#aae? ,,congress  #a/ ,session  ,h4 ,r4 
#aj  ,,an ,,act  ,to create hope &      
opportunity = inve/ors1 consum]s1 &     
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 ( #bjag4  7b7    
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3  ,sec4 #a4 ,%ort  
title2 table ( cont5ts4 ,sec4 #b4       
,direct$ rulemak+ repeals4 ,title       
,i--,end+ ,too ,big to ,fail & ,bank    
,bail\ts ,subtitle ,a--,repeal ( !      
,ord]ly ,liquidation ,au?ority ,sec4    
#aaa4 ,repeal ( ! ord]ly liquidation    
au?ority4 ,subtitle ,b--,f9ancial       
,in/itution ,bankruptcy ,sec4 #aba4     
,g5]al provisions relat+ to cov]$       
f9ancial corporations4 ,sec4 #abb4      

,liquidation1 reorganization1 or        
recapitalization ( a cov]$ f9ancial     
corporation4 ,sec4 #abc4 ,am5dm5ts to   
title #bh1 ,unit$ ,/ates ,code4         
,subtitle ,c--,end+ ,gov]nm5t ,gu>antees
 ,sec4 #aca4 ,repeal ( obligation       
gu>antee program4 ,sec4 #acb4 ,repeal ( 
sy/emic risk det]m9ation 9 resolutions4 
,sec4 #acc4 ,re/rictions on use ( !     
,ex*ange ,/abilization ,fund4 ,subtitle 
,d--,elim9at+ ,f9ancial ,m>ket ,utility 
,designations ,sec4 #ada4 ,repeal (     
title ,,viii4 ,subtitle ,e--,re=m ( !   
,f9ancial ,/ability ,act ( #bjaj ,sec4  
#aea4 ,repeal & modification (          
provisions ( ! ,f9ancial ,/ability ,act 
( #bjaj4 ,sec4 #aeb4 ,op]ational risk   
capital requirem5ts = bank+             
organizations4 ,title ,,ii--,dem&+      
,acc\ntability f ,wall ,/reet ,subtitle 
,a--,,sec ,p5alties ,mod]nization ,sec4 
#baa4 ,enhancem5t ( civil p5alties =    
securities laws violations4 ,sec4 #bab4 
,updat$ civil money p5alties ( ,public  
,company ,acc\nt+ ,ov]sight ,bo>d4 ,sec4

 #bac4 ,updat$ civil money p5alty =     
controll+ p]sons 9 connection ) insid]  
trad+4 ,sec4 #bad4 ,update ( c]ta9 o!r  
p5alties4 ,sec4 #bae4 ,monet>y sanctions
 to be us$ = ! relief ( victims4 ,sec4  
#baf4 ,,gao report on use ( civil money 
p5alty au?ority by ,commission4         
,subtitle ,b--,,firrea ,p5alties        
,mod]nization ,sec4 #bba4 ,increase (   
civil & crim9al p5alties orig9ally      
e/abli%$ 9 ! ,f9ancial ,in/itutions     
,re=m1 ,recov]y1 & ,en=cem5t ,act (     
#aihi4 ,title ,,iii--,dem&+             
,acc\ntability f ,f9ancial ,regulators &
 ,devolv+ ,p[] ,away f ,wa%+ton         
,subtitle ,a--,co/-,b5efit ,analyses    
,sec4 #caa4 ,def9itions4 ,sec4 #cab4    
,requir$ regulatory analysis4 ,sec4     
#cac4 ,rule ( con/ruction4 ,sec4 #cad4  
,public availability ( data & regulatory
 analysis4 ,sec4 #cae4 ,five-ye>        
regulatory impact analysis4 ,sec4 #caf4 
,retrospective review ( exi/+ rules4    
,sec4 #cag4 ,judicial review4 ,sec4     
#cah4 ,*ief ,economi/s ,c\ncil4 ,sec4   

#cai4 ,con=m+ am5dm5ts4 ,sec4 #cbj4 ,o!r
 regulatory entities4 ,sec4 #cba4       
,avoidance ( duplicative or unnecess>y  
analyses4 ,subtitle ,b--,congressional  
,review ( ,f$]al ,f9ancial ,ag5cy       
,rulemak+ ,sec4 #cca4 ,congressional    
review4 ,sec4 #ccb4 ,congressional      
approval proc$ure = major rules4 ,sec4  
#ccc4 ,congressional disapproval        
proc$ure = nonmajor rules4 ,sec4 #ccd4  
,def9itions4 ,sec4 #cce4 ,judicial      
review4 ,sec4 #ccf4 ,effective date (   
c]ta9 rules4 ,sec4 #ccg4 ,budget>y      
effects ( rules subject to section #ccb 
( ! ,f9ancial ,,*oice ,act ( #bjag4     
,sec4 #cch4 ,nonapplicability to monet>y
 policy4 ,subtitle ,c--,judicial ,review
 ( ,ag5cy ,actions ,sec4 #cda4 ,scope ( 
judicial review ( ag5cy actions4        
,subtitle ,d--,lead]%ip ( ,f9ancial     
,regulators ,sec4 #cea4 ,f$]al ,deposit 
,insurance ,corporation4 ,sec4 #ceb4    
,f$]al ,h\s+ ,f9ance ,ag5cy4 ,subtitle  
,e--,congressional ,ov]sight (          
,appropriations ,sec4 #cfa4 ,br++ !     

,f$]al ,deposit ,insurance ,corporation 
into ! appropriations process4 ,sec4    
#cfb4 ,br++ ! ,f$]al ,h\s+ ,f9ance      
,ag5cy into ! appropriations process4   
,sec4 #cfc4 ,br++ ! exam9ation &        
sup]vision functions ( ! ,national      
,cr$it ,union ,adm9i/ration into !      
appropriations process4 ,sec4 #cfd4     
,br++ ! ,(fice ( ! ,comptroll] ( !      
,curr5cy into ! appropriations process4 
,sec4 #cfe4 ,br++ ! non-monet>y policy  
relat$ functions ( ! ,bo>d ( ,gov]nors (
 ! ,f$]al ,res]ve ,sy/em into !         
appropriations process4 ,subtitle       
,f--,int]national ,processes ,sec4 #cga4
 ,requirem5ts = int]national processes4 
,subtitle ,g--,unfund$ ,m&ates ,re=m    
,sec4 #cha4 ,def9itions4 ,sec4 #chb4    
,application ( ! ,unfund$ ,m&ates ,re=m 
,act4 ,subtitle ,h--,en=cem5t           
,coord9ation ,sec4 #cia4 ,policies to   
m9imize duplication ( en=cem5t ef=ts4   
,subtitle ,i--,p5alties = ,unau?oriz$   
,disclosures ,sec4 #cib4 ,crim9al p5alty
 = unau?oriz$ disclosures4 ,subtitle    

,j--,/op ,settlem5t ,slu% ,funds ,sec4  
#cic4 ,limitation on donations made     
pursuant to settlem5t agreem5ts to :i*  
c]ta9 dep>tm5ts or ag5cies are a p>ty4  
,title ,,iv--,unlea%+ ,opportunities =  
,small ,bus9esses1 ,innovators1 & ,job  
,creators by ,facilitat+ ,capital       
,=mation ,subtitle ,a--,small ,bus9ess  
,m]g]s1 ,acquisitions1 ,sales1 &        
,brok]age ,simplification ,sec4 #dja4   
,regi/ration exemption = m]g] &         
acquisition brok]s4 ,sec4 #djb4         
,effective date4 ,subtitle ,b--,enc\rag+
 ,employee ,own]%ip ,sec4 #djf4         
,increas$ ?re%old = disclosures relat+  
to comp5satory b5efit plans4 ,subtitle  
,c--,small ,company ,disclosure         
,simplification ,sec4 #daa4 ,exemption f
 ,,xbrl requirem5ts = em]g+ gr[?        
companies & o!r small] companies4 ,sec4 
#dab4 ,analysis by ! ,,sec4 ,sec4 #dac4 
,report to ,congress4 ,sec4 #dad4       
,def9itions4 ,subtitle ,d--,securities &
 ,ex*ange ,commission ,ov]paym5t ,cr$it 
,sec4 #daf4 ,refund+ or cr$it+ ov]paym5t

 ( section #ca fees4 ,subtitle ,e--,fair
 ,access to ,inve/m5t ,rese>* ,sec4     
#dba4 ,safe h>bor = inve/m5t fund       
rese>*4 ,subtitle ,f--,accel]at+ ,access
 to ,capital ,sec4 #dbf4 ,exp&$         
eligibility = use ( ,=m ,s-#c4 ,subtitle
 ,g--,enhanc+ ! ,,raise ,act ,sec4 #dca4
 ,c]ta9 accr$it$ inve/or transactions4  
,subtitle ,h--,small ,bus9ess ,cr$it    
,availability ,sec4 #dcf4 ,bus9ess      
developm5t company own]%ip ( securities 
( inve/m5t advis]s & c]ta9 f9ancial     
companies4 ,sec4 #dcg4 ,exp&+ access to 
capital = bus9ess developm5t companies4 
,sec4 #dch4 ,p>ity = bus9ess developm5t 
companies reg>d+ (f]+ & proxy rules4    
,subtitle ,i--,fo/]+ ,innovation ,sec4  
#dda4 ,tempor>y exemption = l[-rev5ue   
issu]s4 ,subtitle ,j--,small ,bus9ess   
,capital ,=mation ,enhancem5t ,sec4     
#ddf4 ,annual review ( gov]nm5t-bus9ess 
=um on capital =mation4 ,subtitle       
,k--,help+ ,angels ,lead ,our ,/>tups   
,sec4 #dea4 ,def9ition ( angel inve/or  
gr\p4 ,sec4 #deb4 ,cl>ification ( g5]al 

solicitation4 ,subtitle ,l--,ma9 ,/reet 
,gr[? ,sec4 #def4 ,v5ture ex*anges4     
,subtitle ,m--,micro ,(f]+ ,safe ,h>bor 
,sec4 #dfa4 ,exemptions = micro-(f]+s4  
,subtitle ,n--,private ,placem5t        
,improvem5t ,sec4 #dff4 ,revisions to   
,,sec ,regulation ,d4 ,subtitle         
,o--,support+ ,am]ica's ,innovators     
,sec4 #dga4 ,inve/or limitation =       
qualify+ v5ture capital funds4 ,subtitle
 ,p--,fix ,cr[dfund+ ,sec4 #dgf4        
,cr[dfund+ exemption4 ,sec4 #dgg4       
,exclusion ( cr[dfund+ inve/ors f       
%>ehold] cap4 ,sec4 #dgh4 ,preemption ( 
,/ate law4 ,sec4 #dgi4 ,treatm5t ( fund+
 portals4 ,subtitle ,q--,corporate      
,gov]nance ,re=m & ,transp>5cy ,sec4    
#dha4 ,def9itions4 ,sec4 #dhb4          
,regi/ration ( proxy advisory firms4    
,sec4 #dhc4 ,commission annual report4  
,subtitle ,r--,s5ior ,safe ,sec4 #dia4  
,immunity4 ,sec4 #dib4 ,tra9+ requir$4  
,sec4 #dic4 ,relation%ip to ,/ate law4  
,subtitle ,s--,national ,securities     
,ex*ange ,regulatory ,p>ity ,sec4 #dif4 

,application ( exemption4 ,subtitle     
,t--,private ,company ,flexibility &    
,gr[? ,sec4 #dig4 ,%>ehold] ?re%old =   
regi/ration4 ,subtitle ,u--,small       
,company ,capital ,=mation ,enhancem5ts 
,sec4 #dih4 ,,jobs ,act-relat$          
exemption4 ,subtitle ,v--,enc\rag+      
,public ,(f]+s ,sec4 #dii4 ,exp&+ te/+ !
 wat]s & confid5tial submissions4       
,subtitle ,x--,mod]niz$ ,(f]+ & ,proxy  
,rules = ,clos$-,end ,funds ,sec4       
#dii;,a4 ,p>ity = clos$-end companies   
reg>d+ (f]+ & proxy rules4 ,title       
,v--,regulatory ,relief = ,ma9 ,/reet & 
,community ,f9ancial ,in/itutions       
,subtitle ,a--,pres]v+ ,access to       
,manufactur$ ,h\s+ ,sec4 #eja4 ,mortgage
 orig9ator def9ition4 ,sec4 #ejb4       
,high-,co/ mortgage def9ition4 ,subtitle
 ,b--,mortgage ,*oice ,sec4 #ejf4       
,def9ition ( po9ts & fees4 ,subtitle    
,c--,f9ancial ,in/itution ,cu/om]       
,protection ,sec4 #eaa4 ,requirem5ts =  
deposit acc\nt t]m9ation reque/s &      
ord]s4 ,sec4 #eab4 ,am5dm5ts to !       

,f9ancial ,in/itutions ,re=m1 ,recov]y1 
& ,en=cem5t ,act ( #aihi4 ,subtitle     
,d--,portfolio ,l5d+ & ,mortgage ,access
 ,sec4 #eaf4 ,safe h>bor = c]ta9 loans  
held on portfolio4 ,subtitle            
,e--,application ( ! ,exp$it$ ,funds    
,availability ,act ,sec4 #eba4          
,application ( ! ,exp$it$ ,funds        
,availability ,act4 ,subtitle ,f--,small
 ,bank ,hold+ ,company ,policy ,/atem5t 
,sec4 #ebf4 ,*anges requir$ to small    
bank hold+ company policy /atem5t on    
assessm5t ( f9ancial & manag]ial        
factors4 ,subtitle ,g--,community       
,in/itution ,mortgage ,relief ,sec4     
#eca4 ,community f9ancial in/itution    
mortgage relief4 ,subtitle ,h--,f9ancial
 ,in/itutions ,exam9ation ,fairness &   
,re=m ,sec4 #ecf4 ,timel9ess (          
exam9ation reports4 ,subtitle           
,i--,national ,cr$it ,union             
,adm9i/ration ,budget ,transp>5cy ,sec4 
#eda4 ,budget transp>5cy = ! ,,ncua4    
,subtitle ,j--,tak+ ,acc\nt (           
,in/itutions ) ,l[ ,op]ation ,risk ,sec4

 #edf4 ,regulations appropriate to      
bus9ess models4 ,subtitle ,k--,f$]al    
,sav+s ,association ,*>t] ,flexibility  
,sec4 #eea4 ,option = ,f$]al sav+s      
associations to op]ate z a cov]$ sav+s  
association4 ,subtitle ,l--,,safe       
,transitional ,lic5s+ ,sec4 #eef4       
,elim9at+ b>ri]s to jobs = loan         
orig9ators4 ,subtitle ,m--,"r to ,l5d   
,sec4 #efa4 ,small bus9ess loan data    
collection requirem5t4 ,subtitle        
,n--,community ,bank ,report+ ,relief   
,sec4 #eff4 ,%ort =m call report4       
,subtitle ,o--,home[n] ,in=mation       
,privacy ,protection ,sec4 #ega4 ,/udy  
reg>d+ privacy ( in=mation collect$ "u !
 ,home ,mortgage ,disclosure ,act (     
#aige4 ,subtitle ,p--,home ,mortgage    
,disclosure ,adju/m5t ,sec4 #egf4       
,depository in/itutions subject to      
ma9t5ance ( records & disclosure        
requirem5ts4 ,subtitle ,q--,protect+    
,consum]s' ,access to ,cr$it ,sec4 #eha4
 ,rate ( int]e/ aft] transf] ( loan4    
,subtitle ,r--,,ncua ,ov]head           

,transp>5cy ,sec4 #ehf4 ,fund           
transp>5cy4 ,subtitle ,s--,h\s+         
,opportunities ,made ,easi] ,sec4 #eia4 
,cl>ification ( donat$ s]vices to       
non-pr(its4 ,subtitle ,t--,protection ( 
consum] in=mation by consum] report+    
ag5cies ,sec4 #eif4 ,s5se ( ,congress   
relat$ to protection ( consum] in=mation
 by consum] report+ ag5cies4 ,subtitle  
,u--,legitimate ,f9ancial ,transactions 
,report ,sec4 #eig4 ,treasury report on 
legitimate f9ancial transactions4       
,subtitle ,v--,divid5d ,waiv] ,au?ority 
= ,mutual ,hold+ ,companies ,sec4 #eih4 
,divid5d waiv] au?ority = mutual hold+  
companies4 ,title ,,vi--,regulatory     
,relief = ,/rongly ,capitaliz$1 ,well   
,manag$ ,bank+ ,organizations ,sec4     
#fja4 ,capital election4 ,sec4 #fjb4    
,regulatory relief4 ,sec4 #fjc4 ,cont+5t
 capital /udy4 ,sec4 #fjd4 ,/udy on     
alt]+ ! curr5t prompt corrective action 
rules4 ,sec4 #fje4 ,def9itions4 ,title  
,,vii--,emp[]+ ,am]icans to ,a*ieve     
,f9ancial ,indep5d5ce ,subtitle         

,a--,sep>ation ( ,p[]s & ,lib]ty        
,enhancem5ts ,sec4 #gaa4 ,consum] ,law  
,en=cem5t ,ag5cy4 ,sec4 #gab4 ,br++ !   
,ag5cy into ! regul> appropriations     
process4 ,sec4 #gac4 ,consum] ,law      
,en=cem5t ,ag5cy ,inspector ,g5]al      
,re=m4 ,sec4 #gad4 ,private p>ties      
au?oriz$ to compel ! ,ag5cy to seek     
sanctions by fil+ civil actions2        
,adjudications deem$ actions4 ,sec4     
#gae4 ,civil inve/igative dem&s to be   
appeal$ to c\rts4 ,sec4 #gaf4 ,ag5cy    
dual m&ate & economic analysis4 ,sec4   
#gag4 ,no def]5ce to ,ag5cy             
int]pretation4 ,subtitle                
,b--,adm9i/rative ,enhancem5ts ,sec4    
#gba4 ,advisory op9ions4 ,sec4 #gbb4    
,re=m ( ,consum] ,f9ancial ,civil       
,p5alty ,fund4 ,sec4 #gbc4 ,ag5cy pay   
fairness4 ,sec4 #gbd4 ,elim9ation (     
m>ket monitor+ functions4 ,sec4 #gbe4   
,re=ms to m&atory functional units4     
,sec4 #gbf4 ,repeal ( m&atory advisory  
bo>d4 ,sec4 #gbg4 ,elim9ation (         
sup]vision au?ority4 ,sec4 #gbh4        

,transf] ( old ,,ots build+ f ,,occ to  
,,gsa4 ,sec4 #gbi4 ,limitation on ,ag5cy
 au?ority4 ,subtitle ,c--,policy        
,enhancem5ts ,sec4 #gca4 ,consum] "r to 
f9ancial privacy4 ,sec4 #gcb4 ,repeal ( 
,c\ncil au?ority to set aside ,ag5cy    
rules & requirem5t ( safety & s\ndness  
consid]ations :5 issu+ rules4 ,sec4     
#gcc4 ,removal ( au?ority to regulate   
small-doll> cr$it4 ,sec4 #gcd4 ,re=m+   
indirect auto f9anc+ guidance4 ,sec4    
#gce4 ,removal ( ,ag5cy ,,udaap         
au?ority4 ,sec4 #gcf4 ,pres]vation (    
,,udap au?ority = ,f$]al bank+          
regulators4 ,sec4 #gcg4 ,repeal (       
au?ority to re/rict arbitration4 ,title 
,,viii--,capital ,m>kets ,improvem5ts   
,subtitle ,a--,,sec ,re=m1 ,re/ructur+1 
& ,acc\ntability ,sec4 #hja4            
,au?orization ( appropriations4 ,sec4   
#hjb4 ,report on unobligat$             
appropriations4 ,sec4 #hjc4 ,,sec       
,res]ve ,fund aboli%$4 ,sec4 #hjd4 ,fees
 to (fset appropriations4 ,sec4 #hje4   
,commission ,f$]al con/ruction fund+    

prohibition4 ,sec4 #hjf4 ,implem5tation 
( recomm5dations4 ,sec4 #hjg4 ,(fice (  
,cr$it ,rat+s to report to ! ,division (
 ,trad+ & ,m>kets4 ,sec4 #hjh4 ,(fice ( 
,municipal ,securities to report to !   
,division ( ,trad+ & ,m>kets4 ,sec4     
#hji4 ,indep5d5ce ( ,commission         
,ombudsman4 ,sec4 #haj4 ,inve/or        
,advisory ,committee improvem5ts4 ,sec4 
#haa4 ,duties ( ,inve/or ,advocate4     
,sec4 #hab4 ,elim9ation ( exemption (   
,small ,bus9ess ,capital ,=mation       
,advisory ,committee f ,f$]al ,advisory 
,committee ,act4 ,sec4 #hac4 ,int]nal   
risk controls4 ,sec4 #had4              
,applicability ( notice & comm5t        
requirem5ts ( ! ,adm9i/rative ,proc$ure 
,act to guidance vot$ on by !           
,commission4 ,sec4 #hae4 ,limitation on 
pilot programs4 ,sec4 #haf4 ,proc$ure = 
obta9+ c]ta9 intellectual prop]ty4 ,sec4
 #hag4 ,process = clos+ inve/igations4  
,sec4 #hah4 ,en=cem5t ,ombudsman4 ,sec4 
#hai4 ,adequate notice4 ,sec4 #hbj4     
,advisory committee on ,commission's    

en=cem5t policies & practices4 ,sec4    
#hba4 ,process to p]mit recipi5t (      
,wells notification to appe> be=e       
,commission /aff 9-p]son4 ,sec4 #hbb4   
,publication ( en=cem5t manual4 ,sec4   
#hbc4 ,private p>ties au?oriz$ to compel
 ! ,securities & ,ex*ange ,commission to
 seek sanctions by fil+ civil actions4  
,sec4 #hbd4 ,c]ta9 f9d+s requir$ to     
approve civil money p5alties aga9/      
issu]s4 ,sec4 #hbe4 ,repeal ( au?ority (
 ! ,commission to prohibit p]sons f s]v+
 z (fic]s or directors4 ,sec4 #hbf4     
,subpo5a duration & r5ewal4 ,sec4 #hbg4 
,elim9ation ( automatic                 
disqualifications4 ,sec4 #hbh4 ,d5ial ( 
aw>d to culpable :i/lebl[]s4 ,sec4 #hbi4
 ,cl>ification ( au?ority to impose     
sanctions on p]sons associat$ ) a brok] 
or deal]4 ,sec4 #hcj4 ,compla9t & burd5 
( pro( requirem5ts = c]ta9 actions =    
brea* ( fiduci>y duty4 ,sec4 #hca4      
,congressional access to in=mation held 
by ! ,public ,company ,acc\nt+ ,ov]sight
 ,bo>d4 ,sec4 #hcb4 ,aboli%+ ,inve/or   

,advisory ,gr\p4 ,sec4 #hcc4 ,repeal (  
requirem5t = ,public ,company ,acc\nt+  
,ov]sight ,bo>d to use c]ta9 funds =    
m]it s*ol>%ip program4 ,sec4 #hcd4      
,reallocation ( f9es = violations (     
rules ( municipal securities rulemak+   
bo>d4 ,subtitle ,b--,elim9at+ ,excessive
 ,gov]nm5t ,intrusion 9 ! ,capital      
,m>kets ,sec4 #hda4 ,repeal ( ,dep>tm5t 
( ,labor fiduci>y rule & requirem5ts    
prior to rulemak+ relat+ to /&>ds (     
conduct = brok]s & deal]s4 ,sec4 #hdb4  
,exemption f risk ret5tion requirem5ts =
 nonresid5tial mortgage4 ,sec4 #hdc4    
,frequ5cy ( %>ehold] approval (         
executive comp5sation4 ,sec4 #hdd4      
,%>ehold] ,proposals4 ,sec4 #hde4       
,prohibition on requir+ a s+le ballot4  
,sec4 #hdf4 ,requirem5t = municipal     
advisor = issu]s ( municipal securities4
 ,sec4 #hdg4 ,small issu] exemption f   
int]nal control evaluation4 ,sec4 #hdh4 
,/reaml9+ ( applications = an exemption 
f ! ,inve/m5t ,company ,act ( #aidj4    
,sec4 #hdi4 ,re/riction on recov]y (    

errone\sly aw>d$ comp5sation4 ,sec4     
#hej4 ,exemptive au?ority = c]ta9       
provisions relat+ to regi/ration (      
nationally recogniz$ /ati/ical rat+     
organizations4 ,sec4 #hea4 ,risk-bas$   
exam9ations ( ,nationally ,recogniz$    
,/ati/ical ,rat+ ,organizations4 ,sec4  
#heb4 ,transp>5cy ( cr$it rat+          
me?odologies4 ,sec4 #hec4 ,repeal (     
c]ta9 atte/ation requirem5ts relat+ to  
cr$it rat+s4 ,sec4 #hed4 ,look-back     
review by ,,nrsro4 ,sec4 #hee4 ,approval
 ( cr$it rat+ proc$ures & me?odologies4 
,sec4 #hef4 ,exception = provid+ c]ta9  
mat]ial in=mation relat+ to a cr$it     
rat+4 ,sec4 #heg4 ,repeals4 ,sec4 #heh4 
,exemption ( & report+ by private equity
 fund advis]s4 ,sec4 #hei4 ,records &   
reports ( private funds4 ,sec4 #hfj4    
,def9ition ( accr$it$ inve/or4 ,sec4    
#hfa4 ,repeal ( c]ta9 provisions requir+
 a /udy & report to ,congress4 ,sec4    
#hfb4 ,repeal4 ,subtitle                
,c--,h>monization ( ,d]ivatives ,rules  
,sec4 #hga4 ,commissions review &       

h>monization ( rules relat+ to !        
regulation ( ov]-!-c\nt] swaps m>kets4  
,sec4 #hgb4 ,treatm5t ( transactions    
betwe5 affiliates4 ,title ,,ix--,repeal 
( ! ,volck] ,rule & ,o!r ,provisions    
,sec4 #ija4 ,repeals4 ,title ,x--,f$    
,ov]sight ,re=m & ,mod]nization ,sec4   
#ajja4 ,requirem5ts = policy rules ( !  
,f$]al ,op5 ,m>ket ,committee4 ,sec4    
#ajjb4 ,f$]al ,op5 ,m>ket ,committee    
black\t p]iod4 ,sec4 #ajjc4 ,public     
transcripts ( ,,fomc meet+s4 ,sec4      
#ajjd4 ,memb]%ip ( ,f$]al ,op5 ,m>ket   
,committee4 ,sec4 #ajje4 ,frequ5cy (    
te/imony ( ! ,*airman ( ! ,bo>d (       
,gov]nors ( ! ,f$]al ,res]ve ,sy/em to  
,congress4 ,sec4 #ajjf4 ,vice ,*airman =
 ,sup]vision report requirem5t4 ,sec4   
#ajjg4 ,sal>ies1 f9ancial disclosures1 &
 (fice /aff ( ! ,bo>d ( ,gov]nors ( !   
,f$]al ,res]ve ,sy/em4 ,sec4 #ajjh4     
,am5dm5ts to p[]s ( ! ,bo>d ( ,gov]nors 
( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #ajji4 
,int]e/ rates on balances ma9ta9$ at a  
,f$]al ,res]ve bank by depository       

in/itutions e/abli%$ by ,f$]al ,op5     
,m>ket ,committee4 ,sec4 #ajaj4 ,audit  
re=m & transp>5cy = ! ,bo>d ( ,gov]nors 
( ! ,f$]al ,res]ve ,sy/em4 ,sec4 #ajaa4 
,e/abli%m5t ( a ,c5t5nial ,monet>y      
,commission4 ,title ,,xi--,improv+      
,insurance ,coord9ation ?r\gh an        
,indep5d5t ,advocate ,sec4 #aaja4       
,repeal ( ! ,f$]al ,insurance ,(fice2   
,creation ( ! ,(fice ( ! ,indep5d5t     
,insurance ,advocate4 ,sec4 #aajb4      
,treatm5t ( cov]$ agreem5ts4 ,title     
,,xii--,te*nical corrections ,sec4      
#abja4 ,table ( cont5ts2 ,def9itional   
corrections4 ,sec4 #abjb4 ,antitru/     
sav+s clause corrections4 ,sec4 #abjc4  
,title ,i corrections4 ,sec4 #abjd4     
,title ,,iii corrections4 ,sec4 #abje4  
,title ,,iv correction4 ,sec4 #abjf4    
,title ,,vi corrections4 ,sec4 #abjg4   
,title ,,vii corrections4 ,sec4 #abjh4  
,title ,,ix corrections4 ,sec4 #abji4   
,title ,x corrections4 ,sec4 #abaj4     
,title ,,xii correction4 ,sec4 #abaa4   
,title ,,xiv correction4 ,sec4 #abab4   

,te*nical corrections to o!r /atutes4   
#b4 ,direct$ rulemak+ repeals ,) respect
 to any direct$ rulemak+ requir$ by a   
provision ( law repeal$ by ?is ,act1 to 
! ext5t any rule 0 issu$ or revis$      
pursuant to su* direct$ rulemak+1 su*   
rule or revision %all h no =ce or       
effect4  ,i ,end+ ,too ,big to ,fail &  
,bank ,bail\ts  ,a ,repeal ( ! ,ord]ly  
,liquidation ,au?ority  #aaa4 ,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 #afe7;d7-- 7i7 9 p>agraph
 7#a71 by /rik+ 1 ! ,c\ncil1 & !        
,corporation & ins]t+ & ! ,c\ncil2  7ii7
 9 p>agraph 7#b71 by /rik+ 1 ! ,c\ncil1 
& ! ,corporation & ins]t+ & ! ,c\ncil2  
7iii7 9 p>agraph 7#c71 by /rik+ & !     
,corporation2  7iv7 9 p>agraph 7#d7--   
7,i7 by /rik+ & ! ,corporation jo9tly   
det]m9e & ins]t+ det]m9es2  7,,ii7 by   
/rik+ _! & ins]t+ its2  7,,iii7 9       
subp>agraph 7,a71 by /rik+ & !          
,corporation2 &  7,,iv7 9 subp>agraph   
7,b71 by /rik+ & ! ,corporation2  7v7 9 
p>agraph 7#e7--  7,i7 9 subp>agraph     
7,a71 by /rik+ & ! ,corporation may     
jo9tly & ins]t+ may2 &  7,,ii7 9        
subp>agraph 7,b7--  7aa7 by /rik+ & !   
,corporation ea* place su* t]m appe>s2  
7bb7 by /rik+ may jo9tly & ins]t+ may2  
7cc7 by /rik+ h jo9tly & ins]t+ has2    
7vi7 9 p>agraph 7#f71 by /rik+ 1 a      
receiv] appo9t$ "u title ,,ii12 &  7vii7
 by am5d+ p>agraph 7#h7 to read z       
foll[s3  7#h7 ,rules ,n lat] ?an #ab    
mon?s aft] enactm5t ( ?is p>agraph1 !   

