb4 ,effective date ,?is subtitle & any am5dm5t made by ?is subtitle %all take effect on ! date t is #ij days aft] ! date ( ! enactm5t ( ?is ,act4 ,b ,enc\rag+ ,employee ,own]%ip #ajjf4 ,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 ,c ,small ,company ,disclosure ,simplification #ajaa4 ,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 five ye>s aft] ! date ( enactm5t ( ?is ,act2 or 7#b7 ! date t is two ye>s aft] a det]m9ation by ! ,commission1 by ord] aft] conduct+ ! analysis requir$ by section #c1 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$]al ,regulations1 to reflect ! exemptions set =? 9 subsections 7a7 & 7b74 #ajab4 ,analysis by ! ,,sec ,! ,commission %all conduct an analysis ( ! co/s & b5efits to issu]s describ$ 9 section #ajaa7;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 #ajac4 ,report to ,congress ,n lat] ?an "o 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 #ajab2 & 7#e7 any additional in=mation ! ,commission consid]s relevant = increas+ transp>5cy1 decreas+ co/s1 & increas+ effici5cy ( regulatory fil+s ) ! ,commission4 #ajad4 ,def9itions ,z us$ 9 ?is subtitle1 ! 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 ,d ,securities & ,ex*ange ,commission ,ov]paym5t ,cr$it #ajaf4 ,refund+ or cr$it+ ov]paym5t ( section #ca fees 7a7 ,9 g5]al ,section #ca ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;ee7 is am5d$ by add+ at ! end ! foll[+3 7n7 ,ov]paym5t ,if a national securities ex*ange or national securities association pays to ! ,commission an am\nt 9 excess ( fees & assessm5ts due "u ?is section & in=ms ! ,commission ( su* am\nt paid 9 excess )9 #aj ye>s ( ! date ( ! paym5t1 ! ,commission %all (fset future fees & assessm5ts due by su* ex*ange or association 9 an am\nt equal to su* excess am\nt4 4 7b7 ,applicability ,! am5dm5t made by ?is section %all apply to any fees & assessm5ts paid be=e1 on1 or aft] ! date ( enactm5t ( ?is section4 ,e ,fair ,access to ,inve/m5t ,rese>* #ajba4 ,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 ( ! #ahj-;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 t is publi%$ or di/ribut$ by a brok] or deal]-- 7#a7 %all be deem$1 = purposes ( sections #b7;a77#aj7 & #e7;c7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7a77#aj71 #gg;e7c771 n to con/itute an (f] = sale or an (f] to sell a security t is ! subject ( an (f]+ pursuant to a regi/ration /atem5t t is effective1 ev5 if ! brok] or deal] is p>ticipat+ or w p>ticipate 9 ! regi/]$ (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 7#ae ,u4,s4,c4 #hj;a-#a et seq47 or subject to ! report+ requirem5ts ( section #ac or #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm1 #gho7d77 = any p]iod exce$+ ! p]iod ( "t ref]5c$ "u p>agraph 7a77#a77;i77,a77#a7 ( section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations2 or 7,b7 impose a m9imum float provision exce$+ t ref]5c$ 9 p>agraph 7a77#a77;i77,a77#a77;i7 ( section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations2 7#c7 provide t a self-regulatory organization may n ma9ta9 or en=ce any rule t w\ld-- 7,a7 prohibit ! ability ( a memb] to publi% or di/ribute a cov]$ inve/m5t fund rese>* report solely because ! memb] is also p>ticipat+ 9 a regi/]$ (f]+ or o!r di/ribution ( any securities ( su* cov]$ inve/m5t fund2 or 7,b7 prohibit ! ability ( a memb] to p>ticipate 9 a regi/]$ (f]+ or o!r di/ribution ( securities ( a cov]$ inve/m5t fund solely because ! memb] has publi%$ or di/ribut$ a cov]$ inve/m5t fund rese>* report ab\t su* cov]$ inve/m5t fund or its securities2 & 7#d7 provide t a cov]$ inve/m5t fund rese>* report %all n be subject to section #bd7;b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#bd7;b77 or ! rules & regulations !reund]1 except t su* report may /ill be subject to su* section & ! rules & regulations !reund] to ! ext5t t x is o!rwise n subject to ! cont5t /&>ds 9 ! rules ( any self-regulatory organization relat$ to rese>* reports1 includ+ ^? conta9$ 9 ! rules gov]n+ communications ) ! public reg>d+ inve/m5t companies or sub/antially simil> /&>ds4 7c7 ,rules ( con/ruction ,no?+ 9 ?is ,act %all be con/ru$ z 9 any way limit+-- 7#a7 ! applicability ( ! antifraud or antimanipulation provisions ( ! ,f$]al securities laws & rules adopt$ !reund] to a cov]$ inve/m5t fund rese>* report1 includ+ section #ag ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggq71 section #cd7;b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#cc71 & sections #i & #aj ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;i1 #gh;j72 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 ) applicable provisions ( ! ,f$]al securities laws or self-regulatory organization rules relat$ to rese>* reports1 includ+ ^? conta9$ 9 rules gov]n+ communications ) ! public4 7d7 ,int]im effectiv5ess ( safe h>bor 7#a7 ,9 g5]al ,f & aft] ! #ahj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 if ! ,commission has n adopt$ revisions to section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations1 z requir$ by subsection 7a71 & until su* "t z ! ,commission has done s1 a brok] or deal] di/ribut+ or publi%+ a cov]$ inve/m5t fund rese>* report aft] su* date %all be able to rely on ! provisions ( section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations1 & ! brok] or deal]'s publication ( su* report %all be deem$ to satisfy ! conditions ( subsection 7a77#a7 or 7a77#b7 ( section #bcj4aci ( title #ag1 ,code ( ,f$]al ,regulations1 if ! cov]$ inve/m5t fund t is ! subject ( su* report satisfies ! report+ hi/ory requirem5ts 7)\t reg>d to ,=m ,s-#c or ,=m ,f-#c eligibility7 & m9imum float provisions ( su* subsections = purposes ( ! ,commission's rules & regulations "u ! ,f$]al securities laws & ! rules ( any self-regulatory organization1 z if revis$ & implem5t$ 9 accordance ) subsections 7a7 & 7b74 7#b7 ,/atus ( cov]$ inve/m5t fund ,aft] su* p]iod & until ! ,commission has adopt$ revisions to section #bcj4aci & ,,f9ra has revis$ rule #bbaj1 = purposes ( subsection 7c77#g77,o7 ( su* rule1 a cov]$ inve/m5t fund %all be deem$ to be a security t is li/$ on a national securities ex*ange & t is n subject to section #bd7;b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#bd7;b774 ,communications conc]n+ only cov]$ inve/m5t funds t fall )9 ! scope ( su* section %all n be requir$ to be fil$ ) ,,f9ra4 7e7 ,def9itions ,= purposes ( ?is section3 7#a7 ,! 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 securities issu$ by ! cov]$ inve/m5t fund1 b n includ+ a rese>* report to ! ext5t t x is publi%$ or di/ribut$ by ! cov]$ inve/m5t fund or any affiliate ( ! cov]$ inve/m5t fund4 7#b7 ,! 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 issu+ securities 9 an (f]+ regi/]$ "u ! ,securities ,act ( #aicc & :i* class ( securities is 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 provides 9 its regi/ration /atem5t "u ! ,securities ,act ( #aicc t a class ( its securities are pur*as$ or r$eem$1 subject to conditions or limitations1 = a ratable %>e ( its assets4 7#c7 ,! t]m ,,f9ra means ! ,f9ancial ,indu/ry ,regulatory ,au?ority4 7#d7 ,! t]m rese>* report has ! mean+ giv5 t t]m "u section #b7;a77#c7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7a77#c771 except t su* t]m %all n include an oral communication4 7#e7 ,! t]m self-regulatory organization has ! mean+ giv5 to t t]m "u section #c7;a77#bf7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77#bf774 ,f ,accel]at+ ,access to ,capital #ajbf4 ,exp&$ eligibility = use ( ,=m ,s-#c ,n lat] ?an #de days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise ,=m ,s-#c-- 7#a7 s z to p]mit securities to be regi/]$ pursuant to ,g5]al ,in/ruction ,i4,b4#a4 ( su* =m provid$ t ei!r-- 7,a7 ! aggregate m>ket value ( ! vot+ & non-vot+ common equity held by non-affiliates ( ! regi/rant is #ge1jjj1jjj or m2 or 7,b7 ! regi/rant has at lea/ "o class ( common equity securities li/$ & regi/]$ on a national securities ex*ange2 & 7#b7 s z to remove ! requirem5t ( p>agraph 7c7 f ,g5]al ,in/ruction ,i4,b4#f4 ( su* =m4 ,g ,,sec ,small ,bus9ess ,advocate #ajca4 ,e/abli%m5t ( ,(fice ( ! ,advocate = ,small ,bus9ess ,capital ,=mation & ,small ,bus9ess ,capital ,=mation ,advisory ,committee 7a7 ,(fice ( ! advocate = small bus9ess capital =mation ,section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d71 z am5d$ by title ,,vi1 is fur!r am5d$ by add+ at ! end ! foll[+3 7k7 ,(fice ( ! advocate = small bus9ess capital =mation 7#a7 ,(fice e/abli%$ ,!re is e/abli%$ )9 ! ,commission ! ,(fice ( ! ,advocate = ,small ,bus9ess ,capital ,=mation 7h]eaft] 9 ?is subsection ref]r$ to z ! ,(fice74 7#b7 ,advocate = small bus9ess capital =mation 7,a7 ,9 g5]al ,! head ( ! ,(fice %all be ! ,advocate = ,small ,bus9ess ,capital ,=mation1 :o %all-- 7i7 report directly to ! ,commission2 & 7ii7 be appo9t$ by ! ,commission1 f among individuals hav+ exp]i5ce 9 advocat+ = ! int]e/s ( small bus9esses & enc\rag+ small bus9ess capital =mation4 7,b7 ,comp5sation ,! annual rate ( pay = ! ,advocate = ,small ,bus9ess ,capital ,=mation %all be equal to ! highe/ rate ( annual pay = o!r s5ior executives :o report directly to ! ,commission4 7,c7 ,no curr5t employee ( ! commission ,an individual may n be appo9t$ z ! ,advocate = ,small ,bus9ess ,capital ,=mation if ! individual is curr5tly employ$ by ! ,commission4 7#c7 ,/aff ( (fice ,! ,advocate = ,small ,bus9ess ,capital ,=mation1 aft] consultation ) ! ,commission1 may reta9 or employ indep5d5t c\nsel1 rese>* /aff1 & s]vice /aff1 z ! ,advocate = ,small ,bus9ess ,capital ,=mation det]m9es to be necess>y to c>ry out ! functions ( ! ,(fice4 7#d7 ,functions ( ! advocate = small bus9ess capital =mation ,! ,advocate = ,small ,bus9ess ,capital ,=mation %all-- 7,a7 assi/ small bus9esses & small bus9ess inve/ors 9 resolv+ significant problems su* bus9esses & inve/ors may h ) ! ,commission or ) self-regulatory organizations2 7,b7 id5tify areas 9 :i* small bus9esses & small bus9ess inve/ors w\ld b5efit f *anges 9 ! regulations ( ! ,commission or ! rules ( self-regulatory organizations2 7,c7 id5tify problems t small bus9esses h ) secur+ access to capital1 includ+ any unique *all5ges to m9ority-own$ & wom5-own$ small bus9esses2 7,d7 analyze ! pot5tial impact on small bus9esses & small bus9ess inve/ors (-- 7i7 propos$ regulations ( ! ,commission t are likely to h a significant economic impact on small bus9esses & small bus9ess capital =mation2 & 7ii7 propos$ rules t are likely to h a significant economic impact on small bus9esses & small bus9ess capital =mation ( self-regulatory organizations regi/]$ "u ?is title2 7,e7 conduct outrea* to small bus9esses & small bus9ess inve/ors1 includ+ ?r\gh regional r\ndtables1 9 ord] to solicit views on relevant capital =mation issues2 7,f7 to ! ext5t practicable1 propose to ! ,commission *anges 9 ! regulations or ord]s ( ! ,commission & to ,congress any legislative1 adm9i/rative1 or p]sonnel *anges t may be appropriate to mitigate problems id5tifi$ "u ?is p>agraph & to promote ! int]e/s ( small bus9esses & small bus9ess inve/ors2 7,g7 consult ) ! ,inve/or ,advocate on propos$ recomm5dations made "u subp>agraph 7,f72 & 7,h7 advise ! ,inve/or ,advocate on issues relat$ to small bus9esses & small bus9ess inve/ors4 7#e7 ,access to docum5ts ,! ,commission %all ensure t ! ,advocate = ,small ,bus9ess ,capital ,=mation has full access to ! docum5ts & in=mation ( ! ,commission & any self-regulatory organization1 z necess>y to c>ry out ! functions ( ! ,(fice4 7#f7 ,annual report on activities 7,a7 ,9 g5]al ,n lat] ?an ,decemb] #ca ( ea* ye> aft] #bjae1 ! ,advocate = ,small ,bus9ess ,capital ,=mation %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! activities ( ! ,advocate = ,small ,bus9ess ,capital ,=mation dur+ ! imm$iately prec$+ fiscal ye>4 7,b7 ,cont5ts ,ea* report requir$ "u subp>agraph 7,a7 %all include-- 7i7 appropriate /ati/ical in=mation & full & sub/antive analysis2 7ii7 in=mation on /eps t ! ,advocate = ,small ,bus9ess ,capital ,=mation has tak5 dur+ ! report+ p]iod to improve small bus9ess s]vices & ! responsiv5ess ( ! ,commission & self-regulatory organizations to small bus9ess & small bus9ess inve/or conc]ns2 7iii7 a summ>y ( ! mo/ s]i\s issues enc\nt]$ by small bus9esses & small bus9ess inve/ors1 includ+ any unique issues enc\nt]$ by m9ority-own$ & wom5-own$ small bus9esses & _! inve/ors1 dur+ ! report+ p]iod2 7iv7 an inv5tory ( ! items summ>iz$ "u clause 7iii7 7includ+ items summ>iz$ "u su* clause = any prior report+ p]iod on :i* no action has be5 tak5 or t h n be5 resolv$ to ! satisfaction ( ! ,advocate = ,small ,bus9ess ,capital ,=mation z ( ! beg9n+ ( ! report+ p]iod cov]$ by ! report7 t includes-- 7,i7 id5tification ( any action tak5 by ! ,commission or ! self-regulatory organization & ! result ( su* action2 7,,ii7 ! l5g? ( "t t ea* item has rema9$ on su* inv5tory2 & 7,,iii7 = items on :i* no action has be5 tak51 ! reasons = inaction1 & an id5tification ( any (ficial :o is responsible = su* action2 7v7 recomm5dations = su* *anges to ! regulations1 guidance & ord]s ( ! ,commission & su* legislative actions z may be appropriate to resolve problems ) ! ,commission & self-regulatory organizations enc\nt]$ by small bus9esses & small bus9ess inve/ors & to enc\rage small bus9ess capital =mation2 & 7vi7 any o!r in=mation1 z det]m9$ appropriate by ! ,advocate = ,small ,bus9ess ,capital ,=mation4 7,c7 ,confid5tiality ,no report requir$ by subp>agraph 7,a7 may conta9 confid5tial in=mation4 7,d7 ,indep5d5ce ,ea* report requir$ "u subp>agraph 7,a7 %all be provid$ directly to ! committees ( ,congress li/$ 9 su* subp>agraph )\t any prior review or comm5t f ! ,commission1 any commission]1 any o!r (fic] or employee ( ! ,commission1 or ! ,(fice ( ,managem5t & ,budget4 7#g7 ,regulations ,! ,commission %all e/abli% proc$ures requir+ a =mal response to all recomm5dations submitt$ to ! ,commission by ! ,advocate = ,small ,bus9ess ,capital ,=mation1 n lat] ?an #c mon?s aft] ! date ( su* submission4 7#h7 ,gov]nm5t-bus9ess =um on small bus9ess capital =mation ,! ,advocate = ,small ,bus9ess ,capital ,=mation %all be responsible = plann+1 organiz+1 & execut+ ! annual ,gov]nm5t-,bus9ess ,=um on ,small ,bus9ess ,capital ,=mation describ$ 9 section #ejc ( ! ,small ,bus9ess ,inve/m5t ,inc5tive ,act ( #aihj 7#ae ,u4,s4,c4 #hj;c-#a74 7#i7 ,rule ( con/ruction ,no?+ 9 ?is subsection may be con/ru$ z replac+ or r$uc+ ! responsibilities ( ! ,inve/or ,advocate ) respect to small bus9ess inve/ors4 4 7b7 ,small bus9ess capital =mation advisory committee ,! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$ by ins]t+ aft] section #ci ! foll[+3 #dj4 ,small ,bus9ess ,capital ,=mation ,advisory ,committee 7a7 ,e/abli%m5t & purpose 7#a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,commission ! ,small ,bus9ess ,capital ,=mation ,advisory ,committee 7h]eaft] 9 ?is section ref]r$ to z ! ,committee74 7#b7 ,functions 7,a7 ,9 g5]al ,! ,committee %all provide ! ,commission ) advice on ! ,commission's rules1 regulations1 & policies ) reg>d to ! ,commission's mission ( protect+ inve/ors1 ma9ta9+ fair1 ord]ly1 & effici5t m>kets1 & facilitat+ capital =mation1 z su* rules1 regulations1 & policies relate to-- 7i7 capital rais+ by em]g+1 privately held small bus9esses 7em]g+ companies7 & publicly trad$ companies ) less ?an #bej1jjj1jjj 9 public m>ket capitalization 7small] public companies7 ?r\gh securities (f]+s1 includ+ private & limit$ (f]+s & initial & o!r public (f]+s2 7ii7 trad+ 9 ! securities ( em]g+ companies & small] public companies2 & 7iii7 public report+ & corporate gov]nance requirem5ts ( em]g+ companies & small] public companies4 7,b7 ,limitation ,! ,committee %all n provide any advice ) respect to any policies1 practices1 actions1 or decisions conc]n+ ! ,commission's en=cem5t program4 7b7 ,memb]%ip 7#a7 ,9 g5]al ,! memb]s ( ! ,committee %all be-- 7,a7 ! ,advocate = ,small ,bus9ess ,capital ,=mation2 7,b7 n few] ?an #aj1 & n m ?an #bj1 memb]s appo9t$ by ! ,commission1 f among individuals-- 7i7 :o repres5t-- 7,i7 em]g+ companies engag+ 9 private & limit$ securities (f]+s or consid]+ initial public (f]+s 7,,ipo7 7includ+ ! companies' (fic]s & directors72 7,,ii7 ! pr(essional advisors ( su* companies 7includ+ attorneys1 acc\ntants1 inve/m5t bank]s1 & f9ancial advisors72 & 7,,iii7 ! inve/ors 9 su* companies 7includ+ angel inve/ors1 v5ture capital funds1 & family (fices72 7ii7 :o are (fic]s or directors ( m9ority-own$ small bus9esses & wom5-own$ small bus9esses2 7iii7 :o repres5t-- 7,i7 small] public companies 7includ+ ! companies' (fic]s & directors72 7,,ii7 ! pr(essional advisors ( su* companies 7includ+ attorneys1 auditors1 und]writ]s1 & f9ancial advisors72 & 7,,iii7 ! pre-,,ipo & po/-,,ipo inve/ors 9 su* companies 7bo? in/itutional1 su* z v5ture capital funds1 & individual1 su* z angel inve/ors72 & 7iv7 :o repres5t p>ticipants 9 ! m>ketplace = ! securities ( em]g+ companies & small] public companies1 su* z securities ex*anges1 alt]native trad+ sy/ems1 analy/s1 in=mation processors1 & transf] ag5ts2 & 7,c7 #c non-vot+ memb]s-- 7i7 #a ( :om %all be appo9t$ by ! ,inve/or ,advocate2 7ii7 #a ( :om %all be appo9t$ by ! ,nor? ,am]ican ,securities ,adm9i/rators ,association2 & 7iii7 #a ( :om %all be appo9t$ by ! ,adm9i/rator ( ! ,small ,bus9ess ,adm9i/ration4 7#b7 ,t]m ,ea* memb] ( ! ,committee appo9t$ "u subp>agraph 7,b71 7,c77ii71 or 7,c77iii7 ( p>agraph 7#a7 %all s]ve = a t]m ( #d ye>s4 7#c7 ,memb]s n commission employees ,memb]s appo9t$ "u subp>agraph 7,b71 7,c77ii71 or 7,c77iii7 ( p>agraph 7#a7 %all n be treat$ z employees or ag5ts ( ! ,commission solely because ( memb]%ip on ! ,committee4 7c7 ,*airman2 vice *airman2 secret>y2 assi/ant secret>y 7#a7 ,9 g5]al ,! memb]s ( ! ,committee %all elect1 f among ! memb]s ( ! ,committee-- 7,a7 a *airman2 7,b7 a vice *airman2 7,c7 a secret>y2 & 7,d7 an assi/ant secret>y4 7#b7 ,t]m ,ea* memb] elect$ "u p>agraph 7#a7 %all s]ve = a t]m ( #c ye>s 9 ! capacity = :i* ! memb] 0 elect$ "u p>agraph 7#a74 7d7 ,meet+s 7#a7 ,frequ5cy ( meet+s ,! ,committee %all meet-- 7,a7 n less frequ5tly ?an f\r times annually1 at ! call ( ! *airman ( ! ,committee2 & 7,b7 f "t to "t1 at ! call ( ! ,commission4 7#b7 ,notice ,! *airman ( ! ,committee %all give ! memb]s ( ! ,committee writt5 notice ( ea* meet+1 n lat] ?an #b weeks be=e ! date ( ! meet+4 7e7 ,comp5sation & travel exp5ses ,ea* memb] ( ! ,committee :o is n a full-"t employee ( ! ,unit$ ,/ates %all-- 7#a7 be entitl$ to receive comp5sation at a rate n to exce$ ! daily equival5t ( ! annual rate ( basic pay 9 effect = a position at level ,v ( ! ,executive ,s*$ule "u section #ecaf ( title #e1 ,unit$ ,/ates ,code1 = ea* day dur+ :i* ! memb] is engag$ 9 ! actual p]=mance ( ! duties ( ! ,committee2 & 7#b7 :ile away f ! home or regul> place ( bus9ess ( ! memb] 9 ! p]=mance ( s]vices = ! ,committee1 be all[$ travel exp5ses1 includ+ p] diem 9 lieu ( subsi/5ce1 9 ! same mann] z p]sons employ$ int]mitt5tly 9 ! ,gov]nm5t s]vice are all[$ exp5ses "u section #egjc ( title #e1 ,unit$ ,/ates ,code4 7f7 ,/aff ,! ,commission %all make available to ! ,committee su* /aff z ! *airman ( ! ,committee det]m9es are necess>y to c>ry out ?is section4 7g7 ,review by commission ,! ,commission %all-- 7#a7 review ! f9d+s & recomm5dations ( ! ,committee2 & 7#b7 ea* "t ! ,committee submits a f9d+ or recomm5dation to ! ,commission1 promptly issue a public /atem5t-- 7,a7 assess+ ! f9d+ or recomm5dation ( ! ,committee2 & 7,b7 disclos+ ! action1 if any1 ! ,commission int5ds to take ) respect to ! f9d+ or recomm5dation4 4 7c7 ,annual gov]nm5t-,bus9ess =um on small bus9ess capital =mation ,section #ejc7;a7 ( ! ,small ,bus9ess ,inve/m5t ,inc5tive ,act ( #aihj 7#ae ,u4,s4,c4 #hj;c-#a7;a77 is am5d$ by ins]t+ 7act+ ?r\gh ! ,(fice ( ! ,advocate = ,small ,bus9ess ,capital ,=mation & 9 consultation ) ! ,small ,bus9ess ,capital ,=mation ,advisory ,committee7 aft] ,securities & ,ex*ange ,commission4 ,h ,small ,bus9ess ,cr$it ,availability #ajcf4 ,bus9ess developm5t company own]%ip ( securities ( inve/m5t advis]s & c]ta9 f9ancial companies 7a7 ,9 g5]al 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all promulgate regulations to codify ! ord] 9 ,inve/m5t ,company ,act ,release ,no4 #cjjbd1 dat$ ,m>* #cj1 #bjab4 ,if ! ,commission fails to complete ! regulations z requir$ by ?is subsection1 a bus9ess developm5t company %all be entitl$ to treat su* regulations z hav+ be5 complet$ 9 accordance ) ! actions requir$ to be tak5 by ! ,commission until su* "t z su* regulations are complet$ by ! ,commission4 7#b7 ,rule ( con/ruction ,no?+ 9 ?is subsection %all prev5t ! ,commission f issu+ rules to address pot5tial conflicts ( int]e/ betwe5 bus9ess developm5t companies & inve/m5t advis]s4 7b7 ,p]missible assets ( an eligible portfolio company ,section #ee ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#ed7 is am5d$ by add+ at ! end ! foll[+3 7c7 ,securities deem$ ,to be p]missible assets ,not)/&+ subsection 7a71 securities t w\ld be describ$ 9 p>agraphs 7#a7 ?r\gh 7#f7 ( su* subsection except t ! issu] is a company describ$ 9 p>agraph 7#b71 7#c71 7#d71 7#e71 7#f71 or 7#i7 ( section #c7;c7 may be deem$ to be assets describ$ 9 p>agraphs 7#a7 ?r\gh 7#f7 ( subsection 7a7 to ! ext5t necess>y = ! sum ( ! assets to equal #gj p]c5t ( ! value ( a bus9ess developm5t company's total assets 7o!r ?an assets describ$ 9 p>agraph 7#g7 ( subsection 7a771 provid$ t ! aggregate value ( su* securities c\nt+ t[>d su* #gj p]c5t %all n exce$ #bj p]c5t ( ! value ( ! bus9ess developm5t company's total assets4 4 #ajcg4 ,exp&+ access to capital = bus9ess developm5t companies 7a7 ,9 g5]al ,section #fa7;a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#fj7;a77 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#b7 ?r\gh 7#d7 z p>agraphs 7#c7 ?r\gh 7#e71 respectively2 7#b7 by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+3 7#a7 ,except z provid$ 9 p>agraph 7#b71 ! asset cov]age requirem5ts ( subp>agraphs 7,a7 & 7,b7 ( section #ah7;a77#a7 7& any relat$ rule promulgat$ "u ?is ,act7 applicable to bus9ess developm5t companies %all be #bjj p]c5t4 7#b7 ,! asset cov]age requirem5ts ( subp>agraphs 7,a7 & 7,b7 ( section #ah7;a77#a7 & ( subp>agraphs 7,a7 & 7,b7 ( section #ah7;a77#b7 7& any relat$ rule promulgat$ "u ?is ,act7 applicable to a bus9ess developm5t company %all be #aej p]c5t if-- 7,a7 )9 five bus9ess days ( ! approval ( ! adoption ( ! asset cov]age requirem5ts describ$ 9 clause 7ii71 ! bus9ess developm5t company discloses su* approval & ! date ( its effectiv5ess 9 a ,=m #h-,k fil$ ) ! ,commission & 9 a notice on its website & discloses 9 its p]iodic fil+s made "u section #ac ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7-- 7i7 ! aggregate value ( ! s5ior securities issu$ by su* company & ! asset cov]age p]c5tage z ( ! date ( su* company's mo/ rec5t f9ancial /atem5ts2 & 7ii7 t su* company has adopt$ ! asset cov]age requirem5ts ( ?is subp>agraph & ! effective date ( su* requirem5ts2 7,b7 ) respect to a bus9ess developm5t company t issues equity securities t are regi/]$ on a national securities ex*ange1 ! p]iodic fil+s ( ! company "u section #ac7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7 include disclosures reasonably design$ to ensure t %>ehold]s are in=m$ (-- 7i7 ! am\nt ( indebt$ness & asset cov]age ratio ( ! company1 det]m9$ z ( ! date ( ! f9ancial /atem5ts ( ! company dat$ on or mo/ rec5tly be=e ! date ( su* fil+2 & 7ii7 ! pr9cipal risk factors associat$ ) su* indebt$ness1 to ! ext5t su* risk is incurr$ by ! company2 & 7,c7 7i7 ! application ( ?is p>agraph to ! company is approv$ by ! requir$ majority 7z def9$ 9 section #eg7o77 ( ! directors ( or g5]al p>tn]s ( su* company :o are n int]e/$ p]sons ( ! bus9ess developm5t company1 :i* application %all become effective on ! date t is #a ye> aft] ! date ( ! approval1 &1 ) respect to a bus9ess developm5t company t issues equity securities t are n regi/]$ on a national securities ex*ange1 ! company ext5ds1 to ea* p]son :o is a %>ehold] z ( ! date ( ! approval1 an (f] to repur*ase ! equity securities held by su* p]son z ( su* approval date1 ) #be p]c5t ( su* securities to be repur*as$ 9 ea* ( ! f\r qu>t]s foll[+ su* approval date2 or 7ii7 ! company obta9s1 at a special or annual meet+ ( %>ehold]s or p>tn]s at :i* a quorum is pres5t1 ! approval ( m ?an #ej p]c5t ( ! votes ca/ ( ! application ( ?is p>agraph to ! company1 :i* application %all become effective on ! date imm$iately aft] ! date ( ! approval4 2 7#c7 9 p>agraph 7#c7 7z r$esignat$71 by ins]t+ or :i* is a /ock1 provid$ t all su* /ock is issu$ 9 accordance ) p>agraph 7#f7 aft] indebt$ness2 7#d7 9 subp>agraph 7,a7 ( p>agraph 7#d7 7z r$esignat$7-- 7,a7 9 ! matt] prec$+ clause 7i71 by /rik+ vot+2 & 7,b7 by am5d+ clause 7iii7 to read z foll[s3 7iii7 ! ex]cise or conv]sion price at ! date ( issuance ( su* w>rants1 options1 or rights is n less ?an-- 7,i7 ! m>ket value ( ! securities issuable ^u ! ex]cise ( su* w>rants1 options1 or rights at ! date ( issuance ( su* w>rants1 options1 or rights2 or 7,,ii7 if no su* m>ket value exi/s1 ! net asset value ( ! securities issuable ^u ! ex]cise ( su* w>rants1 options1 or rights at ! date ( issuance ( su* w>rants1 options1 or rights2 & 2 & 7#e7 by add+ at ! end ! foll[+3 7#f7 7,a7 ,qualifi$ in/itutional buy] ,except z provid$ 9 subp>agraph 7,b71 ! foll[+ %all n apply to a s5ior security :i* is a /ock & :i* is issu$ to & held by a qualifi$ in/itutional buy] 7z def9$ 9 section #c7;a77#fd7 ( ! ,securities ,ex*ange ,act ( #aicd73 7i7 ,subp>agraphs 7,c7 & 7,d7 ( section #ah7;a77#b74 7ii7 ,subp>agraph 7,e7 ( section #ah7;a77#b71 to ! ext5t su* subp>agraph requires any priority ov] any o!r class ( /ock z to di/ribution ( assets ^u liquidation4 7iii7 ,) respect to a s5ior security :i* is a /ock1 subsections 7c7 & 7i7 ( section #ah4 7,b7 ,individual inve/ors :o are n qualifi$ in/itutional buy]s ,subp>agraph 7,a7 %all n apply ) respect to a s5ior security :i* is a /ock & :i* is issu$ to a p]son :o is n kn[n by ! bus9ess developm5t company to be a qualifi$ in/itutional buy] 7z def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd74 7#g7 ,rule ( con/ruction ,not)/&+ any o!r provision ( law1 any additional class ( /ock issu$ pursuant to ?is section mu/ be issu$ 9 accordance ) all inve/or protections conta9$ 9 all applicable f$]al securities laws adm9i/]$ by ! ,commission4 4 7b7 ,con=m+ am5dm5ts ,! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47 is am5d$-- 7#a7 9 section #eg-- 7,a7 9 subsection 7j77#a71 by /rik+ section #fa7;a77#c77;,b7 & ins]t+ section #fa7;a77#d77;,b72 & 7,b7 9 subsection 7n77#b71 by /rik+ section #fa7;a77#c77;,b7 & ins]t+ section #fa7;a77#d77;,b72 & 7#b7 9 section #fc7c71 by /rik+ section #fa7;a77#c7 & ins]t+ section #fa7;a77#d74 #ajch4 ,p>ity = bus9ess developm5t companies reg>d+ (f]+ & proxy rules 7a7 ,revision to rules ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise any rules to ! ext5t necess>y to all[ a bus9ess developm5t company t has fil$ an election pursuant to section #ed ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#ec7 to use ! securities (f]+ & proxy rules t are available to o!r issu]s t are requir$ to file reports "u section #ac or section #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm2 #gho7d774 ,any action t ! ,commission takes pursuant to ?is subsection %all include ! foll[+3 7#a7 ,! ,commission %all revise rule #dje "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dje7-- 7,a7 to remove ! exclusion ( a bus9ess developm5t company f ! def9ition ( a well-kn[n season$ issu] provid$ by t rule2 & 7,b7 to add regi/ration /atem5ts fil$ on ,=m ,n-#b to ! def9ition ( automatic %elf regi/ration /atem5t provid$ by t rule4 7#b7 ,! ,commission %all revise rules #afh & #afi "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4afh & #bcj4afi7 to remove ! exclusion ( a bus9ess developm5t company f an issu] t c use ! exemptions provid$ by ^? rules4 7#c7 ,! ,commission %all revise rules #afc & #afc;,a "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4afc & #bcj4afc;,a7 to remove a bus9ess developm5t company f ! li/ ( issu]s t are ineligible to use ! exemptions provid$ by ^? rules4 7#d7 ,! ,commission %all revise rule #acd "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4acd7 to remove ! exclusion ( a bus9ess developm5t company f t rule4 7#e7 ,! ,commission %all revise rules #ach & #aci "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4ach & #bcj4aci7 to specifically include a bus9ess developm5t company z an issu] to :i* ^? rules apply4 7#f7 ,! ,commission %all revise rule #afd "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4afd7 to remove a bus9ess developm5t company f ! li/ ( issu]s t are exclud$ f t rule4 7#g7 ,! ,commission %all revise rule #dcc "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dcc7 to specifically include a bus9ess developm5t company t is a well-kn[n season$ issu] z an issu] to :i* t rule applies4 7#h7 ,! ,commission %all revise rule #dae "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dae7-- 7,a7 to /ate t ! regi/ration = securities provid$ by t rule includes securities regi/]$ by a bus9ess developm5t company on ,=m ,n-#b2 & 7,b7 to provide an exception = a bus9ess developm5t company f ! requirem5t t a ,=m ,n-#b regi/rant mu/ furni% ! und]tak+s requir$ by item #cd4d ( ,=m ,n-#b4 7#i7 ,! ,commission %all revise rule #dig "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dig7 to include a process = a bus9ess developm5t company to file a =m ( prospectus t is p>allel to ! process = fil+ a =m ( prospectus "u rule #dbd7;b74 7#aj7 ,! ,commission %all revise rules #agb & #agc "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4agb & #bcj4agc7 to remove ! exclusion ( an (f]+ ( a bus9ess developm5t company f ^? rules4 7#aa7 ,! ,commission %all revise rule #dah "u ! ,securities ,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dah7 to provide t a bus9ess developm5t company t w\ld o!rwise meet ! eligibility requirem5ts ( ,g5]al ,in/ruction ,i4,a ( ,=m ,s-#c %all be exempt f p>agraph 7a77#c7 ( t rule4 7#ab7 ,! ,commission %all revise rule #ad;a-#aja "u ! ,securities ,ex*ange ,act ( #aicd 7#ag ,c4,f4,r4 #bdj4ad;a-#aja7 to provide t a bus9ess developm5t company t w\ld o!rwise meet ! requirem5ts ( ,g5]al ,in/ruction ,i4,a ( ,=m ,s-#c %all be deem$ to meet ! requirem5ts ( ,=m ,s-#c = purposes ( ,s*$ule #ad;,a4 7#ac7 ,! ,commission %all revise rule #ajc "u ,regulation ,,fd 7#ag ,c4,f4,r4 #bdc4ajc7 to provide t p>agraph 7a7 ( t rule applies = purposes ( ,=m ,n-#b4 7b7 ,revision to =m ,n-#b ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,commission %all revise ,=m ,n-#b-- 7#a7 to include an item or in/ruction t is simil> to item #ab on ,=m ,s-#c to provide t a bus9ess developm5t company t w\ld o!rwise meet ! requirem5ts ( ,=m ,s-#c %all incorporate by ref]5ce its reports & docum5ts fil$ "u ! ,securities ,ex*ange ,act ( #aicd into its regi/ration /atem5t fil$ on ,=m ,n-#b2 & 7#b7 to include an item or in/ruction t is simil> to ! in/ruction reg>d+ automatic %elf (f]+s by well-kn[n season$ issu]s on ,=m ,s-#c to provide t a bus9ess developm5t company t is a well-kn[n season$ issu] may file automatic %elf (f]+s on ,=m ,n-#b4 7c7 ,treatm5t if revisions n complet$ 9 timely mann] ,if ! ,commission fails to complete ! revisions requir$ by subsections 7a7 & 7b7 by ! "t requir$ by su* subsections1 a bus9ess developm5t company %all be entitl$ to treat su* revisions z hav+ be5 complet$ 9 accordance ) ! actions requir$ to be tak5 by ! ,commission by su* subsections until su* "t z su* revisions are complet$ by ! ,commission4 7d7 ,rule ( con/ruction ,any ref]5ce 9 ?is section to a rule or =m means su* rule or =m or any successor rule or =m4 ,i ,fo/]+ ,innovation #ajda4 ,tempor>y exemption = l[-rev5ue issu]s ,section #djd ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbfb7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,tempor>y exemption = l[-,rev5ue issu]s 7#a7 ,l[-rev5ue exemption ,subsection 7b7 %all n apply ) respect to an audit report prep>$ = an issu] t-- 7,a7 ceas$ to be an em]g+ gr[? company on ! la/ day ( ! fiscal ye> ( ! issu] foll[+ ! fif? anniv]s>y ( ! date ( ! fir/ sale ( common equity securities ( ! issu] pursuant to an effective regi/ration /atem5t "u ! ,securities ,act ( #aicc2 7,b7 _h av]age annual gross rev5ues ( less ?an #ej1jjj1jjj z ( its mo/ rec5tly complet$ fiscal ye>2 & 7,c7 is n a l>ge accel]at$ fil]4 7#b7 ,expiration ( tempor>y exemption ,an issu] ceases to be eligible = ! exemption describ$ "u p>agraph 7#a7 at ! e>lie/ (-- 7,a7 ! la/ day ( ! fiscal ye> ( ! issu] foll[+ ! t5? anniv]s>y ( ! date ( ! fir/ sale ( common equity securities ( ! issu] pursuant to an effective regi/ration /atem5t "u ! ,securities ,act ( #aicc2 7,b7 ! la/ day ( ! fiscal ye> ( ! issu] dur+ :i* ! av]age annual gross rev5ues ( ! issu] exce$ #ej1jjj1jjj2 or 7,c7 ! date on :i* ! issu] becomes a l>ge accel]at$ fil]4 7#c7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,av]age annual gross rev5ues ,! t]m av]age annual gross rev5ues means ! total gross rev5ues ( an issu] ov] its mo/ rec5tly complet$ ?ree fiscal ye>s divid$ by ?ree4 7,b7 ,em]g+ gr[? company ,! t]m em]g+ gr[? company has ! mean+ giv5 su* t]m "u section #c ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c74 7,c7 ,l>ge accel]at$ fil] ,! t]m l>ge accel]at$ fil] has ! mean+ giv5 t t]m "u section #bdj4ab;b-#b ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor !reto4 4 ,j ,small ,bus9ess ,capital ,=mation ,enhancem5t #ajdf4 ,annual review ( gov]nm5t-bus9ess =um on capital =mation ,section #ejc ( ! ,small ,bus9ess ,inve/m5t ,inc5tive ,act ( #aihj 7#ae ,u4,s4,c4 #hj;c-#a7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,! ,commission %all-- 7#a7 review ! f9d+s & recomm5dations ( ! =um2 & 7#b7 ea* "t ! =um submits a f9d+ or recomm5dation to ! ,commission1 promptly issue a public /atem5t-- 7,a7 assess+ ! f9d+ or recomm5dation ( ! =um2 & 7,b7 disclos+ ! action1 if any1 ! ,commission int5ds to take ) respect to ! f9d+ or recomm5dation4 4 ,k ,help+ ,angels ,lead ,our ,/>tups #ajea4 ,def9ition ( angel inve/or gr\p ,z us$ 9 ?is subtitle1 ! t]m angel inve/or gr\p means any gr\p t-- 7#a7 is compos$ ( accr$it$ inve/ors int]e/$ 9 inve/+ p]sonal capital 9 e>ly-/age companies2 7#b7 holds regul> meet+s & has def9$ processes & proc$ures = mak+ inve/m5t decisions1 ei!r individually or among ! memb]%ip ( ! gr\p z a :ole2 & 7#c7 is nei!r associat$ nor affiliat$ ) brok]s1 deal]s1 or inve/m5t advis]s4 #ajeb4 ,cl>ification ( g5]al solicitation 7a7 ,9 g5]al ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise ,regulation ,d ( its rules 7#ag ,c4,f4,r4 #bcj4ejj et seq47 to require t 9 c>ry+ out ! prohibition aga9/ g5]al solicitation or g5]al adv]tis+ conta9$ 9 section #bcj4ejb7;c7 ( title #ag1 ,code ( ,f$]al ,regulations1 ! prohibition %all n apply to a pres5tation or o!r communication made by or on behalf ( an issu] :i* is made at an ev5t-- 7#a7 sponsor$ by-- 7,a7 ! ,unit$ ,/ates or any t]ritory !re(1 by ! ,di/rict ( ,columbia1 by any ,/ate1 by a political subdivision ( any ,/ate or t]ritory1 or by any ag5cy or public in/rum5tality ( any ( ! =ego+2 7,b7 a college1 univ]sity1 or o!r in/itution ( high] education2 7,c7 a nonpr(it organization2 7,d7 an angel inve/or gr\p2 7,e7 a v5ture =um1 v5ture capital association1 or trade association2 or 7,f7 any o!r gr\p1 p]son or entity z ! ,securities & ,ex*ange ,commission may det]m9e by rule2 7#b7 :]e any adv]tis+ = ! ev5t does n ref]5ce any specific (f]+ ( securities by ! issu]2 7#c7 ! sponsor ( :i*-- 7,a7 does n make inve/m5t recomm5dations or provide inve/m5t advice to ev5t att5dees2 7,b7 does n engage 9 an active role 9 any inve/m5t negotiations betwe5 ! issu] & inve/ors att5d+ ! ev5t2 7,c7 does n *>ge ev5t att5dees any fees o!r ?an adm9i/rative fees2 & 7,d7 does n receive any comp5sation ) respect to su* ev5t t w\ld require regi/ration ( ! sponsor z a brok] or a deal] "u ! ,securities ,ex*ange ,act ( #aicd1 or z an inve/m5t advisor "u ! ,inve/m5t ,advis]s ,act ( #aidj2 & 7#d7 :]e no specific in=mation reg>d+ an (f]+ ( securities by ! issu] is communicat$ or di/ribut$ by or on behalf ( ! issu]1 o!r ?an-- 7,a7 t ! issu] is 9 ! process ( (f]+ securities or plann+ to (f] securities2 7,b7 ! type & am\nt ( securities be+ (f]$2 7,c7 ! am\nt ( securities be+ (f]$ t h already be5 subscrib$ =2 & 7,d7 ! int5d$ use ( proce$s ( ! (f]+4 7b7 ,rule ( con/ruction ,subsection 7a7 may only be con/ru$ z requir+ ! ,securities & ,ex*ange ,commission to am5d ! requirem5ts ( ,regulation ,d ) respect to pres5tations & communications1 & n ) respect to pur*ases or sales4 ,l ,ma9 ,/reet ,gr[? #ajef4 ,v5ture ex*anges 7a7 ,securities ,ex*ange ,act ( #aicd ,section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f7 is am5d$ by add+ at ! end ! foll[+3 7m7 ,v5ture ex*ange 7#a7 ,regi/ration 7,a7 ,9 g5]al ,a national securities ex*ange may elect to be treat$ 7or = a li/+ ti] ( su* ex*ange to be treat$7 z a v5ture ex*ange by notify+ ! ,commission ( su* election1 ei!r at ! "t ! ex*ange applies to be regi/]$ z a national securities ex*ange or aft] regi/]+ z a national securities ex*ange4 7,b7 ,det]m9ation "t p]iod ,) respect to a securities ex*ange elect+ to be treat$ 7or = a li/+ ti] ( su* ex*ange to be treat$7 z a v5ture ex*ange-- 7i7 at ! "t ! ex*ange applies to be regi/]$ z a national securities ex*ange1 su* application & election %all be deem$ to h be5 approv$ by ! ,commission unless ! ,commission d5ies su* application be=e ! end ( ! #f-mon? p]iod beg9n+ on ! date ! ,commission receiv$ su* application2 & 7ii7 aft] regi/]+ z a national securities ex*ange1 su* election %all be deem$ to h be5 approv$ by ! ,commission unless ! ,commission d5ies su* approval be=e ! end ( ! #f-mon? p]iod beg9n+ on ! date ! ,commission receiv$ notification ( su* election4 7#b7 ,p[]s & re/rictions ,a v5ture ex*ange-- 7,a7 may only con/itute1 ma9ta91 or provide a m>ket place or facilities = br++ toge!r pur*as]s & sell]s ( v5ture securities2 7,b7 may det]m9e ! increm5t to be us$ = quot+ & trad+ v5ture securities on ! ex*ange2 7,c7 %all dissem9ate la/ sale & quotation in=mation on t]ms t are fair & reasonable & n unreasonably discrim9atory2 7,d7 may *oose to c>ry out p]iodic auctions = ! sale ( a v5ture security in/ead ( provid+ cont9u\s trad+ ( ! v5ture security2 & 7,e7 may n ext5d unli/$ trad+ privileges to any v5ture security4 7#c7 ,exemptions f c]ta9 national security ex*ange regulations ,a v5ture ex*ange %all n be requir$ to-- 7,a7 comply ) any ( sections #bdb4fjj ?r\gh #bdb4fab ( title #ag1 ,code ( ,f$]al ,regulations2 7,b7 comply ) any ( sections #bdb4cjj ?r\gh #bdb4cjc ( title #ag1 ,code ( ,f$]al ,regulations2 7,c7 submit any data to a securities in=mation processor2 or 7,d7 use decimal pric+4 7#d7 ,treatm5t ( c]ta9 exempt$ securities ,a security t is exempt f regi/ration pursuant to section #c7;b7 ( ! ,securities ,act ( #aicc %all be exempt f section #ab7;a7 ( ?is title ) respect to ! trad+ ( su* security on a v5ture ex*ange1 if ! issu] ( su* security is 9 compliance ) all disclosure obligations ( su* section #c7;b7 & ! regulations issu$ "u su* section4 7#e7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,e>ly-/age1 gr[? company 7i7 ,9 g5]al ,! t]m e>ly-/age1 gr[? company means an issu]-- 7,i7 t has n made an initial public (f]+ ( any securities ( ! issu]2 & 7,,ii7 ) a m>ket capitalization ( #a1jjj1jjj1jjj 7z su* am\nt is index$ = inflation e #e ye>s by ! ,commission to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics1 sett+ ! ?re%old to ! ne>e/ #a1jjj1jjj7 or less4 7ii7 ,treatm5t :5 m>ket capitalization exce$s ?re%old 7,i7 ,9 g5]al ,9 ! case ( an issu] t is an e>ly-/age1 gr[? company ! securities ( :i* are trad$ on a v5ture ex*ange1 su* issu] %all n cease to be an e>ly-/age1 gr[? company by reason ( ! m>ket capitalization ( su* issu] exce$+ ! ?re%old specifi$ 9 clause 7i77,,ii7 until ! end ( ! p]iod ( #bd consecutive mon?s dur+ :i* ! m>ket capitalization ( su* issu] exce$s #b1jjj1jjj1jjj 7z su* am\nt is index$ = inflation e #e ye>s by ! ,commission to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics1 sett+ ! ?re%old to ! ne>e/ #a1jjj1jjj74 7,,ii7 ,exemptions ,if an issu] w\ld cease to be an e>ly-/age1 gr[? company "u subclause 7,i71 ! v5ture ex*ange may1 at ! reque/ ( ! issu]1 exempt ! issu] f ! m>ket capitalization requirem5ts ( ?is subp>agraph = ! #a-ye> p]iod t beg9s on ! day aft] ! end ( ! #bd-mon? p]iod describ$ 9 su* subclause4 ,! v5ture ex*ange may1 at ! reque/ ( ! issu]1 ext5d ! exemption = #a additional ye>4 7,b7 ,v5ture security ,! t]m v5ture security means-- 7i7 securities ( an e>ly-/age1 gr[? company t are exempt f regi/ration pursuant to section #c7;b7 ( ! ,securities ,act ( #aicc2 & 7ii7 securities ( an em]g+ gr[? company4 4 7b7 ,securities ,act ( #aicc ,section #ah7;b77#a7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#a77 is am5d$-- 7#a7 9 subp>agraph 7,b71 by /rik+ or at ! end2 7#b7 9 subp>agraph 7,c71 by /rik+ ! p]iod & ins]t+ 2 or2 & 7#c7 by add+ at ! end ! foll[+3 7,d7 a v5ture security1 z def9$ "u section #f7m77#e7 ( ! ,securities ,ex*ange ,act ( #aicd4 4 7c7 ,s5se ( ,congress ,x is ! s5se ( ! ,congress t ! ,securities & ,ex*ange ,commission %\ld-- 7#a7 :5 necess>y or appropriate 9 ! public int]e/ & consi/5t ) ! protection ( inve/ors1 make use ( ! ,commission's g5]al exemptive au?ority "u section #cf ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghmm7 ) respect to ! provisions add$ by ?is section2 & 7#b7 if ! ,commission det]m9es appropriate1 create an ,(fice ( ,v5ture ,ex*anges )9 ! ,commission's ,division ( ,trad+ & ,m>kets4 7d7 ,rule ( con/ruction ,no?+ 9 ?is section or ! am5dm5ts made by ?is section %all be con/ru$ to impair or limit ! con/ruction ( ! antifraud provisions ( ! securities laws 7z def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a777 or ! au?ority ( ! ,securities & ,ex*ange ,commission "u ^? provisions4 7e7 ,effective date = ti]s ( exi/+ national securities ex*anges ,9 ! case ( a securities ex*ange t is regi/]$ z a national securities ex*ange "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f7 on ! date ( ! enactm5t ( ?is ,act1 any election = a li/+ ti] ( su* ex*ange to be treat$ z a v5ture ex*ange "u subsection 7m7 ( su* section %all n take effect be=e ! date t is #ahj days aft] su* date ( enactm5t4 ,m ,micro ,(f]+ ,safe ,h>bor #ajfa4 ,exemptions = micro-(f]+s 7a7 ,9 g5]al ,section #d ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7 is am5d$-- 7#a7 9 subsection 7a71 by add+ at ! end ! foll[+3 7#h7 transactions meet+ ! requirem5ts ( subsection 7f74 2 & 7#b7 by add+ at ! end ! foll[+3 7f7 ,c]ta9 micro-,(f]+s ,! transactions ref]r$ to 9 subsection 7a77#h7 are transactions involv+ ! sale ( securities by an issu] 7includ+ all entities controll$ by or "u common control ) ! issu]7 t meet all ( ! foll[+ requirem5ts3 7#a7 ,pre-exi/+ relation%ip ,ea* pur*as] has a sub/antive pre-exi/+ relation%ip ) an (fic] ( ! issu]1 a director ( ! issu]1 or a %>ehold] hold+ #aj p]c5t or m ( ! %>es ( ! issu]4 7#b7 #ce or few] pur*as]s ,!re are no m ?an1 or ! issu] reasonably believes t !re are no m ?an1 #ce pur*as]s ( securities f ! issu] t are sold 9 reliance on ! exemption provid$ "u subsection 7a77#h7 dur+ ! #ab-mon? p]iod prec$+ su* transaction4 7#c7 ,small (f]+ am\nt ,! aggregate am\nt ( all securities sold by ! issu]1 includ+ any am\nt sold 9 reliance on ! exemption provid$ "u subsection 7a77#h71 dur+ ! #ab-mon? p]iod prec$+ su* transaction1 does n exce$ #ejj1jjj4 4 7b7 ,exemption "u ,/ate regulations ,section #ah7;b77#d7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#d77 is am5d$-- 7#a7 9 subp>agraph 7,f71 by /rik+ or at ! end2 7#b7 9 subp>agraph 7,g71 by /rik+ ! p]iod & ins]t+ 2 or2 & 7#c7 by add+ at ! end ! foll[+3 7,h7 section #d7;a77#h74 4 ,n ,private ,placem5t ,improvem5t #ajff4 ,revisions to ,,sec ,regulation ,d ,n lat] ?an #de days foll[+ ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise ,regulation ,d 7#ag ,c4,f4,r4 #eja et seq47 9 accordance ) ! foll[+3 7#a7 ,! ,commission %all revise ,=m ,d fil+ requirem5ts to require an issu] (f]+ or sell+ securities 9 reliance on an exemption provid$ "u ,rule #ejf ( ,regulation ,d to file ) ! ,commission a s+le notice ( sales conta9+ ! in=mation requir$ by ,=m ,d = ea* new (f]+ ( securities no e>li] ?an #ae days aft] ! date ( ! fir/ sale ( securities 9 ! (f]+4 ,! ,commission %all n require su* an issu] to file any notice ( sales conta9+ ! in=mation requir$ by ,=m ,d except = ! s+le notice describ$ 9 ! previ\s s5t5ce4 7#b7 ,! ,commission %all make ! in=mation conta9$ 9 ea* ,=m ,d fil+ available to ! securities commission 7or any ag5cy or (fice p]=m+ l functions7 ( ea* ,/ate & t]ritory ( ! ,unit$ ,/ates & ! ,di/rict ( ,columbia4 7#c7 ,! ,commission %all n condition ! availability ( any exemption = an issu] "u ,rule #ejf ( ,regulation ,d 7#ag ,c4,f4,r4 #bcj4ejf7 on ! issu]'s or any o!r p]son's fil+ ) ! ,commission ( a ,=m ,d or any simil> report4 7#d7 ,! ,commission %all n require issu]s to submit writt5 g5]al solicitation mat]ials to ! ,commission 9 connection ) a ,rule #ejf7;c7 (f]+1 except :5 ! ,commission reque/s su* mat]ials pursuant to ! ,commission's au?ority "u section #h;,a or section #bj ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;h-#a or #ggt7 or section #i1 #aj7;b71 #ba;,a1 #ba;,b1 or #ba;,c ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;i1 #gh;j7b71 #ghu-#a1 #ghu-#b1 or #ghu-#c74 7#e7 ,! ,commission %all n ext5d ! requirem5ts conta9$ 9 ,rule #aef to private funds4 7#f7 ,! ,commission %all revise ,rule #eja7;a7 ( ,regulation ,d to provide t a p]son :o is a kn[l$geable employee ( a private fund or ! fund's inve/m5t advis]1 z def9$ 9 ,rule #c;c-#e7;a77#d7 7#ag ,c4,f4,r4 #bgj4c;c-#e7;a77#d771 %all be an accr$it$ inve/or = purposes ( a ,rule #ejf (f]+ ( a private fund ) respect to :i* ! p]son is a kn[l$geable employee4 ,o ,support+ ,am]ica's ,innovators #ajga4 ,inve/or limitation = qualify+ v5ture capital funds ,section #c7;c77#a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#a77 is am5d$-- 7#a7 by ins]t+ aft] "o hundr$ p]sons ! foll[+3 7or1 ) respect to a qualify+ v5ture capital fund1 #bej p]sons72 & 7#b7 by add+ at ! end ! foll[+3 7,c7 ,! t]m qualify+ v5ture capital fund means any v5ture capital fund 7z def9$ pursuant to section #bjc7l77#a7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#c7l77#a77 ) no m ?an #aj1jjj1jjj 9 inve/$ capital1 z su* doll> am\nt is annually adju/$ by ! ,commission to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics ( ! ,dep>tm5t ( ,labor4 4 ,p ,fix ,cr[dfund+ #ajgf4 ,cr[dfund+ vehicles 7a7 ,am5dm5ts to ! ,securities ,act ( #aicc ,! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et seq47 is am5d$-- 7#a7 9 section #d;,a7f77#c71 by ins]t+ by any ( p>agraphs 7#a7 ?r\gh 7#ad7 ( be=e section #c7;c72 & 7#b7 9 section #d7;a77#f77;,b71 by ins]t+ aft] any inve/or ! foll[+3 1 o!r ?an a cr[dfund+ vehicle 7z def9$ 9 section #b7;a7 ( ! ,inve/m5t ,company ,act ( #aidj714 7b7 ,am5dm5ts to ! ,inve/m5t ,company ,act ( #aidj ,! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47 is am5d$-- 7#a7 9 section #b7;a71 by add+ at ! end ! foll[+3 7#ee7 ,! t]m cr[dfund+ vehicle means a company-- 7,a7 ^: purpose 7z set =? 9 its organizational docum5ts7 is limit$ to acquir+1 hold+1 & dispos+ securities issu$ by a s+le company 9 "o or m transactions & made pursuant to section #d7;a77#f7 ( ! ,securities ,act ( #aicc2 7,b7 :i* issues only "o class ( securities2 7,c7 :i* receives no comp5sation 9 connection ) su* acquisition1 hold+1 or disposition ( securities2 7,d7 no associat$ p]son ( :i* receives any comp5sation 9 connection ) su* acquisition1 hold+ or disposition ( securities unless su* p]son is act+ z or on behalf ( an inve/m5t advis] regi/]$ "u ! ,inve/m5t ,advis]s ,act ( #aidj or regi/]$ z an inve/m5t advis] 9 ! ,/ate 9 :i* ! inve/m5t advis] ma9ta9s its pr9cipal (fice & place ( bus9ess2 7,e7 ! securities ( :i* h be5 issu$ 9 a transaction made pursuant to section #d7;a77#f7 ( ! ,securities ,act ( #aicc1 :]e bo? ! cr[dfund+ vehicle & ! company ^: securities x holds are co-issu]s2 7,f7 :i* is curr5t 9 its ongo+ disclosure obligations "u ,rule #bjb ( ,regulation ,cr[dfund+ 7#ag ,c4,f4,r4 #bbg4bjb72 7,g7 ! company ^: securities x holds is curr5t 9 its ongo+ disclosure obligations "u ,rule #bjb ( ,regulation ,cr[dfund+ 7#ag ,c4,f4,r4 #bbg4bjb72 & 7,h7 is advis$ by an inve/m5t advis] regi/]$ "u ! ,inve/m5t ,advis]s ,act ( #aidj or regi/]$ z an inve/m5t advis] 9 ! ,/ate 9 :i* ! inve/m5t advis] ma9ta9s its pr9cipal (fice & place ( bus9ess4 2 & 7#b7 9 section #c7;c71 by add+ at ! end ! foll[+3 7#ae7 ,any cr[dfund+ vehicle4 4 #ajgg4 ,cr[dfund+ exemption f regi/ration ,section #ab7;g77#f7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghl7g77#f77 is am5d$-- 7#a7 by /rik+ ,! ,commission & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,! ,commission 2 7#b7 by /rik+ section #d7f7 & ins]t+ section #d7;a77#f72 & 7#c7 by add+ at ! end ! foll[+3 7,b7 ,treatm5t ( securities issu$ by c]ta9 issu]s ,an exemption "u subp>agraph 7,a7 %all be unconditional = securities (f]$ by an issu] t _h a public float ( less ?an #ge1jjj1jjj z ( ! la/ bus9ess day ( ! issu]'s mo/ rec5tly complet$ semiannual p]iod1 comput$ by multiply+ ! aggregate worldwide numb] ( %>es ( ! issu]'s common equity securities held by non-affiliates by ! price at :i* su* securities 7 la/ sold 7or ! av]age bid & ask$ prices ( su* securities7 9 ! pr9cipal m>ket = su* securities or1 9 ! ev5t ! result ( su* public float calculation is z]o1 _h annual rev5ues ( less ?an #ej1jjj1jjj z ( ! issu]'s mo/ rec5tly complet$ fiscal ye>4 4 ,q ,corporate ,gov]nance ,re=m & ,transp>5cy #ajha4 ,def9itions 7a7 ,securities ,ex*ange ,act ( #aicd ,section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77 is am5d$ by add+ at ! end ! foll[+ new p>agraphs3 7#hc7 ,proxy advisory firm ,! t]m proxy advisory firm means any p]son :o is prim>ily engag$ 9 ! bus9ess ( provid+ proxy vot+ rese>*1 analysis1 or recomm5dations to cli5ts1 :i* conduct con/itutes a solicitation )9 ! mean+ ( section #ad & ! ,commission's rules & regulations !reund]1 except to ! ext5t t ! p]son is exempt$ by su* rules & regulations f requirem5ts o!rwise applicable to p]sons engag$ 9 a solicitation4 7#hd7 ,p]son associat$ ) a proxy advisory firm ,! t]m p]son associat$ ) a proxy advisory firm means any p>tn]1 (fic]1 or director ( a proxy advisory firm 7or any p]son occupy+ a simil> /atus or p]=m+ simil> functions71 any p]son directly or indirectly controll+1 controll$ by1 or "u common control ) a proxy advisory firm1 or any employee ( a proxy advisory firm1 except t p]sons associat$ ) a proxy advisory firm ^: functions are cl]ical or m9i/]ial %all n be includ$ 9 ! mean+ ( su* t]m4 ,! ,commission may by rules & regulations classify1 = purposes or any portion or portions ( ?is ,act1 p]sons1 includ+ employees controll$ by a proxy advisory firm4 4 7b7 ,applicable def9itions ,z us$ 9 ?is subtitle-- 7#a7 ! t]m ,commission means ! ,securities & ,ex*ange ,commission2 & 7#b7 ! t]m proxy advisory firm has ! same mean+ z 9 section #c7;a77#hc7 ( ! ,securities ,ex*ange ,act ( #aicd1 z add$ by ?is subtitle4 #ajhb4 ,regi/ration ( proxy advisory firms 7a7 ,am5dm5t ,! ,securities ,ex*ange ,act ( #aicd is am5d$ by ins]t+ aft] section #ae;,g ! foll[+ new section3 #ae;,h4 ,regi/ration ( proxy advisory firms 7a7 ,conduct prohibit$ ,x %all be unlawful = a proxy advisory firm to make use ( ! mails or any means or in/rum5tality ( int]/ate comm]ce to provide proxy vot+ rese>*1 analysis1 or recomm5dations to any cli5t1 unless su* proxy advisory firm is regi/]$ "u ?is section4 7b7 ,regi/ration proc$ures 7#a7 ,application = regi/ration 7,a7 ,9 g5]al ,a proxy advisory firm mu/ file ) ! ,commission an application = regi/ration1 9 su* =m z ! ,commission %all require1 by rule or regulation1 & conta9+ ! in=mation describ$ 9 subp>agraph 7,b74 7,b7 ,requir$ in=mation ,an application = regi/ration "u ?is section %all conta9 in=mation reg>d+-- 7i7 a c]tification t ! applicant has adequate f9ancial & manag]ial res\rces to consi/5tly provide proxy advice bas$ on accurate in=mation2 7ii7 ! proc$ures & me?odologies t ! applicant uses 9 develop+ proxy vot+ recomm5dations1 includ+ :e!r & h[ ! applicant consid]s ! size ( a company :5 mak+ proxy vot+ recomm5dations2 7iii7 ! organizational /ructure ( ! applicant2 7iv7 :e!r or n ! applicant has 9 effect a code ( e?ics1 & if n1 ! reasons !re=2 7v7 any pot5tial or actual conflict ( int]e/ relat+ to ! own]%ip /ructure ( ! applicant or ! provision ( proxy advisory s]vices by ! applicant1 includ+ :e!r ! proxy advisory firm engages 9 s]vices ancill>y to ! provision ( proxy advisory s]vices su* z consult+ s]vices = corporate issu]s1 & if s ! rev5ues d]iv$ !refrom2 7vi7 ! policies & proc$ures 9 place to manage conflicts ( int]e/ "u subsection 7f72 & 7vii7 any o!r in=mation & docum5ts conc]n+ ! applicant & any p]son associat$ ) su* applicant z ! ,commission1 by rule1 may prescribe z necess>y or appropriate 9 ! public int]e/ or = ! protection ( inve/ors4 7#b7 ,review ( application 7,a7 ,initial det]m9ation ,n lat] ?an #ij days aft] ! date on :i* ! application = regi/ration is fil$ ) ! ,commission "u p>agraph 7#a7 7or )9 su* long] p]iod z to :i* ! applicant cons5ts7 ! ,commission %all-- 7i7 by ord]1 grant regi/ration2 or 7ii7 in/itute proce$+s to det]m9e :e!r regi/ration %\ld be d5i$4 7,b7 ,conduct ( proce$+s 7i7 ,cont5t ,proce$+s ref]r$ to 9 subp>agraph 7,a77ii7 %all-- 7,i7 include notice ( ! gr\nds = d5ial "u consid]ation & an opportunity = he>+2 & 7,,ii7 be conclud$ n lat] ?an #abj days aft] ! date on :i* ! application = regi/ration is fil$ ) ! ,commission "u p>agraph 7#a74 7ii7 ,det]m9ation ,at ! conclusion ( su* proce$+s1 ! ,commission1 by ord]1 %all grant or d5y su* application = regi/ration4 7iii7 ,ext5sion au?oriz$ ,! ,commission may ext5d ! "t = conclusion ( su* proce$+s = n long] ?an #ij days1 if x f9ds good cause = su* ext5sion & publi%es its reasons = s f9d+1 or = su* long] p]iod z to :i* ! applicant cons5ts4 7,c7 ,gr\nds = decision ,! ,commission %all grant regi/ration "u ?is subsection-- 7i7 if ! ,commission f9ds t ! requirem5ts ( ?is section are satisfi$2 & 7ii7 unless ! ,commission f9ds 79 :i* case ! ,commission %all d5y su* regi/ration7 t-- 7,i7 ! applicant has fail$ to c]tify to ! ,commission's satisfaction t x has adequate f9ancial & manag]ial res\rces to consi/5tly provide proxy advice bas$ on accurate in=mation & to mat]ially comply ) ! proc$ures & me?odologies disclos$ "u p>agraph 7#a77;,b7 & ) subsections 7f7 & 7g72 or 7,,ii7 if ! applicant 7 s regi/]$1 its regi/ration w\ld be subject to susp5sion or revocation "u subsection 7e74 7#c7 ,public availability ( in=mation ,subject to section #bd1 ! ,commission %all make ! in=mation & docum5ts submitt$ to ! ,commission by a proxy advisory firm 9 its complet$ application = regi/ration1 or 9 any am5dm5t submitt$ "u p>agraph 7#a7 or 7#b7 ( subsection 7c71 publicly available on ! ,commission's website1 or ?r\gh ano!r comp>able1 readily accessible means4 7c7 ,update ( regi/ration 7#a7 ,update ,ea* regi/]$ proxy advisory firm %all promptly am5d & update its application = regi/ration "u ?is section if any in=mation or docum5t provid$ !re9 becomes mat]ially inaccurate1 except t a regi/]$ proxy advisory firm is n requir$ to am5d ! in=mation requir$ to be fil$ "u subsection 7b77#a77;,b77i7 by fil+ in=mation "u ?is p>agraph1 b %all am5d su* in=mation 9 ! annual submission ( ! organization "u p>agraph 7#b7 ( ?is subsection4 7#b7 ,c]tification ,n lat] ?an #ij cal5d> days aft] ! end ( ea* cal5d> ye>1 ea* regi/]$ proxy advisory firm %all file ) ! ,commission an am5dm5t to its regi/ration1 9 su* =m z ! ,commission1 by rule1 may prescribe z necess>y or appropriate 9 ! public int]e/ or = ! protection ( inve/ors-- 7,a7 c]tify+ t ! in=mation & docum5ts 9 ! application = regi/ration ( su* regi/]$ proxy advisory firm cont9ue to be accurate 9 all mat]ial respects2 & 7,b7 li/+ any mat]ial *ange t occurr$ to su* in=mation or docum5ts dur+ ! previ\s cal5d> ye>4 7d7 ,c5sure1 d5ial1 or susp5sion ( regi/ration2 notice & he>+ ,! ,commission1 by ord]1 %all c5sure1 place limitations on ! activities1 functions1 or op]ations (1 susp5d = a p]iod n exce$+ #ab mon?s1 or revoke ! regi/ration ( any regi/]$ proxy advisory firm if ! ,commission f9ds1 on ! record aft] notice & opportunity = he>+1 t su* c5sure1 plac+ ( limitations1 susp5sion1 or revocation is necess>y = ! protection ( inve/ors & 9 ! public int]e/ & t su* regi/]$ proxy advisory firm1 or any p]son associat$ ) su* an organization1 :e!r prior to or subsequ5t to becom+ s associat$-- 7#a7 has committ$ or omitt$ any act1 or is subject to an ord] or f9d+1 enum]at$ 9 subp>agraph 7,a71 7,d71 7,e71 7,h71 or 7,g7 ( section #ae7;b77#d71 has be5 convict$ ( any (f5se specifi$ 9 section #ae7;b77#d77;,b71 or is enjo9$ f any action1 conduct1 or practice specifi$ 9 subp>agraph 7,c7 ( section #ae7;b77#d71 dur+ ! #aj-ye> p]iod prec$+ ! date ( comm5cem5t ( ! proce$+s "u ?is subsection1 or at any "t !reaft]2 7#b7 has be5 convict$ dur+ ! #aj-ye> p]iod prec$+ ! date on :i* an application = regi/ration is fil$ ) ! ,commission "u ?is section1 or at any "t !reaft]1 (-- 7,a7 any crime t is puni%able by imprisonm5t = "o or m ye>s1 & t is n describ$ 9 section #ae7;b77#d77;,b72 or 7,b7 a sub/antially equival5t crime by a =eign c\rt ( compet5t jurisdiction2 7#c7 is subject to any ord] ( ! ,commission b>r+ or susp5d+ ! "r ( ! p]son to be associat$ ) a regi/]$ proxy advisory firm2 7#d7 fails to furni% ! c]tifications requir$ "u subsections 7b77#b77;,c77ii77,i7 & 7c77#b72 7#e7 has engag$ 9 "o or m prohibit$ acts enum]at$ 9 p>agraph 7#a72 or 7#f7 fails to ma9ta9 adequate f9ancial & manag]ial res\rces to consi/5tly (f] advisory s]vices ) integrity1 includ+ by fail+ to comply ) subsections 7f7 or 7g74 7e7 ,t]m9ation ( regi/ration 7#a7 ,volunt>y )drawal ,a regi/]$ proxy advisory firm may1 ^u su* t]ms & conditions z ! ,commission may e/abli% z necess>y 9 ! public int]e/ or = ! protection ( inve/ors1 :i* t]ms & conditions %all include at a m9imum t ! regi/]$ proxy advisory firm w no long] conduct su* activities z to br+ x )9 ! def9ition ( proxy advisory firm 9 section #c7;a77#hc7 ( ! ,securities ,ex*ange ,act ( #aicd1 )draw f regi/ration by fil+ a writt5 notice ( )drawal to ! ,commission4 7#b7 ,commission au?ority ,9 addition to any o!r au?ority ( ! ,commission "u ?is title1 if ! ,commission f9ds t a regi/]$ proxy advisory firm is no long] 9 exi/5ce or has ceas$ to d bus9ess z a proxy advisory firm1 ! ,commission1 by ord]1 %all cancel ! regi/ration "u ?is section ( su* regi/]$ proxy advisory firm4 7f7 ,managem5t ( conflicts ( int]e/ 7#a7 ,organization policies & proc$ures ,ea* regi/]$ proxy advisory firm %all e/abli%1 ma9ta91 & en=ce writt5 policies & proc$ures reasonably design$1 tak+ into consid]ation ! nature ( ! bus9ess ( su* regi/]$ proxy advisory firm & associat$ p]sons1 to address & manage any conflicts ( int]e/ t c arise f su* bus9ess4 7#b7 ,commission au?ority ,! ,commission %all issue f9al rules to prohibit1 or require ! managem5t & disclosure (1 any conflicts ( int]e/ relat+ to ! (f]+ ( proxy advisory s]vices by a regi/]$ proxy advisory firm1 includ+1 )\t limitation1 conflicts ( int]e/ relat+ to-- 7,a7 ! mann] 9 :i* a regi/]$ proxy advisory firm is comp5sat$ by ! cli5t1 or any affiliate ( ! cli5t1 = provid+ proxy advisory s]vices2 7,b7 ! provision ( consult+1 advisory1 or o!r s]vices by a regi/]$ proxy advisory firm1 or any p]son associat$ ) su* regi/]$ proxy advisory firm1 to ! cli5t2 7,c7 bus9ess relation%ips1 own]%ip int]e/s1 or any o!r f9ancial or p]sonal int]e/s betwe5 a regi/]$ proxy advisory firm1 or any p]son associat$ ) su* regi/]$ proxy advisory firm1 & any cli5t1 or any affiliate ( su* cli5t2 7,d7 transp>5cy ar\nd ! =mulation ( proxy vot+ policies2 7,e7 ! execution ( proxy votes if su* votes are bas$ ^u recomm5dations made by ! proxy advisory firm 9 :i* someone o!r ?an ! issu] is a propon5t2 7,f7 issu+ recomm5dations :]e proxy advisory firms provide advisory s]vices to a company2 & 7,g7 any o!r pot5tial conflict ( int]e/1 z ! ,commission deems necess>y or appropriate 9 ! public int]e/ or = ! protection ( inve/ors4 7g7 ,reliability ( proxy advisory firm s]vices 7#a7 ,9 g5]al ,ea* regi/]$ proxy advisory firm %all h /aff suffici5t to produce proxy vot+ recomm5dations t are bas$ on accurate & curr5t in=mation4 ,ea* regi/]$ proxy advisory firm %all detail proc$ures suffici5t to p]mit companies receiv+ proxy advisory firm recomm5dations access 9 a reasonable "t to ! draft recomm5dations1 ) an opportunity to provide mean+ful comm5t !reon1 includ+ ! opportunity to pres5t details to ! p]son responsible = develop+ ! recomm5dation 9 p]son or telephonically4 ,ea* regi/]$ proxy advisory firm %all employ an ombudsman to receive compla9ts ab\t ! accuracy ( vot+ in=mation us$ 9 mak+ recomm5dations f ! subjects ( ! proxy advisory firm's vot+ recomm5dations1 & %all resolve ^? compla9ts 9 a timely fa%ion & 9 any ev5t prior to vot+ on ! matt] to :i* ! recomm5dation relates4 7#b7 ,draft recomm5dations def9$ ,= purposes ( ?is subsection1 ! t]m draft recomm5dations-- 7,a7 means ! ov]all conclusions ( proxy vot+ recomm5dations prep>$ = ! cli5ts ( a proxy advisory firm1 includ+ any public data cit$ !re91 any company in=mation or sub/antive analysis impact+ ! recomm5dation1 & ! specific vot+ recomm5dations on individual proxy ballot issues2 & 7,b7 does n include ! entirety ( ! proxy advisory firm's f9al report to its cli5ts4 7h7 ,designation ( compliance (fic] ,ea* regi/]$ proxy advisory firm %all designate an individual responsible = adm9i/]+ ! policies & proc$ures t are requir$ to be e/abli%$ pursuant to subsections 7f7 & 7g71 & = ensur+ compliance ) ! securities laws & ! rules & regulations !reund]1 includ+ ^? promulgat$ by ! ,commission pursuant to ?is section4 7i7 ,prohibit$ conduct 7#a7 ,prohibit$ acts & practices ,! ,commission %all issue f9al rules to prohibit any act or practice relat+ to ! (f]+ ( proxy advisory s]vices by a regi/]$ proxy advisory firm t ! ,commission det]m9es to be unfair or co]cive1 includ+ any act or practice relat+ to-- 7,a7 condition+ a vot+ recomm5dation or o!r proxy advisory firm recomm5dation on ! pur*ase by an issu] or an affiliate !re( ( o!r s]vices or products1 ( ! regi/]$ proxy advisory firm or any p]son associat$ ) su* regi/]$ proxy advisory firm2 & 7,b7 modify+ a vot+ recomm5dation or o!rwise dep>t+ f its adopt$ sy/ematic proc$ures & me?odologies 9 ! provision ( proxy advisory s]vices1 bas$ on :e!r an issu]1 or affiliate !re(1 subscribes or w subscribe to o!r s]vices or product ( ! regi/]$ proxy advisory firm or any p]son associat$ ) su* organization4 7#b7 ,rule ( con/ruction ,no?+ 9 p>agraph 7#a71 or 9 any rules or regulations adopt$ !reund]1 may be con/ru$ to modify1 impair1 or sup]s$e ! op]ation ( any ( ! antitru/ laws 7z def9$ 9 ! fir/ section ( ! ,clayton ,act1 except t su* t]m includes section #e ( ! ,f$]al ,trade ,commission ,act1 to ! ext5t t su* section #e applies to unfair me?ods ( competition74 7j7 ,/atem5ts ( f9ancial condition ,ea* regi/]$ proxy advisory firm %all1 on a confid5tial basis1 file ) ! ,commission1 at int]vals det]m9$ by ! ,commission1 su* f9ancial /atem5ts1 c]tifi$ 7if requir$ by ! rules or regulations ( ! ,commission7 by an indep5d5t public auditor1 & in=mation conc]n+ its f9ancial condition1 z ! ,commission1 by rule1 may prescribe z necess>y or appropriate 9 ! public int]e/ or = ! protection ( inve/ors4 7k7 ,annual report ,ea* regi/]$ proxy advisory firm %all1 at ! beg9n+ ( ea* fiscal ye> ( su* firm1 report to ! ,commission on ! numb] ( %>ehold] proposals its /aff review$ 9 ! prior fiscal ye>1 ! numb] ( recomm5dations made 9 ! prior fiscal ye>1 ! numb] ( /aff :o review$ & made recomm5dations on su* proposals 9 ! prior fiscal ye>1 & ! numb] ( recomm5dations made 9 ! prior fiscal ye> :]e ! propon5t ( su* recomm5dation 0 a cli5t ( or receiv$ s]vices f ! proxy advisory firm4 7l7 ,transp>5t policies ,ea* regi/]$ proxy advisory firm %all file ) ! ,commission & make publicly available its me?odology = ! =mulation ( proxy vot+ policies & vot+ recomm5dations4 7m7 ,rules ( con/ruction 7#a7 ,no waiv] ( rights1 privileges1 or def5ses ,regi/ration "u & compliance ) ?is section does n con/itute a waiv] (1 or o!rwise dim9i%1 any "r1 privilege1 or def5se t a regi/]$ proxy advisory firm may o!rwise h "u any provision ( ,/ate or ,f$]al law1 includ+ any rule1 regulation1 or ord] !reund]4 7#b7 ,no private "r ( action ,no?+ 9 ?is section may be con/ru$ z creat+ any private "r ( action1 & no report fil$ by a regi/]$ proxy advisory firm 9 accordance ) ?is section or section #ag %all create a private "r ( action "u section #ah or any o!r provision ( law4 7n7 ,regulations 7#a7 ,new provisions ,su* rules & regulations z are requir$ by ?is section or are o!rwise necess>y to c>ry out ?is section1 includ+ ! application =m requir$ "u subsection 7a7-- 7,a7 %all be issu$ by ! ,commission1 n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is section2 & 7,b7 %all become effective n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is section4 7#b7 ,review ( exi/+ regulations ,n lat] ?an #bgj days aft] ! date ( enactm5t ( ?is section1 ! ,commission %all-- 7,a7 review its exi/+ rules & regulations :i* affect ! op]ations ( proxy advisory firms2 7,b7 am5d or revise su* rules & regulations 9 accordance ) ! purposes ( ?is section1 & issue su* guidance1 z ! ,commission may prescribe z necess>y or appropriate 9 ! public int]e/ or = ! protection ( inve/ors2 & 7,c7 direct ,commission /aff to )draw ! ,egan ,jones ,proxy ,s]vices 7,may #bg1 #bjjd7 & ,in/itutional ,%>ehold] ,s]vices1 ,inc4 7,septemb] #ae1 #bjjd7 no-action lett]s4 7o7 ,applicability ,?is section1 o!r ?an subsection 7n71 :i* %all apply on ! date ( enactm5t ( ?is section1 %all apply on ! e>li] (-- 7#a7 ! date on :i* regulations are issu$ 9 f9al =m "u subsection 7n77#a72 or 7#b7 #bgj days aft] ! date ( enactm5t ( ?is section4 4 7b7 ,con=m+ am5dm5t ,section #ag7;a77#a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghq7a77#a77 is am5d$ by ins]t+ proxy advisory firm1 aft] nationally recogniz$ /ati/ical rat+ organization14 #ajhc4 ,commission annual report ,! ,commission %all make an annual report publicly available on ! ,commission's ,int]net website4 ,su* report %all1 ) respect to ! ye> to :i* ! report relates-- 7#a7 id5tify applicants = regi/ration "u section #ae;,h ( ! ,securities ,ex*ange ,act ( #aicd1 z add$ by ?is subtitle2 7#b7 specify ! numb] ( & actions tak5 on su* applications2 7#c7 specify ! views ( ! ,commission on ! /ate ( competition1 transp>5cy1 policies & me?odologies1 & conflicts ( int]e/ among proxy advisory firms2 7#d7 include ! det]m9ation ( ! ,commission ) reg>d to-- 7,a7 ! quality ( proxy advisory s]vices issu$ by proxy advisory firms2 7,b7 ! f9ancial m>kets2 7,c7 competition among proxy advisory firms2 7,d7 ! incid5ce ( undisclos$ conflicts ( int]e/ by proxy advisory firms2 7,e7 ! process = regi/]+ z a proxy advisory firm2 & 7,f7 su* o!r matt]s relevant to ! implem5tation ( ?is subtitle & ! am5dm5ts made by ?is subtitle1 z ! ,commission det]m9es necess>y to br+ to ! att5tion ( ! ,congress2 7#e7 id5tify problems1 if any1 t h result$ f ! implem5tation ( ?is subtitle & ! am5dm5ts made by ?is subtitle2 & 7#f7 recomm5d solutions1 includ+ any legislative or regulatory solutions1 to any problems id5tifi$ "u p>agraphs 7#d7 & 7#e74 ,r ,s5ior ,safe #ajia4 ,immunity 7a7 ,def9itions ,9 ?is subtitle-- 7#a7 ! t]m ,bank ,secrecy ,act ,(fic] means an individual responsible = ensur+ compliance ) ! requirem5ts m&at$ by sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code2 7#b7 ! t]m brok]-deal] means a brok] or deal]1 z ^? t]ms are def9$1 respectively1 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7#c7 ! t]m cov]$ ag5cy means-- 7,a7 a ,/ate f9ancial regulatory ag5cy1 includ+ a ,/ate securities or law en=cem5t au?ority & a ,/ate insurance regulator2 7,b7 ea* ( ! ,f$]al f9ancial in/itutions regulatory ag5cies2 7,c7 ! ,securities & ,ex*ange ,commission2 7,d7 a law en=cem5t ag5cy2 7,e7 & ,/ate or local ag5cy responsible = adm9i/]+ adult protective s]vice laws2 & 7,f7 a ,/ate attorney g5]al4 7#d7 ! t]m cov]$ f9ancial in/itution means-- 7,a7 a cr$it union2 7,b7 a depository in/itution2 7,c7 an inve/m5t advisor2 7,d7 a brok]-deal]2 7,e7 an insurance company2 & 7,f7 a ,/ate attorney g5]al4 7#e7 ! t]m cr$it union means a ,f$]al cr$it union1 ,/ate cr$it union1 or ,/ate-*>t]$ cr$it union1 z ^? t]ms are def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb72 7#f7 ! t]m depository in/itution has ! mean+ giv5 ! t]m 9 section #c7;c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7;c772 7#g7 ! t]m exploitation means ! fraudul5t or o!rwise illegal1 unau?oriz$1 or improp] act or process ( an individual1 includ+ a c>egiv] or fiduci>y1 t-- 7,a7 uses ! res\rces ( a s5ior citiz5 = monet>y p]sonal b5efit1 pr(it1 or ga92 or 7,b7 results 9 depriv+ a s5ior citiz5 ( rightful access to or use ( b5efits1 res\rces1 belong+s or assets2 7#h7 ! t]m ,f$]al f9ancial in/itutions regulatory ag5cies has ! mean+ giv5 ! t]m 9 section #ajjc ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjb72 7#i7 ! t]m inve/m5t advis] has ! mean+ giv5 ! t]m 9 section #bjb ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#b72 7#aj7 ! t]m insurance company has ! mean+ giv5 ! t]m 9 section #b7;a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a772 7#aa7 ! t]m regi/]$ repres5tative means an individual :o repres5ts a brok]-deal] 9 effect+ or attempt+ to affect a pur*ase or sale ( securities2 7#ab7 ! t]m s5ior citiz5 means an individual :o is n less ?an #fe ye>s ( age2 7#ac7 ! t]m ,/ate insurance regulator has ! mean+ giv5 su* t]m 9 section #cae ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fgce72 & 7#ad7 ! t]m ,/ate securities or law en=cem5t au?ority has ! mean+ giv5 ! t]m 9 section #bd7;f77#d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghx7f77#d774 7b7 ,immunity f suit 7#a7 ,immunity = individuals ,an individual :o has receiv$ ! tra9+ describ$ 9 section #ajib %all n be liable1 includ+ 9 any civil or adm9i/rative proce$+1 = disclos+ ! possible exploitation ( a s5ior citiz5 to a cov]$ ag5cy if ! individual1 at ! "t ( ! disclosure-- 7,a7 s]v$ z a sup]visor1 compliance (fic] 7includ+ a ,bank ,secrecy ,act ,(fic]71 or regi/]$ repres5tative = a cov]$ f9ancial in/itution2 & 7,b7 made ! disclosure ) reasonable c>e includ+ reasonable ef=ts to avoid disclosure o!r ?an to a cov]$ ag5cy4 7#b7 ,immunity = cov]$ f9ancial in/itutions ,a cov]$ f9ancial in/itution %all n be liable1 includ+ 9 any civil or adm9i/rative proce$+1 = a disclosure made by an individual describ$ 9 p>agraph 7#a7 if-- 7,a7 ! individual 0 employ$ by1 or1 9 ! case ( a regi/]$ repres5tative1 affiliat$ or associat$ )1 ! cov]$ f9ancial in/itution at ! "t ( ! disclosure2 & 7,b7 be=e ! "t ( ! disclosure1 ! cov]$ f9ancial in/itution provid$ ! tra9+ describ$ 9 section #ajib to ea* individual describ$ 9 section #ajib7;a74 #ajib4 ,tra9+ requir$ 7a7 ,9 g5]al ,a cov]$ f9ancial in/itution may provide tra9+ describ$ 9 subsection 7b77#a7 to ea* (fic] or employee (1 or regi/]$ repres5tative affiliat$ or associat$ )1 ! cov]$ f9ancial in/itution :o-- 7#a7 is describ$ 9 section #ajia7;b77#a77;,a72 7#b7 may come into contact ) a s5ior citiz5 z a regul> "p ( ! duties ( ! (fic]1 employee1 or regi/]$ repres5tative2 or 7#c7 may review or approve ! f9ancial docum5ts1 records1 or transactions ( a s5ior citiz5 9 connection ) provid+ f9ancial s]vices to a s5ior citiz54 7b7 ,tra9+ 7#a7 ,9 g5]al ,! tra9+ describ$ 9 ?is p>agraph %all-- 7,a7 in/ruct any individual att5d+ ! tra9+ on h[ to id5tify & report ! suspect$ exploitation ( a s5ior citiz52 7,b7 discuss ! ne$ to protect ! privacy & respect ! integrity ( ea* individual cu/om] ( a cov]$ f9ancial in/itution2 & 7,c7 be appropriate to ! job responsibilities ( ! individual att5d+ ! tra9+4 7#b7 ,tim+ ,! tra9+ requir$ "u subsection 7a7 %all be provid$ z soon z reasonably practicable b n lat] ?an #a ye> aft] ! date on :i* an (fic]1 employee1 or regi/]$ repres5tative beg9s employm5t ) or becomes affiliat$ or associat$ ) ! cov]$ f9ancial in/itution4 7#c7 ,bank ,secrecy ,act ,(fic] ,an individual :o is designat$ z a compliance (fic] "u an anti-money laund]+ program e/abli%$ pursuant to section #ecah7;h7 ( title #ca1 ,unit$ ,/ates ,code1 %all be deem$ to h receiv$ ! tra9+ describ$ "u ?is subsection4 #ajic4 ,relation%ip to ,/ate law ,no?+ 9 ?is ,act %all be con/ru$ to preempt or limit any provision ( ,/ate law1 except only to ! ext5t t section #ajia provides a great] level ( protection aga9/ liability to an individual describ$ 9 section #ajia7;b77#a7 or to a cov]$ f9ancial in/itution describ$ 9 section #ajia7;b77#b7 ?an is provid$ "u ,/ate law4 ,s ,national ,securities ,ex*ange ,regulatory ,p>ity #ajif4 ,application ( exemption ,section #ah7;b77#a7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#a771 z am5d$ by section #ajef7;b7 ( ?is ,act1 is fur!r 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 ! ,commission2 7#c7 9 subp>agraph 7,c71 by /rik+ or 7,b72 & 7#d7 by r$esignat+ subp>agraphs 7,b71 7,c71 & 7,d7 z subp>agraphs 7,a71 7,b71 & 7,c71 respectively4 ,,xi ,regulatory ,relief = ,ma9 ,/reet & ,community ,f9ancial ,in/itutions ,a ,pres]v+ ,access to ,manufactur$ ,h\s+ #aaja4 ,mortgage orig9ator def9ition ,section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb7 is am5d$-- 7#a7 by r$esignat+ ! second subsection 7cc7 & subsection 7dd7 z subsections 7dd7 & 7ee71 respectively2 & 7#b7 9 p>agraph 7#b77;,c7 ( subsection 7dd71 z s r$esignat$1 by /rik+ an employee ( a retail] ( manufactur$ homes :o is n describ$ 9 clause 7i7 or 7iii7 ( subp>agraph 7,a7 & :o does n advise a consum] on loan t]ms 7includ+ rates1 fees1 & o!r co/s7 & ins]t+ a retail] ( manufactur$ or modul> homes or its employees unless su* retail] or its employees receive comp5sation or ga9 = engag+ 9 activities describ$ 9 subp>agraph 7,a7 t is 9 excess ( any comp5sation or ga9 receiv$ 9 a comp>able ca% transaction4 #aajb4 ,high-,co/ mortgage def9ition ,section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb71 z am5d$ by section #aaja1 is fur!r am5d$-- 7#a7 by r$esignat+ subsection 7aa7 7relat+ to disclosure ( great] am\nt or p]c5tage71 z s designat$ by section #aajj;,a ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 z subsection 7bb72 7#b7 by r$esignat+ subsection 7bb7 7relat+ to high co/ mortgages71 z s designat$ by section #aajj;,a ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 z subsection 7aa71 & mov+ su* subsection to imm$iately foll[ subsection 7z72 & 7#c7 9 subsection 7aa77#a77;,a71 z s r$esignat$-- 7,a7 9 clause 7i77,i71 by /rik+ 7#h4e p]c5tage po9ts1 if ! dwell+ is p]sonal prop]ty & ! transaction is = less ?an #ej1jjj7 & ins]t+ 7#aj p]c5tage po9ts if ! dwell+ is p]sonal prop]ty or is a transaction t does n include ! pur*ase ( real prop]ty on :i* a dwell+ is to be plac$1 & ! transaction is = less ?an #ge1jjj 7z su* am\nt is adju/$ by ! ,consum] ,f9ancial ,opportunity ,commission to reflect ! *ange 9 ! ,consum] ,price ,index772 & 7,b7 9 clause 7ii7-- 7i7 9 subclause 7,i71 by /rik+ or at ! end2 & 7ii7 by add+ at ! end ! foll[+3 7,,iii7 9 ! case ( a transaction = less ?an #ge1jjj 7z su* am\nt is adju/$ by ! ,consum] ,f9ancial ,opportunity ,commission to reflect ! *ange 9 ! ,consum] ,price ,index7 9 :i* ! dwell+ is p]sonal prop]ty 7or is a consum] cr$it transaction t does n include ! pur*ase ( real prop]ty on :i* a dwell+ is to be plac$7 ! great] ( #e p]c5t ( ! total transaction am\nt or #c1jjj 7z su* am\nt is adju/$ by ! ,consum] ,f9ancial ,opportunity ,commission to reflect ! *ange 9 ! ,consum] ,price ,index72 or 4 ,b ,mortgage ,*oice #aajf4 ,def9ition ( po9ts & fees 7a7 ,am5dm5t to section #ajc ( ,,tila ,p>agraph 7#d7 ( section #ajc7;aa7 ( ! ,tru? 9 ,l5d+ ,act1 z r$esignat$ by section #aajb1 is am5d$-- 7#a7 by /rik+ p>agraph 7#a77;,b7 & ins]t+ p>agraph 7#a77;,a7 & section #abi;,c2 7#b7 9 subp>agraph 7,c7-- 7,a7 by ins]t+ & insurance aft] taxes2 7,b7 9 clause 7ii71 by ins]t+ 1 except z reta9$ by a cr$itor or its affiliate z a result ( _! p>ticipation 9 an affiliat$ bus9ess arrangem5t 7z def9$ 9 section #c7g7 ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjb7g77 aft] comp5sation2 & 7,c7 by /rik+ clause 7iii7 & ins]t+ ! foll[+3 7iii7 ! *>ge is-- 7,i7 a bona fide ?ird-p>ty *>ge n reta9$ by ! mortgage orig9ator1 cr$itor1 or an affiliate ( ! cr$itor or mortgage orig9ator2 or 7,,ii7 a *>ge set =? 