,bo>d ( ,gov]nors %all issue f9al rules 
implem5t+ ?is section4  2 &  7,c7 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  ,b     
,f9ancial ,in/itution ,bankruptcy  #aba4
 ,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  #abb4 ,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 ( 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 
#abc4 ,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  ,c ,end+ ,gov]nm5t       
,gu>antees  #aca4 ,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  #acb4  
,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$4  #acc4 ,re/rictions on use ( ! 
,ex*ange ,/abilization ,fund  7a7 ,9    
g5]al ,section #ecjb ( title #ca1 ,unit$
 ,/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  ,d ,elim9at+     
,f9ancial ,m>ket ,utility ,designations 
#ada4 ,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  ,e ,re=m ( ! ,f9ancial   
,/ability ,act ( #bjaj  #aea4 ,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 /rik+ subp>agraphs 7,b7 ?r\gh 
7,j7 & ins]t+ ! foll[+3  7,b7 ea* memb] 
( ! ,bo>d ( ,gov]nors1 :o %all          
collectively h #a vote on ! ,c\ncil2    
7,c7 ! ,comptroll] ( ! ,curr5cy2  7,d7 !
 ,director ( ! ,consum] ,law ,en=cem5t  
,ag5cy2  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 ! ,director ( ! ,f$]al   
,h\s+ ,f9ance ,ag5cy2  7,i7 ea* memb] ( 
! ,national ,cr$it ,union ,adm9i/ration 

,bo>d1 :o %all collectively h #a vote on
 ! ,c\ncil2 &  7,j7 ! ,indep5d5t        
,insurance ,advocate4  2  7ii7 9        
p>agraph 7#b7--  7,i7 by /rik+          
subp>agraphs 7,a7 & 7,b72 &  7,,ii7 by  
r$esignat+ subp>agraphs 7,c71 7,d71 &   
7,e7 z subp>agraphs 7,a71 7,b71 & 7,c71 
respectively2 &  7iii7 by add+ at ! end 
! foll[+3  7#d7 ,vot+ by multi-p]son    
entity  7,a7 ,vot+ )9 ! entity ,an      
entity describ$ "u subp>agraph 7,b71    
7,e71 7,f71 7,g71 or 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 7c77#a71 by /rik+ ,!
 indep5d5t memb] ( ! ,c\ncil %all s]ve =
 a t]m ( #f ye>s1 & ea* nonvot+ memb]   
describ$ 9 subp>agraphs 7,c71 7,d71 &   

7,e7 ( & ins]t+ ,ea* nonvot+ memb]s     
describ$ "u2  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 public    
meet+s ( ! ,c\ncil %all be op5 to !     
att5dance by memb]s ( ! au?orization &  
ov]sight committees ( ! ,h\se (         
,repres5tatives & ! ,s5ate4  7#e7       
,transcription requirem5t = non-public  
meet+s ,! ,c\ncil %all create & pres]ve 
transcripts = all non-public meet+s ( ! 
,c\ncil4  7#f7 ,memb] ag5cy meet+s ,any 
meet+ ( repres5tatives ( ! memb] ag5cies
 o!r ?an ! memb]s !mselves %all be op5  
to att5dance by /aff ( ! au?orization & 
ov]sight committees ( ! ,h\se (         
,repres5tatives & ! ,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 ,! ,*airp]son %all
 at regul> times b n less ?an annually  
provide confid5tial brief+s to !        
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate1 :i* may 9 ! discretion ( !      
,*airman ( ! respective committee be    
att5d$ by any comb9ation ( ! committee's
 memb]s or /aff4  2 &  7,f7 by          
r$esignat+ subsections 7h7 ?r\gh 7j7 z  
subsections 7i7 ?r\gh 7k71 respectively2
  7#c7 9 section #aab-- 7,a7 9          
subsection 7a77#b7--  7i7 9 subp>agraph 
7,a71 by /rik+ ! ,f$]al ,insurance      
,(fice &1 if necess>y to assess risks to
 ! ,unit$ ,/ates f9ancial sy/em1 direct 
! ,(fice ( ,f9ancial ,rese>* to & ins]t+
 &1 if necess>y to assess risks to !    
,unit$ ,/ates f9ancial sy/em12  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 & !  
,f$]al ,insurance ,(fice & ins]t+ memb] 
ag5cies2  7ii7 9 p>agraph 7#b71 by /rik+
 ! ,(fice ( ,f9ancial ,rese>*1 any memb]
 ag5cy1 & ! ,f$]al ,insurance ,(fice1 & 
ins]t+ memb] ag5cies2  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 #afc-- 7,a7 
by /rik+ subsection 7a72  7,b7 by       
r$esignat+ subsection 7b7 z subsection  
7a72 &  7,c7 9 subsection 7a71 z s      
r$esignat$--  7i7 by /rik+ or a nonbank 
f9ancial company sup]vis$ by ! ,bo>d (  
,gov]nors ea* place su* t]m appe>s2     
7ii7 9 p>agraph 7#d71 by /rik+ ,9       
addition & ins]t+ ! foll[+3  7,a7 ,9    
g5]al ,9 addition  2 &  7iii7 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 #fje ( 
! ,f9ancial ,,*oice ,act ( #bjag4  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$back to ! bank hold+ company
 on su* plan4  7,b7 ,disclosure (       
assessm5t framework ,! ,bo>d ( ,gov]nors
 %all publicly disclose1 includ+ on !   
website ( ! ,bo>d ( ,gov]nors1 !        
assessm5t framework t is us$ 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,a71 by /rik+ 1 9   
coord9ation ) ! appropriate prim>y      
f9ancial regulatory ag5cies & ! ,f$]al  
,insurance ,(fice12  7,,ii7 9           
subp>agraph 7,b7-- 7aa7 by am5d+ clause 
7i7 to read z foll[s3  7i7 %all-- 7,i7  
issue regulations1 aft] provid+ = public
 notice & comm5t1 t provide = at lea/ #c
 diff]5t sets ( conditions "u :i* !     
evaluation requir$ 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 assets1 & !     
,bo>d ( ,gov]nors %all n c>ry out any   
su* evaluation until #fj days aft] su*  
regulations are issu$2 &  7,,ii7 provide
 copies ( su* regulations to !          
,comptroll] ,g5]al ( ! ,unit$ ,/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 7iv71 by     
/rik+ & at ! end2  7dd7 9 clause 7v71 by
 /rik+ ! p]iod & ins]t+ ! foll[+3 1     
includ+ any results ( a resubmitt$ te/22
 &  7ee7 by add+ at ! end ! foll[+3     
7vi7 %all1 9 e/abli%+ ! sev]ely adv]se  
condition "u clause 7i71 provide detail$
 consid]ation ( ! model's effects on    
f9ancial /ability & ! co/ & availability
 ( cr$it2  7vii7 %all1 9 develop+ !     
models & me?odologies & provid+ !m =    
notice & comm5t "u ?is subp>agraph1     
publi% a process to te/ ! models &      
me?odologies = _! pot5tial to magnify   
sy/emic & in/itutional risks in/ead (   
facilitat+ increas$ resili5cy2  7viii7  
%all design & publi% a process to te/ & 
docum5t ! s5sitivity & unc]ta9ty        
associat$ ) ! model sy/em's data        
quality1 specifications1 & assumptions2 
&  7ix7 %all communicate ! range &      
s\rces ( unc]ta9ty surr\nd+ ! models &  
me?odologies4  2 &  7,,iii7 by add+ at !
 end ! foll[+3  7,c7 ,,cc> requirem5ts  
7i7 ,p>amet]s & consequ5ces applicable  

to ,,cc> ,! requirem5ts ( subp>agraph   
7,b7 %all apply to ,,cc>4  7ii7 ,two-ye>
 limitation ,! ,bo>d ( ,gov]nors may n  
subject a company to ,,cc> m ?an once e 
two ye>s4  7iii7 ,mid-cycle resubmission
 ,if a company receives a quantitative  
objection to1 or o!rwise desires to am5d
 ! company's capital plan1 ! company may
 file a new /reaml9$ plan at any "t aft]
 a capital plann+ ex]cise has be5       
complet$ & be=e a subsequ5t capital     
plann+ ex]cise4  7iv7 ,limitation on    
qualitative capital plann+ objections ,9
 c>ry+ out ,,cc>1 ! ,bo>d ( ,gov]nors   
may n object to a company's capital plan
 on ! basis ( qualitative defici5cies 9 
! company's capital plann+ process4  7v7
 ,company inquiries ,! ,bo>d ( ,gov]nors
 %all e/abli% & publi% proc$ures =      
respond+ to inquiries f companies       
subject to ,,cc>1 includ+ e/abli%+ ! "t 
frame 9 :i* su* responses w be made1 &  
make su* proc$ures publicly available4  
7vi7 ,,cc> def9$ ,= purposes ( ?is      
subp>agraph & subp>agraph 7,e71 ! t]m   

,,cc> means ! ,compreh5sive ,capital    
,analysis & ,review e/abli%$ by ! ,bo>d 
( ,gov]nors4  2 &  7ii7 9 p>agraph      
7#b7-- 7,i7 9 subp>agraph 7,a7--  7aa7  
by /rik+ a bank hold+ company & ins]t+  
bank hold+ company2  7bb7 by /rik+      
semiannual & ins]t+ annual2  7cc7 by    
/rik+ ,all o!r f9ancial companies &     
ins]t+ ,all o!r bank hold+ companies2 & 
7dd7 by /rik+ & are regulat$ by a prim>y
 ,f$]al f9ancial regulatory ag5cy2      
7,,ii7 9 subp>agraph 7,b7-- 7aa7 by     
/rik+ & to its prim>y f9ancial          
regulatory ag5cy2 &  7bb7 by /rik+      
prim>y f9ancial regulatory ag5cy !      
second "t x appe>s & ins]t+ ,bo>d (     
,gov]nors2 &  7,,iii7 9 subp>agraph     
7,c7--  7aa7 by /rik+ ,ea* ,f$]al prim>y
 f9ancial regulatory ag5cy1 9           
coord9ation ) ! ,bo>d ( ,gov]nors & !   
,f$]al ,insurance ,(fice1 & ins]t+ ,!   
,bo>d ( ,gov]nors2 &  7bb7 by /rik+     
consi/5t & comp>able4  7,k7 9 subsection
 7j7-- 7i7 9 p>agraph 7#a71 by /rik+ or 
a nonbank f9ancial company sup]vis$ 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  
#fje ( ! ,f9ancial ,,*oice ,act ( #bjag4
  4  7c7 ,treatm5t ( o!r resolution plan
 requirem5ts  7#a7 ,9 g5]al ,) respect  
to an appropriate ,f$]al bank+ ag5cy t  
requires a bank+ organization to submit 
to ! ag5cy a resolution plan n describ$ 
"u section #afe7;d7 ( ! ,dodd-,frank    
,wall ,/reet ,re=m & ,consum]           
,protection ,act-- 7,a7 ! ag5cy %all    
comply ) ! requirem5ts ( p>agraphs 7#c7 
& 7#d7 ( su* section #afe7;d72  7,b7 !  
ag5cy may n require ! submission ( su* a
 resolution plan m (t5 ?an e #b ye>s2 & 
7,c7 p>agraphs 7#f7 & 7#g7 ( su* section

 #afe7;d7 %all apply to su* a resolution
 plan4  7#b7 ,def9itions ,= purposes (  
?is subsection1 ! t]ms appropriate      
,f$]al bank+ ag5cy & bank+ organization 
h ! mean+ giv5 ^? t]ms1 respectively1 "u
 section #aje4  7d7 ,actions to create a
 bank hold+ company ,section #c7;b77#a7 
( ! ,bank ,hold+ ,company ,act ( #aief  
7#ab ,u4,s4,c4 #ahdb7;b77#a77 is am5d$--
  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$]al ,deposit     
,insurance ,act74  4  7e7 ,conc5tration 
limits appli$ 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  7f7 ,con=m+
 am5dm5t ,section #cejb7e7 ( title #dd1 
,unit$ ,/ates ,code1 is am5d$ by /rik+ !
 ,(fice ( ,f9ancial ,rese>*14  7g7      

,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  #aeb4        
,op]ational risk capital requirem5ts =  
bank+ organizations  7a7 ,9 g5]al ,an   
appropriate ,f$]al bank+ ag5cy may n    
e/abli% an op]ational risk capital      
requirem5t = bank+ organizations1 unless
 su* requirem5t--  7#a7 is bas$ on !    
risks pos$ by a bank+ organization's    
curr5t activities & bus9esses2  7#b7 is 
appropriately s5sitive to ! risks pos$  
by su* curr5t activities & bus9esses2   
7#c7 is det]m9$ "u a =w>d-look+         
assessm5t ( pot5tial losses t may arise 
out ( a bank+ organization's curr5t     
activities & bus9esses1 :i* is n solely 
bas$ on a bank+ organization's hi/orical
 losses2 &  7#d7 p]mits adju/m5ts bas$  
on qualify+ op]ational risk mitigants4  

7b7 ,def9itions ,= purposes ( ?is       
section1 ! t]ms appropriate ,f$]al bank+
 ag5cy & bank+ organization h ! mean+   
giv5 ^? t]ms1 respectively1 "u section  
#fje4  ,,ii ,dem&+ ,acc\ntability f     
,wall ,/reet  ,a ,,sec ,p5alties        
,mod]nization  #baa4 ,enhancem5t ( civil
 p5alties = securities laws violations  
7a7 ,updat$ 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  #bab4 
,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$--
 7#a7 9 clause 7i7--  7,a7 by /rik+     
#ajj1jjj & ins]t+ #bjj1jjj2 &  7,b7 by  
/rik+ #b1jjj1jjj & ins]t+ #d1jjj1jjj2 & 
7#b7 9 clause 7ii7-- 7,a7 by /rik+      
#gej1jjj & ins]t+ #a1ejj1jjj2 &  7,b7 by
 /rik+ #ae1jjj1jjj & ins]t+ #bb1jjj1jjj4
  7b7 ,effective date ,! am5dm5ts made  
by ?is section %all apply ) respect to  
conduct t occurs aft] ! date ( !        
enactm5t ( ?is ,act4  #bac4 ,updat$     
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+ #b1ejj1jjj4  7b7    
,effective date ,! am5dm5t made by ?is  
section %all apply ) respect to conduct 
t occurs aft] ! date ( ! enactm5t ( ?is 
,act4  #bad4 ,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  #bae4 ,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  7#a7 ,9 g5]al 
,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  7#b7 ,def9ition ( victim
 ,9 ?is subsection1 ! t]m victim has !  
mean+ giv5 ! t]m crime victim 9 section 
#cgga7;e7 ( title #ah1 ,unit$ ,/ates    
,code4  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  #baf4 ,,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  #bba4 ,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   
,,iii ,dem&+ ,acc\ntability f ,f9ancial 
,regulators & ,devolv+ ,p[] ,away f     
,wa%+ton  ,a ,co/-,b5efit ,analyses     
#caa4 ,def9itions ,z us$ 9 ?is          
subtitle-- 7#a7 ! t]m ag5cy means !     
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em1 ! ,consum] ,law ,en=cem5t       

,ag5cy1 ! ,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] ,law ,en=cem5t    
,ag5cy1 ! ,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 #cah2 &  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$]al  
,res]ve ,act1 or any ( subsections 7a7  
?r\gh 7f7 ( section #ad ( t ,act2  7vi7 
a regulation fil$ ) ! ,securities &     
,ex*ange ,commission by ! ,public       
,company ,acc\nt+ ,ov]sight ,bo>d1 !    
,municipal ,securities ,rulemak+ ,bo>d1 
or any national securities association  
regi/]$ "u section #ae;,a ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  

,u4,s4,c4 #gho-#c7;a77 = :i* ! bo>d or  
association has itself conduct$ !       
co/-b5efit analysis & o!rwise compli$ ) 
! requirem5ts ( section #cab2 or  7vii7 
a regulation fil$ ) ! ,securities &     
,ex*ange ,commission by a national      
securities association regi/]$ "u       
section #ae;,a7k7 ( ! ,securities       
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#c7k774  #cab4 ,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 small  
bus9esses1 or indep5d5t f9ancial firms &
 advisors 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 #cae4

  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 #cab7;b77#d77;,a7 ( ! ,f9ancial
 ,,*oice ,act ( #bjag1 !  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$+ ,congress fir/ conv5es  
its next session4  #cac4 ,rule (        
con/ruction ,provid$ t an ag5cy has fir/
 issu$ an advanc$ notice ( propos$      
rulemak+ 9 connection ) a regulation1 ! 
ag5cy is n requir$ to comply ) section  
#cejf7;c77#b7 ( title #dd1 ,unit$ ,/ates
 ,code1 ) respect to any in=mation      
collection reque/-- 7#a7 t id5tifies !  

advanc$ notice ( propos$ rulemak+ 9 su* 
reque/2  7#b7 t in=ms ! p]son f :om !   
in=mation is obta9$ or solicit$ t !     
provision ( su* in=mation is volunt>y2  
7#c7 t is necess>y to comply ) section  
#cab2 &  7#d7 ) respect to :i* !        
in=mation collect$ w n be us$ = purposes
 o!r ?an compliance ) ?is title4  #cad4 
,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 #cab 
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 !   
nonpublic nature ( confid5tial          
in=mation1 includ+ confid5tial trade    
secrets1 confid5tial comm]cial or       

f9ancial in=mation1 & confid5tial       
in=mation ab\t positions1 transactions1 
or bus9ess practices4  #cae4 ,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           
#cab7;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 !   

nonpublic nature ( confid5tial          
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    
,not)/&+ ! previ\s s5t5ce1 ! ,commodity 
,futures ,trad+ ,commission %all only   
submit its report to ! ,committee on    
,agriculture1 ,nutrition1 & ,=e/ry ( !  
,s5ate & ! ,committee on ,agriculture ( 
! ,h\se ( ,repres5tatives4  #caf4       
,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 ,not)/&+ ! previ\s s5t5ce1 !
 ,commodity ,futures ,trad+ ,commission 
%all only 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$1 reasons = n implem5t+ ^? p>ts
 ( ! plan4 ,not)/&+ ! previ\s s5t5ce1 ! 
,commodity ,futures ,trad+ ,commission  
%all only submit its plan to !          
,committee on ,agriculture1 ,nutrition1 
& ,=e/ry ( ! ,s5ate & ! ,committee on   
,agriculture ( ! ,h\se (                
,repres5tatives4  #cag4 ,judicial review
  7a7 ,9 g5]al ,not)/&+ any o!r         
provision ( law1 dur+ ! p]iod beg9n+ on 
! date on :i* a notice ( f9al rulemak+ =
 a regulation is publi%$ 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 #cab4  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 #cab1
 ! 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  #cah4 ,*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 ( ,repres5tatives1 & make     
publicly available on ! ,c\ncil's       
website1 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  
#cai4 ,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  #cbj4 ,o!r regulatory entities ,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 ( ,repres5tatives1 & 
make publicly available on !            

,commission's website 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;a771 o!r ?an subsection 7k7 (  
su* section #ae;,a1 to ! requirem5ts (  
?is subtitle1 o!r ?an direct            
repres5tation on ! ,c\ncil4  #cba4      
,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$]al ,f9ancial ,ag5cy       
,rulemak+  #cca4 ,congressional review  
7a7 7#a7 7,a7 ,be=e a rule may take     
effect1 an ag5cy %all publi% 9 ! ,f$]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  
#ccd7b72  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 ! 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 ! ag5cy's actions   
pursuant to sections #fjc1 #fjd1 #fje1  
#fjg1 & #fji ( title #e1 ,unit$ ,/ates  
,code2  7iii7 ! ag5cy's actions pursuant
 to sections #bjb1 #bjc1 #bjd1 & #bje ( 
! ,unfund$ ,m&ates ,re=m ,act ( #aiie & 
subtitle ,g2 &  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$4 
7#b7 7,a7 ,! ,comptroll] ,g5]al %all    
provide a report on ea* major rule to ! 
committees ( jurisdiction by ! end ( #ae
 cal5d> days aft] ! submission or       
publication date4 ,! report ( !         
,comptroll] ,g5]al %all include an      
assessm5t ( ! ag5cy's compliance )      
proc$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 ,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 #ccb or z provid$ = 9 ! rule    
foll[+ enactm5t ( a jo9t resolution (   
approval describ$ 9 section #ccb1 :i*ev]
 is lat]4  7#d7 ,a nonmajor rule %all   
take effect z provid$ by section #ccc   
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 #ccb4  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$ures "u section #ccb4  7d7 7#a7 ,9 
addition to ! opportunity = review      
o!rwise provid$ "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$+ ,congress fir/ conv5es its   
next session1 sections #ccb & #ccc %all 
apply to su* rule 9 ! succe$+ session ( 
,congress4  7#b7  7,a7 ,9 apply+        
sections #ccb & #ccc = 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  #ccb4 ,congressional  
approval proc$ure = major rules  7a7    
7#a7 ,= purposes ( ?is section1 ! t]m   
jo9t resolution means only a jo9t       
resolution address+ a report classify+ a
 rule z major pursuant to section       
#cca7;a77#a77;,a77iii7 t--  7,a7 be>s no
 preamble2  7,b7 be>s ! foll[+ title 7) 
blanks fill$ 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 #cca7;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    
#cca7;b77#b71 !n su* vote %all be tak5  
on t day4  7h7 ,?is section & section   
#ccc 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  #ccc4
 ,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 #cca7;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   
#cca7;a77#a77;,a7 0 submitt$ dur+ !     
p]iod ref]r$ to 9 section #cca7;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  #ccd4        
,def9itions ,= purposes ( ?is subtitle3 
7#a7 ,! t]m ag5cy has ! mean+ giv5 su*  
t]m "u section #caa4  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 co/ on ! economy (       
#ajj1jjj1jjj or m1 adju/$ annually =    
inflation2  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   
#cca7;a77#a77;,a72 &  7,b7 9 ! case ( a 
nonmajor rule1 ! lat] (--  7i7 ! date on
 :i* ! ,congress receives ! report      
submitt$ "u section #cca7;a77#a77;,a72 &
  7ii7 ! date on :i* ! nonmajor rule is 
publi%$ 9 ! ,f$]al ,regi/]1 if s        
publi%$4  #cce4 ,judicial review  7a7   
,no det]m9ation1 f9d+1 action1 or       
omission "u ?is subtitle %all be subject
 to judicial review4  7b7 ,not)/&+      
subsection 7a71 a c\rt may det]m9e :e!r 
a ,f$]al f9ancial ag5cy has complet$ !  
necess>y requirem5ts "u ?is subtitle = a
 rule to take effect4  7c7 ,! enactm5t (
 a jo9t resolution ( approval "u section
 #ccb %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$+ conc]n+ a rule except =
 purposes ( det]m9+ :e!r or n ! rule is 
9 effect4  #ccf4 ,effective date ( c]ta9
 rules ,not)/&+ section #cca--  7#a7 any
 rule t e/abli%es1 modifies1 op5s1      
closes1 or conducts a regulatory program
 = a comm]cial1 recreational1 or        
subsi/5ce activity relat$ to hunt+1     
fi%+1 or camp+1 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  #ccg4 ,budget>y effects (    
rules subject to section #ccb ( !       

,f9ancial ,,*oice ,act ( #bjag ,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 #ccb ( !       
,f9ancial ,,*oice ,act ( #bjag ,any     
rules subject to ! congressional        
approval proc$ure set =? 9 section #ccb 
( ! ,f9ancial ,,*oice ,act ( #bjag      
affect+ budget au?ority1 outlays1 or    
receipts %all be assum$ to be effective 
unless x is n approv$ 9 accordance ) su*
 section4  4  #cch4 ,nonapplicability to
 monet>y policy ,no?+ 9 ?is subtitle    
%all apply to rules t conc]n monet>y    
policy propos$ or implem5t$ by ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em or 
! ,f$]al ,op5 ,m>ket ,committee4  ,c    
,judicial ,review ( ,ag5cy ,actions     
#cda4 ,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$1
 ! review+ c\rt %all det]m9e ! mean+ or 
applicability ( ! t]ms ( an ag5cy action
 & decide de novo all relevant que/ions 
( law1 includ+ ! int]pretation (        
con/itutional & /atutory provisions1 &  
rules made by an ag5cy4 ,if ! review+   
c\rt det]m9es t a /atutory or regulatory
 provision relevant to its decision     
conta9s a gap or ambiguity1 ! c\rt %all 
n int]pret t gap or ambiguity z an      
implicit delegation to ! ag5cy (        
legislative rule mak+ au?ority & %all n 
rely on su* gap or ambiguity z a        
ju/ification ei!r = int]pret+ ag5cy     
au?ority expansively or = def]r+ to !   
ag5cy's int]pretation on ! "q ( law4    
,not)/&+ any o!r provision ( law1 ?is   
section %all apply 9 any action =       
judicial review ( ag5cy action au?oriz$ 
"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 has ! mean+ giv5 su* t]m "u 
section #caa4  7c7 ,effective date      
,subsection 7a7 %all take effect aft] ! 
end ( ! #b-ye> p]iod beg9n+ on ! date ( 
! enactm5t ( ?is ,act4  ,d ,lead]%ip (  
,f9ancial ,regulators  #cea4 ,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$esignat+ p>agraph 7#c7 z p>agraph     
7#b74  #ceb4 ,f$]al ,h\s+ ,f9ance ,ag5cy
 ,section #acab7;b77#b7 ( ! ,f$]al ,h\s+
 ,ent]prises ,f9ancial ,safety &        
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#deab7 is am5d$ by /rik+ = cause4  ,e   
,congressional ,ov]sight (              

,appropriations  #cfa4 ,br++ ! ,f$]al   
,deposit ,insurance ,corporation into ! 
appropriations process  7a7 ,9 g5]al    
,section #aj7;a7 ( ! ,f$]al ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          
#ahbj7;a77 is am5d$-- 7#a7 by /rik+ 7a7 
,! & ins]t+ ! foll[+3  7a7 ,p[]s  7#a7  
,9 g5]al ,!  2  7#b7 by ins]t+ 1 subject
 to p>agraph 7#b71 aft] ,! ,bo>d (      
,directors ( ! ,corporation2 &  7#c7 by 
add+ at ! end ! foll[+ new p>agraph3    
7#b7 ,appropriations requirem5t ,except 
z provid$ "u p>agraph 7#c71 !           
,corporation may1 only to ! ext5t z     
provid$ 9 advance by appropriations     
,acts1 cov] ! co/s incurr$ 9 c>ry+ out !
 provisions ( ?is ,act1 includ+ )       
respect to ! adm9i/rative co/s ( !      
,corporation & ! co/s ( ! exam9ation &  
sup]vision ( insur$ depository          
in/itutions4  7#c7 ,exception = c]ta9   
programs ,p>agraph 7#b7 %all n apply to 
! ,corporation's ,insurance ,bus9ess    
,l9e ,programs & ,receiv]%ip ,managem5t 
,bus9ess ,l9e ,programs1 z 9 exi/5ce on 

! date ( enactm5t ( ?is p>agraph1 & !   
proportion ( ! adm9i/rative co/s ( !    
,corporation relat$ to su* programs4  4 
7b7 ,exam9ation fees ,section           
#aj7;e77#a7 ( ! ,f$]al ,deposit         
,insurance ,act 7#ab ,u4,s4,c4          
#ahbj7;e77#a77 is am5d$ by /rik+ to meet
 ! exp5ses ( ! ,corporation 9 c>ry+ out 
su* exam9ations & ins]t+ & may be exp5d$
 by ! ,bo>d only to ! ext5t z provid$ 9 
advance by appropriations ,acts to cov] 
! co/s incurr$ 9 c>ry+ out su*          
exam9ations4  7c7 ,(fset ( additional   
fees ,! ,f$]al ,deposit ,insurance      
,corporation %all r$uce ! am\nt (       
insurance premiums *>g$ by !            
,corporation "u ! ,f$]al ,deposit       
,insurance ,act 9 an am\nt equal to any 
additional fees *>g$ by ! ,corporation  
by reason ( ! am5dm5ts made by ?is      
section4  7d7 ,effective date ,!        
am5dm5ts made by ?is section %all apply 
) respect to exp5ses paid & fees        
collect$ on or aft] ,octob] #a1 #bjag4  
#cfb4 ,br++ ! ,f$]al ,h\s+ ,f9ance      

,ag5cy into ! appropriations process    
7a7 ,9 g5]al ,section #acaf ( ! ,h\s+ & 
,community ,developm5t ,act ( #aiib 7#ab
 ,u4,s4,c4 #deaf7 is am5d$-- 7#a7 by    
am5d+ subsection 7a7 to read z foll[s3  
7a7 ,appropriations requirem5t  7#a7    
,recov]y ( co/s ( annual appropriation  
,! ,ag5cy %all collect assessm5ts & o!r 
fees t are design$ to recov] ! co/s to !
 ,gov]nm5t ( ! annual appropriation to !
 ,ag5cy by ,congress4  7#b7 ,(fsett+    
collections ,assessm5ts & o!r fees      
describ$ "u p>agraph 7#a7 = any fiscal  
ye>--  7,a7 %all be deposit$ & cr$it$ z 
(fsett+ collections to ! acc\nt provid+ 
appropriations to ! ,ag5cy2 &  7,b7 %all
 n be collect$ = any fiscal ye> except  
to ! ext5t provid$ 9 advance 9          
appropriation ,acts4  2 &  7#b7 by /rik+
 subsection 7f74  7b7 ,effective date ,!
 am5dm5ts made by ?is section %all apply
 ) respect to exp5ses paid & assessm5ts 
& o!r fees collect$ on or aft] ,octob]  
#a1 #bjag4  #cfc4 ,br++ ! exam9ation &  
sup]vision functions ( ! ,national      