9 section #ajf7;e77#a72 2 & 7#c7 9 subp>agraph 7,d7-- 7,a7 by /rik+ accid5t12 & 7,b7 by /rik+ or any paym5ts & ins]t+ & any paym5ts4 7b7 ,am5dm5t to section #abi;,c ( ,,tila ,section #abi;,c ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7 is am5d$-- 7#a7 9 subsection 7a77#e77;,c71 by /rik+ #ajc & all t foll[s ?r\gh or mortgage orig9ator & ins]t+ #ajc7;aa77#d72 & 7#b7 9 subsection 7b77#b77;,c77i71 by /rik+ #ajc & all t foll[s ?r\gh or mortgage orig9ator7 & ins]t+ #ajc7;aa77#d74 ,c ,f9ancial ,in/itution ,cu/om] ,protection #aaaa4 ,requirem5ts = deposit acc\nt t]m9ation reque/s & ord]s 7a7 ,t]m9ation reque/s or ord]s mu/ be mat]ial 7#a7 ,9 g5]al ,an appropriate ,f$]al bank+ ag5cy may n =mally or in=mally reque/ or ord] a depository in/itution to t]m9ate a specific cu/om] acc\nt or gr\p ( cu/om] acc\nts or to o!rwise re/rict or disc\rage a depository in/itution f ent]+ into or ma9ta9+ a bank+ relation%ip ) a specific cu/om] or gr\p ( cu/om]s unless-- 7,a7 ! ag5cy has a mat]ial reason = su* reque/ or ord]2 & 7,b7 su* reason is n bas$ solely on reputation risk4 7#b7 ,treatm5t ( national security ?reats ,if an appropriate ,f$]al bank+ ag5cy believes a specific cu/om] or gr\p ( cu/om]s is1 or is act+ z a conduit =1 an entity :i*-- 7,a7 poses a ?reat to national security2 7,b7 is involv$ 9 t]rori/ f9anc+2 7,c7 is an ag5cy ( ! gov]nm5t ( ,iran1 ,nor? ,korea1 ,syria1 or any c\ntry li/$ f "t to "t on ! ,/ate ,sponsors ( ,t]rorism li/2 7,d7 is locat$ 91 or is subject to ! jurisdiction (1 any c\ntry specifi$ 9 subp>agraph 7,c72 or 7,e7 does bus9ess ) any entity describ$ 9 subp>agraph 7,c7 or 7,d71 unless ! appropriate ,f$]al bank+ ag5cy det]m9es t ! cu/om] or gr\p ( cu/om]s has us$ due dilig5ce to avoid do+ bus9ess ) any entity describ$ 9 subp>agraph 7,c7 or 7,d71 su* belief %all satisfy ! requirem5t "u p>agraph 7#a74 7b7 ,notice requirem5t 7#a7 ,9 g5]al ,if an appropriate ,f$]al bank+ ag5cy =mally or in=mally reque/s or ord]s a depository in/itution to t]m9ate a specific cu/om] acc\nt or a gr\p ( cu/om] acc\nts1 ! ag5cy %all-- 7,a7 provide su* reque/ or ord] to ! in/itution 9 writ+2 & 7,b7 accompany su* reque/ or ord] ) a writt5 ju/ification = :y su* t]m9ation is ne$$1 includ+ any specific laws or regulations ! ag5cy believes are be+ violat$ by ! cu/om] or gr\p ( cu/om]s1 if any4 7#b7 ,ju/ification requirem5t ,a ju/ification describ$ "u p>agraph 7#a77;,b7 may n be bas$ solely on ! reputation risk to ! depository in/itution4 7c7 ,cu/om] notice 7#a7 ,notice requir$ ,except z provid$ "u p>agraph 7#b71 if an appropriate ,f$]al bank+ ag5cy ord]s a depository in/itution to t]m9ate a specific cu/om] acc\nt or a gr\p ( cu/om] acc\nts1 ! depository in/itution %all in=m ! cu/om] or cu/om]s ( ! ju/ification = ! cu/om]'s acc\nt t]m9ation describ$ "u subsection 7b74 7#b7 ,notice prohibit$ 9 cases ( national security ,if an appropriate ,f$]al bank+ ag5cy reque/s or ord]s a depository in/itution to t]m9ate a specific cu/om] acc\nt or a gr\p ( cu/om] acc\nts bas$ on a belief t ! cu/om] or cu/om]s pose a ?reat to national security1 or are o!rwise describ$ "u subsection 7a77#b71 nei!r ! depository in/itution nor ! appropriate ,f$]al bank+ ag5cy may in=m ! cu/om] or cu/om]s ( ! ju/ification = ! cu/om]'s acc\nt t]m9ation4 7d7 ,report+ requirem5t ,ea* appropriate ,f$]al bank+ ag5cy %all issue an annual report to ! ,congress /at+-- 7#a7 ! aggregate numb] ( specific cu/om] acc\nts t ! ag5cy reque/$ or ord]$ a depository in/itution to t]m9ate dur+ ! previ\s ye>2 & 7#b7 ! legal au?ority on :i* ! ag5cy reli$ 9 mak+ su* reque/s & ord]s & ! frequ5cy on :i* ! ag5cy reli$ on ea* su* au?ority4 7e7 ,def9itions ,= purposes ( ?is section3 7#a7 ,appropriate ,f$]al bank+ ag5cy ,! t]m appropriate ,f$]al bank+ ag5cy means-- 7,a7 ! appropriate ,f$]al bank+ ag5cy1 z def9$ "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,b7 ! ,national ,cr$it ,union ,adm9i/ration1 9 ! case ( an insur$ cr$it union4 7#b7 ,depository in/itution ,! t]m depository in/itution means-- 7,a7 a depository in/itution1 z def9$ "u section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,b7 an insur$ cr$it union4 #aaab4 ,am5dm5ts to ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi ,section #iea ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ahcc;a7 is am5d$-- 7#a7 9 subsection 7c77#b71 by /rik+ affect+ a f$]ally insur$ f9ancial in/itution & ins]t+ aga9/ a f$]ally insur$ f9ancial in/itution or by a f$]ally insur$ f9ancial in/itution aga9/ an unaffiliat$ ?ird p]son2 & 7#b7 9 subsection 7g7-- 7,a7 9 ! head+1 by /rik+ subpo5as & ins]t+ inve/igations2 & 7,b7 by am5d+ p>agraph 7#a77;,c7 to read z foll[s3 7,c7 summon witnesses & require ! production ( any books1 pap]s1 correspond5ce1 memor&a1 or o!r records :i* ! ,attorney ,g5]al deems relevant or mat]ial to ! inquiry1 if ! ,attorney ,g5]al-- 7i7 reque/s a c\rt ord] f a c\rt ( compet5t jurisdiction = su* actions & (f]s specific & articulable facts %[+ t !re are reasonable gr\nds to believe t ! in=mation or te/imony s\ght is relevant & mat]ial = conduct+ an inve/igation "u ?is section2 or 7ii7 ei!r p]sonally or ?r\gh delegation no l[] ?an ! ,deputy ,attorney ,g5]al1 issues & signs a subpo5a = su* actions & su* subpo5a is support$ by specific & articulable facts %[+ t !re are reasonable gr\nds to believe t ! in=mation or te/imony s\ght is relevant = conduct+ an inve/igation "u ?is section4 4 ,d ,portfolio ,l5d+ & ,mortgage ,access #aaaf4 ,safe h>bor = c]ta9 loans held on portfolio 7a7 ,9 g5]al ,section #abi;,c ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7 is am5d$ by add+ at ! end ! foll[+3 7j7 ,safe h>bor = c]ta9 loans held on portfolio 7#a7 ,safe h>bor = cr$itors t are depository in/itutions 7,a7 ,9 g5]al ,a cr$itor t is a depository in/itution %all n be subject to suit = failure to comply ) subsection 7a71 7c77#a71 or 7f77#b7 ( ?is section or section #abi;,h ) respect to a resid5tial mortgage loan1 & ! bank+ regulators %all treat su* loan z a qualifi$ mortgage1 if-- 7i7 ! cr$itor has1 s9ce ! orig9ation ( ! loan1 held ! loan on ! balance %eet ( ! cr$itor2 & 7ii7 all prepaym5t p5alties ) respect to ! loan comply ) ! limitations describ$ "u subsection 7c77#c74 7,b7 ,exception = c]ta9 transf]s ,9 ! case ( a depository in/itution t transf]s a loan orig9at$ by t in/itution to ano!r depository in/itution by reason ( ! bankruptcy or failure ( ! orig9at+ depository in/itution or ! pur*ase ( ! orig9at+ depository in/itution1 ! depository in/itution transf]r+ su* loan %all be deem$ to h compli$ ) ! requirem5t "u subp>agraph 7,a77i74 7#b7 ,safe h>bor = mortgage orig9ators ,a mortgage orig9ator %all n be subject to suit = a violation ( section #abi;,b7c77#c77;,b7 = /e]+ a consum] to a resid5tial mortgage loan if-- 7,a7 ! cr$itor ( su* loan is a depository in/itution & has in=m$ ! mortgage orig9ator t ! cr$itor int5ds to hold ! loan on ! balance %eet ( ! cr$itor = ! life ( ! loan2 & 7,b7 ! mortgage orig9ator in=ms ! consum] t ! cr$itor int5ds to hold ! loan on ! balance %eet ( ! cr$itor = ! life ( ! loan4 7#c7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,bank+ regulators ,! t]m bank+ regulators means ! ,f$]al bank+ ag5cies1 ! ,consum] ,f9ancial ,opportunity ,commission1 & ! ,national ,cr$it ,union ,adm9i/ration4 7,b7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 t t]m "u section #ai7;b77#a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #eje7;b77#a774 7,c7 ,f$]al bank+ ag5cies ,! t]m ,f$]al bank+ ag5cies has ! mean+ giv5 t t]m "u section #c ( ! ,f$]al ,deposit ,insurance ,act4 4 7b7 ,rule ( con/ruction ,no?+ 9 ! am5dm5t made by ?is section may be con/ru$ z prev5t+ a balloon loan f qualify+ = ! safe h>bor provid$ "u section #abi;,c7j7 ( ! ,tru? 9 ,l5d+ ,act if ! balloon loan o!rwise meets all ( ! requirem5ts "u su* subsection 7j71 reg>dless ( :e!r ! balloon loan meets ! requirem5ts describ$ "u clauses 7i7 ?r\gh 7iv7 ( section #abi;,c7b77#b77;,e7 ( su* ,act4 ,e ,application ( ! ,exp$it$ ,funds ,availability ,act #aaba4 ,application ( ! ,exp$it$ ,funds ,availability ,act 7a7 ,9 g5]al ,! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is am5d$-- 7#a7 9 section #fjb7bj7 7#ab ,u4,s4,c4 #djja7bj77 by ins]t+ 1 locat$ 9 ! ,unit$ ,/ates1 aft] ,,atm2 7#b7 9 section #fjb7ba7 7#ab ,u4,s4,c4 #djja7ba77 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 aft] ,pu]to ,rico12 7#c7 9 section #fjb7bc7 7#ab ,u4,s4,c4 #djja7bc77 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 aft] ,pu]to ,rico12 & 7#d7 9 section #fjc7;d77#b77;,a7 7#ab ,u4,s4,c4 #djjb7;d77#b77;,a771 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 aft] ,pu]to ,rico14 7b7 ,effective date ,?is section %all take effect on ,janu>y #a1 #bjag4 ,f ,small ,bank ,hold+ ,company ,policy ,/atem5t #aabf4 ,*anges requir$ to small bank hold+ company policy /atem5t on assessm5t ( f9ancial & manag]ial factors 7a7 ,9 g5]al ,be=e ! end ( ! #f-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all revise ! ,small ,bank ,hold+ ,company ,policy ,/atem5t on ,assessm5t ( ,f9ancial & ,manag]ial ,factors 7#ab ,c4,f4,r4 "p #bbe--;app5dix ,c7 to raise ! consolidat$ asset ?re%old "u su* policy /atem5t f #a1jjj1jjj1jjj 7z adju/$ by ,public ,law #aac-bej7 to #e1jjj1jjj1jjj4 7b7 ,con=m+ am5dm5t ,subp>agraph 7,c7 ( section #aga7;b77#e7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecga7;b77#e77 is am5d$ to read z foll[s3 7,c7 any bank hold+ company or sav+s & loan hold+ company t is subject to ! application ( ! ,small ,bank ,hold+ ,company ,policy ,/atem5t on ,assessm5t ( ,f9ancial & ,manag]ial ,factors ( ! ,bo>d ( ,gov]nors 7#ab ,c4,f4,r4 "p #bbe--;app5dix ,c74 4 ,g ,community ,in/itution ,mortgage ,relief #aaca4 ,community f9ancial in/itution mortgage relief 7a7 ,exemption f escr[ requirem5ts = loans held by small] cr$itors ,section #abi;,d ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;d7 is am5d$-- 7#a7 by add+ at ! end ! foll[+3 7k7 ,safe h>bor = loans held by small] cr$itors 7#a7 ,9 g5]al ,a cr$itor %all n be 9 violation ( subsection 7a7 ) respect to a loan if-- 7,a7 ! cr$itor has consolidat$ assets ( #aj1jjj1jjj1jjj or less2 & 7,b7 ! cr$itor holds ! loan on ! balance %eet ( ! cr$itor = ! #c-ye> p]iod beg9n+ on ! date ( ! orig9ation ( ! loan4 7#b7 ,exception = c]ta9 transf]s ,9 ! case ( a cr$itor t transf]s a loan to ano!r p]son by reason ( ! bankruptcy or failure ( ! cr$itor1 ! pur*ase ( ! cr$itor1 or a sup]visory act or recomm5dation f a ,/ate or ,f$]al regulator1 ! cr$itor %all be deem$ to h compli$ ) ! requirem5t "u p>agraph 7#a77;,b74 2 & 7#b7 by /rik+ ! t]m ,bo>d ea* place su* t]m appe>s & ins]t+ ,consum] ,f9ancial ,opportunity ,commission4 7b7 ,modification to exemption = small s]vic]s ( mortgage loans ,section #f ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfje7 is am5d$ by add+ at ! end ! foll[+3 7n7 ,small ,s]vic] ,exemption ,! ,consum] ,f9ancial ,opportunity ,commission %all1 by regulation1 provide exemptions to1 or adju/m5ts =1 ! provisions ( ?is section = a s]vic] t annually s]vices #bj1jjj or few] mortgage loans1 9 ord] to r$uce regulatory burd5s :ile appropriately balanc+ consum] protections4 4 ,h ,f9ancial ,in/itutions ,exam9ation ,fairness & ,re=m #aacf4 ,timel9ess ( exam9ation reports 7a7 ,9 g5]al ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is am5d$ by add+ at ! end ! foll[+3 #ajab4 ,timel9ess ( exam9ation reports 7a7 ,9 g5]al 7#a7 ,f9al exam9ation report ,a ,f$]al f9ancial in/itutions regulatory ag5cy %all provide a f9al exam9ation report to a f9ancial in/itution n lat] ?an #fj days aft] ! lat] (-- 7,a7 ! exit int]view = an exam9ation ( ! in/itution2 or 7,b7 ! provision ( additional in=mation by ! in/itution relat+ to ! exam9ation4 7#b7 ,exit int]view ,if a f9ancial in/itution is n subject to a resid5t exam9] program1 ! exit int]view %all occur n lat] ?an ! end ( ! #i-mon? p]iod beg9n+ on ! comm5cem5t ( ! exam9ation1 except t su* p]iod may be ext5d$ by ! ,f$]al f9ancial in/itutions regulatory ag5cy by provid+ writt5 notice to ! in/itution & ! ,indep5d5t ,exam9ation ,review ,director describ+ ) p>ticul>ity ! reasons t a long] p]iod is ne$$ to complete ! exam9ation4 7b7 ,exam9ation mat]ials ,^u ! reque/ ( a f9ancial in/itution1 ! ,f$]al f9ancial in/itutions regulatory ag5cy %all include ) ! f9al report an app5dix li/+ all exam9ation or o!r factual in=mation reli$ ^u by ! ag5cy 9 support ( a mat]ial sup]visory det]m9ation4 #ajac4 ,exam9ation /&>ds 7a7 ,9 g5]al ,9 ! exam9ation ( a f9ancial in/itution-- 7#a7 a comm]cial loan %all n be plac$ 9 non-accrual /atus solely because ! collat]al = su* loan has det]iorat$ 9 value2 7#b7 a modifi$ or re/ructur$ comm]cial loan %all be remov$ f non-accrual /atus if ! borr[] demon/rates ! ability to p]=m on su* loan ov] a maximum p]iod ( #f mon?s1 except t ) respect to loans on a qu>t]ly1 semiannual1 or long] repaym5t s*$ule su* p]iod %all be a maximum ( #c consecutive repaym5t p]iods2 7#c7 a new appraisal on a p]=m+ comm]cial loan %all n be requir$ unless an advance ( new funds is involv$2 & 7#d7 9 classify+ a comm]cial loan 9 :i* !re has be5 det]ioration 9 collat]al value1 ! am\nt to be classifi$ %all be ! portion ( ! defici5cy relat+ to ! decl9e 9 collat]al value & repaym5t capacity ( ! borr[]4 7b7 ,well capitaliz$ in/itutions ,! ,f$]al f9ancial in/itutions regulatory ag5cies may n require a f9ancial in/itution t is well capitaliz$ to raise additional capital 9 lieu ( an action prohibit$ "u subsection 7a74 7c7 ,consi/5t loan classifications ,! ,f$]al f9ancial in/itutions regulatory ag5cies %all develop & apply id5tical def9itions & report+ requirem5ts = non-accrual loans4 #ajad4 ,(fice ( ,indep5d5t ,exam9ation ,review 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,c\ncil an ,(fice ( ,indep5d5t ,exam9ation ,review 7! ,(fice74 7b7 ,head ( ,(fice ,!re is e/abli%$ ! position ( ! ,indep5d5t ,exam9ation ,review ,director 7! ,director71 z ! head ( ! ,(fice4 ,! ,director %all be appo9t$ by ! ,c\ncil & %all be indep5d5t f any memb] ag5cy ( ! ,c\ncil4 7c7 ,/aff+ ,! ,director is au?oriz$ to hire /aff to support ! activities ( ! ,(fice4 7d7 ,duties ,! ,director %all-- 7#a7 receive &1 at ! ,director's discretion1 inve/igate compla9ts f f9ancial in/itutions1 _! repres5tatives1 or ano!r entity act+ on behalf ( su* in/itutions1 conc]n+ exam9ations1 exam9ation practices1 or exam9ation reports2 7#b7 hold meet+s1 at lea/ once e ?ree mon?s & 9 locations design$ to enc\rage p>ticipation f all sections ( ! ,unit$ ,/ates1 ) f9ancial in/itutions1 _! repres5tatives1 or ano!r entity act+ on behalf ( su* in/itutions1 to discuss exam9ation proc$ures1 exam9ation practices1 or exam9ation policies2 7#c7 review exam9ation proc$ures ( ! ,f$]al f9ancial in/itutions regulatory ag5cies to ensure t ! writt5 exam9ation policies ( ^? ag5cies are be+ foll[$ 9 practice & adh]e to ! /&>ds = consi/5cy e/abli%$ by ! ,c\ncil2 7#d7 conduct a cont9u+ & regul> review ( exam9ation quality assurance = all exam9ation types conduct$ by ! ,f$]al f9ancial in/itutions regulatory ag5cies2 7#e7 adjudicate any sup]visory appeal initiat$ "u section #ajae2 & 7#f7 report annually to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & ! ,c\ncil1 on ! reviews c>ri$ out pursuant to p>agraphs 7#c7 & 7#d71 includ+ compliance ) ! requirem5ts set =? 