,cr$it ,union ,adm9i/ration into !      
appropriations process  7a7 ,op]at+ fees
 ,section #aje7;d7 ( ! ,f$]al ,cr$it    
,union ,act 7#ab ,u4,s4,c4 #agee7;d77 is
 am5d$-- 7#a7 by /rik+ ,all & ins]t+    
7#a7 ,all2  7#b7 by /rik+ = ! acc\nt ( !
 ,adm9i/ration & may be exp5d$ by !     
,bo>d to defray ! exp5ses incurr$ 9     
c>ry+ out ! provisions ( ?is ,act       
includ+ ! exam9ation & sup]vision (     
,f$]al cr$it unions & ins]t+ & may be   
exp5d$ by ! ,bo>d only to ! ext5t z     
provid$ 9 advance by appropriations     
,acts1 to cov] ! co/s incurr$ 9 c>ry+   
out ! provisions ( ?is ,act ) respect to
 ! co/s ( ! exam9ation & sup]vision (   
,f$]al cr$it unions & ! proportion ( !  
adm9i/rative co/s ( ! ,bo>d relat$ to ! 
exam9ation & sup]vision ( ,f$]al cr$it  
unions2 &  7#c7 by add+ at ! end !      
foll[+3  7#b7  7,a7 ,! ,bo>d may only   
use am\nts 9 ! ,,ncua ,op]at+ ,fund to !
 ext5t z provid$ 9 advance by           
appropriations ,acts1 includ+ to pay = !
 co/s incurr$ by ! ,bo>d 9 c>ry+ out !  

exam9ation & sup]vision ( ,f$]al cr$it  
unions & ! proportion ( ! adm9i/rative  
co/s ( ! ,bo>d relat$ to ! exam9ation & 
sup]vision ( ,f$]al cr$it unions4  7,b7 
,subp>agraph 7,a7 %all n apply to !     
,bo>d's activities c>ri$ out pursuant to
 title ,,ii4  4  7b7 ,/aff fund+        
,section #abj7;j77#c7 ( ! ,f$]al ,cr$it 
,union ,act 7#ab ,u4,s4,c4              
#agff7;j77#c77 is am5d$-- 7#a7 by ins]t+
 relat$ to ! exam9ation & sup]vision (  
,f$]al cr$it unions "u ?is ,act & !     
proportion ( ! adm9i/rative co/s ( !    
,bo>d relat$ to ! exam9ation &          
sup]vision ( ,f$]al cr$it unions "u ?is 
,act be=e %all be paid2 &  7#b7 by /rik+
 insur$ cr$it unions "u ?is ,act &      
ins]t+ ,f$]al cr$it unions "u ?is title1
 only to ! ext5t z provid$ 9 advance by 
appropriations ,acts4  7c7 ,use (       
deposit funds ,section                  
#bjb7;c77#a77;,b77iv7 ( ! ,f$]al ,cr$it 
,union ,act 7#ab ,u4,s4,c4              
#aghb7;c77#a77;,b77iv77 is am5d$--  7#a7
 by /rik+ ,! & ins]t+ ,to ! ext5t       

provid$ = 9 advance by appropriations   
,acts1 !2 &  7#b7 by add+ at ! end !    
foll[+ new s5t5ce3 ,?is clause %all n   
apply to ! ,bo>d's activities c>ri$ out 
pursuant to ?is title44  7d7 ,effective 
date ,! am5dm5ts made by ?is section    
%all apply ) respect to exp5ses paid &  
fees collect$ on or aft] ,octob] #a1    
#bjag4  #cfd4 ,br++ ! ,(fice ( !        
,comptroll] ( ! ,curr5cy into !         
appropriations process  7a7 ,9 g5]al    
,section #ebdj;,a ( ! ,revis$ ,/atutes (
 ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #af7 is 
am5d$--  7#a7 by /rik+ ,sec4 #ebdj;,a4  
,! ,comptroll] ( ! ,curr5cy may collect 
an assessm5t1 fee1 or o!r *>ge f any    
entity describ$ 9 section #c7q77#a7 ( ! 
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac7q77#a771 z ! ,comptroll]
 det]m9es is necess>y or appropriate to 
c>ry out ! responsibilities ( ! ,(fice (
 ! ,comptroll] ( ! ,curr5cy4 ,9 e/abli%+
 ! am\nt ( an assessm5t1 fee1 or *>ge   
collect$ f an entity "u ?is section1 &  
ins]t+ ! foll[+3  #ebdj;,a4 ,collection 

( fees2 appropriations requirem5t  7a7  
,9 g5]al ,9 e/abli%+ ! am\nt ( an       
assessm5t1 fee1 or *>ge collect$ f an   
entity "u subsection 7b71  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  7#a7 ,recov]y ( co/s (      
annual appropriation ,! ,comptroll] ( ! 
,curr5cy %all impose & collect          
assessm5ts1 fees1 or o!r *>ges t are    
design$ to recov] ! co/s to ! ,gov]nm5t 
( ! annual appropriation to ! ,(fice ( !
 ,comptroll] ( ! ,curr5cy by ,congress4 
7#b7 ,(fsett+ collections ,assessm5ts & 
o!r fees describ$ "u p>agraph 7#a7 = any
 fiscal ye>--  7,a7 %all be deposit$ &  
cr$it$ z (fsett+ collections to ! acc\nt
 provid+ appropriations to ! ,(fice ( ! 
,comptroll] ( ! ,curr5cy2 &  7,b7 %all n
 be collect$ = any fiscal ye> except to 
! ext5t provid$ 9 advance 9             
appropriation ,acts4  4  7b7 ,con=m+    
am5dm5t ,section #ebdj 7#ab ,u4,s4,c4   
#dha et seq47 ( ! ,revis$ ,/atutes ( !  

,unit$ ,/ates is am5d$ by /rik+ ! f\r?  
undesignat$ p>agraph4  7c7 ,effective   
,date ,! am5dm5ts made by ?is section   
%all apply ) respect to exp5ses paid &  
fees collect$ on or aft] ,octob] #a1    
#bjag4  #cfe4 ,br++ ! non-monet>y policy
 relat$ functions ( ! ,bo>d ( ,gov]nors 
( ! ,f$]al ,res]ve ,sy/em into !        
appropriations process  7a7 ,9 g5]al ,! 
,f$]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  7#a7        
,recov]y ( co/s ( annual appropriation  
,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve 
,sy/em & ! ,f$]al res]ve banks %all     
collect assessm5ts & o!r fees1 z provid$
 "u ?is ,act1 t are design$ to recov] ! 
co/s to ! ,gov]nm5t ( ! annual          
appropriation to ! ,bo>d ( ,gov]nors ( !
 ,f$]al ,res]ve ,sy/em by ,congress4 ,! 
,bo>d ( ,gov]nors ( ! ,f$]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  7#b7 ,(fsett+     
collections ,assessm5ts & o!r fees      
describ$ "u p>agraph 7#a7 = any fiscal  
ye>-- 7,a7 %all be deposit$ & cr$it$ z  
(fsett+ collections to ! acc\nt provid+ 
appropriations to ! ,bo>d ( ,gov]nors ( 
! ,f$]al ,res]ve ,sy/em2 &  7,b7 %all n 
be collect$ = any fiscal ye> except to !
 ext5t provid$ 9 advance 9 appropriation
 ,acts4  7#c7 ,limitation ,?is          
subsection %all only apply to !         
non-monet>y policy relat$ adm9i/rative  
co/s ( ! ,bo>d ( ,gov]nors ( ! ,f$]al   
,res]ve ,sy/em4  7b7 ,def9itions ,=     
purposes ( ?is section3 7#a7 ,monet>y   
policy ,! t]m monet>y policy means a    
/rategy = produc+ a g5]ally acceptable  
ex*ange m$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 &          
includes-- 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  7b7 ,effective date ,!        
am5dm5ts made by ?is section %all apply 
) respect to exp5ses paid & fees        
collect$ on or aft] ,octob] #a1 #bjag4  
,f ,int]national ,processes  #cga4      
,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
 #ajjg7;a71 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 ( ! process
 & make ! report available on ! website 
( ! ,bo>d ( ,gov]nors4  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 ( ! process & make 
! report available on ! website ( !     
,corporation4  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 ( ! process & make ! report     
available on ! website ( ! ,dep>tm5t ( !
 ,treasury4  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$-- 7#a7 by add+ at ! end !
 foll[+ new section3  #eaef;,b4         
,int]national processes  7a7 ,notice (  
process2 consultation ,at lea/ #cj      
cal5d> days be=e ! ,comptroll] ( !      
,curr5cy p>ticipates 9 a process ( sett+
 f9ancial /&>ds z a "p ( any =eign or   
mult9ational entity1 ! ,comptroll] ( !  
,curr5cy %all-- 7#a7 issue a notice ( ! 
process1 includ+ ! subject matt]1 scope1
 & goals ( ! process1 to ! ,committee on
 ,f9ancial ,s]vices ( ! ,h\se (         
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate2  7#b7 make su* notice available 
to ! public1 includ+ on ! website ( !   
,(fice ( ! ,comptroll] ( ! ,curr5cy2 &  
7#c7 solicit public comm5t1 & consult ) 
! committees describ$ "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 !           
,comptroll] ( ! ,curr5cy %all issue a   
public report on ! topics t 7 discuss$  
at ! process & any new or revis$        
rulemak+s or policy *anges t !          
,comptroll] ( ! ,curr5cy believes %\ld  
be implem5t$ z a result ( ! process4    
7c7 ,notice ( agreem5ts2 consultation   
,at lea/ #ij cal5d> days be=e !         
,comptroll] ( ! ,curr5cy p>ticipates 9 a
 process ( sett+ f9ancial /&>ds z a "p (
 any =eign or mult9ational entity1 !    
,comptroll] ( ! ,curr5cy %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;d71 z am5d$ by section #hah7;a71 is 
fur!r am5d$ by add+ at ! end ! foll[+   
new subsection3  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 !        
,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 ( ! process & make ! report   
available on ! website ( ! ,commission4 
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 ! ,committee on  
,agriculture ( ! ,h\se (                
,repres5tatives2 &  7ii7 ! ,committee on
 ,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 ( ! process & make ! report   
available on ! website ( ! ,commission4 
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 ! ,committee on ,agriculture (
 ! ,h\se ( ,repres5tatives2 &  7ii7 !   
,committee on ,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  ,g      
,unfund$ ,m&ates ,re=m  #cha4           
,def9itions ,= purposes ( ?is subtitle3 
7#a7 ,ag5cy ,! t]m ag5cy has ! mean+    
giv5 su* t]m "u section #caa4  7#b7     
,direct co/s ,! t]m direct co/s has !   
mean+ giv5 su* t]m "u section #dba7c7 ( 
! ,congressional ,budget & ,imp\ndm5t   
,control ,act ( #aigd 7#b ,u4,s4,c4     
#feh7c771 except t--  7,a7 9 ! case ( a 
,f$]al int]gov]nm5tal m&ate1 ! t]m means
 ! aggregate e/imat$ am\nts t all ,/ate1
 local1 & ,tribal gov]nm5ts w\ld incur  
or be requir$ to sp5d or w\ld be        
prohibit$ f rais+ 9 rev5ues 9 ord] to   
comply ) ! ,f$]al int]gov]nm5tal m&ate2 
&  7,b7 9 ! case ( a ,f$]al private     
sector m&ate1 ! t]m means ! aggregate   
e/imat$ am\nts t ! private sector w be  
requir$ to sp5d or c\ld =go 9 pr(its1   

includ+ co/s pass$ on to consum]s or o!r
 entities tak+ into acc\nt1 to ! ext5t  
practicable1 behavioral *anges1 9 ord]  
to comply ) ! ,f$]al private sector     
m&ate4  7#c7 ,o!r def9itions ,except z  
provid$ "u p>agraphs 7#a7 & 7#b71 !     
def9itions "u section #dba ( !          
,congressional ,budget & ,imp\ndm5t     
,control ,act ( #aigd %all apply to ?is 
subtitle4  #chb4 ,application ( !       
,unfund$ ,m&ates ,re=m ,act  7a7 ,9     
g5]al ,! ,unfund$ ,m&ates ,re=m ,act (  
#aiie 7#b ,u4,s4,c4 #aeja et seq47 %all 
apply to ! ,bo>d ( ,gov]nors ( ! ,f$]al 
,res]ve ,sy/em1 ! ,consum] ,law         
,en=cem5t ,ag5cy1 ! ,commodity ,futures 
,trad+ ,commission1 ! ,f$]al ,deposit   
,insurance ,corporation1 ! ,f$]al ,h\s+ 
,f9ance ,ag5cy1 ! ,(fice ( ! ,comptroll]
 ( ! ,curr5cy1 ! ,national ,cr$it ,union
 ,adm9i/ration1 & ! ,securities &       
,ex*ange ,commission4  7b7 ,/atem5ts to 
,accompany ,significant ,regulatory     
,actions  7#a7 ,9 g5]al ,unless o!rwise 
expressly prohibit$ by law1 be=e        

promulgat+ any g5]al notice ( propos$   
rulemak+ or any f9al rule1 or )9 six    
mon?s aft] promulgat+ any f9al rule t 0 
n prec$$ by a g5]al notice ( propos$    
rulemak+1 if ! propos$ rulemak+ or f9al 
rule includes a ,f$]al m&ate t may      
result 9 an annual effect on ,/ate1     
local1 or ,tribal gov]nm5ts1 or to !    
private sector1 9 ! aggregate (         
#ajj1jjj1jjj or m 9 any #a ye>1 ! ag5cy 
%all prep>e a writt5 /atem5t conta9+ !  
foll[+3 7,a7 ,! text ( ! draft propos$  
rulemak+ or f9al rule1 toge!r ) !       
in=mation requir$ "u subsections 7a7 &  
7b77#a7 ( section #cab1 z applicable1   
includ+ an explanation ( ! mann] 9 :i* !
 propos$ rulemak+ or f9al rule is       
consi/5t ) ! /atutory requirem5t &      
avoids undue int]f]5ce ) ,/ate1 local1 &
 ,tribal gov]nm5ts 9 ! ex]cise ( _!     
gov]nm5tal functions4  7,b7 ,e/imates by
 ! ag5cy1 if & to ! ext5t t ! ag5cy     
det]m9es t accurate e/imates are        
reasonably feasible1 (-- 7i7 ! future   
compliance co/s ( ! ,f$]al m&ate2 &     

7ii7 any disproportionate budget>y      
effects ( ! ,f$]al m&ate ^u any p>ticul>
 regions ( ! nation or p>ticul> ,/ate1  
local1 or ,tribal gov]nm5ts1 urban or   
rural or o!r types ( communities1 or    
p>ticul> segm5ts ( ! private sector4    
7,c7 7i7 ,a detail$ description ( !     
ext5t ( ! ag5cy's prior consultation ) !
 private sector & elect$ repres5tatives 
7"u subsection 7c7 & section #bjd ( !   
,unfund$ ,m&ates ,re=m ,act ( #aiie 7#b 
,u4,s4,c4 #aecd7 ( ! affect$ ,/ate1     
local1 & tribal gov]nm5ts4  7ii7 ,a     
detail$ summ>y ( ! comm5ts & conc]ns t 7
 pres5t$ by ! private sector & ,/ate1   
local1 or ,tribal gov]nm5ts ei!r orally 
or 9 writ+ to ! ag5cy4  7iii7 ,a detail$
 summ>y ( ! ag5cy's evaluation ( ^?     
comm5ts & conc]ns4  7,d7 ,a detail$     
summ>y ( h[ ! ag5cy compli$ ) section   
#cab1 z applicable4  7#b7 ,prev5tion (  
duplicative requirem5ts ,if an ag5cy is 
requir$ to prep>e a writt5 /atem5t "u   
bo? p>agraph 7#a7 & section #bjb7;a7 ( !
 ,unfund$ ,m&ates ,re=m ,act ( #aiie 7#b

 ,u4,s4,c4 #aecb7;a771 ! ag5cy %all     
prep>e only "o writt5 /atem5t t         
consolidates & meets ! requirem5ts ( su*
 p>agraph & su* section4  7c7 ,/ate1    
local1 & ,tribal gov]nm5t & private     
sector input  7#a7 ,9 g5]al ,ea* ag5cy  
%all1 to ! ext5t p]mitt$ 9 law1 develop 
an effective process to p]mit impact$   
p>ties )9 ! private sector 7includ+     
small bus9esses7 to provide mean+ful &  
timely input 9 ! developm5t ( regulatory
 proposals conta9+ significant ,f$]al   
m&ates4  7#b7 ,prev5tion ( duplicative  
processes ,if an ag5cy is requir$ to    
develop a process "u bo? p>agraph 7#a7 &
 section #bjd7;a7 ( ! ,unfund$ ,m&ates  
,re=m ,act ( #aiie 7#b ,u4,s4,c4        
#aecd7;a771 ! ag5cy %all develop only "o
 process t consolidates & meets !       
requirem5ts ( su* p>agraph & su*        
section4  7#c7 ,guidel9es ,= appropriate
 implem5tation ( ?is subsection & (     
section #bjd ( ! ,unfund$ ,m&ates ,re=m 
,act1 consi/5t ) applicable laws &      
regulations1 ! foll[+ guidel9es %all be 

foll[$3 -- 7,a7 ,consultations %all take
 place z e>ly z possible1 be=e issuance 
( a notice ( propos$ rulemak+1 cont9ue  
?r\gh ! f9al rule /age1 & be integrat$  
explicitly into ! rulemak+ process4     
7,b7 ,ag5cies %all consult ) a wide     
v>iety ( ,/ate1 local1 & ,tribal        
(ficials & impact$ p>ties )9 ! private  
sector 7includ+ small bus9esses74       
,geographic1 political1 & o!r factors t 
may diff]5tiate v>y+ po9ts ( view %\ld  
be consid]$4  7,c7 ,ag5cies %\ld e/imate
 b5efits & co/s to assi/ ) ^!           
consultations4 ,! scope ( ! consultation
 %\ld reflect ! co/ & significance ( !  
,f$]al m&ate be+ consid]$4  7,d7        
,ag5cies %all1 to ! ext5t practicable-- 
7i7 seek out ! views ( ,/ate1 local1 &  
,tribal gov]nm5ts1 & impact$ p>ties )9 !
 private sector 7includ+ small          
bus9esses71 on co/s1 b5efits1 & risks2 &
  7ii7 solicit ideas ab\t alt]native    
me?ods ( compliance & pot5tial          
flexibilities1 & input on :e!r ! ,f$]al 
regulation w h>monize ) & n duplicate   

simil> laws 9 o!r levels ( gov]nm5t4    
7,e7 ,consultations %all address !      
cumulative impact ( regulations on !    
affect$ entities4  7,f7 ,ag5cies may    
accept electronic submissions ( comm5ts 
by relevant p>ties b may n use ^?       
comm5ts z ! sole me?od ( satisfy+ !     
guidel9es 9 ?is subsection4  7d7 ,(fice 
( ,in=mation & ,regulatory ,affairs     
responsibilities  7#a7 ,9 g5]al ,!      
,adm9i/rator ( ! ,(fice ( ,in=mation &  
,regulatory ,affairs %all provide       
mean+ful guidance & ov]sight s t ea*    
ag5cy's regulations = :i* a writt5      
/atem5t is requir$ "u subsection 7b7 &  
section #bjb ( ! ,unfund$ ,m&ates ,re=m 
,act ( #aiie 7#b ,u4,s4,c4 #aecb7 are   
consi/5t ) ! pr9ciples & requirem5ts (  
?is title1 z well z o!r applicable laws1
 & d n conflict ) ! policies or actions 
( ano!r ,f$]al ag5cy 7z ! t]m 8ag5cy0 is
 def9$ "u section #eea ( title #e1      
,unit$ ,/ates ,code74 ,if ! ,adm9i/rator
 det]m9es t an ag5cy's regulations = :i*
 a writt5 /atem5t is requir$ "u         

subsection 7b7 & section #bjb ( !       
,unfund$ ,m&ates ,re=m ,act ( #aiie d n 
comply ) su* pr9ciples & requirem5ts1   
are n consi/5t ) o!r applicable laws1 or
 conflict ) ! policies or actions (     
ano!r ,f$]al ag5cy 7z ! t]m 8ag5cy0 is  
def9$ "u section #eea ( title #e1 ,unit$
 ,/ates ,code71 ! ,adm9i/rator %all     
id5tify areas ( noncompliance1 notify ! 
ag5cy1 & reque/ t ! ag5cy comply be=e ! 
ag5cy f9alizes ! regulation conc]n$4    
7#b7 ,annual /atem5ts to ,congress on   
ag5cy compliance ,! ,adm9i/rator ( !    
,(fice ( ,in=mation & ,regulatory       
,affairs %all submit to ! ,director ( ! 
,(fice ( ,managem5t & ,budget =         
inclusion 9 ! annual report requir$ by  
section #bjh ( ! ,unfund$ ,m&ates ,re=m 
,act ( #aiie 7#b ,u4,s4,c4 #aech7 a     
writt5 report detail+ compliance by ea* 
ag5cy ) ! requirem5ts ( ?is title t     
relate to regulations = :i* a writt5    
/atem5t is requir$ by subsection 7b7 &  
section #bjb ( ! ,unfund$ ,m&ates ,re=m 
,act ( #aiie 7#b ,u4,s4,c4 #aecb71      

includ+ activities und]tak5 at ! reque/ 
( ! ,adm9i/rator to improve compliance1 
dur+ ! prec$+ report+ p]iod4 ,! report  
%all also conta9 an app5dix detail+     
compliance by ea* ag5cy ) subsection 7c7
 & section #bjd ( ! ,unfund$ ,m&ates    
,re=m ,act4  7e7 ,exp&$ judicial review 
7#a7 ,ag5cy /atem5ts on significant     
regulatory actions  7,a7 ,9 g5]al       
,compliance or noncompliance by any     
ag5cy ) ! provisions ( subsection 7b7 & 
sections #bjb1 #bjc7;a77#a7 & 7#b71 &   
#bje ( ! ,unfund$ ,m&ates ,re=m ,act (  
#aiie %all be subject to judicial review
 9 accordance ) ?is subsection4  7,b7   
,limit$ review ( ag5cy compliance or    
noncompliance  7i7 ,scope ( review "u   
,title #e ,ag5cy compliance or          
noncompliance ) ! provisions (          
subsection 7b7 & sections #bjb1         
#bjc7;a77#a7 & 7#b71 & #bje ( ! ,unfund$
 ,m&ates ,re=m ,act ( #aiie %all be     
subject to judicial review "u section   
#gjf7a7 ( title #e1 ,unit$ ,/ates ,code1
 & z provid$ "u clause 7ii74  7ii7 ,c\rt

 may compel prep>ation ( writt5 /atem5t 
,if an ag5cy fails to prep>e ! writt5   
/atem5t 7includ+ ! prep>ation ( !       
e/imates1 analyses1 /atem5ts1 or        
descriptions7 "u subsection 7b7 &       
section #bjb ( ! ,unfund$ ,m&ates ,re=m 
,act1 prep>e a writt5 plan "u p>agraphs 
7#a7 & 7#b7 ( section #bjc ( ! ,unfund$ 
,m&ates ,re=m ,act1 or comply ) section 
#bje ( ! ,unfund$ ,m&ates ,re=m ,act1 a 
c\rt may compel ! ag5cy to prep>e su*   
writt5 /atem5t1 prep>e su* writt5 plan1 
or comply ) su* section4  7,c7 ,review (
 ag5cy rules ,9 any judicial review "u  
any o!r ,f$]al law ( an ag5cy rule = :i*
 compliance ) ?is subtitle is requir$1 !
 inadequacy or failure to prep>e requir$
 mat]ial1 or to comply ) provisions (   
subsection 7b7 & sections #bjb1         
#bjc7;a77#a7 & 7#b71 & #bje ( ! ,unfund$
 ,m&ates ,re=m ,act ( #aiie may be us$ z
 a basis = /ay+1 enjo9+1 invalidat+ or  
o!rwise affect+ su* ag5cy rule4  7,d7   
,c]ta9 in=mation z "p ( record ,any     
in=mation g5]at$ "u subsection 7b7 &    

sections #bjb1 #bjc7;a77#a7 & 7#b71 &   
#bje ( ! ,unfund$ ,m&ates ,re=m ,act (  
#aiie t is "p ( ! rulemak+ record =     
judicial review "u ! provisions ( any   
o!r ,f$]al law may be consid]$ z "p ( ! 
record = judicial review conduct$ "u su*
 o!r provisions ( ,f$]al law4  7,e7     
,application ( o!r ,f$]al law ,= any    
petition "u subp>agraph 7,b7 !          
provisions ( su* o!r ,f$]al law %all    
control all o!r matt]s1 su* z exhau/ion 
( adm9i/rative rem$ies1 ! "t = & mann] (
 seek+ review & v5ue1 except t if su*   
o!r ,f$]al law does n provide a         
limitation on ! "t = fil+ a petition =  
judicial review t is less ?an #ahj days1
 su* limitation %all be #ahj days aft] a
 f9al rule is promulgat$ by !           
appropriate ag5cy4  7,f7 ,effective date
 ,?is p>agraph %all apply to any ag5cy  
rule = :i* a g5]al notice ( propos$     
rulemak+ is promulgat$ on or aft] ! date
 ( ! enactm5t ( ?is ,act4  7#b7         
,judicial review & rule ( con/ruction   
,except z provid$ 9 p>agraph 7#a7-- 7,a7

 any e/imate1 analysis1 /atem5t1        
description1 or report prep>$ "u ?is    
subtitle1 any compliance or             
noncompliance ) ! provisions ( ?is      
subtitle1 & any det]m9ation conc]n+ !   
applicability ( ! provisions ( ?is      
subtitle %all n be subject to judicial  
review2 &  7,b7 no provision ( ?is      
subtitle %all be con/ru$ to create any  
"r or b5efit1 sub/antive or proc$ural1  
en=ceable by any p]son 9 any            
adm9i/rative or judicial action4  ,h    
,en=cem5t ,coord9ation  #cia4 ,policies 
to m9imize duplication ( en=cem5t ef=ts 
7a7 ,9 g5]al ,ea* ag5cy 7z def9$ "u     
section #caa7 %all1 n lat] ?an ! end ( !
 #ij-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ?is ,act1 implem5t policies &
 proc$ures--  7#a7 to m9imize           
duplication ( ef=ts ) o!r ,f$]al or     
,/ate au?orities :5 br++ an adm9i/rative
 or judicial action aga9/ an individual 
or entity2  7#b7 to e/abli% :5 jo9t     
inve/igations1 adm9i/rative actions1 or 
judicial actions or ! coord9ation ( law 

en=cem5t activities are necess>y &      
appropriate & 9 ! public int]e/2 &  7#c7
 to1 9 ! c\rse ( a jo9t inve/igation1   
adm9i/rative action1 or judicial action1
 e/abli% a lead ag5cy to avoid          
duplication ( ef=ts & unnecess>y burd5s 
& to ensure consi/5t en=cem5t1 z        
necess>y & appropriate & 9 ! public     
int]e/4  7b7 ,rule ( con/ruction ,no?+ 9
 ?is section may be con/ru$ to preempt  
,/ate law or m&ate coord9ation by a     
,/ate au?ority4  ,i ,p5alties =         
,unau?oriz$ ,disclosures  #cib4 ,crim9al
 p5alty = unau?oriz$ disclosures        
,section #afe ( ! ,f9ancial ,/ability   
,act ( #bjaj 7#ab ,u4,s4,c4 #ecfe71 z   
am5d$ by section #aea7;b77#f77,m71 is   
fur!r am5d$ by add+ at ! end ! foll[+3  
7m7 ,crim9al p5alty = unau?oriz$        
disclosures  7#a7 ,9 g5]al ,any (fic] or
 employee ( a ,f$]al dep>tm5t or ag5cy1 
:o by virtue ( su* (fic] or employee's  
employm5t or (ficial position1 has      
possession (1 or access to1 ag5cy       
records :i* conta9 individually         

id5tifiable in=mation submitt$ pursuant 
to ! requirem5ts ( ?is section1 !       
disclosure ( :i* is prohibit$ by ,f$]al 
/atute1 rule1 or regulation1 & :o kn[+ t
 disclosure ( ! specific mat]ial is s   
prohibit$1 willfully discloses ! mat]ial
 9 any mann] to any p]son or ag5cy n    
entitl$ to receive x1 %all be guilty ( a
 misdemeanor & f9$ n m ?an #e1jjj4  7#b7
 ,obta9+ records "u false pret5ses ,any 
p]son :o kn[+ly & willfully reque/s or  
obta9s in=mation describ$ "u p>agraph   
7#a7 f a ,f$]al dep>tm5t or ag5cy "u    
false pret5ses %all be guilty ( a       
misdemeanor & f9$ n m ?an #e1jjj4  7#c7 
,treatm5t ( det]m9ations ,= purposes (  
?is subsection1 a det]m9ation made "u   
subsection 7d7 or 7i7 bas$ on           
individually id5tifiable in=mation      
submitt$ pursuant to ! requirem5ts ( ?is
 section %all be deem$ individually     
id5tifiable in=mation1 ! disclosure (   
:i* is prohibit$ by ,f$]al /atute4  4   
,j ,/op ,settlem5t ,slu% ,funds  #cic4  
,limitation on donations made pursuant  

to settlem5t agreem5ts to :i* c]ta9     
dep>tm5ts or ag5cies are a p>ty  7a7    
,limitation on requir$ donations ,no    
settlem5t to :i* a dep>tm5t or ag5cy is 
a p>ty may direct or provide = a paym5t 
to any p]son :o is n a victim ( ! alleg$
 wrongdo+4  7b7 ,p5alty ,any ,executive 
bran* (ficial or ag5t !re( :o ent]s into
 or en=ces a settlem5t 9 violation (    
subsection 7a71 %all be subject to !    
same p5alties t w\ld apply 9 ! case ( a 
violation ( section #ccjb ( title #ca1  
,unit$ ,/ates ,code4  7c7 ,effective    
date ,subsections 7a7 & 7b7 apply only 9
 ! case ( a settlem5t agreem5t conclud$ 
on or aft] ! date ( enactm5t ( ?is ,act4
  7d7 ,def9itions  7#a7 ,! t]m dep>tm5t 
or ag5cy--  7,a7 has ! mean+ giv5 ! t]m 
ag5cy "u section #caa2 &  7,b7 means !  
,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 
! ,dep>tm5t ( ,ju/ice1 & ! ,rural ,h\s+ 
,s]vice ( ! ,dep>tm5t ( ,agriculture4   
7#b7 ,! t]m settlem5t agreem5t means a  
settlem5t agreem5t resolv+ a civil      
action or pot5tial civil action1 a plea 

agreem5t1 a def]r$ prosecution agreem5t1
 or a non-prosecution agreem5t4  7#c7 ,!
 t]m paym5t means a paym5t or loan4     
7#d7 ,! t]m paym5t to any p]son :o is n 
a victim means any paym5t o!r ?an a     
paym5t-- 7,a7 to a p]son :o is p>ty to !
 lawsuit or settlem5t2  7,b7 t provides 
re/itution = or o!rwise directly rem$ies
 actual h>m 7includ+ to ! environm5t7   
directly & proximately caus$ by ! p>ty  
mak+ ! paym5t z a result ( t p>ty's     
alleg$ wrongdo+2  7,c7 t con/itutes     
paym5t = s]vices r5d]$ 9 connection ) ! 
case2 or  7,d7 made pursuant to section 
#cffc ( title #ah1 ,unit$ ,/ates ,code4 
,,iv ,unlea%+ ,opportunities = ,small   
,bus9esses1 ,innovators1 & ,job         
,creators by ,facilitat+ ,capital       
,=mation  ,a ,small ,bus9ess ,m]g]s1    
,acquisitions1 ,sales1 & ,brok]age      
,simplification  #dja4 ,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  #djb4 ,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 
#djf4 ,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$]al ,regulations1 s z to increase f  
#e1jjj1jjj to #bj1jjj1jjj ! aggregate   
sales price or am\nt ( securities sold  
dur+ any consecutive #ab-mon? p]iod 9   
excess ( :i* ! issu] is requir$ "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    
#daa4 ,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$]al        
,regulations1 to reflect ! exemptions   
set =? 9 subsections 7a7 & 7b74  #dab4  
,analysis by ! ,,sec ,! ,commission %all
 conduct an analysis ( ! co/s & b5efits 
to issu]s describ$ 9 section #daa7;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    
#dac4 ,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 #dab2 &
  7#e7 any additional in=mation !       
,commission consid]s relevant = increas+
 transp>5cy1 decreas+ co/s1 & increas+  
effici5cy ( regulatory fil+s ) !        
,commission4  #dad4 ,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$it  
#daf4 ,refund+ or cr$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>* 
#dba4 ,safe h>bor = inve/m5t fund rese>*
  7a7 ,expansion ( ! safe h>bor ,n lat] 
?an ! end ( ! #de-;day p]iod beg9n+ on !
 date ( enactm5t ( ?is ,act1 !          
,securities & ,ex*ange ,commission %all 
propose1 & n lat] ?an ! end ( !         
#abj-;day p]iod beg9n+ on su* date1 !   
,commission %all adopt1 ^u su* t]ms1    
conditions1 or requirem5ts z !          
,commission may det]m9e necess>y or     
appropriate 9 ! public int]e/1 = !      
protection ( inve/ors1 & = ! promotion (
 capital =mation1 revisions to section  

#bcj4aci ( title #ag1 ,code ( ,f$]al    
,regulations1 to provide t a cov]$      
inve/m5t fund rese>* report 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] !   
#abj-;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  #dbf4   
,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 ,enhanc+ ! ,,raise ,act  #dca4 ,c]ta9
 accr$it$ inve/or transactions ,section 
#d ( ! ,securities ,act ( #aicc 7#ae    
,u4,s4,c4 #gg;d7 is am5d$--  7#a7 by    
am5d+ subsection 7d7 to read z foll[s3  
7d7 7#a7 ,! transactions ref]r$ to 9    
subsection 7a77#g7 are transactions     
:]e--  7,a7 ea* pur*as] is an accr$it$  
inve/or1 z t t]m is def9$ 9 section     
#bcj4eja7;a7 ( title #ag1 ,code ( ,f$]al
 ,regulations 7or any successor !reto72 
&  7,b7 if any securities sold 9        
reliance on subsection 7a77#g7 are (f]$ 
by means ( any g5]al solicitation or    
g5]al adv]tis+1 all su* sales are made  
?r\gh a plat=m available only to        
accr$it$ inve/ors4  7#b7 ,securities    
sold 9 reliance on subsection 7a77#g7   
%all be deem$ to h be5 acquir$ 9 a      
transaction n involv+ any public (f]+4  
7#c7 ,! exemption provid$ by ?is        
subsection %all n be available = a      

transaction :]e ! sell] is--  7,a7 an   
issu]1 its subsidi>ies or p>5t2  7,b7 an
 und]writ] act+ on behalf ( ! issu]1 its
 subsidi>ies or p>5t1 :i* receives      
comp5sation f ! issu] ) respect to su*  
sale2 or  7,c7 a deal]4  7#d7 ,a        
transaction meet+ ! requirem5ts ( ?is   
subsection %all be deem$ n to be a      
di/ribution = purposes ( section        
#b7;a77#aa74  2 &  7#b7 by /rik+        
subsection 7e74  ,h ,small ,bus9ess     
,cr$it ,availability  #dcf4 ,bus9ess    
developm5t company own]%ip ( securities 
( inve/m5t advis]s & c]ta9 f9ancial     
companies  7a7 ,9 g5]al ,section #fj ( !
 ,inve/m5t ,company ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;a-#ei7 is am5d$--  7#a7 by
 /rik+ ,not)/&+ & ins]t+ 7a7 ,not)/&+2  
7#b7 by /rik+ except t ! ,commission    
%all n & ins]t+ ! foll[+3  except t--   
7#a7 section #ab %all n apply to !      
pur*as+1 o!rwise acquir+1 or hold+ by a 
bus9ess developm5t company ( any        
security issu$ by1 or any o!r int]e/ 9 !
 bus9ess (1 any p]son :o is an inve/m5t 

advis] regi/]$ "u title ,,ii ( ?is ,act1
 :o is an inve/m5t advis] to an inve/m5t
 company1 or :o is an eligible portfolio
 company2 &  7#b7 ! ,commission %all n  
2  7#c7 by add+ at ! end ! foll[+3  7b7 
,no?+ 9 ?is section %all prev5t !       
,commission f issu+ rules to address    
pot5tial conflicts ( int]e/ betwe5      
bus9ess developm5t companies & inve/m5t 
advis]s4  4  7b7 ,def9ition ( eligible  
portfolio company ,section              
#b7;a77#df77;,b7 ( ! ,inve/m5t ,company 
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#b7;a77#df77;,b77 is am5d$ by     
ins]t+ be=e ! semicolon ! foll[+3       
7unless x is describ$ 9 p>agraph 7#b71  
7#c71 7#d71 7#e71 7#f71 or 7#i7 ( su*   
section74  7c7 ,inve/m5t ?re%old        
,section #ee7;a7 ( ! ,inve/m5t ,company 
,act ( #aidj is am5d$ by ins]t+ be=e !  
colon ! foll[+3 1 provid$ t no m ?an #ej
 p]c5t ( its total assets are assets    
describ$ 9 section #c7;c74  #dcg4 ,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$71 by ins]t+ or :i* is
 a /ock aft] indebt$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 ,except z provid$ 9 subp>agraph    
7,b71 ! foll[+ %all n apply to a bus9ess
 developm5t company3 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 ,subp>agraph 7,a7 %all n apply )   
respect to pref]r$ /ock issu$ to a p]son
 :o is n kn[n by ! company to be a      
qualifi$ in/itutional buy] 7z def9$ 9   
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd74  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  #dch4      
,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 ,,cfr   
#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 ,,cfr #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 ,,cfr #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 ,,cfr     
#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 ,,cfr #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 ,,cfr #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 ,,cfr     
#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 ,,cfr #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 ,,cfr #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 
,,cfr #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 ,,cfr     
#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 ,,cfr #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 ,,cfr #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  #dda4 ,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  #ddf4   
,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  #dea4 ,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  #deb4     

,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  
,,cfr #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[?  #def4 ,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  #dfa4 ,exemptions =       
micro-(f]+s  7a7 ,9 g5]al ,section #d ( 
! ,securities ,act ( #aicc 7#ae         
,u4,s4,c4 #gg;d7 is am5d$-- 7#a7 9      
subsection 7a71 by add+ at ! end !      
foll[+3  7#h7 transactions meet+ !      
requirem5ts ( subsection 7e74  2 &  7#b7
 z am5d$ by section #dca7b71 by ins]t+  
aft] subsection 7d7 ! foll[+3  7e7      
,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  #dff4 ,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 ,,cfr #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     
,,cfr #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 ,,cfr #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$geable 
employee4  ,o ,support+ ,am]ica's       
,innovators  #dga4 ,inve/or limitation =
 qualify+ v5ture capital funds ,section 
#c7;c77#a7 ( ! ,inve/m5t ,company ,act (
 #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#a77 
is am5d$-- 7#a7 by ins]t+ aft] "o hundr$
 p]sons ! foll[+3 7or1 ) respect to a   
qualify+ v5ture capital fund1 #ejj      
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 #ej1jjj1jjj 9 aggregate      

capital contributions & uncall$ committ$
 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+  #dgf4          
,cr[dfund+ exemption  7a7 ,securities   
,act ( #aicc ,section #d7;a7 ( !        
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;d7 is am5d$ by /rik+ p>agraph 7#f7 &
 ins]t+ ! foll[+3  7#f7 transactions    
involv+ ! (f] or sale ( securities by an
 issu]1 provid$ t--  7,a7 9 ! case ( a  
transaction involv+ an int]m$i>y betwe5 
! issu] & ! inve/or1 su* int]m$i>y      
complies ) ! requirem5ts "u section     
#d;,a7a72 &  7,b7 9 ! case ( a          
transaction n involv+ an int]m$i>y      
betwe5 ! issu] & ! inve/or1 ! issu]     
complies ) ! requirem5ts "u section     
#d;,a7b74  4  7b7 ,requirem5ts to       
qualify = cr[dfund+ exemption ,section  
#d;,a ( ! ,securities ,act ( #aicc 7#ae 
,u4,s4,c4 #gg;d-#a7 is am5d$ to read z  

foll[s3  #d;,a4 ,requirem5ts ) respect  
to c]ta9 small transactions  7a7        
,requirem5ts on int]m$i>ies ,= purposes 
( section #d7;a77#f71 a p]son act+ z an 
int]m$i>y 9 a transaction involv+ ! (f] 
or sale ( securities %all comply ) !    
requirem5ts ( ?is subsection if !       
int]m$i>y--  7#a7 w>ns inve/ors1 includ+
 on ! int]m$i>y's website us$ = ! (f] & 
sale ( su* securities1 ( ! speculative  
nature g5]ally applicable to inve/m5ts 9
 />tups1 em]g+ bus9esses1 & small       
issu]s1 includ+ risks 9 ! second>y m>ket
 relat$ to illiquidity2  7#b7 w>ns      
inve/ors t !y are subject to !          
re/riction on sales requirem5t describ$ 
"u subsection 7e72  7#c7 takes          
reasonable measures to r$uce ! risk (   
fraud ) respect to su* transaction2     
7#d7 regi/]s ) ! ,commission & !        
,f9ancial ,indu/ry ,regulatory          
,au?ority1 includ+ by provid+ !         
,commission ) ! int]m$i>y's physical    
address1 website address1 & ! names ( ! 
int]m$i>y & employees ( ! int]m$i>y1 &  

keep su* in=mation up-to-date2  7#e7    
provides ! ,commission ) cont9u\s       
inve/or-level access to ! int]m$i>y's   
website2  7#f7 requires ea* pot5tial    
inve/or to answ] que/ions demon/rat+--  
7,a7 an und]/&+ ( ! level ( risk g5]ally
 applicable to inve/m5ts 9 />tups1 em]g+
 bus9esses1 & small issu]s2  7,b7 an    
und]/&+ ( ! risk ( illiquidity2 &  7,c7 
su* o!r areas z ! ,commission may       
det]m9e appropriate by rule or          
regulation1 includ+ in=mation relat+ to 
! own]s' & managem5t's exp]i5ce1 & any  
relat$ p>ty transactions & conflicts (  
int]e/2  7#g7 c>ries out a backgr\nd    
*eck on ! issu]'s pr9cipals2  7#h7      
provides ! ,commission & pot5tial       
inve/ors ) notice ( ! (f]+ n less ?an   
#aj days prior to su* (f]+1 n lat] ?an !
 fir/ day securities are (f]$ to        
pot5tial inve/ors1 includ+-- 7,a7 !     
issu]'s "n1 legal /atus1 physical       
address1 & website address2  7,b7 !     
names ( ! issu]'s pr9cipals2  7,c7 !    
/at$ purpose & int5d$ use ( ! proce$s ( 

! (f]+ s\ght by ! issu]2 &  7,d7 ! t>get
 (f]+ am\nt & ! deadl9e to rea* ! t>get 
(f]+ am\nt2  7#i7 outs\rces             
ca%-managem5t functions to a qualifi$   
?ird p>ty cu/odian1 su* z a brok] or    
deal] regi/]$ "u section #ae7;b77#a7 ( !
 ,securities ,ex*ange ,act ( #aicd1 a   
tru/ company1 or an insur$ depository   
in/itution2  7#aj7 makes available on ! 
int]m$i>y's website a me?od (           
communication t p]mits ! issu] &        
inve/ors to communicate ) "o ano!r2 &   
7#aa7 provides ! ,commission ) a notice 
^u completion ( ! (f]+1 :i* %all include
 ! aggregate (f]+ am\nt & ! numb] (     
pur*as]s4  7b7 ,requirem5ts on issu]s if
 no int]m$i>y ,= purposes ( section     
#d7;a77#f71 an issu] :o (f]s or sells   
securities )\t an int]m$i>y %all comply 
) ! requirem5ts ( ?is subsection if !   
issu]-- 7#a7 w>ns inve/ors1 includ+ on !
 issu]'s website1 ( ! speculative nature
 g5]ally applicable to inve/m5ts 9      
/>tups1 em]g+ bus9esses1 & small issu]s1
 includ+ risks 9 ! second>y m>ket relat$

 to illiquidity2  7#b7 w>ns inve/ors t  
!y are subject to ! re/riction on sales 
requirem5t describ$ "u subsection 7e72  
7#c7 takes reasonable measures to r$uce 
! risk ( fraud ) respect to su*         
transaction2  7#d7 provides !           
,commission ) ! issu]'s physical        
address1 website address1 & ! names ( ! 
pr9cipals & employees ( ! issu]s1 &     
keeps su* in=mation up-to-date2  7#e7   
provides ! ,commission ) cont9u\s       
inve/or-level access to ! issu]'s       
website2  7#f7 requires ea* pot5tial    
inve/or to answ] que/ions demon/rat+--  
7,a7 an und]/&+ ( ! level ( risk g5]ally
 applicable to inve/m5ts 9 />tups1 em]g+
 bus9esses1 & small issu]s2  7,b7 an    
und]/&+ ( ! risk ( illiquidity2 &  7,c7 
su* o!r areas z ! ,commission may       
det]m9e appropriate by rule or          
regulation2  7#g7 provides ! ,commission
 ) notice ( ! (f]+ n less ?an #aj days  
prior to su* (f]+1 n lat] ?an ! fir/ day
 securities are (f]$ to pot5tial        
inve/ors1 includ+-- 7,a7 ! /at$ purpose 

& int5d$ use ( ! proce$s ( ! (f]+ s\ght 
by ! issu]2 &  7,b7 ! t>get (f]+ am\nt &
 ! deadl9e to rea* ! t>get (f]+ am\nt2  
7#h7 outs\rces ca%-managem5t functions  
to a qualifi$ ?ird p>ty cu/odian1 su* z 
a brok] or deal] regi/]$ "u section     
#ae7;b77#a7 ( ! ,securities ,ex*ange    
,act ( #aicd1 a tru/ company1 or an     
insur$ depository in/itution2  7#i7     
makes available on ! issu]'s website a  
me?od ( communication t p]mits ! issu] &
 inve/ors to communicate ) "o ano!r2    
7#aj7 does n (f] p]sonaliz$ inve/m5t    
advice2  7#aa7 provides ! ,commission ) 
a notice ^u completion ( ! (f]+1 :i*    
%all include ! aggregate (f]+ am\nt & ! 
numb] ( pur*as]s2 &  7c7 ,v]ification ( 
income ,= purposes ( section #d7;a77#f71
 an issu] or int]m$i>y may rely on      
c]tifications z to annual income provid$
 by ! p]son to :om ! securities are sold
 to v]ify ! inve/or's income4  7d7      
,in=mation ,available to ,/ates ,!      
,commission %all make ! notices describ$
 "u subsections 7a77#i71 7a77#ac71      

7b77#h71 & 7b77#ac7 & ! in=mation       
describ$ "u subsections 7a77#d7 &       
7b77#d7 available to ! ,/ates4  7e7     
,re/riction on sales ,) respect to a    
transaction involv+ ! issuance (        
securities describ$ "u section          
#d7;a77#f71 a pur*as] may n transf] su* 
securities dur+ ! #a-ye> p]iod beg9n+ on
 ! date ( pur*ase1 unless su* securities
 are sold to--  7#a7 ! issu] ( su*      
securities2 or  7#b7 an accr$it$        
inve/or4  7f7 ,con/ruction  7#a7 ,no    
regi/ration z brok] ,) respect to a     
transaction describ$ "u section         
#d7;a77#f7 involv+ an int]m$i>y1 su*    
int]m$i>y %all n be requir$ to regi/] z 
a brok] "u section #ae7;a77#a7 ( !      
,securities ,ex*ange ,act ( #aicd solely
 by reason ( p>ticipation 9 su*         
transaction4  7#b7 ,no preclusion ( o!r 
capital rais+ ,no?+ 9 ?is section or    
section #d7;a77#f7 %all be con/ru$ z    
prev5t+ an issu] f rais+ capital ?r\gh  
me?ods n describ$ "u section #d7;a77#f74
  4  7c7 ,rulemak+ ,n lat] ?an #ahj days

 aft] ! date ( enactm5t ( ?is ,act1 !   
,securities & ,ex*ange ,commission %all 
issue or revise su* rules z may be      
necess>y to c>ry out section #d;,a ( !  
,securities ,act ( #aicc1 ans am5d$ by  
?is ,act4 ,9 issu+ or revis+ su* rules1 
! ,commission %all consid] ! co/s &     
b5efits ( ! action4  7d7                
,disqualification ,n lat] ?an #ahj days 
aft] ! date ( enactm5t ( ?is ,act1 !    
,securities & ,ex*ange ,commission %all 
by rule or regulation e/abli%           
disqualification provisions "u :i* an   
issu] %all n be eligible to utilize !   
exemption "u section #d7;a77#f7 ( !     
,securities ,act ( #aicc 7z am5d$ by ?is
 ,act7 bas$ on ! discipl9>y hi/ory ( !  
issu] or its pr$ecessors1 affiliates1   
(fic]s1 directors1 or p]sons fulfill+   
simil> roles4 ,! ,commission %all also  
e/abli% disqualification provisions "u  
:i* an int]m$i>y %all n be eligible to  
act z an int]m$i>y 9 connection ) an    
(f]+ utiliz+ ! exemption "u section     
#d7;a77#f7 ( ! ,securities ,act ( #aicc 

bas$ on ! discipl9>y hi/ory ( !         
int]m$i>y or its pr$ecessors1           
affiliates1 (fic]s1 directors1 or p]sons
 fulfill+ simil> roles4 ,su* provisions 
%all be sub/antially simil> to !        
disqualification provisions conta9$ 9 ! 
regulations adopt$ 9 accordance )       
section #ibf ( ! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection ,act
 7#ae ,u4,s4,c4 #gg;d note74  #dgg4     
,exclusion ( cr[dfund+ inve/ors f       
%>ehold] cap ,section #ab7;g77#e7 ( !   
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7g77#e77 is am5d$-- 7#a7  
by /rik+ 7#e7 ,= ! purposes & ins]t+3   
7#e7 ,def9itions  7,a7 ,9 g5]al ,= !    
purposes  2 &  7#b7 by add+ at ! end !  
foll[+3  7,b7 ,exclusion = p]sons hold+ 
c]ta9 securities ,= purposes ( ?is      
subsection1 securities held by p]sons :o
 pur*ase su* securities 9 transactions  
describ$ "u section #d7;a77#f7 ( !      
,securities ,act ( #aicc %all n be deem$
 to be held ( record4  4  #dgh4         
,preemption ( ,/ate law  7a7 ,9 g5]al   

,section #ah7;b77#d77;,c7 ( !           
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#ggr7b77#d77;,c77 is am5d$ by /rik+     
section #d7f7 & ins]t+ section          
#d7;a77#f74  7b7 ,cl>ification ( !      
pres]vation ( ,/ate en=cem5t au?ority   
7#a7 ,9 g5]al ,! am5dm5ts made by       
section #cje7;a7 ( ! ,jump/>t ,our      
,bus9ess ,/>tups ,act1 z am5d$ by       
subsection 7a71 relate solely to ,/ate  
regi/ration1 docum5tation1 & (f]+       
requirem5ts1 z describ$ "u section      
#ah7;a7 ( ,securities ,act ( #aicc 7#ae 
,u4,s4,c4 #ggr7a771 & %all h no impact  
or limitation on o!r ,/ate au?ority to  
take en=cem5t action ) reg>d to an      
issu]1 int]m$i>y1 or any o!r p]son or   
entity us+ ! exemption f regi/ration    
provid$ by section #d7;a77#f7 ( su*     
,act4 ,not)/&+ monet>y p5alties or      
sanctions1 a ,/ate may n impose any fil+
 or fee "u su* au?ority4  7#b7          
,cl>ification ( ,/ate jurisdiction ov]  
unlawful conduct ( int]m$i>ies1 issu]s1 
& cu/odians ,section #ah7;c77#a7 ( !    

,securities ,act ( #aicc is am5d$ by    
/rik+ 9 connection ) securities or      
securities transactions & all t foll[s &
 ins]t+ ! foll[+3  9 connection )       
securities or securities transactions1 )
 respect to-- 7,a7 fraud or deceit2     
7,b7 unlawful conduct by a brok] or     
deal]2 &  7,c7 ) respect to a           
transaction describ$ "u section         
#d7;a77#f71 unlawful conduct by an      
int]m$i>y1 issu]1 or cu/odian4  4  #dgi4
 ,treatm5t ( fund+ portals ,section     
#ecab7;c7 ( title #ca1 ,unit$ ,/ates    
,code1 is am5d$ by add+ at ! end !      
foll[+3  7#b7 ,fund+ portals n includ$ 9
 def9ition ,! t]m f9ancial in/itution 7z
 def9$ 9 subsection 7a77 does n include 
a fund+ portal 7z def9$ "u section      
#c7;a7 ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gh;c7a7774  4  ,q 
,corporate ,gov]nance ,re=m &           
,transp>5cy  #dha4 ,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  #dhb4 ,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  #dhc4 ,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 
#dia4 ,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]al2 &  7,g7 a transf] ag5t4

  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#d772 &  7#ae7 ! t]m  
transf] ag5t has ! mean+ giv5 ! t]m 9   
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
7b7 ,immunity f suit  7#a7 ,immunity =  
individuals ,an individual :o has       
receiv$ ! tra9+ describ$ 9 section #dib 

%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 #dib 
to ea* individual describ$ 9 section    
#dib7;a74  #dib4 ,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        
#dia7;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  #dic4 ,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   
#dia provides a great] level (          
protection aga9/ liability to an        
individual describ$ 9 section           
#dia7;b77#a7 or to a cov]$ f9ancial     
in/itution describ$ 9 section           
#dia7;b77#b7 ?an is provid$ "u ,/ate    
law4  ,s ,national ,securities ,ex*ange 
,regulatory ,p>ity  #dif4 ,application (
 exemption ,section #ah7;b77#a7 ( !     

,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#ggr7b77#a771 z am5d$ by section        
#def7;b71 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$esignat+ subp>agraphs 7,b71   
7,c71 & 7,d7 z subp>agraphs 7,a71 7,b71 
& 7,c71 respectively4  ,t ,private      
,company ,flexibility & ,gr[?  #dig4    
,%>ehold] ?re%old = regi/ration ,!      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;a et seq47 is am5d$-- 7#a7
 9 section #ab7;g7--  7,a7 9 p>agraph   
7#a7-- 7i7 by /rik+ %all-- & all t      
foll[s ?r\gh regi/] su* security &      
ins]t+ %all1 n lat] ?an #abj days aft] !
 la/ day ( its fir/ fiscal ye> end$ aft]
 ! effective date ( ?is subsection on   

:i* ! issu] has total assets exce$+     
#aj1jjj1jjj 7or su* great] am\nt (      
assets z ! ,commission may e/abli% by   
rule7 & a class ( equity security 7o!r  
?an an exempt$ security7 held ( record  
by #b1jjj or m p]sons 7or su* great]    
numb] ( p]sons z ! ,commission may      
e/abli% by rule71 regi/] su* security2 &
  7ii7 by add+ at ! end ! foll[+3 ,!    
doll> figure 9 ?is p>agraph %all be     
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 r\nd$ to ! ne>e/ #ajj1jjj42 &
  7,b7 9 p>agraph 7#d71 by /rik+ #cjj   
p]sons & all t foll[s ?r\gh #a1bjj      
p]sons p]sons & ins]t+ #a1bjj p]sons2 & 
7#b7 9 section #ae7;d77#a71 by /rik+    
#cjj p]sons & all t foll[s ?r\gh #a1bjj 
p]sons p]sons & ins]t+ #a1bjj p]sons4   
,u ,small ,company ,capital ,=mation    
,enhancem5ts  #dih4 ,,jobs ,act-relat$  
exemption ,section #c7;b7 ( !           
,securities ,act ( #aicc 7#ae ,u4,s4,c4 

#gg;c7b77 is am5d$--  7#a7 9 p>agraph   
7#b77;,a71 by /rik+ #ej1jjj1jjj & ins]t+
 #ge1jjj1jjj1 adju/$ = inflation by !   
,commission e #b ye>s to ! ne>e/ #aj1jjj
 to reflect ! *ange 9 ! ,consum] ,price 
,index = ,all ,urban ,consum]s publi%$  
by ! ,bureau ( ,labor ,/ati/ics2 &  7#b7
 9 p>agraph 7#e7--  7,a7 by /rik+ su*   
am\nt z & ins]t+3 su* am\nt1 9 addition 
to ! adju/m5t = inflation provid$ = "u  
su* p>agraph 7#b77;,a71 z2 &  7,b7 by   
/rik+ su* am\nt1 x & ins]t+ su* am\nt1 9
 addition to ! adju/m5t = inflation     
provid$ = "u su* p>agraph 7#b77;,a71 x4 
,v ,enc\rag+ ,public ,(f]+s  #dii4      
,exp&+ te/+ ! wat]s & confid5tial       
submissions ,! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;a et seq47 is am5d$--
 7#a7 9 section #e7;d71 by /rik+ an     
em]g+ gr[? company or any p]son au?oriz$
 to act on behalf ( an em]g+ gr[?       
company & ins]t+ an issu] or any p]son  
au?oriz$ to act on behalf ( an issu]2 & 
7#b7 9 section #f7;e7-- 7,a7 9 ! head+1 
by /rik+ ,em]g+ gr[? companies & ins]t+ 

,draft regi/ration /atem5ts2 &  7,b7 by 
am5d+ p>agraph 7#a7 to read z foll[s3   
7#a7 ,9 g5]al ,any issu]1 prior to its  
initial public (f]+ date1 may           
confid5tially submit to ! ,commission a 
draft regi/ration /atem5t1 = confid5tial
 nonpublic review by ! /aff ( !         
,commission prior to public fil+1       
provid$ t ! initial confid5tial         
submission & all am5dm5ts !reto %all be 
publicly fil$ ) ! ,commission n lat] ?an
 #ae days be=e ! date on :i* ! issu]    
conducts a road %[1 z su* t]m is def9$ 9
 section #bcj4dcc7;h77#d7 ( title #ag1  
,code ( ,f$]al ,regulations1 or any     
successor !reto4  4  ,x ,mod]niz$ ,(f]+ 
& ,proxy ,rules = ,clos$-,end ,funds    
#dii;,a4 ,p>ity = clos$-end 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[ any   
clos$-end company1 z def9$ 9 section    
#e7;a77#b7 ( ! ,inve/m5t ,company ,act (

 #aidj 7#ae ,u4,s4,c4 #hj;a-#e71 t is   
regi/]$ z an inve/m5t company "u su*    
,act 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 section      
#bcj4dje ( title #ag1 ,code ( ,f$]al    
,regulations1 to--  7,a7 remove !       
exclusion ( a regi/]$ clos$-end company 
f ! def9ition ( a well-kn[n season$     
issu] provid$ by t section2 &  7,b7 add 
regi/ration /atem5ts fil$ on ,=m ,n-#b  
to ! def9ition ( automatic %elf         
regi/ration /atem5t provid$ by t        
section4  7#b7 ,! ,commission %all      
revise sections #bcj4afh & #bcj4afi (   
title #ag1 ,code ( ,f$]al ,regulations1 
to remove ! exclusion ( a regi/]$       
clos$-end company f ! li/ ( issu]s t c  
use ! exemptions provid$ by ^? sections4