9 section #ajab reg>d+ timel9ess ( exam9ation reports1 & ! ,c\ncil's recomm5dations = improvem5ts 9 exam9ation proc$ures1 practices1 & policies4 7e7 ,confid5tiality ,! ,director %all keep confid5tial all meet+s )1 discussions )1 & in=mation provid$ by f9ancial in/itutions4 #ajae4 ,"r to indep5d5t review ( mat]ial sup]visory det]m9ations 7a7 ,9 g5]al ,a f9ancial in/itution %all h ! "r to obta9 an indep5d5t review ( a mat]ial sup]visory det]m9ation conta9$ 9 a f9al report ( exam9ation4 7b7 ,notice 7#a7 ,tim+ ,a f9ancial in/itution seek+ review ( a mat]ial sup]visory det]m9ation "u ?is section %all file a writt5 notice ) ! ,indep5d5t ,exam9ation ,review ,director 7! ,director7 )9 #fj days aft] receiv+ ! f9al report ( exam9ation t is ! subject ( su* review4 7#b7 ,id5tification ( det]m9ation ,! writt5 notice %all id5tify ! mat]ial sup]visory det]m9ation t is ! subject ( ! indep5d5t exam9ation review1 & a /atem5t ( ! reasons :y ! in/itution believes t ! det]m9ation is incorrect or %\ld o!rwise be modifi$4 7#c7 ,in=mation to be provid$ to in/itution ,any in=mation reli$ ^u by ! ag5cy 9 ! f9al report t is n 9 ! possession ( ! f9ancial in/itution may be reque/$ by ! f9ancial in/itution & %all be deliv]$ promptly by ! ag5cy to ! f9ancial in/itution4 7c7 ,"r to he>+ 7#a7 ,9 g5]al ,! ,director %all det]m9e ! m]its ( ! appeal on ! record or1 at ! f9ancial in/itution's election1 %all ref] ! appeal to an ,adm9i/rative ,law ,judge to conduct a confid5tial he>+ pursuant to ! proc$ures set =? "u sections #eef & #eeg ( title #e1 ,unit$ ,/ates ,code1 :i* he>+ %all take place n lat] ?an #fj days aft] ! petition = review 0 receiv$ by ! ,director1 & to issue a propos$ decision to ! ,director bas$ ^u ! record e/abli%$ at su* he>+4 7#b7 ,/&>d ( review ,9 r5d]+ a det]m9ation or recomm5dation "u ?is subsection1 nei!r ! ,adm9i/rative ,law ,judge nor ! ,director %all def] to ! op9ions ( ! exam9] or ag5cy1 b %all conduct a de novo review to indep5d5tly det]m9e ! appropriat5ess ( ! ag5cy's decision bas$ ^u ! relevant /atutes1 regulations1 & o!r appropriate guidance1 z well z evid5ce adduc$ at any he>+4 7d7 ,f9al decision ,a decision by ! ,director on an indep5d5t review "u ?is section %all-- 7#a7 be made n lat] ?an #fj days aft] ! record has be5 clos$2 & 7#b7 be deem$ f9al ag5cy action & %all b9d ! ag5cy ^: sup]visory det]m9ation 0 ! subject ( ! review & ! f9ancial in/itution reque/+ ! review4 7e7 ,"r to judicial review ,a f9ancial in/itution %all h ! "r to petition = review ( f9al ag5cy action "u ?is section by fil+ a ,petition = ,review )9 #fj days ( ! ,director's decision 9 ! ,unit$ ,/ates ,c\rt ( ,appeals = ! ,di/rict ( ,columbia ,circuit or ! ,circuit 9 :i* ! f9ancial in/itution is locat$4 7f7 ,report ,! ,director %all report annually to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate on actions tak5 "u ?is section1 includ+ ! types ( issues t ! ,director has review$ & ! results ( ^? reviews4 ,9 no case %all su* a report conta9 in=mation ab\t individual f9ancial in/itutions or any confid5tial or privileg$ in=mation %>$ by f9ancial in/itutions4 7g7 ,retaliation prohibit$ ,a ,f$]al f9ancial in/itutions regulatory ag5cy may n-- 7#a7 retaliate aga9/ a f9ancial in/itution1 includ+ s]vice provid]s1 or any in/itution-affiliat$ p>ty 7z def9$ "u section #c ( ! ,f$]al ,deposit ,insurance ,act71 = ex]cis+ appellate rights "u ?is section2 or 7#b7 delay or d5y any ag5cy action t w\ld b5efit a f9ancial in/itution or any in/itution-affiliat$ p>ty on ! basis t an appeal "u ?is section is p5d+ "u ?is section4 7h7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$-- 7#a7 to affect ! "r ( a ,f$]al f9ancial in/itutions regulatory ag5cy to take en=cem5t or o!r sup]visory actions relat$ to a mat]ial sup]visory det]m9ation "u review "u ?is section2 or 7#b7 to prohibit ! review "u ?is section ( a mat]ial sup]visory det]m9ation ) respect to :i* !re is an ongo+ en=cem5t or o!r sup]visory action4 4 7b7 ,additional am5dm5ts 7#a7 ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid ,section #cji ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dhjf7 is am5d$-- 7,a7 9 subsection 7a71 by ins]t+ aft] appropriate ,f$]al bank+ ag5cy ! foll[+3 1 ! ,consum] ,f9ancial ,opportunity ,commission12 7,b7 9 subsection 7b7-- 7i7 9 p>agraph 7#b71 by /rik+ ! appellant f retaliation by ag5cy exam9]s & ins]t+ ! insur$ depository in/itution or insur$ cr$it union f retaliation by ! ag5cies ref]r$ to 9 subsection 7a72 & 7ii7 by add+ at ! end ! foll[+ flu%-left text3 ,= purposes ( ?is subsection & subsection 7e71 retaliation includes delay+ consid]ation (1 or )hold+ approval (1 any reque/1 notice1 or application t o!rwise w\ld h be5 approv$1 b = ! ex]cise ( ! in/itution's or cr$it union's rights "u ?is section4 2 7,c7 9 subsection 7e77#b7-- 7i7 9 subp>agraph 7,b71 by /rik+ & at ! end2 7ii7 9 subp>agraph 7,c71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7,d7 ensure t appropriate safegu>ds exi/ = protect+ ! insur$ depository in/itution or insur$ cr$it union f retaliation by any ag5cy ref]r$ to 9 subsection 7a7 = ex]cis+ its rights "u ?is subsection4 2 & 7,d7 9 subsection 7f77#a77;,a7-- 7i7 9 clause 7ii71 by /rik+ & at ! end2 7ii7 9 clause 7iii71 by /rik+ & at ! end2 & 7iii7 by add+ at ! end ! foll[+3 7iv7 any issue specifically li/$ 9 an exam report z a matt] requir+ att5tion by ! in/itution's managem5t or bo>d ( directors2 & 7v7 any susp5sion or removal ( an in/itution's /atus z eligible = exp$it$ process+ ( applications1 reque/s1 notices1 or fil+s on ! gr\nds ( a sup]visory or compliance conc]n1 reg>dless ( :e!r t conc]n has be5 cit$ z a basis = ano!r mat]ial sup]visory det]m9ation or matt] requir+ att5tion 9 an exam9ation report1 provid$ t ! conduct at issue did n involve violation ( any crim9al law2 & 4 7#b7 ,f$]al ,cr$it ,union ,act ,section #bje7;j7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 is am5d$ by ins]t+ ! ,consum] ,f9ancial ,opportunity ,commission1 be=e ! ,adm9i/ration ea* place su* t]m appe>s4 7#c7 ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is am5d$-- 7,a7 9 section #ajjc1 by am5d+ p>agraph 7#a7 to read z foll[s3 7#a7 ! t]m ,f$]al f9ancial in/itutions regulatory ag5cies-- 7,a7 means ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,national ,cr$it ,union ,adm9i/ration2 & 7,b7 = purposes ( sections #ajab1 #ajac1 #ajad1 & #ajae1 includes ! ,consum] ,f9ancial ,opportunity ,commission2 2 & 7,b7 9 section #ajje1 by /rik+ ,"o-fif? & ins]t+ ,"o-f\r?4 ,i ,national ,cr$it ,union ,adm9i/ration ,budget ,transp>5cy #aada4 ,budget transp>5cy = ! ,,ncua ,section #bji7;b7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghi7 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z p>agraphs 7#b7 & 7#c71 respectively2 7#b7 by ins]t+ be=e p>agraph 7#b71 z s r$esignat$1 ! foll[+3 7#a7 on an annual basis & prior to ! submission ( ! detail$ bus9ess-type budget requir$ "u p>agraph 7#b7-- 7,a7 make publicly available & cause to be pr9t$ 9 ! ,f$]al ,regi/] a draft ( su* detail$ bus9ess-type budget2 & 7,b7 hold a public he>+1 ) public notice provid$ ( su* he>+1 :]e9 ! public c submit comm5ts on ! draft ( su* detail$ bus9ess-type budget2 2 & 7#c7 9 p>agraph 7#b71 z s r$esignat$-- 7,a7 by ins]t+ detail$ aft] submit a2 & 7,b7 by ins]t+ 1 & :]e su* budget %all address any comm5ts submitt$ by ! public pursuant to p>agraph 7#a77;,b7 aft] ,control ,act4 ,j ,tak+ ,acc\nt ( ,in/itutions ) ,l[ ,op]ation ,risk #aadf4 ,regulations appropriate to bus9ess models 7a7 ,9 g5]al ,= any regulatory action occurr+ subsequ5t to enactm5t ( ?is section1 & not)/&+ any o!r provision ( law1 ! ,f$]al f9ancial in/itutions regulatory ag5cies %all-- 7#a7 take into consid]ation ! risk pr(ile & bus9ess models ( ! v>i\s in/itutions or classes ( in/itutions subject to ! regulatory action2 7#b7 det]m9e ! necessity1 appropriat5ess1 & impact ( apply+ su* regulatory action to su* in/itutions or classes ( in/itutions2 & 7#c7 tailor su* regulatory action applicable to su* in/itutions or class ( in/itutions 9 a mann] t limits ! regulatory compliance impact1 co/1 liability risk1 & o!r burd5s z is appropriate = ! risk pr(ile & bus9ess model involv$4 7b7 ,o!r consid]ations ,9 satisfy+ ! requirem5ts ( subsection 7a7 & :5 implem5t+ su* regulatory action1 ! ,f$]al f9ancial in/itutions regulatory ag5cies %all also consid]-- 7#a7 ! impact t su* regulatory action1 bo? by itself & 9 conjunction ) ! aggregate effect ( o!r regulations1 has on ! ability ( ! in/itution or class ( in/itutions to flexibly s]ve evolv+ & div]se cu/om] ne$s2 7#b7 ! pot5tial un9t5d$ impact ( exam9ation manuals or o!r regulatory directives t "w 9 conflict ) ! tailor+ ( su* regulatory action describ$ 9 subsection 7a77#c72 & 7#c7 ! und]ly+ policy objectives ( ! regulatory action & /atutory s*eme involv$4 7c7 ,notice ( propos$ & f9al rulemak+ ,! ,f$]al f9ancial in/itutions regulatory ag5cies %all disclose 9 e notice ( propos$ rulemak+ & 9 any f9al rulemak+ = a regulatory action h[ ! ag5cy has appli$ subsections 7a7 & 7b74 7d7 ,reports to ,congress 7#a7 ,individual ag5cy reports 7,a7 ,9 g5]al ,! ,f$]al f9ancial in/itutions regulatory ag5cies %all individually report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 )9 twelve mon?s ( enactm5t ( ?is section & annually !reaft]1 on ! specific actions tak5 to tailor ! ag5cy's regulatory actions pursuant to ! requirem5ts ( ?is section4 7,b7 ,appe>ance be=e ! ,committees ,! head ( ea* ,f$]al f9ancial in/itution regulatory ag5cy %all appe> be=e ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate aft] ea* report is made pursuant to subp>agraph 7,a71 to te/ify on ! cont5ts ( su* report4 7#b7 ,,fiec reports 7,a7 ,9 g5]al ,! ,f9ancial ,in/itutions ,exam9ation ,c\ncil %all report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 )9 ?ree mon?s aft] ! reports requir$ "u p>agraph 7#a7-- 7i7 on ! ext5t to :i* regulatory actions tailor$ pursuant to ?is section result 9 diff]5tial regulation ( simil>ly-situat$ in/itutions ( div]se *>t] types ) respect to comp>able regulations2 & 7ii7 ! reasons = su* diff]5tial treatm5t4 7,b7 ,appe>ance be=e ! ,committees ,! ,*airman ( ! ,f9ancial ,in/itutions ,exam9ation ,c\ncil %all appe> be=e ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate aft] ea* report is made pursuant to subp>agraph 7,a71 to te/ify on ! cont5ts ( su* report4 7e7 ,limit$ look-,back application ,! ,f$]al f9ancial in/itutions regulatory ag5cies %all conduct a review ( all regulations adopt$ dur+ ! p]iod beg9n+ on ! date t is five ye>s be=e ! date ( ! introduction ( ?is ,act 9 ! ,h\se ( ,repres5tatives & end+ on ! date ( ! enactm5t ( ?is ,act & apply ! requirem5ts ( ?is section to su* regulations4 ,if ! application ( ! requirem5ts ( ?is section to any su* regulation requires su* regulation to be revis$1 ! ag5cy %all revise su* regulation )9 ?ree ye>s ( ! enactm5t ( ?is section4 7f7 ,def9itions ,= purposes ( ?is section1 ! foll[+ def9itions %all apply3 7#a7 ,f$]al f9ancial in/itutions regulatory ag5cies ,! t]m ,f$]al f9ancial in/itutions regulatory ag5cies means ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,consum] ,f9ancial ,opportunity ,commission4 7#b7 ,regulatory action ,! t]m regulatory action means any propos$1 int]im1 or f9al rule or regulation1 guidance1 or publi%$ int]pretation4 ,k ,f$]al ,sav+s ,association ,*>t] ,flexibility #aaea4 ,option = ,f$]al sav+s associations to op]ate z a cov]$ sav+s association ,! ,home ,own]s' ,loan ,act is am5d$ by ins]t+ aft] section #e 7#ab ,u4,s4,c4 #adfd7 ! foll[+3 #e;,a4 ,election to op]ate z a cov]$ sav+s association 7a7 ,def9ition ,9 ?is section1 ! t]m cov]$ sav+s association means a ,f$]al sav+s association t makes an election approv$ "u subsection 7b74 7b7 ,election 7#a7 ,9 g5]al ,^u issuance ( ! rules describ$ 9 subsection 7f71 a ,f$]al sav+s association may elect to op]ate z a cov]$ sav+s association by submitt+ a notice to ! ,comptroll] ( su* election4 7#b7 ,approval ,a ,f$]al sav+s association %all be deem$ to be approv$ to op]ate z a cov]$ sav+s association on ! date t is #fj days aft] ! date on :i* ! ,comptroll] receives ! notice "u p>agraph 7#a71 unless ! ,comptroll] notifies ! ,f$]al sav+s association o!rwise4 7c7 ,rights & duties ,not)/&+ any o!r provision ( law & except z o!rwise provid$ 9 ?is section1 a cov]$ sav+s association %all-- 7#a7 h ! same rights & privileges z a national bank t has its ma9 (fice situat$ 9 ! same location z ! home (fice ( ! cov]$ sav+s association2 & 7#b7 be subject to ! same duties1 re/rictions1 p5alties1 liabilities1 conditions1 & limitations t w\ld apply to su* a national bank4 7d7 ,treatm5t ( cov]$ sav+s associations ,a cov]$ sav+s association %all be treat$ z a ,f$]al sav+s association = ! purposes-- 7#a7 ( gov]nance ( ! cov]$ sav+s association1 includ+ incorporation1 bylaws1 bo>ds ( directors1 %>ehold]s1 & di/ribution ( divid5ds2 7#b7 ( consolidation1 m]g]1 dissolution1 conv]sion 7includ+ conv]sion to a /ock bank or to ano!r *>t]71 cons]vator%ip1 & receiv]%ip2 & 7#c7 det]m9$ by regulation ( ! ,comptroll]4 7e7 ,exi/+ bran*es ,a cov]$ sav+s association may cont9ue to op]ate any bran* or ag5cy ! cov]$ sav+s association op]at$ on ! date on :i* an election "u subsection 7b7 is approv$4 7f7 ,rulemak+ ,! ,comptroll] %all issue rules to c>ry out ?is section-- 7#a7 t e/abli% /reaml9$ /&>ds & proc$ures t cle>ly id5tify requir$ docum5tation or timel9es = an election "u subsection 7b72 7#b7 t require a ,f$]al sav+s association t makes an election "u subsection 7b7 to id5tify specific assets & subsidi>ies-- 7,a7 t d n con=m to ! requirem5ts = assets & subsidi>ies ( a national bank2 & 7,b7 t are held by ! ,f$]al sav+s association on ! date on :i* ! ,f$]al sav+s association submits a notice ( su* election2 7#c7 t e/abli%-- 7,a7 a transition process = br++ su* assets & subsidi>ies into con=mance ) ! requirem5ts = a national bank2 & 7,b7 proc$ures = all[+ ! ,f$]al sav+s association to provide a ju/ification = gr&fa!r+ su* assets & subsidi>ies aft] elect+ to op]ate z a cov]$ sav+s association2 7#d7 t e/abli% /&>ds & proc$ures to all[ a cov]$ sav+s association to t]m9ate an election "u subsection 7b7 aft] an appropriate p]iod ( "t or to make a subsequ5t election2 7#e7 t cl>ify requirem5ts = ! treatm5t ( cov]$ sav+s associations1 includ+ ! provisions ( law t apply to cov]$ sav+s associations2 & 7#f7 z ! ,comptroll] deems necess>y & 9 ! int]e/s ( safety & s\ndness4 4 ,l ,,safe ,transitional ,lic5s+ #aaef4 ,elim9at+ b>ri]s to jobs = loan orig9ators 7a7 ,9 g5]al ,! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is am5d$ by add+ at ! end ! foll[+3 #aeah4 ,employm5t transition ( loan orig9ators 7a7 ,tempor>y au?ority to orig9ate loans = loan orig9ators mov+ f a depository in/itution to a non-depository in/itution 7#a7 ,9 g5]al ,^u employm5t by a ,/ate-lic5s$ mortgage company1 an individual :o is a regi/]$ loan orig9ator %all be deem$ to h tempor>y au?ority to act z a loan orig9ator 9 an application ,/ate = ! p]iod describ$ 9 p>agraph 7#b7 if ! individual-- 7,a7 has n _h an application = a loan orig9ator lic5se d5i$1 or _h su* a lic5se revok$ or susp5d$ 9 any gov]nm5tal jurisdiction2 7,b7 has n be5 subject to or s]v$ ) a cease & desi/ ord] 9 any gov]nm5tal jurisdiction or z describ$ 9 section #aead7;c72 7,c7 has n be5 convict$ ( a felony t w\ld preclude lic5sure "u ! law ( ! application ,/ate2 7,d7 has submitt$ an application to be a ,/ate-lic5s$ loan orig9ator 9 ! application ,/ate2 & 7,e7 0 regi/]$ 9 ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry z a loan orig9ator dur+ ! #ab-mon? p]iod prec$+ ! date ( submission ( ! in=mation requir$ "u section #aeje7;a74 7#b7 ,p]iod ,! p]iod describ$ 9 p>agraph 7#a7 %all beg9 on ! date t ! individual submits ! in=mation requir$ "u section #aeje7;a7 & %all end on ! e>lie/ (-- 7,a7 ! date t ! individual )draws ! application to be a ,/ate-lic5s$ loan orig9ator 9 ! application ,/ate2 7,b7 ! date t ! application ,/ate d5ies1 or issues a notice ( int5t to d5y1 ! application2 7,c7 ! date t ! application ,/ate grants a ,/ate lic5se2 or 7,d7 ! date t is #abj days aft] ! date on :i* ! individual submits ! application1 if ! application is li/$ on ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry z incomplete4 7b7 ,tempor>y au?ority to orig9ate loans = ,/ate-lic5s$ loan orig9ators mov+ int]/ate 7#a7 ,9 g5]al ,a ,/ate-lic5s$ loan orig9ator %all be deem$ to h tempor>y au?ority to act z a loan orig9ator 9 an application ,/ate = ! p]iod describ$ 9 p>agraph 7#b7 if ! ,/ate-lic5s$ loan orig9ator-- 7,a7 meets ! requirem5ts ( subp>agraphs 7,a71 7,b71 7,c71 & 7,d7 ( subsection 7a77#a72 7,b7 is employ$ by a ,/ate-lic5s$ mortgage company 9 ! application ,/ate2 & 7,c7 0 lic5s$ 9 a ,/ate t is n ! application ,/ate dur+ ! #cj-;day p]iod prec$+ ! date ( submission ( ! in=mation requir$ "u section #aeje7;a7 9 connection ) ! application submitt$ to ! application ,/ate4 7#b7 ,p]iod ,! p]iod describ$ 9 p>agraph 7#a7 %all beg9 on ! date t ! ,/ate-lic5s$ loan orig9ator submits ! in=mation requir$ "u section #aeje7;a7 9 connection ) ! application submitt$ to ! application ,/ate & end on ! e>lie/ (-- 7,a7 ! date t ! ,/ate-lic5s$ loan orig9ator )draws ! application to be a ,/ate-lic5s$ loan orig9ator 9 ! application ,/ate2 7,b7 ! date t ! application ,/ate d5ies1 or issues a notice ( int5t to d5y1 ! application2 7,c7 ! date t ! application ,/ate grants a ,/ate lic5se2 or 7,d7 ! date t is #abj days aft] ! date on :i* ! ,/ate-lic5s$ loan orig9ator submits ! application1 if ! application is li/$ on ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry z incomplete4 7c7 ,applicability 7#a7 ,any p]son employ+ an individual :o is deem$ to h tempor>y au?ority to act z a loan orig9ator 9 an application ,/ate pursuant to ?is section %all be subject to ! requirem5ts ( ?is title & to applicable ,/ate law to ! same ext5t z if su* individual 0 a ,/ate-lic5s$ loan orig9ator lic5s$ by ! application ,/ate4 7#b7 ,any individual :o is deem$ to h tempor>y au?ority to act z a loan orig9ator 9 an application ,/ate pursuant to ?is section & :o engages 9 resid5tial mortgage loan orig9ation activities %all be subject to ! requirem5ts ( ?is title & to applicable ,/ate law to ! same ext5t z if su* individual 0 a ,/ate-lic5s$ loan orig9ator lic5s$ by ! application ,/ate4 7d7 ,def9itions ,9 ?is section1 ! foll[+ def9itions %all apply3 7#a7 ,/ate-lic5s$ mortgage company ,! t]m ,/ate-lic5s$ mortgage company means an entity lic5s$ or regi/]$ "u ! law ( any ,/ate to engage 9 resid5tial mortgage loan orig9ation & process+ activities4 7#b7 ,application ,/ate ,! t]m application ,/ate means a ,/ate 9 :i* a regi/]$ loan orig9ator or a ,/ate-lic5s$ loan orig9ator seeks to be lic5s$4 4 7b7 ,table ( cont5ts am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,h\s+ & ,economic ,recov]y ,act ( #bjjh 7#db ,u4,s4,c4 #deja note7 is am5d$ by ins]t+ aft] ! item relat+ to section #aeag ! foll[+3 ,sec4 #aeah4 ,employm5t transition ( loan orig9ators4 4 7c7 ,am5dm5t to civil liability ( ! ,consum] ,f9ancial ,opportunity ,commission & o!r (ficials ,section #aeac ( ! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaab7 is am5d$ by /rik+ are loan orig9ators or are apply+ = lic5s+ or regi/ration z loan orig9ators & ins]t+ are apply+ = lic5s+ or regi/ration us+ ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry4 ,m ,"r to ,l5d #aafa4 ,small bus9ess loan data collection requirem5t 7a7 ,repeal ,section #gjd;,b ( ! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia;c-#b7 is repeal$4 7b7 ,con=m+ am5dm5ts ,section #gja7;b7 ( ! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia7;b77 is am5d$-- 7#a7 9 p>agraph 7#c71 by ins]t+ or at ! end2 7#b7 9 p>agraph 7#d71 by /rik+ 2 or & ins]t+ a p]iod2 & 7#c7 by /rik+ p>agraph 7#e74 7c7 ,cl]ical am5dm5t ,! table ( sections = title ,,vii ( ! ,consum] ,cr$it ,protection ,act is am5d$ by /rik+ ! item relat+ to section #gjd;,b4 ,n ,community ,bank ,report+ ,relief #aaff4 ,%ort =m call report 7a7 ,9 g5]al ,section #g7;a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;a77 is am5d$ by add+ at ! end ! foll[+3 7#ab7 ,%ort =m report+ 7,a7 ,9 g5]al ,! appropriate ,f$]al bank+ ag5cies %all issue regulations all[+ = a r$uc$ report+ requirem5t = cov]$ depository in/itutions :5 mak+ ! fir/ & ?ird report ( condition = a ye>1 z requir$ pursuant to p>agraph 7#c74 7,b7 ,cov]$ depository in/itution def9$ ,= purposes ( ?is p>agraph1 ! t]m cov]$ depository in/itution means an insur$ depository in/itution t-- 7i7 is highly rat$ & well capitaliz$ 7z def9$ "u section #ch7;b772 & 7ii7 satisfies su* o!r crit]ia z ! appropriate ,f$]al bank+ ag5cies det]m9e appropriate4 4 7b7 ,report to ,congress ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 & e #cfe days !reaft] until ! appropriate ,f$]al bank+ ag5cies 7z def9$ "u section #c ( ! ,f$]al ,deposit ,insurance ,act7 h issu$ ! regulations requir$ "u section #g7;a77#ab77;,a7 ( ! ,f$]al ,deposit ,insurance ,act1 su* ag5cies %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a report describ+ ! progress made 9 issu+ su* regulations4 ,o ,home[n] ,in=mation ,privacy ,protection #aaga4 ,/udy reg>d+ privacy ( in=mation collect$ "u ! ,home ,mortgage ,disclosure ,act ( #aige 7a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy to det]m9e :e!r ! data requir$ to be publi%$1 made available1 or disclos$ "u ! f9al rule1 9 connection ) o!r publicly available data s\rces1 includ+ data made publicly available "u ,regulation ,c 7#ab ,c4,f4,r4 #ajjc7 be=e ! effective date ( ! f9al rule1 c\ld all[ = or increase ! probability (-- 7#a7 exposure ( ! id5tity ( mortgage applicants or mortgagors ?r\gh rev]se eng9e]+2 7#b7 exposure ( mortgage applicants or mortgagors to id5tity !ft or ! loss ( s5sitive p]sonal f9ancial in=mation2 7#c7 ! m>ket+ or sale ( unfair or deceptive f9ancial products to mortgage applicants or mortgagors bas$ on su* data2 7#d7 p]sonal f9ancial loss or emotional di/ress result+ f ! exposure ( mortgage applicants or mortgagors to id5tify !ft or ! loss ( s5sitive p]sonal f9ancial in=mation2 & 7#e7 ! pot5tial legal liability fac+ ! ,consum] ,f9ancial ,opportunity ,commission & m>ket p>ticipants 9 ! ev5t ! data requir$ to be publi%$1 made available1 or disclos$ "u ! f9al rule leads or contributes to id5tity !ft or ! capture ( s5sitive p]sonal f9ancial in=mation4 7b7 ,report ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a report t includes-- 7#a7 ! f9d+s & conclusions ( ! ,comptroll] ,g5]al ) respect to ! /udy requir$ "u subsection 7a72 & 7#b7 any recomm5dations = legislative or regulatory actions t-- 7,a7 w\ld enhance ! privacy ( a consum] :5 access+ mortgage cr$it2 & 7,b7 are consi/5t ) consum] protections & safe & s\nd bank+ op]ations4 7c7 ,susp5sion ( data %>+ requirem5ts ,not)/&+ any o!r provision ( law1 includ+ ! f9al rule-- 7#a7 depository in/itutions %all n be requir$ to publi%1 disclose1 or o!rwise make available to ! public1 pursuant to ! ,home ,mortgage ,disclosure ,act ( #aige 7or regulations issu$ "u su* ,act7 any data t 0 n requir$ to be publi%$1 disclos$1 or o!rwise made available pursuant to su* ,act 7or regulations issu$ "u su* ,act7 on ! day be=e ! date ( ! enactm5t ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act2 & 7#b7 ! ,consum] ,f9ancial ,opportunity ,commission & ! ,f9ancial ,in/itutions ,exam9ation ,c\ncil %all n publi%1 disclose1 or o!rwise make available to ! public any su* in=mation receiv$ f a depository in/itution pursuant to ! f9al rule4 7d7 ,def9itions ,= purposes ( ?is section3 7#a7 ,depository in/itution ,! t]m depository in/itution has ! mean+ giv5 t t]m "u section #cjc ( ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhjb74 7#b7 ,f9al rule ,! t]m f9al rule means ! f9al rule issu$ by ! ,bureau ( ,consum] ,f9ancial ,protection titl$ ,home ,mortgage ,disclosure 7,regulation ,c7 7,octob] #bh1 #bjae2 #hj ,f$4 ,reg4 #ffabh74 ,p ,home ,mortgage ,disclosure ,adju/m5t #aagf4 ,depository in/itutions subject to ma9t5ance ( records & disclosure requirem5ts 7a7 ,9 g5]al ,section #cjd ( ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhjc7 is am5d$-- 7#a7 by r$esignat+ subsection 7i7 z p>agraph 7#b7 & adju/+ ! m>g9 appropriately2 & 7#b7 by ins]t+ be=e su* p>agraph 7#b7 ! foll[+3 7i7 ,exemptions 7#a7 ,9 g5]al ,) respect to a depository in/itution1 ! requirem5ts ( subsections 7a7 & 7b7 %all n apply-- 7,a7 ) respect to clos$-end mortgage loans1 if su* depository in/itution orig9at$ less ?an #ajj clos$-end mortgage loans 9 ea* ( ! two prec$+ cal5d> ye>s2 & 7,b7 ) respect to op5-end l9es ( cr$it1 if su* depository in/itution orig9at$ less ?an #bjj op5-end l9es ( cr$it 9 ea* ( ! two prec$+ cal5d> ye>s4 4 7b7 ,te*nical correction ,section #cjd7;i77#b7 ( su* ,act1 z r$esignat$ by subsection 7a71 is am5d$ by /rik+ section #cjc7b77;,a7 & ins]t+ section #cjc7c77;,a74 ,q ,national ,cr$it ,union ,adm9i/ration ,advisory ,c\ncil #aaha4 ,cr$it ,union ,advisory ,c\ncil ,section #ajb ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb;a7 is am5d$ by add+ at ! end ! foll[+3 7g7 ,cr$it ,union ,advisory ,c\ncil 7#a7 ,e/abli%m5t ,! ,bo>d %all e/abli% ! ,cr$it ,union ,advisory ,c\ncil to advise & consult ) ! ,bo>d 9 ! ex]cise ( ! ,bo>d's functions & to provide in=mation on em]g+ cr$it union practices1 includ+ regional tr5ds1 conc]ns1 & o!r relevant in=mation4 7#b7 ,memb]%ip ,! ,bo>d %all appo9t no few] ?an #ae & no m ?an #bj memb]s to ! ,cr$it ,union ,advisory ,c\ncil4 ,9 appo9t+ su* memb]s1 ! ,bo>d %all include memb]s repres5t+ cr$it unions pr$om9antly s]v+ traditionally und]s]v$ communities & populations & _! int]e/s1 )\t reg>d to p>ty affiliation4 7#c7 ,meet+s ,! ,cr$it ,union ,advisory ,c\ncil-- 7,a7 %all meet f "t to "t at ! call ( ! ,bo>d2 & 7,b7 %all meet at lea/ twice ea* ye>4 7#d7 ,comp5sation & ,travel ,exp5ses ,memb]s ( ! ,cr$it ,union ,advisory ,c\ncil :o are n full-"t employees ( ! ,unit$ ,/ates %all-- 7,a7 be entitl$ to receive comp5sation at a rate fix$ by ! ,bo>d1 :ile att5d+ meet+s ( ! ,cr$it ,union ,advisory ,c\ncil2 & 7,b7 be all[$ travel exp5ses1 includ+ transportation & subsi/5ce1 :ile away f _! homes or regul> places ( bus9ess4 4 ,r ,cr$it ,union ,exam9ation ,re=m #aahf4 ,ext5sion ( exam9ation cycle ( ! ,national ,cr$it ,union ,adm9i/ration to #ah mon?s or long] 7a7 ,f$]al cr$it union exam9ations ,section #ajf ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #agef7 is am5d$-- 7#a7 by /rik+ ,f$]al cr$it unions & ins]t+ ! foll[+3 7a7 ,9 g5]al ,f$]al cr$it unions 2 & 7#b7 by add+ at ! end ! foll[+3 7b7 #ah-mon? or long] exam9ation cycle = c]ta9 cr$it unions 7#a7 ,9 g5]al ,an exam9ation ( a ,f$]al cr$it union describ$ "u subsection 7a7 may only be c>ri$ out once dur+ ea* #ah-mon? p]iod ) respect to a ,f$]al cr$it union t-- 7,a7 has total assets ( less ?an #a1jjj1jjj1jjj2 7,b7 is well capitaliz$1 z su* t]m is def9$ "u section #baf7;c77#a72 7,c7 0 f\nd 9 its mo/ rec5t exam9ation to be well manag$1 & its composite rat+ 7"u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em or an equival5t rat+ "u a comp>able rat+ sy/em7-- 7i7 0 a #a1 9 ! case ( a ,f$]al cr$it union t has total assets ( m ?an #bjj1jjj1jjj2 or 7ii7 0 a #a or a #b1 9 ! case ( a ,f$]al cr$it union t has total assets ( n m ?an #bjj1jjj1jjj2 & 7,d7 is n curr5tly subject to a =mal en=cem5t proce$+ or ord] by ! ,adm9i/ration4 7#b7 ,safety & s\ndness exception ,p>agraph 7#a7 %all n apply to a ,f$]al cr$it union if ! ,adm9i/ration det]m9es-- 7,a7 t su* cr$it union %\ld be exam9$ m (t5 ?an e #ah mon?s because ( safety & s\ndness conc]ns2 or 7,b7 t su* cr$it union has violat$ ! law4 4 7b7 ,insur$ cr$it union exam9ations ,section #bjd ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghd7 is am5d$ by add+ at ! end ! foll[+3 7h7 #ah-mon? or long] exam9ation cycle = c]ta9 cr$it unions 7#a7 ,9 g5]al ,an exam9ation ( an insur$ cr$it union describ$ "u subsection 7a7 may only be c>ri$ out once dur+ ea* #ah-mon? p]iod ) respect to an insur$ cr$it union t-- 7,a7 has total assets ( less ?an #a1jjj1jjj1jjj2 7,b7 is well capitaliz$ or adequately capitaliz$1 z su* t]ms are def9$1 respectively1 "u section #baf7;c77#a72 7,c7 0 f\nd 9 its mo/ rec5t exam9ation to be well manag$1 & its composite rat+ 7"u ! ,uni=m ,f9ancial ,in/itutions ,rat+ ,sy/em or an equival5t rat+ "u a comp>able rat+ sy/em7-- 7i7 0 a #a1 9 ! case ( an insur$ cr$it union t has total assets ( m ?an #bjj1jjj1jjj2 or 7ii7 0 a #a or a #b1 9 ! case ( an insur$ cr$it union t has total assets ( n m ?an #bjj1jjj1jjj2 & 7,d7 is n curr5tly subject to a =mal en=cem5t proce$+ or ord] by ! ,adm9i/ration4 7#b7 ,safety & s\ndness exception ,p>agraph 7#a7 %all n apply to an insur$ cr$it union if ! ,adm9i/ration det]m9es-- 7,a7 t su* cr$it union %\ld be exam9$ m (t5 ?an e #ah mon?s because ( safety & s\ndness conc]ns2 or 7,b7 t su* cr$it union has violat$ ! law4 4 7c7 ,budget sav+s report ,n lat] ?an ! end ( ! #ahj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,national ,cr$it ,union ,adm9i/ration %all issue a report to ! ,congress analyz+ h[ ! am5dm5ts made by ?is section affect ! budget ( ! ,adm9i/ration4 7d7 ,rulemak+ ,n lat] ?an ! end ( ! #ajj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,national ,cr$it ,union ,adm9i/ration %all issue regulations to c>ry out ! am5dm5ts made by ?is section4 ,s ,,ncua ,ov]head ,transp>5cy #aaia4 ,fund transp>5cy ,section #bjc ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghc7 is am5d$ by add+ at ! end ! foll[+3 7g7 ,fund transp>5cy 7#a7 ,9 g5]al ,! ,bo>d %all accompany ea* annual budget submitt$ pursuant to section #bji7;b7 ) a report conta9+-- 7,a7 a detail$ analysis ( h[ ! exp5ses ( ! ,adm9i/ration are assign$ betwe5 prud5tial activities & insurance-relat$ activities & ! ext5t to :i* ^? exp5ses are paid f ! fees collect$ pursuant to section #aje or f ! ,fund2 & 7,b7 ! ,bo>d's support+ rationale = any propos$ use ( am\nts 9 ! ,fund conta9$ 9 su* budget1 includ+ detail$ breakd[ns & support+ rationales = any su* propos$ use relat$ to titles ( ?is ,act o!r ?an ?is title4 7#b7 ,public disclosure ,! ,bo>d %all make ea* report describ$ "u p>agraph 7#a7 available to ! public4 4 ,decemb] #bj1 #bjaf ,report$ f ! ,committee on ,f9ancial ,s]vices ) an am5dm5t ,decemb] #bj1 #bjaf ,! ,committees on ,agriculture1 ,ways & ,means1 ! ,judici>y1 ,ov]sight & ,gov]nm5t ,re=m1 ,transportation & ,infra/ructure1 ,rules1 ! ,budget1 & ,education & ! ,work=ce dis*>g$2 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union & ord]$ to be pr9t$