  7#c7 ,! ,commission %all revise       
sections #bcj4afc & #bcj4afc;,a ( title 
#ag1 ,code ( ,f$]al ,regulations1 to    
remove a regi/]$ clos$-end company f !  
li/ ( issu]s t are ineligible to use !  
exemptions provid$ by ^? sections4  7#d7
 ,! ,commission %all revise section     
#bcj4acd ( title #ag1 ,code ( ,f$]al    
,regulations1 to remove ! exclusion ( a 
regi/]$ clos$-end company f t section4  
7#e7 ,! ,commission %all revise sections
 #bcj4ach & #bcj4aci ( title #ag1 ,code 
( ,f$]al ,regulations1 to specifically  
include any regi/]$ clos$-end company z 
an issu] to :i* ^? sections apply4  7#f7
 ,! ,commission %all revise section     
#bcj4afd ( title #ag1 ,code ( ,f$]al    
,regulations1 to remove a regi/]$       
clos$-end company f ! li/ ( issu]s t are
 exclud$ f t section4  7#g7 ,!          
,commission %all revise section         
#bcj4dcc1 ( title #ag1 ,code ( ,f$]al   
,regulations1 to specifically include   
any regi/]$ clos$-end company t is a    
well-kn[n season$ issu] z an issu] to   

:i* t section applies4  7#h7 ,!         
,commission %all revise section #bcj4dae
 ( title #ag1 ,code ( ,f$]al            
,regulations1 to-- 7,a7 /ate t !        
regi/ration = securities provid$ by t   
section includes securities regi/]$ by  
any regi/]$ clos$-end company on ,=m    
,n-#b2 &  7,b7 elim9ate ! requirem5t t a
 ,=m ,n-#b regi/rant mu/ furni% !       
und]tak+s requir$ by item #cd4d ( ,=m   
,n-#b4  7#i7 ,! ,commission %all revise 
section #bcj4dig ( title #ag1 ,code (   
,f$]al ,regulations1 to include a       
process = any regi/]$ clos$-end company 
to file a =m ( prospectus t is p>allel  
to ! process = fil+ a =m ( prospectus "u
 section #bcj4dbd7;b7 ( su* title4      
7#aj7 ,! ,commission %all revise        
sections #bcj4agb & #bcj4agc ( title    
#ag1 ,code ( ,f$]al ,regulations1 to    
remove ! exclusion ( an (f]+ ( any      
regi/]$ clos$-end company f ^? sections4
  7#aa7 ,! ,commission %all revise      
section #bcj4dah ( title #ag1 ,code (   
,f$]al ,regulations1 to provide t any   

regi/]$ clos$-end company t w\ld o!rwise
 meet ! eligibility requirem5ts ( ,g5]al
 ,in/ruction ,i4,a ( ,=m ,s-#c %all be  
exempt f p>agraph 7a77#c7 ( t section4  
7#ab7 ,! ,commission %all revise section
 #bdj4ad;a-#aja ( title #ag1 ,code (    
,f$]al ,regulations1 to provide t any   
regi/]$ clos$-end company t w\ld o!rwise
 meet ! requirem5ts ( ,g5]al ,in/ruction
 ,i4,a ( ,=m ,s-#c %all be deem$ to meet
 ! requirem5ts ( ,=m ,s-#c = purposes ( 
,s*$ule #ad;,a4  7#ac7 ,! ,commission   
%all revise section #bdc4ajc ( title    
#ag1 ,code ( ,f$]al ,regulations1 to    
provide t p>agraph 7a7 ( t section      
applies = purposes ( ,=m ,n-#b4  7b7    
,revisions to ,=m ,n-#b ,n lat] ?an #a  
ye> aft] ! date ( enactm5t ( ?is ,act1 !
 ,commission %all revise ,=m ,n-#b to-- 
7#a7 include an item or in/ruction t is 
simil> to item #ab on ,=m ,s-#c to      
provide t any regi/]$ clos$-end company 
t w\ld o!rwise meet ! requirem5ts ( ,=m 
,s-#c %all incorporate by ref]5ce its   
reports & docum5ts fil$ "u ! ,securities

 ,ex*ange ,act ( #aicd into its         
regi/ration /atem5t fil$ on ,=m ,n-#b2 &
  7#b7 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
 any regi/]$ clos$-end company t is a   
well-kn[n season$ issu] may file        
automatic %elf (f]+s on ,=m ,n-#b4  7c7 
,treatm5t if revisions n complet$ 9 a   
timely mann] ,if ! ,commission fails to 
complete ! revisions requir$ by         
subsections 7a7 & 7b7 by ! "t requir$ by
 su* subsections1 any regi/]$ clos$-end 
company %all be entitl$ 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 ,rules (
 con/ruction  7#a7 ,no effect on ,rule  
#dhb 7#a7 ,no?+ 9 ?is section or !      
am5dm5ts made by ?is section %all be    
con/ru$ to impair or limit 9 any way a  
regi/]$ clos$-end company f us+ section 

#bcj4dhb ( title #ag1 ,code ( ,f$]al    
,regulations1 to di/ribute sales        
mat]ial4  7#b7 ,ref]5ces ,any ref]5ce 9 
?is section to a section ( title #ag1   
,code ( ,f$]al ,regulations1 or to any  
=m or s*$ule means su* rule1 section1   
=m1 or s*$ule1 or any successor to any  
su* rule1 section1 =m1 or s*$ule4  ,v   
,regulatory ,relief = ,ma9 ,/reet &     
,community ,f9ancial ,in/itutions  ,a   
,pres]v+ ,access to ,manufactur$ ,h\s+  
#eja4 ,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  #ejb4 ,high-,co/     
mortgage def9ition ,section #ajc ( !    
,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4       
#afjb71 z am5d$ by section #eja1 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] ,law ,en=cem5t ,ag5cy 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] ,law ,en=cem5t ,ag5cy 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] ,law ,en=cem5t 
,ag5cy to reflect ! *ange 9 ! ,consum]  
,price ,index72 or  4  ,b ,mortgage     
,*oice  #ejf4 ,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 #ejb1 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$ures ,act 
( #aigd 7#ab ,u4,s4,c4 #bfjb7g771 aft]  
comp5sation2 &  7,c7 by /rik+ clause    
7iii7 & ins]t+ ! foll[+3  7iii7 ! *>ge  
is-- 7,i7 a bona fide ?ird-p>ty *>ge n  
reta9$ 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$-- 7#a7 
9 subsection 7a77#e77;,c71 by /rik+ #ajc
 & all t foll[s ?r\gh or mortgage       
orig9ator & ins]t+ #ajc7;aa77#d72 &     
7#b7 9 subsection 7b77#b77;,c77i71 by   
/rik+ #ajc & all t foll[s ?r\gh or      
mortgage orig9ator7 & ins]t+            
#ajc7;aa77#d74  ,c ,f9ancial ,in/itution
 ,cu/om] ,protection  #eaa4 ,requirem5ts
 = deposit acc\nt t]m9ation reque/s &   
ord]s  7a7 ,t]m9ation reque/s or ord]s  
mu/ be mat]ial  7#a7 ,9 g5]al ,an       
appropriate ,f$]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$it union4  
#eab4 ,am5dm5ts to ! ,f9ancial          
,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi ,section #iea ( !
 ,f9ancial ,in/itutions ,re=m1 ,recov]y1
 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4
 #ahcc;a7 is am5d$-- 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  #eaf4 ,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$]al  
bank+ ag5cies1 ! ,consum] ,law ,en=cem5t
 ,ag5cy1 & ! ,national ,cr$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  #eba4 ,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  
#ebf4 ,*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$]al
 ,res]ve ,sy/em %all revise ! ,small    
,bank ,hold+ ,company ,policy ,/atem5t  
on ,assessm5t ( ,f9ancial & ,manag]ial  
,factors 7#ab ,,cfr "p #bbe--;app5dix   
,c7 to raise ! consolidat$ asset ?re%old
 "u su* policy /atem5t f #a1jjj1jjj1jjj 
7z adju/$ by ,public ,law #aac-bej7 to  
#aj1jjj1jjj1jjj4  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 ,,cfr "p         
#bbe--;app5dix ,c74  4  ,g ,community   
,in/itution ,mortgage ,relief  #eca4    
,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] ,law ,en=cem5t ,ag5cy4  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] ,law     
,en=cem5t ,ag5cy %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  #ecf4 ,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 ! ,secret>y
 ( ! ,treasury & %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] ,law ,en=cem5t     
,ag5cy12  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] ,law        

,en=cem5t ,ag5cy1 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$it      
,union ,adm9i/ration2 &  7,b7 = purposes
 ( sections #ajab1 #ajac1 #ajad1 &      
#ajae1 includes ! ,consum] ,law         
,en=cem5t ,ag5cy2  2 &  7,b7 9 section  
#ajje1 by /rik+ ,"o-fif? & ins]t+       
,"o-f\r?4  ,i ,national ,cr$it ,union   
,adm9i/ration ,budget ,transp>5cy  #eda4
 ,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  #edf4 ,regulations     
appropriate to bus9ess models  7a7 ,9   
g5]al ,= any regulatory action occurr+  
aft] ! date ( ! enactm5t ( ?is ,act1 ea*
 ,f$]al f9ancial in/itutions regulatory 
ag5cy %all-- 7#a7 take into consid]ation

 ! risk pr(ile & bus9ess models ( ea*   
type ( in/itution or class ( 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 9 a mann] t limits !  
regulatory compliance impact1 co/1      
liability risk1 & o!r burd5s1 z         
appropriate1 = ! risk pr(ile & bus9ess  
model ( ! in/itution or class (         
in/itutions involv$4  7b7 ,o!r          
consid]ations ,9 c>ry+ out ! requirem5ts
 ( subsection 7a71 ea* ,f$]al f9ancial  
in/itutions regulatory ag5cy %all       
consid]-- 7#a7 ! impact t su* regulatory
 action1 bo? by itself & 9 conjunction )
 ! aggregate effect ( o!r regulations1  
has on ! ability ( ! applicable         
in/itution or class ( in/itutions to    
s]ve evolv+ & div]se cu/om] ne$s2  7#b7 
! pot5tial impact ( exam9ation manuals1 
regulatory actions tak5 ) respect to    
?ird-p>ty s]vice provid]s1 or o!r       

regulatory directives t may be 9        
conflict or inconsi/5t ) ! 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+ ,ea* ,f$]al     
f9ancial in/itutions regulatory ag5cy   
%all disclose 9 e notice ( propos$      
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 ,n lat] ?an #a   
ye> aft] ! date ( ! enactm5t ( ?is ,act 
& annually !reaft]1 ea* ,f$]al f9ancial 
in/itutions regulatory ag5cy %all report
 to ! ,committee on ,f9ancial ,s]vices (
 ! ,h\se ( ,repres5tatives & !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate on ! specific       
actions tak5 to tailor ! regulatory     
actions ( ! ag5cy pursuant to !         
requirem5ts ( ?is ,act4  7,b7 ,appe>ance
 be=e ! ,committees ,! head ( ea* ,f$]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,a7 to te/ify on !      
cont5ts ( su* report4  7#b7 ,,fiec      
reports  7,a7 ,9 g5]al ,n lat] ?an #c   
mon?s aft] ea* report is submitt$ "u    
p>agraph 7#a71 ! ,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 ( ! 
,s5ate on--  7i7 ! ext5t to :i*         
regulatory actions tailor$ pursuant to  
?is ,act result 9 diff]5t treatm5t (    
simil>ly situat$ in/itutions ( div]se   
*>t] types2 &  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,a7 to te/ify on !      
cont5ts ( su* report4  7e7 ,limit$      
look-,back application  7#a7 ,9 g5]al   
,ea* ,f$]al f9ancial in/itutions        
regulatory ag5cy %all conduct a review (
 all regulations adopt$ dur+ ! p]iod    
beg9n+ on ! date t is sev5 ye>s be=e !  
date ( ! introduction ( ?is ,act 9 !    
,h\se ( ,repres5tatives & end+ on ! date
 ( ! enactm5t ( ?is ,act1 & apply !     
requirem5ts ( ?is ,act to su*           
regulations4  7#b7 ,revision ,if !      
application ( ! requirem5ts ( ?is ,act  
to any su* regulation requires su*      
regulation to be revis$1 ! applicable   
,f$]al f9ancial in/itutions regulatory  
ag5cy %all revise su* regulation )9 #c  
ye>s ( ! enactm5t ( ?is ,act4  7f7      
,def9itions ,9 ?is ,act1 ! 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] ,law        
,en=cem5t ,ag5cy4  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$]al ,sav+s        
,association ,*>t] ,flexibility  #eea4  
,option = ,f$]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+  #eef4 ,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]
 ,law ,en=cem5t ,ag5cy & 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  #efa4 ,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  #eff4
 ,%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 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  #ega4 ,/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 ,,cfr  
#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] ,law    
,en=cem5t ,ag5cy & 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] ,law ,en=cem5t 
,ag5cy & ! ,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
 rule1 except z requir$ by law4  7d7    
,tempor>y susp5sion ( data report+      
requirem5ts4 ,not)/&+ any o!r provision 
( law1 ! effective date = new report+   
requirem5ts conta9$ 9 ! f9al rule %all  
be ,janu>y #a1 #bjai4  7e7 ,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$4 ,reg4 #ffabh74  ,p ,home       
,mortgage ,disclosure ,adju/m5t  #egf4  
,depository in/itutions subject to      
ma9t5ance ( records & disclosure        
requirem5ts  7a7 ,9 g5]al ,section #cjd 
( ! ,home ,mortgage ,disclosure ,act (  
#aige 7#ab ,u4,s4,c4 #bhjc7 is am5d$--  
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        
,protect+ ,consum]s' ,access to ,cr$it  
#eha4 ,rate ( int]e/ aft] transf] ( loan
  7a7 ,am5dm5t to ! ,revis$ ,/atutes    
,section #eaig ( ! ,revis$ ,/atutes ( ! 
,unit$ ,/ates 7#ab ,u4,s4,c4 #he7 is    
am5d$ by add+ at ! end ! foll[+ new     
s5t5ce3 ,a loan t is valid :5 made z to 
its maximum rate ( int]e/ 9 accordance )
 ?is section %all rema9 valid ) respect 
to su* rate reg>dless ( :e!r ! loan is  
subsequ5tly sold1 assign$1 or o!rwise   
transf]r$ to a ?ird p>ty1 & may be en=c$
 by su* ?ird p>ty not)/&+ any ,/ate law 
to ! contr>y44  7b7 ,am5dm5t to ! ,home 
,own]s' ,loan ,act ,section #d7;g77#a7 (
 ! ,home ,own]s' ,loan ,act 7#ab        

,u4,s4,c4 #adfc7;g77#a77 is am5d$ by    
add+ at ! end ! foll[+ new s5t5ce3 ,a   
loan t is valid :5 made z to its maximum
 rate ( int]e/ 9 accordance ) ?is       
subsection %all rema9 valid ) respect to
 su* rate reg>dless ( :e!r ! loan is    
subsequ5tly sold1 assign$1 or o!rwise   
transf]r$ to a ?ird p>ty1 & may be en=c$
 by su* ?ird p>ty not)/&+ any ,/ate law 
to ! contr>y44  7c7 ,am5dm5t to ! ,f$]al
 ,cr$it ,union ,act ,section            
#bje7;g77#a7 ( ! ,f$]al ,cr$it ,union   
,act 7#ab ,u4,s4,c4 #aghe7;g77#a77 is   
am5d$ by add+ at ! end ! foll[+ new     
s5t5ce3 ,a loan t is valid :5 made z to 
its maximum rate ( int]e/ 9 accordance )
 ?is subsection %all rema9 valid )      
respect to su* rate reg>dless ( :e!r !  
loan is subsequ5tly sold1 assign$1 or   
o!rwise transf]r$ to a ?ird p>ty1 & may 
be en=c$ by su* ?ird p>ty not)/&+ any   
,/ate law to ! contr>y44  7d7 ,am5dm5t  
to ! ,f$]al ,deposit ,insurance ,act    
,section #bg7;a7 ( ! ,f$]al ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          

#ahca;d7a77 is am5d$ by add+ at ! end ! 
foll[+ new s5t5ce3 ,a loan t is valid :5
 made z to its maximum rate ( int]e/ 9  
accordance ) ?is section %all rema9     
valid ) respect to su* rate reg>dless ( 
:e!r ! loan is subsequ5tly sold1        
assign$1 or o!rwise transf]r$ to a ?ird 
p>ty1 & may be en=c$ by su* ?ird p>ty   
not)/&+ any ,/ate law to ! contr>y44  ,r
 ,,ncua ,ov]head ,transp>5cy  #ehf4     
,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 ! public &   
available on ! ,bo>d's website4  4  ,s  
,h\s+ ,opportunities ,made ,easi]  #eia4
 ,cl>ification ( donat$ s]vices to      
non-pr(its ,section #abi;,e7i7 ( ! ,tru?
 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;e7i77
 is am5d$ by add+ at ! end ! foll[+3    
7#d7 ,rule ( con/ruction relat$ to      
appraisal donations ,= purposes (       
p>agraph 7#a71 if a fee apprais]        
volunt>ily donates appraisal s]vices to 
an organization describ$ 9 section      
#agj7;c77#b7 ( ! ,int]nal ,rev5ue ,code 
( #aihf1 su* volunt>y donation %all be  
deem$ cu/om>y & reasonable4  4  ,t      
,protection ( consum] in=mation by      
consum] report+ ag5cies  #eif4 ,s5se (  
,congress relat$ to protection ( consum]
 in=mation by consum] report+ ag5cies   
7a7 ,9 g5]al ,x is ! s5se ( ! ,congress 

t consum] report+ ag5cies & subsidi>ies 
( consum] report+ ag5cies %\ld1 :5      
provid+ access to consum]s to !         
in=mation conta9$ 9 ! file ( ! consum]  
ma9ta9$ by ! consum] report+ ag5cy1 use 
/rong multi-factor au!ntication         
proc$ures to v]ify ! id5tity ( consum]s4
  7b7 ,def9itions ,= purposes ( ?is     
section1 ! t]ms consum]1 consum] report+
 ag5cy1 & file h ! mean+s giv5 ^? t]ms 9
 section #fjc ( ! ,fair ,cr$it ,report+ 
,act 7#ae ,u4,s4,c4 #afha;a74  ,u       
,legitimate ,f9ancial ,transactions     
,report  #eig4 ,treasury report on      
legitimate f9ancial transactions ,n lat]
 ?an ! end ( ! #ij-;day p]iod beg9n+ on 
! date ( ! enactm5t ( ?is ,act1 !       
,secret>y ( ! ,treasury %all issue a    
report to ! ,congress on--  7#a7 !      
,secret>y's ef=ts to ensure t legitimate
 f9ancial transactions move freely &    
globally2 &  7#b7 h[ ! ,secret>y        
coord9ates on su* ef=ts ) ,f$]al bank   
regulators1 f9ancial in/itutions1 &     
money s]vice bus9esses4  ,v ,divid5d    

,waiv] ,au?ority = ,mutual ,hold+       
,companies  #eih4 ,divid5d waiv]        
au?ority = mutual hold+ companies       
,section #aj7o77#aa7 ( ! ,home ,own]s'  
,loan ,act 7#ab ,u4,s4,c4               
#adfg;a7o77#aa77 is am5d$-- 7#a7 9      
subp>agraph 7,d7--  7,a7 9 clause 7i71  
by add+ & at ! end2  7,b7 9 clause 7ii71
 by /rik+ 2 & & ins]t+ a p]iod2 &  7,c7 
by /rik+ clause 7iii72  7#b7 by am5d+   
subp>agraph 7,e7 to read z foll[s3  7,e7
 ,valuation ,! appropriate ,f$]al bank+ 
ag5cy may n consid] waiv$ divid5ds 9    
det]m9+ an appropriate ex*ange ratio 9 !
 ev5t ( a full conv]sion to /ock =m4  2 
&  7#c7 by add+ at ! end ! foll[+ new   
subp>agraph3  7,f7 ,rule ( con/ruction  
,no?+ 9 ?is p>agraph %all be con/ru$ to 
au?orize ! appropriate ,f$]al bank+     
ag5cy to require a vote ( memb]s ( a    
mutual hold+ company to approve "o or m 
divid5d waiv]s or to place any          
additional re/rictions on divid5d waiv]s
 by mutual hold+ companies t are        
inconsi/5t ) or exce$ ! requirem5ts set 

=? 9 ?is p>agraph4  4  ,,vi ,regulatory 
,relief = ,/rongly ,capitaliz$1 ,well   
,manag$ ,bank+ ,organizations  #fja4    
,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   
#fjb4  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 depository in/itution   
hold+ company1 ea* insur$ depository    
in/itution subsidi>y ( ! hold+ company  
simultane\sly makes ! election describ$ 
"u subsection 7a72 &  7#c7 ) 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  #fjb4       
,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 
,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$]al ,deposit ,insurance ,act4  7c7   
,treatm5t ( c]ta9 risk-weight$ 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  #fjc4 ,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
  #fjd4 ,/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  #fje4  
,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 ! date ( ! enactm5t ( ?is     
,act2  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 ! date ( ! enactm5t ( ?is 
,act4  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$4  7#i7 ,qualify+    
bank+ organization ,! t]m qualify+ bank+
 organization means a bank+ organization
 t has made an election "u section #fja 
& ) respect to :i* su* election is 9    
effect4  7#aj7 ,security-bas$ 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 ! date ( enactm5t ( ?is ,act2 &   
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 ! date ( !  
enactm5t ( ?is ,act4  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 ! date ( !    
enactm5t ( ?is ,act4  ,,vii ,emp[]+     
,am]icans to ,a*ieve ,f9ancial          
,indep5d5ce  ,a ,sep>ation ( ,p[]s &    
,lib]ty ,enhancem5ts  #gaa4 ,consum]    
,law ,en=cem5t ,ag5cy  7a7 ,mak+ !      
,bureau an indep5d5t ,consum] ,law      
,en=cem5t ,ag5cy ,! ,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] ,law ,en=cem5t ,ag5cy2  7,b7 9 
subsection 7a7-- 7i7 9 ! head+ ( su*    
subsection1 by /rik+ ,bureau & ins]t+   
,ag5cy2  7ii7 by /rik+ 9 ! ,f$]al       
,res]ve ,sy/em12  7iii7 by /rik+        
indep5d5t bureau & ins]t+ indep5d5t     
ag5cy2 &  7iv7 by /rik+ ,bureau (       
,consum] ,f9ancial ,protection & ins]t+ 
,consum] ,law ,en=cem5t ,ag5cy 7h]e9aft]
 9 ?is section ref]r$ to z ! ,ag5cy72   
7,c7 9 subsection 7b77#e71 by am5d+     
subp>agraph 7,a7 to read z foll[s3  7,a7
 %all be appo9t$ by ! ,presid5t2 &  2   
7,d7 9 subsection 7c71 by /rik+ p>agraph
 7#c72  7,e7 9 subsection 7e71 by /rik+ 
1 includ+ 9 cities 9 :i* ! ,f$]al res]ve
 banks1 or bran*es ( su* banks1 are     
locat$12 &  7,f7 by /rik+ ,bureau ea*   
place su* t]m appe>s & ins]t+ ,ag5cy2 & 
7#b7 9 section #ajab-- 7,a7 9 subsection
 7a77#aj71 by /rik+ exam9ations12 &     
7,b7 by /rik+ subsection 7c74  7b7      
,deem+ ( "n ,any ref]5ce 9 a law1       
regulation1 docum5t1 pap]1 or o!r record
 ( ! ,unit$ ,/ates to ! ,bureau (       

,consum] ,f9ancial ,protection %all be  
deem$ a ref]5ce to ! ,consum] ,law      
,en=cem5t ,ag5cy4  7c7 ,con=m+ am5dm5ts 
7#a7 ,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$-- 7,a7 9 !     
table ( cont5ts 9 section #a7;b7--  7i7 
by /rik+ ,bureau ( ,consum] ,f9ancial   
,protection ea* place su* t]m appe>s &  
ins]t+ ,consum] ,law ,en=cem5t ,ag5cy2 &
  7ii7 9 ! table ( cont5ts relat+ to    
title ,x1 9 ! items relat+ to subtitle  
,b1 subtitle ,c1 & section #ajbg1 by    
/rik+ ,bureau ea* place su* t]m appe>s &
 ins]t+ ,ag5cy2  7,b7 9 section #b1 by  
am5d+ p>agraph 7#d7 to read z foll[s3   
7#d7 ,ag5cy ,! t]m ,ag5cy means !       
,consum] ,law ,en=cem5t ,ag5cy e/abli%$ 
"u title ,x4  2  7,c7 9 section #cdb by 
/rik+ ,bureau ea* place su* t]m appe>s 9
 head+s & text & ins]t+ ,ag5cy2  7,d7 9 
section #adjj7;b7--  7i7 by /rik+       
,bureau ( ,consum] ,f9ancial ,protection

 & ins]t+ ,consum] ,law ,en=cem5t       
,ag5cy2 &  7ii7 9 ! subsection head+1 by
 /rik+ ,bureau ( ,consum] ,f9ancial     
,protection & ins]t+ ,consum] ,law      
,en=cem5t ,ag5cy2  7,e7 9 section       
#adaa7;a77#a71 by /rik+ ,bureau & ins]t+
 ,ag5cy2 &  7,f7 9 section #addg1 by    
/rik+ ,director ( ! ,bureau ea* place   
su* t]m appe>s & ins]t+ ,director ( !   
,consum] ,law ,en=cem5t ,ag5cy4  7#b7   
,alt]native ,mortgage ,transaction      
,p>ity ,act ( #aihb ,! ,alt]native      
,mortgage ,transaction ,p>ity ,act (    
#aihb 7#ab ,u4,s4,c4 #chja et seq47 is  
am5d$-- 7,a7 by /rik+ ,bureau ( ,consum]
 ,f9ancial ,protection ea* place su* t]m
 appe>s & ins]t+ ,consum] ,law ,en=cem5t
 ,ag5cy2 &  7,b7 9 ! subsection head+ ( 
subsection 7d7 ( section #hjd 7#ab      
,u4,s4,c4 #chjc7;d771 by /rik+ ,bureau &
 ins]t+ ,ag5cy4  7#c7 ,electronic ,fund 
,transf] ,act ,! ,electronic ,fund      
,transf] ,act 7#ae ,u4,s4,c4 #afic et   
seq47 is am5d$--  7,a7 by am5d+ ! second
 p>agraph 7#d7 7def9+ ! t]m ,bureau7 to 

read z foll[s3  7#d7 ! t]m ,ag5cy means 
! ,consum] ,law ,en=cem5t ,ag5cy2  2    
7,b7 9 section #iaf7;d77#a71 by /rik+   
,bureau ( ,consum] ,f9ancial ,protection
 & ins]t+ ,consum] ,law ,en=cem5t       
,ag5cy2 &  7,c7 by /rik+ ,bureau ea*    
place t t]m appe>s 9 head+ or text &    
ins]t+ ,ag5cy4  7#d7 ,equal ,cr$it      
,opportunity ,act ,! ,equal ,cr$it      
,opportunity ,act 7#ae ,u4,s4,c4 #afia  
et seq47 is am5d$-- 7,a7 9 section #gjb 
7#ae ,u4,s4,c4 #afia;a71 by am5d+       
subsection 7c7 to read z foll[s3  7c7 ,!
 t]m ,ag5cy means ! ,consum] ,law       
,en=cem5t ,ag5cy4  2 &  7,b7 by /rik+   
,bureau ea* place t t]m appe>s 9 head+  
or text & ins]t+ ,ag5cy4  7#e7 ,exp$it$ 
,funds ,availability ,act ,! ,exp$it$   
,funds ,availability ,act 7#ab ,u4,s4,c4
 #djja et seq47 is am5d$-- 7,a7 by /rik+
 ,bureau ( ,consum] ,f9ancial           
,protection ea* place su* t]m appe>s &  
ins]t+ ,consum] ,law ,en=cem5t ,ag5cy2 &
  7,b7 9 ! head+ ( section #fje7;f77#a71
 by /rik+ bo>d & bureau & ins]t+ ,bo>d &

 ,ag5cy4  7#f7 ,fair & ,accurate ,cr$it 
,transactions ,act ( #bjjc ,! ,fair &   
,accurate ,cr$it ,transactions ,act (   
#bjjc 7,public ,law #ajh-aei7 is am5d$  
by /rik+ ,bureau ea* place su* t]m      
appe>s 9 head+ & text & ins]t+ ,ag5cy4  
7#g7 ,fair ,cr$it ,report+ ,act ,! ,fair
 ,cr$it ,report+ ,act 7#ae ,u4,s4,c4    
#afha et seq47 is am5d$-- 7,a7 by am5d+ 
section #fjc7w7 to read z foll[s3  7w7  
,ag5cy ,! t]m ,ag5cy means ! ,consum]   
,law ,en=cem5t ,ag5cy4  2 &  7,b7 by    
/rik+ ,bureau ea* place su* t]m appe>s1 
o!r ?an 9 sections #fbf & #fjc7v71 &    
ins]t+ ,ag5cy4  7#h7 ,fair ,debt        
,collection ,practices ,act ,! ,fair    
,debt ,collection ,practices ,act 7#ae  
,u4,s4,c4 #afib et seq47 is am5d$-- 7,a7
 by am5d+ section #hjc7a7 to read z     
foll[s3  7#a7 ,! t]m ,ag5cy means !     
,consum] ,law ,en=cem5t ,ag5cy4  2 &    
7,b7 by /rik+ ,bureau ea* place su* t]m 
appe>s 9 head+ or text & ins]t+ ,ag5cy4 
7#i7 ,f$]al ,deposit ,insurance ,act ,! 
,f$]al ,deposit ,insurance ,act 7#ab    

,u4,s4,c4 #ahaa et seq47 is am5d$-- 7,a7
 9 ! second p>agraph 7#f7 7) ! head+    
,ref]ral to bureau ( consum] f9ancial   
protection7 ( section #h7t7 7#ab        
,u4,s4,c4 #ahah7t77--  7i7 9 ! p>agraph 
head+1 by /rik+ bureau ( consum]        
f9ancial protection2 & ins]t+ ,consum]  
,law ,en=cem5t ,ag5cy2 &  7ii7 by /rik+ 
,bureau ( ,consum] ,f9ancial ,protection
 & ins]t+ ,consum] ,law ,en=cem5t       
,ag5cy2  7,b7 by am5d+ clause 7vi7 (    
section #aa7t77#b77;,a7 7#ab ,u4,s4,c4  
#ahba7t77#b77;,a77vi77 to read z foll[s3
  7vi7 ,! ,consum] ,law ,en=cem5t       
,ag5cy4  2  7,c7 9 section #ah7x7 7#ab  
,u4,s4,c4 #ahbh7x771 by /rik+ ,bureau ( 
,consum] ,f9ancial ,protection ea* place
 su* t]m appe>s & ins]t+ ,consum] ,law  
,en=cem5t ,ag5cy2  7,d7 by /rik+ ,bureau
 ea* place su* t]m appe>s & ins]t+      
,ag5cy2 &  7,e7 9 section #dc7;e7 7#ab  
,u4,s4,c4 #ahcat7e771 by am5d+ p>agraph 
7#e7 to read z foll[s3  7#e7 ,ag5cy ,!  
t]m ,ag5cy means ! ,consum] ,law        
,en=cem5t ,ag5cy4  4  7#aj7 ,f$]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 #ajjd7;a77#d71 by
 /rik+ ,consum] ,f9ancial ,protection   
,bureau & ins]t+ ,consum] ,law ,en=cem5t
 ,ag5cy2 &  7,b7 9 section #ajaa1 by    
/rik+ ,bureau ( ,consum] ,f9ancial      
,protection & ins]t+ ,consum] ,law      
,en=cem5t ,ag5cy4  7#aa7 ,f9ancial      
,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi ,! ,f9ancial     
,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi 7,public ,law    
#aja-gc2 #ajc ,/at4 #ahc7 is am5d$--    
7,a7 9 section #aaab7;b7 7#ab ,u4,s4,c4 
#ccda71 by /rik+ ,bureau ( ,consum]     
,f9ancial ,protection & ins]t+ ,consum] 
,law ,en=cem5t ,ag5cy2  7,b7 9 section  
#aabd 7#ab ,u4,s4,c4 #ccec71 by /rik+   
,bureau ( ,consum] ,f9ancial ,protection
 ea* place su* t]m appe>s & ins]t+      
,consum] ,law ,en=cem5t ,ag5cy2  7,c7 9 
section #aabe 7#ab ,u4,s4,c4 #cced71 by 

/rik+ ,bureau ( ,consum] ,f9ancial      
,protection ea* place su* t]m appe>s &  
ins]t+ ,consum] ,law ,en=cem5t ,ag5cy2 &
  7,d7 9 section #abjf7;a7 7#ab         
,u4,s4,c4 #ahcc;b7a771 by /rik+ ,f$]al  
,h\s+ ,f9ance ,bo>d & all t foll[s ?r\gh
 ,f>m ,cr$it ,adm9i/ration & ins]t+     
,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,consum] 
,law ,en=cem5t ,ag5cy1 & ! ,f>m ,cr$it  
,adm9i/ration4  7#ab7 ,f9ancial ,lit]acy
 & ,education ,improvem5t ,act ,section 
#eac ( ! ,f9ancial ,lit]acy & ,education
 ,improvem5t ,act 7#bj ,u4,s4,c4 #igjb7 
is am5d$ by /rik+ ,bureau ( ,consum]    
,f9ancial ,protection ea* place su* t]m 
appe>s & ins]t+ ,consum] ,law ,en=cem5t 
,ag5cy4  7#ac7 ,gramm-,lea*-,bliley ,act
 ,title ,v ( ! ,gramm-,lea*-,bliley ,act
 7#ae ,u4,s4,c4 #fhja et seq47 is       
am5d$--  7,a7 by /rik+ ,bureau (        
,consum] ,f9ancial ,protection ea* place
 su* t]m appe>s & ins]t+ ,consum] ,law  
,en=cem5t ,ag5cy2 &  7,b7 9 section     
#eje7;a77#h7 7#ae ,u4,s4,c4             
#fhje7;a77#h771 by /rik+ ,bureau &      

ins]t+ ,ag5cy4  7#ad7 ,home ,mortgage   
,disclosure ,act ( #aige ,! ,home       
,mortgage ,disclosure ,act ( #aige 7#ab 
,u4,s4,c4 #bhja et seq47 is am5d$-- 7,a7
 by /rik+ ,bureau ( ,consum] ,f9ancial  
,protection ea* place su* t]m appe>s &  
ins]t+ ,consum] ,law ,en=cem5t ,ag5cy2  
7,b7 by /rik+ ,bureau ea* place su* t]m 
appe>s & ins]t+ ,ag5cy2 &  7,c7 9       
section #cjc1 by am5d+ p>agraph 7#a7 to 
read z foll[s3  7#a7 ! t]m ,ag5cy means 
! ,consum] ,law ,en=cem5t ,ag5cy2  4    
7#ae7 ,home[n]s ,protection ,act ( #aiih
 ,section #aj7;a77#d7 ( ! ,home[n]s     
,protection ,act ( #aiih 7#ab ,u4,s4,c4 
#diji7;a77#d77 is am5d$ by /rik+ ,bureau
 ( ,consum] ,f9ancial ,protection &     
ins]t+ ,consum] ,law ,en=cem5t ,ag5cy4  
7#af7 ,home ,own]%ip & ,equity          
,protection ,act ( #aiid ,section       
#aeh7;a7 ( ! ,home ,own]%ip & ,equity   
,protection ,act ( #aiid 7#ae ,u4,s4,c4 
#afja note7 is am5d$ by /rik+ ,bureau & 
ins]t+ ,consum] ,law ,en=cem5t ,ag5cy4  
7#ag7 ,int]/ate ,l& ,sales ,full        

,disclosure ,act ,! ,int]/ate ,l& ,sales
 ,full ,disclosure ,act 7#ab ,u4,s4,c4  
#agja et seq47 is am5d$--  7,a7 by /rik+
 ,bureau ( ,consum] ,f9ancial           
,protection ea* place su* t]m appe>s &  
ins]t+ ,ag5cy2  7,b7 9 section #adjb1 by
 am5d+ p>agraph 7#ab7 to read z foll[s3 
7#ab7 ,ag5cy means ! ,consum] ,law      
,en=cem5t ,ag5cy4  2 &  7,c7 9 section  
#adaf1 by /rik+ ,bureau ea* place su*   
t]m appe>s & ins]t+ ,ag5cy4  7#ah7 ,real
 ,e/ate ,settlem5t ,proc$ures ,act (    
#aigd ,! ,real ,e/ate ,settlem5t        
,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4  
#bfja et seq47 is am5d$-- 7,a7 by /rik+ 
,bureau ( ,consum] ,f9ancial ,protection
 ea* place su* t]m appe>s & ins]t+      
,consum] ,law ,en=cem5t ,ag5cy2  7,b7 by
 /rik+ ,bureau ea* place su* t]m appe>s 
& ins]t+ ,ag5cy2 &  7,c7 9 section #c1  
by am5d+ p>agraph 7#i7 to read z foll[s3
  7#i7 ! t]m ,ag5cy means ! ,consum]    
,law ,en=cem5t ,ag5cy4  4  7#ai7 ,revis$
 ,/atues ( ! ,unit$ ,/ates ,section     
#eacf;,c7b77#c77;,b7 ( ! ,revis$        

,/atutes ( ! ,unit$ ,/ates 7#ab         
,u4,s4,c4 #be;b7b77#c77;,b77 is am5d$ by
 /rik+ ,bureau ( ,consum] ,f9ancial     
,protection & ins]t+ ,consum] ,law      
,en=cem5t ,ag5cy4  7#bj7 ,"r to         
,f9ancial ,privacy ,act ( #aigh ,! ,"r  
to ,f9ancial ,privacy ,act ( #aigh 7#ab 
,u4,s4,c4 #cdja et seq47 is am5d$-- 7,a7
 by am5d+ subp>agraph 7,b7 ( section    
#aaja7g7 7#ab ,u4,s4,c4 #cdja7g77;,b77  
to read z foll[s3  7,b7 ! ,consum] ,law 
,en=cem5t ,ag5cy2  2 &  7,b7 by /rik+   
,bureau ( ,consum] ,f9ancial ,protection
 ea* place su* t]m appe>s 9 head+ or    
text & ins]t+ ,consum] ,law ,en=cem5t   
,ag5cy4  7#ba7 ,s4,a4,f4,e4 ,mortgage   
,lic5s+ ,act ( #bjjh ,! ,s4,a4,f4,e4    
,mortgage ,lic5s+ ,act ( #bjjh 7#ab     
,u4,s4,c4 #eaja et seq47 is am5d$-- 7,a7
 9 section #aejg1 by /rik+ ,bureau1 & ! 
,bureau ( ,consum] ,f9ancial ,protection
 ea* place su* t]m appe>s & ins]t+      
,consum] ,law ,en=cem5t ,ag5cy2  7,b7 by
 /rik+ ,bureau ( ,consum] ,f9ancial     
,protection ea* place su* t]m appe>s &  

ins]t+ ,consum] ,law ,en=cem5t ,ag5cy2  
7,c7 by /rik+ ,bureau ea* place su*     
appe>s1 o!r ?an 9 sections              
#aeje7;a77#a71 #aejg7;a77#b77;,a71 &    
#aeaa7;b71 & ins]t+ ,ag5cy2  7,d7 9     
section #aejc1 by am5d+ p>agraph 7#a7 to
 read z foll[s3  7#a7 ,ag5cy ,! t]m     
,ag5cy means ! ,consum] ,law ,en=cem5t  
,ag5cy4  2  7,e7 9 ! head+ ( section    
#aejh1 by /rik+ ,,bureau ,,( ,,consum]  
,,f9ancial ,,protection & ins]t+        
,consum] ,law ,en=cem5t ,ag5cy2 &  7,f7 
9 ! head+ ( section #aead1 by /rik+     
,,bureau & ins]t+ ,,ag5cy4  7#bb7       
,telem>ket+ & ,consum] ,fraud & ,abuse  
,prev5tion ,act ,! ,telem>ket+ &        
,consum] ,fraud & ,abuse ,prev5tion ,act
 7#ae ,u4,s4,c4 #faja et seq47 is am5d$ 
by /rik+ ,bureau ( ,consum] ,f9ancial   
,protection ea* place su* t]m appe>s 9  
head+ or text & ins]t+ ,consum] ,law    
,en=cem5t ,ag5cy4  7#bc7 ,title #e1     
,unit$ ,/ates ,code ,title #e1 ,unit$   
,/ates ,code1 is am5d$--  7,a7 9 section
 #eeb;a7w7-- 7i7 9 ! subsection head+1  

by /rik+ ,bureau ( ,consum] ,f9ancial   
,protection & ins]t+ ,consum] ,law      
,en=cem5t ,ag5cy2  7ii7 by /rik+ ,bureau
 ( ,consum] ,f9ancial ,protection &     
ins]t+ ,consum] ,law ,en=cem5t ,ag5cy2  
7,b7 9 section #fji7;d77#b71 by /rik+   
,consum] ,f9ancial ,protection ,bureau (
 ! ,f$]al ,res]ve ,sy/em & ins]t+       
,consum] ,law ,en=cem5t ,ag5cy2 &  7,c7 
9 section #cacb7;a77#a77;,d71 by ins]t+ 
! ,consum] ,law ,en=cem5t ,ag5cy1 be=e &
 ! ,national ,cr$it ,union              
,adm9i/ration4  7#bd7 ,title #aj1 ,unit$
 ,/ates ,code  7,a7 ,section #ihg       
,section #ihg7;h77#c77;,e7 ( title #aj1 
,unit$ ,/ates ,code1 is am5d$ by /rik+  
,bureau ( ,consum] ,f9ancial ,protection
 & ins]t+ ,consum] ,law ,en=cem5t       
,ag5cy4  7,b7 ,,ndaa ,,fy #bjae ,section
 #eeg7;a7 ( ! ,c>l ,lev9 & ,h[>d ,p4    
,buck ,mc,keon ,national ,def5se        
,au?orization ,act = ,fiscal ,ye> #bjae 
7,public ,law #aac-bi2 #abh ,/at4 #ccha2
 #aj ,u4,s4,c4 #aadd note71 is am5d$ by 
/rik+ ,consum] ,f9ancial ,protection    

,bureau ea* place su* t]m appe>s &      
ins]t+ ,consum] ,law ,en=cem5t ,ag5cy4  
7#be7 ,title #dd1 ,unit$ ,/ates ,code   
,title #dd1 ,unit$ ,/ates ,code1 is     
am5d$--  7,a7 9 section #cejb7e71 by    
/rik+ ! ,bureau ( ,consum] ,f9ancial    
,protection12 &  7,b7 9 section         
#ceac7;c71 by /rik+ ,bureau ( ,consum]  
,f9ancial ,protection & ins]t+ ,consum] 
,law ,en=cem5t ,ag5cy4  7#bf7 ,tru? 9   
,l5d+ ,act ,! ,tru? 9 ,l5d+ ,act 7#ae   
,u4,s4,c4 #afja et seq47 is am5d$-- 7,a7
 by am5d+ section #ajc7;b7 7#ae         
,u4,s4,c4 #afjb7;b77 to read z foll[s3  
7b7 ,ag5cy ,! t]m ,ag5cy means !        
,consum] ,law ,en=cem5t ,ag5cy4  2  7,b7
 by am5d+ section #ajc7;c7 7#ae         
,u4,s4,c4 #afjb7;c77 to read z foll[s3  
7c7 ,bo>d ,! t]m ,bo>d means ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em4  2 
&  7,c7 9 section #abh7;f7 7#ae         
,u4,s4,c4 #afch7;f771 by /rik+ ,bo>d ea*
 place su* t]m appe>s & ins]t+ ,ag5cy2  
7,d7 9 sections #abi;,b 7#ae ,u4,s4,c4  
#afci;b7 & #abi;,c 7#ae ,u4,s4,c4       

#afci;c71 by /rik+ ,bo>d ea* place su*  
t]m appe>s & ins]t+ ,ag5cy2  7,e7 9     
section #adj;,a 7#ae ,u4,s4,c4 #afea71  
by /rik+ 9 consultation ) ! ,bureau &   
ins]t+ 9 consultation ) ! ,f$]al ,trade 
,commission2  7,f7 by /rik+ ,bureau ea* 
place su* t]m appe>s 9 head+ or text &  
ins]t+ ,ag5cy2 &  7,g7 by /rik+ bureau &
 ins]t+ ,ag5cy 9 ! p>agraph head+s =--  
7i7 section #abb7;d77#b7 7#ae ,u4,s4,c4 
#afcb7;d77#b772  7ii7 section           
#abg7;c77#e7 7#ae ,u4,s4,c4             
#afcg7;c77#e772  7iii7 section          
#abg7r77#c7 7#ae ,u4,s4,c4              
#afcg7r77#c772 &  7iv7 section          
#abg;,a7a77#ad7 7#ae ,u4,s4,c4          
#afcg;a7a77#ad774  7#bg7 ,tru? 9 ,sav+s 
,act ,! ,tru? 9 ,sav+s ,act 7#ab        
,u4,s4,c4 #dcja et seq47 is am5d$-- 7,a7
 by am5d+ p>agraph 7#d7 ( section #bgd  
7#ab ,u4,s4,c4 #dcac7d77 to read z      
foll[s3  7#d7 ,ag5cy ,! t]m ,ag5cy means
 ! ,consum] ,law ,en=cem5t ,ag5cy4  2   
7,b7 by /rik+ ,national ,cr$it ,union   
,adm9i/ration ,bureau ea* place su* t]m 

appe>s & ins]t+ ,national ,cr$it ,union 
,adm9i/ration ,bo>d2 &  7,c7 by /rik+   
,bureau ea* place su* t]m appe>s &      
ins]t+ ,ag5cy1 except 9 section         
#bcc7;b77#d77;,b74  #gab4 ,br++ ! ,ag5cy
 into ! regul> appropriations process   
,section #ajag ( ! ,consum] ,f9ancial   
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edig7 is am5d$--  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 !     

,ag5cy = ea* ( fiscal ye>s #bjag & #bjah
 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$esignat+ p>agraph 7#d7 z      
p>agraph 7#b74  #gac4 ,consum] ,law     
,en=cem5t ,ag5cy ,inspector ,g5]al ,re=m
  7a7 ,appo9tm5t ( ,inspector ,g5]al ,! 
,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app47 is am5d$--  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] ,law         
,en=cem5t ,ag5cy2 aft] ! ,presid5t ( !  
,export-,import ,bank22 &  7,b7 9       
p>agraph 7#b71 by ins]t+ ! ,consum] ,law
 ,en=cem5t ,ag5cy1 aft] !               

,export-,import ,bank14  7b7            
,requirem5ts = ! ,inspector ,g5]al = !  
,consum] ,law ,en=cem5t ,ag5cy  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  7f7 ,inspector ,g5]al ,!re is  
e/abli%$ ! position ( ! ,inspector      
,g5]al ( ! ,ag5cy4  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 ( ! ,ag5cy %all appe> be=e ea* ( 
! ,committee on ,bank+1 ,h\s+1 & ,urban 
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives at semi-annual he>+s no 
less frequ5tly ?an twice annually1 at a 
date det]m9$ by ! *airman ( ! respective
 committee1 to te/ify 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] ,law ,en=cem5t ,ag5cy4 
4  7#d7 ,appo9tm5t ,! ,presid5t %all    
appo9t an ,inspector ,g5]al = ! ,consum]
 ,law ,en=cem5t ,ag5cy 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$]al ,res]ve 
,sy/em & ! ,bureau ( ,consum] ,f9ancial 
,protection %all s]ve 9 t position until
 ! confirmation ( an ,inspector ,g5]al =
 ! ,consum] ,law ,en=cem5t ,ag5cy4 ,at t
 "t1 ! ,inspector ,g5]al ( ! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! 
,bureau ( ,consum] ,f9ancial ,protection
 %all become ! ,inspector ,g5]al ( !    

,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em4  #gad4 ,private p>ties au?oriz$ 
to compel ! ,ag5cy 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 ! ,ag5cy 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 ! ,ag5cy "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 ! ,ag5cy to t]m9ate ! proce$+4  
7#b7 ,civil action au?oriz$ ,if a p]son 
requires ! ,ag5cy to t]m9ate a proce$+  
pursuant to p>agraph 7#a71 ! ,ag5cy 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  #gae4 
,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$--  7#a7 9     
subsection 7c7-- 7,a7 9 p>agraph 7#b71  
by ins]t+ aft] %all /ate ! foll[+3 )    
specificity2 &  7,b7 by add+ at ! end ! 
foll[+3  7#ad7 ,meet+ requirem5t ,!     
recipi5t ( a civil inve/igative dem&    
%all meet & conf] ) an ,ag5cy           
inve/igator )9 #cj cal5d> days aft]     
receipt ( ! dem& to discuss & attempt to
 resolve all issues reg>d+ compliance ) 
! civil inve/igative dem&1 unless !     
,ag5cy grants an ext5sion reque/$ 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 ,ag5cy      
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  #gaf4 ,ag5cy dual m&ate 
& economic analysis  7a7 ,purpose       
,section #ajba7;a7 ( ! ,consum]         
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #eeaa7;a77 is am5d$ by add+ at
 ! end ! foll[+3 ,9 addition1 !         
,director %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] *oice44  7b7 ,(fice (   
,economic ,analysis  7#a7 ,9 g5]al      
,section #ajac ( ! ,consum] ,f9ancial   
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edic71 z am5d$ by section #gbe1 is     
fur!r am5d$ by add+ at ! end ! foll[+3  
7h7 ,(fice ( ,economic ,analysis  7#a7  
,e/abli%m5t ,! ,director %all1 n lat]   
?an ! end ( ! #fj-;day p]iod beg9n+ on !
 date ( ! enactm5t ( ?is subsection1    
e/abli% an ,(fice ( ,economic ,analysis4
  7#b7 ,direct report+ ,! head ( !      
,(fice ( ,economic ,analysis %all report
 directly to ! ,director4  7#c7 ,review 
& assessm5t ( propos$ rules &           
regulations ,! ,(fice ( ,economic       
,analysis %all--  7,a7 review all       
propos$ rules & regulations1 includ+    
regulatory guidance1 ( ! ,ag5cy2  7,b7  
assess ! impact ( su* rules &           
regulations1 includ+ regulatory         
guidance1 on consum] *oice1 price1 &    
access to cr$it products2 &  7,c7 publi%

 a report on su* reviews & assessm5ts 9 
! ,f$]al ,regi/]4  7#d7 ,measur+ exi/+  
rules & regulations ,! ,(fice (         
,economic ,analysis %all--  7,a7 review 
ea* rule & regulation issu$ by ! ,ag5cy 
aft] #a1 #b1 #f1 & #aa ye>s ( ! date su*
 rule became effective2  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  7#e7 ,co/-b5efit       
analysis relat$ to adm9i/rative en=cem5t
 & civil actions ,! ,(fice ( ,economic  
,analysis %all--  7,a7 c>ry out a       
co/-b5efit analysis ( any propos$       
adm9i/rative en=cem5t action1 civil     
lawsuit1 or cons5t ord] ( ! ,ag5cy2 &   
7,b7 assess ! impact ( su* compla9t1    
lawsuit1 or ord] on consum] *oice1      
price1 & access to cr$it products4  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 ,be=e issu+
 any rule or regulation1 ! ,director    
%all consid] ! review & assessm5t ( su* 
rule or regulation1 includ+ regulatory  
guidance1 c>ri$ out by ! ,(fice (       
,economic ,analysis4  7#f7              
,id5tification ( problems & metrics =   
judg+ success  7,a7 ,9 g5]al ,!         
,director %all1 9 ea* propos$ rulemak+ (
 ! ,ag5cy-- 7i7 id5tify ! problem t !   
p>ticul> rule or regulations is seek+ to
 solve2 &  7ii7 specify ! metrics by :i*
 ! ,ag5cy 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  7#c7 ,consid]ation (      
co/-b5efit review relat$ to adm9i/rative
 actions ,! ,dodd-,frank ,wall ,/reet   
,re=m & ,consum] ,protection ,act 7#ab  
,u4,s4,c4 #ecja et seq47 is am5d$-- 7,a7

 9 subtitle ,e ( title ,x1 by add+ at ! 
end ! foll[+3  #ajei4 ,consid]ation (   
co/-b5efit analysis relat$ to           
adm9i/rative en=cem5t & civil actions   
,be=e initiat+ any adm9i/rative en=cem5t
 action or civil lawsuit or ent]+ into a
 cons5t ord]1 ! ,director %all consid] !
 co/-b5efit analysis ( su* action1      
lawsuit1 or ord] c>ri$ out by ! ,(fice (
 ,economic ,analysis4  2 &  7,b7 9 !    
table ( cont5ts "u section #a7;b71 by   
ins]t+ aft] ! item relat+ to section    
#ajeh ! foll[+3  ,sec4 #ajei4           
,consid]ation ( co/-b5efit analysis     
relat$ to adm9i/rative en=cem5t & civil 
actions4  4  7c7 ,avoidance (           
duplicative or unnecess>y analyses ,!   
,consum] ,law ,en=cem5t ,ag5cy may p]=m 
any ( ! analyses requir$ by ! am5dm5ts  
made 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  #gag4 ,no    
def]5ce to ,ag5cy 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$]al ,trade ,commission2   
7,b7 by /rik+ 2 or & ins]t+ a p]iod2 &  
7,c7 by /rik+ clause 7ii74  ,b          
,adm9i/rative ,enhancem5ts  #gba4       
,advisory op9ions ,section #ajbb7;b7 ( !
 ,consum] ,f9ancial ,protection ,act (  
#bjaj 7#ab ,u4,s4,c4 #eeab7;b771 z am5d$
 by section #gaf1 is fur!r am5d$ by add+
 at ! end ! foll[+3  7#g7 ,advisory     
op9ions  7,a7 ,e/abli%+ proc$ures  7i7  
,9 g5]al ,! ,director %all e/abli% a    
proc$ure &1 z necess>y1 promulgate rules
 to provide writt5 op9ions 9 response to
 inquiries conc]n+ ! con=mance (        
specific conduct ) ,f$]al consum]       
f9ancial law4 ,9 e/abli%+ ! proc$ure1 ! 
,director %all consult ) ! prud5tial    

regulators & su* o!r ,f$]al dep>tm5ts & 
ag5cies z ! ,director det]m9es          
appropriate1 & obta9 ! views ( all      
int]e/$ 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 ! ,director 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 ! ,director 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 ,! ,director %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 ! ,director det]m9es t ! ,ag5cy 
requires additional "t to issue an      
op9ion1 ! ,director may make a s+le     
ext5sion ( ! deadl9e ( #ij days or less4
  7iii7 ,d5ial ( reque/s ,! ,director   
%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 !
 ,ag5cy )9 a reasonable "t e/abli%$ by !
 ,ag5cy4  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

 ! ,ag5cy's public record #ij days aft] 
! reque/+ p>ty has receiv$ ! advice1    
subject to any limitations on public    
disclosure aris+ f /atutory re/rictions1
 ,ag5cy regulations1 or ! public int]e/4
 ,! ,ag5cy %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 ,! ,ag5cy %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 ! ,director 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 ,assi/ance = small bus9esses  7i7  
,9 g5]al ,! ,ag5cy %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,e7 ,inquiry fee  7i7 ,9 g5]al ,!      
,director %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 ! ,director %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 ,! ,director %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  #gbb4 ,re=m 
( ,consum] ,f9ancial ,civil ,p5alty     
,fund  7a7 ,segregat$ ,acc\nts ,section 
#ajag7;b7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj1 z r$esignat$  
by section #gab1 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 ,! 
,ag5cy %all e/abli% & ma9ta9 a segregat$
 acc\nt 9 ! ,civil ,p5alty ,fund ea* "t 
! ,ag5cy 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 ,! 
,ag5cy %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 ! ,ag5cy %all id5tify ! class (  
victims ( ! violation ( ,f$]al consum]  
f9ancial laws = :i* su* am\nts 7        
collect$ & deposit$ "u p>agraph 7#b74   
7ii7 ,paym5ts ,! ,ag5cy1 )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 ,!   
,ag5cy %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 ! ,ag5cy 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 ! ,ag5cy %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] ,law ,en=cem5t   
,ag5cy %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  #gbc4 
,ag5cy 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 ( !   
,ag5cy %all be set & adju/$ by !        

,director 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] ,law ,en=cem5t 
,ag5cy foll[+ ! #ij-;day p]iod beg9n+ on
 ! date ( enactm5t ( ?is ,act4  #gbd4   
,elim9ation ( m>ket monitor+ functions  
,! ,consum] ,f9ancial ,protection ,act (
 #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is 
am5d$--  7#a7 9 section #ajba7;c7-- 7,a7
 by /rik+ p>agraph 7#c72 &  7,b7 by     
r$esignat+ p>agraphs 7#d71 7#e71 & 7#f7 
z p>agraphs 7#c71 7#d71 & 7#e71         
respectively2  7#b7 9 section #ajbb1 by 
/rik+ subsection 7c72 &  7#c7 9 section 
#ajbf7;b71 by /rik+ 1 & to assess &     
detect risks to consum]s & consum]      
f9ancial m>kets4  #gbe4 ,re=ms to       
m&atory functional units ,! ,consum]    
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edha et seq47 is am5d$--     
7#a7 9 section #ajac-- 7,a7 9 subsection
 7b7--  7i7 9 p>agraph 7#a71 by /rik+   

%all e/abli% & ins]t+ may e/abli%2  7ii7
 9 p>agraph 7#b71 by /rik+ %all e/abli% 
& ins]t+ may e/abli%2 &  7iii7 p>agraph 
7#c77;,d7-- 7,i7 by /rik+ ,to facilitate
 prep>ation ( ! reports requir$ "u      
subp>agraph 7,c71 sup]vision & en=cem5t 
activities1 & monitor+ ( ! m>ket =      
consum] f9ancial products & s]vices1 ! &
 ins]t+ ,!2 &  7,,ii7 by add+ at ! end !
 foll[+3 ,in=mation collect$ "u ?is     
p>agraph may n be made publicly         
available1 except z requir$ by law42    
7,b7 9 subsection 7c7--  7i7 9 p>agraph 
7#a71 by /rik+ %all e/abli% & ins]t+ may
 e/abli%2 &  7ii7 9 p>agraph 7#c71 by   
/rik+ ,!re is e/abli%$ ! & ins]t+ ,at   
any "t :5 ! ,(fice ( ,fair ,l5d+ &      
,equal ,opportunity exi/s )9 ! ,ag5cy1  
!re %all be a2  7,c7 9 subsection 7d7-- 
7i7 9 p>agraph 7#a71 by /rik+ %all      
e/abli% & ins]t+ may e/abli%2  7ii7 9   
p>agraph 7#c7-- 7,i7 9 subp>agraph 7,a71
 by ins]t+ 1 if su* ,(fice exi/s )9 !   
,ag5cy1 aft] ,community ,affairs ,(fice2
 &  7,,ii7 9 subp>agraph 7,b71 by /rik+ 

e/abli%$ by ! ,director & ins]t+ 1 if   
e/abli%$ by ! ,director12 &  7iii7 9    
p>agraph 7#d71 by /rik+ ,n lat] ?an #bd 
mon?s aft] ! designat$ transf] date1 &  
annually !reaft]1 & ins]t+ ,annually1 at
 any "t :5 ! ,(fice ( ,f9ancial         
,education exi/s )9 ! ,ag5cy12  7,d7 9  
subsection 7e77#a71 by /rik+ %all       
e/abli% & ins]t+ may e/abli%2  7,e7 by  
/rik+ subsection 7f72  7,f7 by          
r$esignat+ subsections 7g7 & 7h7 z      
subsections 7f7 & 7g71 respectively2 &  
7,g7 9 subsection 7f71 z s r$esignat$-- 
7i7 9 p>agraph 7#a7-- 7,i7 by /rik+     
,be=e ! end ( ! #ahj-;day p]iod beg9n+  
on ! designat$ transf] date1 ! ,director
 %all & ins]t+ ,! ,director may2 &      
7,,ii7 by /rik+ on protection f unfair1 
deceptive1 & abusive practices &2  7ii7 
9 p>agraph 7#b71 by /rik+ ,! ,(fice &   
ins]t+ ,at any "t :5 ! ,(fice (         
,f9ancial ,protection = ,old] ,am]icans 
exi/s )9 ! ,ag5cy1 ! ,(fice2 &  7iii7 9 
p>agraph 7#c7-- 7,i7 9 subp>agraph      
7,a7--  7aa7 by /rik+ clause 7i72  7bb7 

by r$esignat+ clauses 7ii7 & 7iii7 z    
clauses 7i7 & 7ii71 respectively2 &     
7cc7 9 clause 7ii71 z s r$esignat$1 by  
/rik+ to respond to consum] problems    
caus$ by unfair1 deceptive1 or abusive  
practices2  7,,ii7 9 subp>agraph 7,b71  
by /rik+ & al]t ! ,commission & ,/ate   
regulators ( c]tifications or           
designations t are id5tifi$ z unfair1   
deceptive1 or abusive2 &  7,,iii7 9     
subp>agraph 7,d7-- 7aa7 by /rik+ clause 
7i72 &  7bb7 by r$esignat+ clauses 7ii7 
& 7iii7 z clauses 7i7 & 7ii71           
respectively2  7#b7 9 section #ajbi7;e71
 by ins]t+ aft] ,affairs1 ! foll[+3 if  
e/abli%$ "u ?is title12 &  7#c7 9       
section #ajce-- 7,a7 9 subsection 7a71  
by /rik+ %all designate & ins]t+ may    
designate2 &  7,b7 9 subsection 7b71 by 
/rik+ ,! ,secret>y & ins]t+ ,if !       
,secret>y designates ! ,ombudsman "u    
subsection 7a71 ! ,secret>y4  #gbf4     
,repeal ( m&atory advisory bo>d  7a7 ,9 
g5]al ,section #ajad ( ! ,consum]       
,f9ancial ,protection ,act ( #bjaj 7#ab 

,u4,s4,c4 #edid7 is repeal$4  7b7       
,cl]ical am5dm5t ,! table ( cont5ts 9   
section #a7;b7 ( ! ,dodd-,frank ,wall   
,/reet ,re=m & ,consum] ,protection ,act
 is am5d$ by /rik+ ! item relation to   
section #ajad4  7c7 ,rule ( ,con/ruction
 ,no?+ 9 ?is section may be con/ru$ z   
limit+ ! au?ority ( ! ,director ( !     
,consum] ,law ,en=cem5t ,ag5cy to       
e/abli% advisory committees pursuant to 
! ,f$]al ,advisory ,committee ,act4     
#gbg4 ,elim9ation ( sup]vision au?ority 
7a7 ,9 g5]al ,! ,consum] ,f9ancial      
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha et seq47 is am5d$-- 7#a7 9 section
 #ajjb7ae77;,b77ii77,i71 by /rik+       
exam9ation or2  7#b7 9 section          
#ajac7;a77#a77;,b71 by /rik+ compliance 
exam9]s1 compliance sup]vision analy/s12
  7#c7 9 section #ajaf7;c7--  7,a7 9    
p>agraph 7#e71 by /rik+ sup]visory &2 & 
7,b7 9 p>agraph 7#f71 by /rik+ ord]s1 & 
sup]visory actions & ins]t+ & ord]s2    
7#d7 9 section #ajbd-- 7,a7 9 ! head+1  
by /rik+ ,,sup]vision ,,( & ins]t+      

,,au?ority ,,) ,,respect ,,to ,,c]ta92  
7,b7 9 subsection 7a7-- 7i7 9 p>agraph  
7#a77;,b71 by /rik+ z def9$ by rule 9   
accordance ) p>agraph 7#b7 & ins]t+ z ( 
! date ( ! enactm5t ( ! ,f9ancial       
,,*oice ,act ( #bjag2  7ii7 by /rik+    
p>agraph 7#b72  7iii7 by r$esignat+     
p>agraph 7#c7 z p>agraph 7#b72 &  7iv7 9
 subp>agraph 7,a7 ( p>agraph 7#b71 z s  
r$esignat$1 by /rik+ #ajbe7;a7 or2  7,c7
 by /rik+ subsection 7b72  7,d7 by      
r$esignat+ subsections 7c71 7d71 7e71 & 
7f7 z subsections 7b71 7c71 7d71 & 7e71 
respectively2  7,e7 9 subsection 7c71 z 
s r$esignat$--  7i7 9 ! head+1 by /rik+ 
& ,exam9ation ,au?ority2 &  7ii7 by     
/rik+ 1 conduct exam9ations1 ea* place  
su* t]m appe>s2  7,f7 9 subsection 7d71 
z s r$esignat$-- 7i7 by ins]t+ rulemak+ 
& en=cem5t1 b n sup]visory1 be=e        
au?ority ( ! ,bureau2 &  7ii7 by /rik+  
conduct+ any exam9ation or requir+ any  
report f a s]vice provid] subject to ?is
 subsection & ins]t+ c>ry+ out any      
au?ority pursuant to ?is subsection )   

respect to a s]vice provid]2  7#e7 by   
/rik+ section #ajbe2  7#f7 9 section    
#ajbf-- 7,a7 by am5d+ subsection 7a7 to 
read z foll[s3  7a7 ,scope ( cov]age    
,?is section %all apply to any cov]$    
p]son t is an insur$ depository         
in/itution or an insur$ cr$it union4  2 
7,b7 9 subsection 7b77#c71 by /rik+     
report ( exam9ation or relat$2  7,c7 by 
/rik+ subsection 7c72  7,d7 by          
r$esignat+ subsections 7d7 & 7e7 z      
subsections 7c7 & 7d71 respectively2    
7,e7 9 subsection 7c71 z s r$esignat$1  
by add+ at ! end ! foll[+3  7#c7 ,v l>ge
 in/itutions  7,a7 ,prim>y en=cem5t     
au?ority ,not)/&+ p>agraph 7#a71 to !   
ext5t t ! ,ag5cy & ano!r ,f$]al ag5cy   
are au?oriz$ to en=ce a ,f$]al consum]  
f9ancial law1 ! ,ag5cy %all h prim>y    
au?ority to en=ce t ,f$]al consum]      
f9ancial law ) respect to an insur$     
depository in/itution or insur$ cr$it   
union1 if su* depository in/itution or  
cr$it union has total assets ( m ?an    
#aj1jjj1jjj1jjj1 & any affiliate !re(4  

7,b7 ,ref]ral ,any ,f$]al ag5cy1 o!r ?an
 ! ,f$]al ,trade ,commission1 t is      
au?oriz$ to en=ce a ,f$]al consum]      
f9ancial law may recomm5d1 9 writ+1 to !
 ,ag5cy t ! ,ag5cy initiate an en=cem5t 
proce$+ ) respect to a p]son describ$ 9 
subp>agraph 7,a71 z ! ,ag5cy is au?oriz$
 to d by t ,f$]al consum] f9ancial law4 
7,c7 ,backup en=cem5t au?ority ,if !    
,ag5cy does n1 be=e ! end ( ! #abj-;day 
p]iod beg9n+ on ! date on :i* ! ,ag5cy  
receives a recomm5dation "u subp>agraph 
7,b71 initiate an en=cem5t proce$+1 !   
o!r ag5cy ref]r$ to 9 subp>agraph 7,b7  
may initiate an en=cem5t proce$+4  2 &  
7,f7 9 subsection 7d71 z s r$esignat$-- 
7i7 by ins]t+ aft] subsection 7a7 !     
foll[+3 1 or to any p]son describ$ "u   
subsection 7c77#c77;,a712  7ii7 by /rik+
 section #ajbe & ins]t+ ?is section2 &  
7iii7 by /rik+ ,:5 conduct+ any         
exam9ation or requir+ any report f a    
s]vice provid] subject to ?is subsection
 & ins]t+ ,9 c>ry+ out any au?ority     
pursuant to ?is subsection ) respect to 

a s]vice provid]2  7#g7 9 section       
#ajbg-- 7,a7 by /rik+ sup]visory1 ea*   
place su* t]m appe>s2  7,b7 9 subsection
 7e77#a71 by /rik+ sup]visory or2 &     
7,c7 9 subsection 7p71 by /rik+ section 
#ajbd7;c77#a7 & ins]t+ section          
#ajbd7;b77#a72  7#h7 9 section #ajcd--  
7,a7 by /rik+ subsections 7b7 & 7c72 &  
7,b7 by r$esignat+ subsection 7d7 z     
subsection 7b72  7#i7 9 section #ajec-- 
7,a7 9 subsection 7b77#a77;,a71 by /rik+
 sections #ajbd1 #ajbe1 & #ajbf & ins]t+
 sections #ajbd & #ajbf2 &  7,b7 9      
subsection 7c77#c77;,b77ii77,,ii71 by   
/rik+ 1 by exam9ation or o!rwise12      
7#aj7 9 section #ajed7;a71 by /rik+     
sections #ajbd1 #ajbe1 & #ajbf & ins]t+ 
sections #ajbd & #ajbf2  7#aa7 9 section
 #ajfa--  7,a7 9 subsection 7a77#a7--   
7i7 9 subp>agraph 7,a71 by /rik+ 2 & at 
! end & ins]t+ a p]iod2  7ii7 by /rik+  
means-- & all t foll[s ?r\gh 7,a7 all & 
ins]t+ means all2 &  7iii7 by /rik+     
subp>agraph 7,b72 &  7,b7 9 subsection  
7c7-- 7i7 by am5d+ p>agraph 7#a7 to read

 z foll[s3  7#a7 ,exam9ation ,a         
transf]or ag5cy t is a prud5tial        
regulator %all h exclusive au?ority     
7relative to ! ,bureau7 to require      
reports f & conduct exam9ations =       
compliance ) ,f$]al consum] f9ancial    
laws ) respect to a p]son describ$ 9    
section #ajbf7;a74  2 &  7ii7 9 p>agraph
 7#b7--  7,i7 by /rik+ subp>agraph 7,a72
 &  7,,ii7 by r$esignat+ subp>agraphs   
7,b7 & 7,c7 z subp>agraphs 7,a7 & 7,b71 
respectively2  7#ab7 9 section #ajfc1 by
 /rik+ sections #ajbd1 #ajbe1 & #ajbf   
ea* place su* t]m appe>s & ins]t+       
sections #ajbd & #ajbf2 &  7#ac7 9      
section #ajfg1 by /rik+ subsection 7e74 
7b7 ,home ,mortgage ,disclosure ,act (  
#aige ,section #cje7;d7 ( ! ,home       
,mortgage ,disclosure ,act ( #aige 7#ab 
,u4,s4,c4 #bhjd7;d77 is am5d$ by /rik+  
exam9e &4  7c7 ,omnibus ,appropriations 
,act1 #bjji ,section #fbf ( ! ,omnibus  
,appropriations ,act1 #bjji 7#ae        
,u4,s4,c4 #afch note7 is repeal$4  7d7  
,cl]ical am5dm5t ,! table ( cont5ts 9   

section #a7;b7 ( ! ,dodd-,frank ,wall   
,/reet ,re=m & ,consum] ,protection ,act
 is am5d$-- 7#a7 9 ! item relat+ to     
section #ajbd1 by /rik+ ,,sup]vision ,,(
 & ins]t+ ,,au?ority ,,) ,,respect ,,to 
,,c]ta92 &  7#b7 by /rik+ ! item relat+ 
to section #ajbe4  #gbh4 ,transf] ( old 
,,ots build+ f ,,occ to ,,gsa  7a7 ,9   
g5]al ,)9 #ahj days ( ! date ( !        
enactm5t ( ?is ,act1 ! ,comptroll] ( !  
,curr5cy %all transf]1 at no co/1 !     
p>cel ( real prop]ty 9 ! ,di/rict (     
,columbia locat$ at #agjj ,g ,/reet1    
,nor?we/1 to ! adm9i/rative             
jurisdiction1 cu/ody1 & control ( !     
,adm9i/rator ( ,g5]al ,s]vices4  7b7    
,,gsa /udy  7#a7 ,/udy ,! ,adm9i/rator (
 ,g5]al ,s]vices %all c>ry out a /udy to
 det]m9e-- 7,a7 ! ,consum] ,law         
,en=cem5t ,ag5cy's (fice real e/ate     
leas+ ne$s1 9 light ( ! *anges to !     
,ag5cy's /ructure made by ?is ,act2     
7,b7 :e!r ! (fice space ref]5c$ 9       
subsection 7a7 is ! mo/ co/-effective   
use ( taxpay] money 9 meet+ ^? ne$s1    

relative to alt]native leas+ options 9 !
 ,wa%+ton1 ,d4,c4 ,metropolitan ,area2 &
  7,c7 if !re is a ,gov]nm5t dep>tm5t or
 ag5cy t has build+ ne$s t c\ld be met  
by mov+ all or a portion ( ! employees (
 su* dep>tm5t or ag5cy to ! prop]ty     
describ$ "u subsection 7a74  7#b7       
,report ,n lat] ?an ! end ( ! #f-mon?   
p]iod beg9n+ on ! date ( ! enactm5t (   
?is ,act1 ! ,adm9i/rator ( ,g5]al       
,s]vices %all issue a report to !       
,congress conta9+ all f9d+s &           
det]m9ations made 9 c>ry+ out ! /udy    
requir$ "u p>agraph 7#a74  7#c7         
,au?ority to sell prop]ty ,if1 aft]     
c>ry+ out ! /udy requir$ "u p>agraph    
7#a71 ! ,adm9i/rator ( ,g5]al ,s]vices  
det]m9es t--  7,a7 ! ,consum] ,law      
,en=cem5t ,ag5cy's (fice real e/ate     
leas+ ne$s h *ang$ 9 light ( ! *anges to
 ! ,ag5cy's /ructure made by ?is ,act1 &
  7,b7 t !re is no ,gov]nm5t dep>tm5t or
 ag5cy t has build+ ne$s t c\ld be met  
by mov+ all or a portion ( ! employees (
 su* dep>tm5t or ag5cy to ! prop]ty     

describ$ "u subsection 7a71  !          
,adm9i/rator may sell su* prop]ty to !  
highe/ bidd]1 s long z ! rev5ue f ! sale
 exce$s ! comb9$ co/ ( build+ su*       
prop]ty & ! co/ ( ! mo/ rec5tly complet$
 r5ovation ( su* prop]ty4  #gbi4        
,limitation on ,ag5cy au?ority ,section 
#ajbg ( ! ,consum] ,f9ancial ,protection
 ,act ( #bjaj 7#ab ,u4,s4,c4 #eeag7 is  
am5d$-- 7#a7 9 subsection 7g77#c77;,a71 
by /rik+ may n ex]cise any rulemak+ or  
en=cem5t au?ority & ins]t+ may n ex]cise
 any rulemak+1 en=cem5t1 or o!r         
au?ority2  7#b7 9 subsection 7i77#a71 by
 /rik+ %all h no au?ority to ex]cise any
 p[] to en=ce ?is title & ins]t+ may n  
ex]cise any rulemak+1 en=cem5t1 or o!r  
au?ority2 &  7#c7 9 subsection 7j77#a71 
by /rik+ %all h no au?ority to ex]cise  
any p[] to en=ce ?is title & ins]t+ may 
n ex]cise any rulemak+1 en=cem5t1 or o!r
 au?ority4  ,c ,policy ,enhancem5ts     
#gca4 ,consum] "r to f9ancial privacy   
7a7 ,requirem5t ( ! ,ag5cy to obta9     
p]mission be=e collect+ nonpublic       

p]sonal in=mation ,section #ajbb ( !    
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #eeab71 z am5d$ by 
section #gbd7b71 is fur!r am5d$ by      
ins]t+ aft] subsection 7b7 ! foll[+3    
7c7 ,consum] privacy  7#a7 ,9 g5]al ,!  
,ag5cy may n reque/1 obta91 access1     
collect1 use1 reta91 or disclose any    
nonpublic p]sonal in=mation ab\t a      
consum] unless--  7,a7 ! ,ag5cy 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 &  
7,b7 be=e su* in=mation is reque/$1     
obta9$1 access$1 collect$1 us$1 reta9$1 
or disclos$1 ! consum] in=ms ! ,ag5cy t 
su* in=mation may be reque/$1 obta9$1   
access$1 collect$1 us$1 reta9$1 or      
disclos$4  7#b7 ,application (          
requirem5t to contractors ( ! ,ag5cy    
,p>agraph 7#a7 %all apply to any p]son  
direct$ or engag$ by ! ,ag5cy to collect
 in=mation to ! ext5t su* in=mation is  
be+ collect$ on behalf ( ! ,ag5cy4  7#c7

 ,def9ition ( nonpublic p]sonal         
in=mation ,9 ?is subsection1 ! 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 = 
! ,ag5cy 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
  #gcb4 ,repeal ( ,c\ncil au?ority to   
set aside ,ag5cy 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  #gcc4        
,removal ( au?ority to regulate         
small-doll> cr$it ,! ,consum] ,f9ancial 
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha et seq47 is am5d$--  7#a7 9       
section #ajbd7;a77#a7-- 7,a7 9          
subp>agraph 7,c71 by add+ or at ! end2  
7,b7 9 subp>agraph 7,d71 by /rik+ 2 or &
 ins]t+ a p]iod2 &  7,c7 by /rik+       
subp>agraph 7,e72 &  7#b7 9 section     
#ajbg1 by add+ at ! end ! foll[+3  7t7  

,no au?ority to regulate small-doll>    
cr$it ,! ,ag5cy may n ex]cise any       
rulemak+1 en=cem5t1 or o!r au?ority )   
respect to payday loans1 vehicle title  
loans1 or o!r simil> loans4  4  #gcd4   
,re=m+ indirect auto f9anc+ guidance    
7a7 ,nullification ( auto l5d+ guidance 
,bullet9 #bjac-jb ( ! ,bureau ( ,consum]
 ,f9ancial ,protection 7publi%$ ,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 #gba1 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 ! ,ag5cy
 %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 ( ! ,ag5cy1
 all /udies1 data1 me?odologies1        
analyses1 & o!r in=mation reli$ on by ! 
,ag5cy 9 prep>+ su* guidance2  7,c7     

r$act su* in=mation z necess>y to ma9ta9
 ! nonpublic nature ( confid5tial       
in=mation1 su* z trade secrets & o!r    
confid5tial comm]cial or f9ancial       
in=mation1 & p]sonally id5tifiable      
in=mation2  7,d7 consult ) ! ,bo>d (    
,gov]nors ( ! ,f$]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] ,law    
,en=cem5t ,ag5cy t is n prim>ily relat$ 
to indirect auto f9anc+4  #gce4 ,removal
 ( ,ag5cy ,,udaap au?ority  7a7 ,9 g5]al
 ,! ,consum] ,f9ancial ,protection ,act 
( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is
 am5d$--  7#a7 9 section #ajba7;b77#b71 
by /rik+ f unfair1 deceptive1 or abusive
 acts & practices &2  7#b7 by /rik+     
section #ajca2  7#c7 9 section          

#ajcf7;a7-- 7,a7 9 p>agraph 7#a7--  7i7 
by /rik+ provid] & all t foll[s ?r\gh to
 (f] & ins]t+ provid] to (f]2  7ii7 by  
/rik+ subp>agraph 7,b72 &  7,b7 9       
p>agraph 7#b77;,c71 by /rik+ 2 or at !  
end & ins]t+ a p]iod2 &  7,c7 by /rik+  
p>agraph 7#c72 &  7#d7 9 section        
#ajfa7;b77#e7-- 7,a7 9 subp>agraph      
7,b7--  7i7 by /rik+ 7i7 ,9 g5]al4--2 & 
7ii7 by /rik+ clause 7ii72  7,b7 by     
/rik+ subp>agraph 7,d72 &  7,c7 by      
r$esignat+ subp>agraph 7,e7 7z am5d$ by 
section #gag7b77 z subp>agraph 7,d72 &  
7#e7 9 section #ajgf7;b77#b71 by /rik+  
det]m9e-- & all t foll[s ?r\gh 7,b7     
provide = & ins]t+ det]m9e1 provide =4  
7b7 ,telem>ket+ & ,consum] ,fraud &     
,abuse ,prev5tion ,act ,section #c7;c7 (
 ! ,telem>ket+ & ,consum] ,fraud &      
,abuse ,prev5tion ,act 7#ae ,u4,s4,c4   
#fajb7 is am5d$--  7#a7 9 p>agraph 7#a71
 by /rik+ 2 & at ! end & ins]t+ a p]iod2
  7#b7 by /rik+ p>agraph 7#b72 &  7#c7  
by /rik+ subsection 7a7-- & all t foll[s
 ?r\gh 7#a7 %all & ins]t+ subsection 7a7

 %all4  7c7 ,cl]ical am5dm5t ,! table ( 
cont5ts 9 section #a7;b7 ( !            
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act is am5d$ by   
/rik+ ! item relat+ to section #ajca4   
#gcf4 ,pres]vation ( ,,udap au?ority =  
,f$]al bank+ regulators  7a7 ,9 g5]al   
,section #ah7;f7 ( ! ,f$]al ,trade      
,commission ,act 7#ae ,u4,s4,c4         
#eg;a7f77 is am5d$ to read z foll[s3    
7f7 ,unfair or deceptive acts or        
practices by depository in/itutions     
7#a7 ,9 g5]al ,9 ord] to prev5t unfair  
or deceptive acts or practices 9 or     
affect+ comm]ce 7includ+ acts or        
practices :i* are unfair or deceptive to
 consum]s7 by depository in/itutions1   
ea* ,f$]al bank+ regulator %all         
prescribe regulations to c>ry out !     
purposes ( ?is section1 includ+         
regulations def9+ ) specificity su*     
unfair or deceptive acts or practices1 &
 conta9+ requirem5ts prescrib$ = !      
purpose ( prev5t+ su* acts or practices4
  7#b7 ,promulgat+ sub/antially simil>  

regulations ,:5ev] ! ,commission        
prescribes a rule "u subsection         
7a77#a77;,b71 !n )9 #fj days aft] su*   
rule takes effect ea* ,f$]al bank+      
regulator %all promulgate sub/antially  
simil> regulations prohibit+ acts or    
practices ( depository in/itutions :i*  
are sub/antially simil> to ^? prohibit$ 
by rules ( ! ,commission & :i* impose   
sub/antially simil> requirem5ts1        
unless-- 7,a7 ! ,f$]al bank+ regulator  
f9ds t su* acts or practices (          
depository in/itutions are n unfair or  
deceptive2 or  7,b7 ! ,bo>d ( ,gov]nors 
( ! ,f$]al ,res]ve ,sy/em f9ds t        
implem5tation ( simil> regulations )    
respect to depository in/itutions w\ld  
s]i\sly conflict ) ess5tial monet>y &   
paym5ts sy/ems policies ( su* ,bo>d1 &  
publi%es any su* f9d+1 & ! reasons !re=1
 9 ! ,f$]al ,regi/]4  7#c7 ,en=cem5t    
7,a7 ,9 g5]al ,compliance ) regulations 
prescrib$ "u ?is subsection %all be     
en=c$--  7i7 "u section #h ( ! ,f$]al   
,deposit ,insurance ,act1 ) respect to a

 depository in/itution o!r ?an a ,f$]al 
cr$it union2 &  7ii7 "u sections #abj & 
#bjf ( ! ,f$]al ,cr$it ,union ,act1 )   
respect to a ,f$]al cr$it union4  7,b7  
,deem+ ( violation ,= ! purpose ( !     
ex]cise by a ,f$]al bank+ regulator ( ! 
regulator's p[]s "u any ,act ref]r$ to 9
 subp>agraph 7,a71 a violation ( any    
regulation prescrib$ "u ?is subsection  
%all be deem$ to be a violation ( a     
requirem5t impos$ "u t ,act4  7,c7      
,en=cem5t ?r\gh any exi/+ au?ority ,9   
addition to its p[]s "u any provision ( 
law specifically ref]r$ to 9 subp>agraph
 7,a71 ea* ,f$]al bank+ regulator may   
ex]cise1 = ! purpose ( en=c+ compliance 
) any regulation prescrib$ "u ?is       
subsection1 any o!r au?ority conf]r$ on 
! regulator by law4  7#d7 ,rule (       
con/ruction ,! au?ority ( ! ,bo>d (     
,gov]nors ( ! ,f$]al ,res]ve ,sy/em to  
issue regulations "u ?is subsection does
 n impair ! au?ority ( any o!r ,f$]al   
bank+ regulator to make rules respect+ !
 regulator's own proc$ures 9 en=c+      

compliance ) regulations prescrib$ "u   
?is subsection4  7#e7 ,report to        
,congress ,ea* ,f$]al bank+ regulator   
ex]cis+ au?ority "u ?is subsection %all 
transmit to ! ,congress ea* ye> a       
detail$ report on its activities "u ?is 
subsection dur+ ! prec$+ cal5d> ye>4    
7#f7 ,def9itions ,= purposes ( ?is ,act3
 7,a7 ,bank ,! t]m bank means--  7i7    
national banks & ,f$]al bran*es & ,f$]al
 ag5cies ( =eign banks2  7ii7 memb]     
banks ( ! ,f$]al ,res]ve ,sy/em 7o!r ?an
 national banks71 bran*es & ag5cies (   
=eign banks 7o!r ?an ,f$]al bran*es1    
,f$]al ag5cies1 & insur$ ,/ate bran*es (
 =eign banks71 comm]cial l5d+ companies 
own$ or controll$ by =eign banks1 &     
organizations op]at+ "u section #be or  
#be;,a ( ! ,f$]al ,res]ve ,act2 &  7iii7
 banks insur$ by ! ,f$]al ,deposit      
,insurance ,corporation 7o!r ?an banks  
ref]r$ to 9 clause 7i7 or 7ii77 & insur$
 ,/ate bran*es ( =eign banks4  7,b7     
,depository in/itution ,! t]m depository
 in/itution means a bank1 a sav+s & loan

 in/itution1 or a ,f$]al cr$it union4   
7,c7 ,f$]al bank+ regulator ,! t]m      
,f$]al bank+ regulator-- 7i7 has ! mean+
 giv5 ! t]m appropriate ,f$]al bank+    
ag5cy "u section #c ( ! ,f$]al ,deposit 
,insurance ,act2 &  7ii7 means !        
,national ,cr$it ,union ,adm9i/ration1 9
 ! case ( a ,f$]al cr$it union4  7,d7   
,f$]al cr$it union ,! t]m ,f$]al cr$it  
union has ! same mean+ z 9 section #aja 
( ! ,f$]al ,cr$it ,union ,act4  7,e7    
,sav+s & loan in/itution ,! t]m sav+s & 
loan in/itution has ! same mean+ z 9    
section #c ( ! ,f$]al ,deposit          
,insurance ,act4  7,f7 ,o!r t]ms ,! t]ms
 us$ 9 ?is p>agraph t are n def9$ 9 ?is 
,act or o!rwise def9$ 9 section #c7s7 ( 
! ,f$]al ,deposit ,insurance ,act %all h
 ! mean+ giv5 to !m 9 section #a7;b7 ( !
 ,int]national ,bank+ ,act ( #aigh4  4  
7b7 ,con=m+ am5dm5ts ,! ,f$]al ,trade   
,commission ,act 7#ae ,u4,s4,c4 #da et  
seq47 is am5d$-- 7#a7 9 section         
#f7;j77#f71 by /rik+ section #ah7;f77#c7
 7#ae ,u4,s4,c4 #eg;a7f77#c771 a ,f$]al 

cr$it union describ$ 9 section          
#ah7;f77#d7 7#ae ,u4,s4,c4 #eg;a7f77#d77
 & ins]t+ section #ah7;f71 a ,f$]al     
cr$it union describ$ 9 section #ah7;f72 
7#b7 9 section #ba7;b77#f77;,c71 by     
/rik+ section #ah7;f77#c7 ( ! ,f$]al    
,trade ,commission ,act 7#ae ,u4,s4,c4  
#eg;a7f77#c771 or a ,f$]al cr$it union  
describ$ 9 section #ah7;f77#d7 ( !      
,f$]al ,trade ,commission ,act 7#ae     
,u4,s4,c4 #eg;a7f77#d77 & ins]t+ section
 #ah7;f71 or a ,f$]al cr$it union       
describ$ 9 section #ah7;f72  7#c7 by    
/rik+ section #ah7;f77#b7 & ins]t+      
section #ah7;f72  7#d7 by /rik+ section 
#ah7;f77#c7 ea* place su* t]m appe>s &  
ins]t+ section #ah7;f72 &  7#e7 by /rik+
 section #ah7;f77#d7 ea* place su* t]m  
appe>s & ins]t+ section #ah7;f74  #gcg4 
,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   
,,viii ,capital ,m>kets ,improvem5ts  ,a
 ,,sec ,re=m1 ,re/ructur+1 &            
,acc\ntability  #hja4 ,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       
#a1fje1jjj1jjj2  7#b7 = fiscal ye>      
#bjah1 #a1fee1jjj1jjj2  7#c7 = fiscal   
ye> #bjai1 #a1gje1jjj1jjj2  7#d7 =      
fiscal ye> #bjbj1 #a1gee1jjj1jjj2  7#e7 
= fiscal ye> #bjba1 #a1hje1jjj1jjj2 &   
7#f7 = fiscal ye> #bjbb1 #a1hee1jjj1jjj4
  4  #hjb4 ,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
 & make available on ! ,commission's    
website 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 & make available on ! 
,commission's website a supplem5t>y     
report /at+ ! am\nt ( & reason = !      
*ange4  4  #hjc4 ,,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
  #hjd4 ,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$4  4  7e7 ,effective date ,!      
am5dm5ts made by ?is section--  7#a7    
%all apply beg9n+ on ,octob] #a1 #bjag1 
except t = fiscal ye> #bjah1 !          
,securities & ,ex*ange ,commission %all 
publi%-- 7,a7 ! rates e/abli%$ "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> #bjah 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 #bjag2 &  7#b7 %all n   
apply ) respect to fees = any fiscal ye>
 be=e fiscal ye> #bjah4  #hje4          
,commission ,f$]al con/ruction fund+    
prohibition ,! ,securities & ,ex*ange   
,commission may n obligate any funds = !
 purpose ( ,f$]al con/ruction ( a new   
headqu>t]s facility ( ! ,commission4    
#hjf4 ,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$s to fully implem5t su*   
recomm5dations4  4  #hjg4 ,(fice (      
,cr$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  #hjh4    
,(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$--   
7#a7 9 subsection 7a71 by ins]t+ 1 )9 ! 
,division ( ,trad+ & ,m>kets1 aft] ,!re 
%all be 9 ! ,commission2 &  7#b7 9      
subsection 7b71 by /rik+ report to !    
,*airman & ins]t+ report to ! head ( !  
,division ( ,trad+ & ,m>kets4  #hji4    
,indep5d5ce ( ,commission ,ombudsman    
,section #d7;g77#h7 ( ! ,securities     
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;d7g77#h77 is am5d$--  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  #haj4 ,inve/or ,advisory   

,committee improvem5ts ,section #ci ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghpp7 is am5d$-- 7#a7 9      
subsection 7a77#b77;,b71 by /rik+ submit
 & ins]t+ 9 consultation ) ! ,small     
,bus9ess ,capital ,=mation ,advisory    
,committee e/abli%$ "u section #dj1     
submit2  7#b7 9 subsection 7b7-- 7,a7 9 
p>agraph 7#a7--  7i7 9 subp>agraph 7,c71
 by /rik+ &2  7ii7 9 subp>agraph        
7,d77iv71 by /rik+ ! p]iod at ! end &   
ins]t+ 2 &2 &  7iii7 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,b7 by am5d+ p>agraph 7#b7 to read z
 foll[s3  7#b7 ,t]m  7,a7 ,l5g? ( t]m = 
memb]s ( ! ,committee ,ea* memb] ( !    
,committee appo9t$ "u p>agraph 7#a71 o!r
 ?an ! ,inve/or ,advocate1 %all s]ve = a
 t]m ( #d ye>s4  7,b7 ,limitation on    
multiple t]ms ,a memb] ( ! ,committee   
may n s]ve = m ?an "o t]m1 except = !   
,inve/or ,advocate1 a repres5tative (   
,/ate securities commissions1 & ! memb] 

( ! ,small ,bus9ess ,capital ,=mation   
,advisory ,committee4  2 &  7,c7 9      
p>agraph 7#c71 by /rik+ p>agraph        
7#a77;,b7 & ins]t+ p>agraph 7#a72  7#c7 
9 subsection 7c71 by am5d+ p>agraph 7#b7
 to read z foll[s3  7#b7 ,t]m  7,a7     
,l5g? ( 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  7,b7 ,limitation on 
multiple t]ms ,a memb] elect$ "u        
p>agraph 7#a7 may n s]ve = m ?an "o t]m 
9 ! capacity = :i* ! memb] 0 elect$ "u  
p>agraph 7#a74  2 &  7#d7 by /rik+      
subsections 7i7 & 7j74  #haa4 ,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    
#hab4 ,elim9ation ( exemption ( ,small  
,bus9ess ,capital ,=mation ,advisory    
,committee f ,f$]al ,advisory ,committee
 ,act ,section #dj ( ! ,securities      
,ex*ange ,act ( #aicd 7z add$ by ,public
 ,law #aad-bhd7 is am5d$ by /rik+       
subsection 7h74  #hac4 ,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  7a7 ,9   
g5]al ,ea* ( ! foll[+ entities1 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 su* entity1  
all m>ket data %>+ agreem5ts ( su*      

entity1 & all academic rese>* p]=m$ at  
su* entity us+ m>ket data3 7#a7 ,!      
,commission4  7#b7 ,ea* national        
security association requir$ to regi/]  
"u section #ae;,a4  7b7 ,consolidat$    
audit trail ,! ,commission may n approve
 a national m>ket sy/em plan pursuant to
 "p #bdb4fac ( title #ag1 ,code ( ,f$]al
 ,regulations 7or any successor         
regulation71 unless ! op]ator ( !       
consolidat$ audit trail creat$ by su*   
plan has develop$1 9 consultation ) !   
,*ief ,economi/1 compreh5sive int]nal   
risk control me*anisms to safegu>d &    
gov]n ! /orage ( all m>ket data by su*  
op]ator1 all m>ket data %>+ agreem5ts ( 
su* op]ator1 & all academic rese>* p]=m$
 at su* op]ator 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  #had4 ,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  #hae4
 ,limitation on pilot programs  7a7 ,9  
g5]al ,section #d ( ! ,securities       
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    

#gh;d71 z am5d$ by section #cga7;e71 is 
fur!r am5d$ by add+ at ! end ! foll[+3  
7l7 ,limitation on pilot programs  7#a7 
,9 g5]al ,any pilot program e/abli%$ by 
self-regulatory organizations1 ei!r     
individually or jo9tly1 & fil$ ) !      
,commission1 includ+ "u section #aa;,a  
or #ai1 %all t]m9ate aft] ! end ( !     
#e-ye> p]iod beg9n+ on ! date t !       
,commission approv$ su* program1 unless 
! ,commission issues a rule to p]man5tly
 cont9ue su* program or approves su*    
program on a p]man5t basis4  7#b7       
,ext5sion ,) respect to a p>ticul> pilot
 program describ$ "u p>agraph 7#a71 !   
,commission may ext5d ! #e-ye> p]iod    
describ$ "u su* p>agraph = an additional
 #c ye>s if ! ,commission det]m9es su*  
ext5sion is necess>y or appropriate 9 ! 
public int]e/ or = ! protection (       
inve/ors4  7#c7 ,lack ( /atutory        
au?ority ,if1 ) respect to a pilot      
program describ$ "u p>agraph 7#a71 !    
,commission det]m9es t ! pilot program  
%\ld cont9ue p]man5tly1 b ! ,commission 

lacks suffici5t /atutory au?ority to    
p]man5tly cont9ue ! program1 !          
,commission %all1 n lat] ?an #a ye> be=e
 su* pilot program is s*$ul$ to t]m9ate 
pursuant to p>agraph 7#a71 notify !     
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate t ! ,commission believes !       
program %\ld cont9ue p]man5tly b does n 
h suffici5t /atutory au?ority to cont9ue
 ! program4  4  7b7 ,treatm5t ( exi/+   
pilot programs ,= purposes ( section    
#d7k7 ( ,securities ,ex*ange ,act (     
#aicd1 z add$ by subsection 7a71 ! date 
on :i* ! ,commission approv$ a pilot    
program t 0 9 exi/5ce on ! date ( !     
enactm5t ( ?is ,act %all be deem$ to be 
! date ( ! enactm5t ( ?is ,act4  #haf4  
,proc$ure = obta9+ c]ta9 intellectual   
prop]ty  7a7 ,p]sons "u ,securities ,act
 ( #aicc ,section #h ( ! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4 #gg;h7 is   
am5d$ by add+ at ! end ! foll[+3  7g7   
,proc$ure = obta9+ c]ta9 intellectual   

prop]ty ,! ,commission is n au?oriz$ to 
compel "u ?is title a p]son to produce  
or furni% s\rce code1 includ+ algori?mic
 trad+ s\rce code or simil> intellectual
 prop]ty1 to ! ,commission unless !     
,commission fir/ issues a subpo5a4  4   
7b7 ,p]sons "u ! ,securities ,ex*ange   
,act ( #aicd ,section #bc ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghw71 z am5d$ by section     
#hjb1 is fur!r am5d$ by add+ at ! end ! 
foll[+3  7f7 ,proc$ure = obta9+ c]ta9   
intellectual prop]ty ,! ,commission is n
 au?oriz$ to compel "u ?is title a p]son
 to produce or furni% s\rce code1       
includ+ algori?mic trad+ s\rce code or  
simil> intellectual prop]ty1 to !       
,commission unless ! ,commission fir/   
issues a subpo5a4  4  7c7 ,inve/m5t     
,companies ,section #ca ( ! ,inve/m5t   
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#cj7 is am5d$ by add+ at ! end !  
foll[+3  7e7 ,proc$ure = obta9+ c]ta9   
intellectual prop]ty ,! ,commission is n
 au?oriz$ to compel "u ?is title an     

inve/m5t company to produce or furni%   
s\rce code1 includ+ algori?mic trad+    
s\rce code or simil> intellectual       
prop]ty1 to ! ,commission unless !      
,commission fir/ issues a subpo5a4  4   
7d7 ,inve/m5t ,advis]s ,section #bjd ( !
 ,inve/m5t ,advis]s ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;b-#d7 is am5d$-- 7#a7 by  
add+ at ! end ! foll[+3  7f7 ,proc$ure =
 obta9+ c]ta9 intellectual prop]ty ,!   
,commission is n au?oriz$ to compel "u  
?is title an inve/m5t advis] to produce 
or furni% s\rce code1 includ+ algori?mic
 trad+ s\rce code or simil> intellectual
 prop]ty1 to ! ,commission unless !     
,commission fir/ issues a subpo5a4  2 & 
7#b7 9 ! second subsection 7d71 by /rik+
 7d7 & ins]t+ 7e74  #hag4 ,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$1  
subject to any applicable /atute (      
limitations4  #hah4 ,en=cem5t ,ombudsman
  7a7 ,9 g5]al ,section #d ( !          
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d71 z am5d$ by section    
#hjc1 is fur!r am5d$ by ins]t+ aft]     
subsection 7h7 ! 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  #hai4 ,adequate   
notice ,section #ba ( ! ,securities     
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu7 is am5d$ by add+ at ! end !       
foll[+3  7j7 ,adequate notice requir$   
be=e br++ an en=cem5t action  7#a7 ,9   
g5]al ,no p]son %all be subject to an   
en=cem5t action by ! ,commission = an   
alleg$ violation ( ! securities laws or 
! rules & regulations issu$ !reund] if  
su* p]son did n h adequate notice ( su* 
law1 rule1 or regulation4  7#b7 ,publi%+
 ( int]pretation deem$ adequate notice  
,) respect to an en=cem5t action1       

adequate notice ( a securities law or a 
rule or regulation issu$ !reund] %all be
 deem$ to h be5 provid$ to a p]son if ! 
,commission approv$ a /atem5t or        
guidance1 9 accordance ) section #d;,i1 
) respect to ! conduct t is ! subject ( 
! en=cem5t action1 prior to ! "t t !    
p]son engag$ 9 ! conduct t is ! subject 
( ! en=cem5t action4  4  #hbj4 ,advisory
 committee on ,commission's en=cem5t    
policies & practices  7a7 ,e/abli%m5t ,n
 lat] ?an #f mon?s aft] ! date ( !      
enactm5t ( ?is ,act1 ! ,*airman %all    
e/abli% an advisory committee on !      
,commission's en=cem5t policies &       
practices 79 ?is section ref]r$ to z !  
,committee74  7b7 ,duties  7#a7         
,analysis & recomm5dations  7,a7 ,9     
g5]al ,! ,committee %all conduct an     
analysis ( ! policies & practices ( !   
,commission relat+ to ! en=cem5t ( !    
securities laws & make recomm5dations to
 ! ,commission reg>d+ *anges to su*     
policies & practices4  7,b7 ,specific   
matt]s includ$ ,9 c>ry+ out subp>agraph 

7,a71 ! ,committee %all analyze & make  
recomm5dations to ! ,commission reg>d+  
matt]s includ+ ! foll[+3  7i7 ,h[ !     
,commission's en=cem5t objectives &     
/rategies may be m effective4  7ii7 ,!  
,commission's en=cem5t practices &      
proc$ures f ! po9t ( view ( due process1
 ! relation%ip ( en=cem5t action to     
notice ( legal requirem5ts1 !           
attribution ( responsibility =          
violations1 & ! protection ( reputation 
& rights ( privacy4  7iii7 ,!           
,commission's en=cem5t policies &       
practices 9 light ( its /atutory        
responsibility to protect inve/ors1     
ma9ta9 fair1 ord]ly1 & effici5t m>kets1 
& facilitate capital =mation4  7iv7 ,!  
appropriate bl5d ( regulation1          
publicity1 & =mal en=cem5t action & on  
me?ods ( fur!r+ volunt>y compliance4    
7v7 ,crit]ia = ! selection & disposition
 ( en=cem5t actions1 ! adequacy (       
sanctions au?oriz$ by law1 & !          
suitability & effectiv5ess ( sanctions  
impos$ by ! ,commission proce$+s4  7#b7 

,report ,n lat] ?an #a ye> aft] !       
e/abli%m5t ( ! ,committee "u subsection 
7a71 ! ,committee %all submit to !      
,commission & ! appropriate             
congressional committees a report       
conta9+ ! results ( ! analysis & !      
recomm5dations requir$ by p>agraph      
7#a77;,a74  7c7 ,memb]%ip  7#a7 ,numb] &
 appo9tm5t ,! ,committee %all be compos$
 ( n less ?an #c & n great] ?an #g      
memb]s appo9t$ by ! ,*airman4  7#b7     
,*airp]son ,! ,*airp]son ( ! ,committee 
%all be designat$ by ! ,*airman at ! "t 
( appo9tm5t ( ! memb]s4  7d7 ,support ,!
 ,commission %all provide ! ,committee )
 ! adm9i/rative1 pr(essional1 & te*nical
 support requir$ by ! ,committee to c>ry
 out its responsibilities "u ?is        
section4  7e7 ,t]m9ation ( ,committee ,!
 ,committee e/abli%$ by subsection 7a7  
%all t]m9ate on ! date t ! report       
requir$ by subsection 7b77#b7 is        
submitt$4  7f7 ,consid]ation & adoption 
( recomm5dations by ,commission ,n lat] 
?an #ahj days aft] ! ,committee submits 

! report requir$ by subsection 7b77#b71 
! ,commission %all-- 7#a7 consid] !     
analysis & recomm5dations includ$ 9 su* 
report2  7#b7 adopt su* recomm5dations1 
) any modifications1 z ! ,commission    
consid]s appropriate2 &  7#c7 submit to 
! appropriate congressional committees a
 report t--  7,a7 li/s ea* recomm5dation
 includ$ 9 su* report t ! ,commission   
does n adopt or adopts ) mat]ial        
modifications2 &  7,b7 = ea*            
recomm5dation li/$ "u subp>agraph 7,a71 
expla9s :y ! ,commission does n consid] 
x appropriate or does n h suffici5t     
au?ority to adopt ! recomm5dation or to 
adopt ! recomm5dation )\t mat]ial       
modification4  7g7 ,def9itions ,9 ?is   
section3 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 ,*airman ,! t]m ,*airman  
means ! ,*airman ( ! ,commission4  7#c7 

,commission ,! t]m ,commission means !  
,securities & ,ex*ange ,commission4     
7#d7 ,securities laws ,! t]m securities 
laws has ! mean+ giv5 su* t]m 9 section 
#c7;a7 ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gh;c7a774  7h7    
,application ( ! ,f$]al ,advisory       
,committee ,act ,! ,committee is an     
advisory committee = purposes ( ! ,f$]al
 ,advisory ,committee ,act 7#e ,u4,s4,c4
 ,app474  #hba4 ,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  #hbb4         
,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 conta9 an       
analysis ( litigat$ decisions f\nd n 9  
favor ( ! ,commission ov] ! prec$+ ye>2 

7#d7 conta9 a description ( any em]g+   
tr5ds ! ,commission has focus$ on z "p (
 its en=cem5t program1 includ+ :e!r & h[
 ! ,commission has al]t$ or communicat$ 
) ^? :o may be subject to !             
,commission's regulation ( em]g+ tr5ds2 
7#e7 conta9 a description ( legal !ories
 or /&>ds employ$ by ! ,commission 9    
en=cem5t ov] ! prec$+ ye> t _h n        
previ\sly be5 employ$1 & a summ>y       
ju/ify+ ea* su* !ory or /&>d2 &  7#f7   
provide an opportunity & me*anism =     
public comm5t4  #hbc4 ,private p>ties   
au?oriz$ 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  #hbd4     
,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  #hbe4    
,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$4  #hbf4   
,subpo5a duration & r5ewal ,section     
#ba7;b7 ( ! ,securities ,ex*ange ,act ( 
#aicd 7#ae ,u4,s4,c4 #ghu7b77 is am5d$--
  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 subp>agraph 7,a71 ! t]m   
omnibus ord] ( inve/igation means an    
ord] ( ! ,commission au?oriz+ #a or 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  #hbg4          
,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  #hbh4 ,d5ial ( aw>d to 
culpable :i/lebl[]s ,section #ba;,f7c7 (
 ! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #ghu-#f7;c77 is am5d$--  
7#a7 9 p>agraph 7#b7--  7,a7 9          
subp>agraph 7,c71 by /rik+ or at ! end2 
7,b7 9 subp>agraph 7,d71 by /rik+ !     
p]iod & ins]t+ 2 or2 &  7,c7 by add+ at 
! end ! foll[+3  7,e7 to any :i/lebl[]  
:o is responsible =1 or complicit 91 !  
violation ( ! securities laws = :i* !   
:i/lebl[] provid$ in=mation to !        
,commission4  2 &  7#b7 by add+ at ! end
 ! foll[+3  7#c7 ,def9ition ,= purposes 
( p>agraph 7#b77;,e71 a p]son is        
responsible =1 or complicit 91 a        
violation ( ! securities laws if1 ) !   
int5t to promote or assi/ ! violation1 !
 p]son--  7,a7 procures1 induces1 or    
causes ano!r p]son to commit ! (f5se2   
7,b7 aids or abets ano!r p]son 9        

committ+ ! (f5se2 or  7,c7 hav+ a duty  
to prev5t ! violation1 fails to make an 
ef=t ! p]son is requir$ to make4  4     
#hbi4 ,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  #hcj4 ,compla9t
 & burd5 ( pro( requirem5ts = c]ta9     
actions = brea* ( fiduci>y duty ,section
 #cf7;b7 ( ! ,inve/m5t ,company ,act (  
#aidj 7#ae ,u4,s4,c4 #hj;a-#ce7;b77 is  
am5d$ by add+ at ! end ! foll[+3  7#g7  
,9 any su* action br\ght by a security  
hold] ( a regi/]$ inve/m5t company on   
behalf ( su* company--  7,a7 ! compla9t 
%all /ate ) p>ticul>ity all facts       
e/abli%+ a brea* ( fiduci>y duty1 &1 if 
an allegation ( any su* facts is bas$ on
 in=mation & belief1 ! compla9t %all    
/ate ) p>ticul>ity all facts on :i* t   

belief is =m$2 &  7,b7 su* security     
hold] %all h ! burd5 ( prov+ a brea* (  
fiduci>y duty by cle> & conv9c+ evid5ce4
  4  #hca4 ,congressional access to     
in=mation held by ! ,public ,company    
,acc\nt+ ,ov]sight ,bo>d ,section       
#aje7;b77#e7 ( ! ,s>banes-,oxley ,act ( 
#bjjb 7#ae ,u4,s4,c4 #gbae7;b77#e77 is  
am5d$-- 7#a7 9 subp>agraph 7,a71 by     
/rik+ subp>agraphs 7,b7 & 7,c7 & ins]t+ 
subp>agraphs 7,b71 7,c71 & 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  #hcb4      
,aboli%+ ,inve/or ,advisory ,gr\p ,!    
,public ,company ,acc\nt+ ,ov]sight     
,bo>d %all aboli% ! ,inve/or ,advisory  
,gr\p4  #hcc4 ,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  #hcd4 
,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  #hda4 
,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 #gho7k774   
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 & mak+ su* report available on ! 
,commission's website 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  #hdb4  
,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      
#hdc4 ,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  #hdd4 ,%>ehold]  
,proposals  7a7 ,resubmission ?re%olds  
,! ,securities & ,ex*ange ,commission   
%all revise section                     
#bdj4ad;a-#h7;i77#ab7 ( title #ag1 ,code
 ( ,f$]al ,regulations to--  7#a7 9     

p>agraph 7i71 adju/ ! #c p]c5t ?re%old  
to #f p]c5t2  7#b7 9 p>agraph 7ii71     
adju/ ! #f p]c5t ?re%old to #ae p]c5t2 &
  7#c7 9 p>agraph 7iii71 adju/ ! #aj    
p]c5t ?re%old to #cj p]c5t4  7b7 ,hold+ 
requirem5t ,! ,securities & ,ex*ange    
,commission %all revise ! hold+         
requirem5t = a %>ehold] to be eligible  
to submit a %>ehold] proposal to an     
issu] 9 section #bdj4ad;a-#h7;b77#a7 (  
title #ag1 ,code ( ,f$]al ,regulations1 
to--  7#a7 elim9ate ! option to satisfy 
! hold+ requirem5t by hold+ a c]ta9     
doll> am\nt2  7#b7 require ! %>ehold] to
 hold #a p]c5t ( ! issu]'s securities   
entitl$ to be vot$ on ! proposal1 or su*
 great] p]c5tage z det]m9$ by !         
,commission2 &  7#c7 adju/ ! #a ye>     
hold+ p]iod to #c ye>s4  7c7 ,%>ehold]  
proposals issu$ by proxies ,section #ad 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #ghn7 is am5d$ by add+ at
 ! end ! foll[+3  7j7 ,%>ehold]         
proposals by proxies n p]mitt$ ,an issu]
 may n include 9 its proxy mat]ials a   

%>ehold] proposal submitt$ by a p]son 9 
su* p]son's capacity z a proxy1         
repres5tative1 ag5t1 or p]son o!rwise   
act+ on behalf ( a %>ehold]4  4  #hde4  
,prohibition on requir+ a s+le ballot   
,section #ad ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghn7 is    
am5d$ by add+ at ! end ! foll[+3  7k7   
,prohibition on requir+ a s+le ballot ,!
 ,commission may n require t a          
solicitation ( a proxy1 cons5t1 or      
au?orization to vote a security ( an    
issu] 9 an election ( memb]s ( ! bo>d ( 
directors ( ! issu] be made us+ a s+le  
ballot or c>d t li/s bo? individuals    
nom9at$ by 7or on behalf (7 ! issu] &   
individuals nom9at$ by 7or on behalf (7 
o!r propon5ts & p]mits ! p]son grant+ ! 
proxy1 cons5t1 or au?orization to select
 f among individuals 9 bo? gr\ps4  4    
#hdf4 ,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   
#hdg4 ,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 #ejj1jjj1jjj1 nor to any issu] t is 
a depository in/itution ) assets ( less 
?an #a1jjj1jjj1jjj4  4  #hdh4 ,/reaml9+ 
( applications = an exemption f !       
,inve/m5t ,company ,act ( #aidj ,section
 #f7;c7 ( ! ,inve/m5t ,company ,act (   
#aidj 7#ae ,u4,s4,c4 #hj;a-#f7;c77 is   
am5d$--  7#a7 by /rik+ 7c7 ,!           
,commission & ins]t+ ! foll[+3  7c7     
,g5]al exemptive au?ority  7#a7 ,9 g5]al
 ,! ,commission  2 &  7#b7 by add+ at ! 
end ! foll[+3  7#b7 ,application process
  7,a7 ,9 g5]al ,a p]son :o wi%es to    
receive an exemption f ! ,commission    

pursuant to p>agraph 7#a7 %all file an  
application ) ! ,commission 9 su* =m &  
mann] & conta9+ su* in=mation z !       
,commission may require4  7,b7          
,publication2 rejection ( invalid       
applications  7i7 ,9 g5]al ,n lat] ?an !
 end ( ! #e-;day p]iod beg9n+ on ! date 
t ! ,commission receives an application 
"u subp>agraph 7,a71 ! ,commission %all 
ei!r-- 7,i7 publi% ! application1       
includ+ by publication on ! website ( ! 
,commission2 or  7,,ii7 if ! ,commission
 det]m9es t ! application does n comply 
) ! prop] =m1 mann]1 or in=mation       
requirem5ts describ$ "u subp>agraph     
7,a71 reject su* application & notify ! 
applicant ( ! specific reasons !        
application 0 reject$4  7ii7 ,failure to
 publi% application ,if ! ,commission   
does n reject an application "u clause  
7i77,,ii71 b fails to publi% !          
application by ! end ( ! "t p]iod       
specifi$ "u clause 7i71 su* application 
%all be deem$ to h be5 publi%$ on ! date
 t is ! end ( su* "t p]iod4  7#c7       

,det]m9ation by ,commission  7,a7 ,9    
g5]al ,n lat] ?an #de days aft] ! date t
 ! ,commission publi%es an application  
pursuant to p>agraph 7#b77;,b71 !       
,commission %all1 by ord]-- 7i7 approve 
! application2  7ii7 if ! ,commission   
det]m9es t ! application w\ld h be5     
approv$ _h ! applicant provid$          
additional support+ docum5tation or made
 c]ta9 am5dm5ts to ! application-- 7,i7 
provide ! applicant ) ! specific        
additional support+ docum5tation or     
am5dm5ts t ! ,commission believes are   
necess>y = ! applicant to provide 9 ord]
 = ! application to be approv$2 &       
7,,ii7 reque/ t ! applicant )draw !     
application & re-submit ! application ) 
su* additional support+ docum5tation &  
am5dm5ts2 or  7iii7 d5y ! application4  
7,b7 ,ext5sion ( "t p]iod ,! ,commission
 may ext5d ! "t p]iod describ$ "u       
subp>agraph 7,a7 by n m ?an an          
additional #de days1 if-- 7i7 !         
,commission det]m9es t a long] p]iod is 
appropriate & publi%es ! reasons = su*  

det]m9ation2 or  7ii7 ! applicant       
cons5ts to ! long] p]iod4  7,c7 ,"t     
p]iod = )drawal ,if ! ,commission makes 
a reque/ "u subp>agraph 7,a77ii7 = an   
applicant to )draw an application1 su*  
application %all be deem$ to be d5i$ if 
! applicant in=ms ! ,commission t !     
applicant w n )draw ! application or if 
! applicant does n )draw ! application  
be=e ! end ( ! #cj-;day p]iod beg9n+ on 
! date ! ,commission makes su* reque/4  
7#d7 ,proce$+s2 notice & he>+ ,if an    
application is d5i$ pursuant to p>agraph
 7#c71 ! ,commission %all provide !     
applicant )-- 7,a7 a writt5 explanation 
= :y ! application 0 n approv$2 &  7,b7 
an opportunity = he>+1 if reque/$ by !  
applicant n lat] ?an #bj days aft] !    
date ( su* d5ial1 ) su* he>+ to be      
comm5c$ n lat] ?an #cj days aft] ! date 
( su* d5ial4  7#e7 ,result ( failure to 
in/itute or comm5ce proce$+s ,an        
application %all be deem$ to h be5      
approv$ by ! ,commission1 if--  7,a7 !  
,commission fails to ei!r approve1      

reque/ ! )drawal (1 or d5y !            
application1 z requir$ "u p>agraph      
7#c77;,a71 )9 ! "t p]iod requir$ "u     
p>agraph 7#c77;,a71 z su* "t p]iod may h
 be5 ext5d$ pursuant to p>agraph        
7#c77;,b72 or  7,b7 ! applicant reque/s 
an opportunity = he>+1 pursuant to      
p>agraph 7#d77;,b71 b ! ,commission does
 n comm5ce su* he>+ )9 ! "t p]iod       
requir$ "u p>agraph 7#d77;,b74  7#f7    
,rulemak+ ,n lat] ?an #ahj days aft] !  
date ( enactm5t ( ?is p>agraph1 !       
,commission %all issue rules to c>ry out
 ?is subsection4  4  #hdi4 ,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  #hej4 ,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$+ competition among su*          
organizations1 or t su* an exemption is 
necess>y or appropriate 9 ! public      
int]e/ & is consi/5t ) ! protection (   
inve/ors4  4  #hea4 ,risk-bas$          
exam9ations ( ,nationally ,recogniz$    
,/ati/ical ,rat+ ,organizations ,section
 #ae;,e7p77#c7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4             
#gho-#g7p77#c77 is am5d$-- 7#a7 9       
subp>agraph 7,a7--  7,a7 9 ! head+1 by  

/rik+ ,annual & ins]t+ ,risk-bas$2  7,b7
 by /rik+ an exam9ation & ins]t+        
exam9ations2 &  7,c7 by /rik+ at lea/   
annually2 &  7#b7 9 subp>agraph 7,b71 9 
! matt] prec$+ clause 7i71 by ins]t+ 1 z
 appropriate1 aft] ,ea* exam9ation "u   
subp>agraph 7,a7 %all include4  #heb4   
,transp>5cy ( cr$it rat+ me?odologies   
,section #ae;,e7s7 ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#g7s77 is am5d$-- 7#a7 9 p>agraph  
7#b77;,b71 by ins]t+ be=e ! semicolon ! 
foll[+3 rat$ by ! nationally recogniz$  
/ati/ical rat+ ag5cy2 &  7#b7 9 p>agraph
 7#c7-- 7,a7 9 subp>agraph 7,a77ix71 by 
ins]t+ be=e ! p]iod ! foll[+3 1 except t
 ! ,commission may n require ! inclusion
 ( ref]5ces to /atutory or regulatory   
requirem5ts or /atutory provision head+s
 or enum]ators = any specific           
disclosure2  7,b7 9 subp>agraph         
7,b77iv71 by ins]t+ be=e ! p]iod !      
foll[+3 1 except t ! ,commission may n  
require ! inclusion ( ref]5ces to       
/atutory or regulatory requirem5ts or   

/atutory provision head+s or enum]ators 
= any specific disclosure2 &  7,c7 by   
add+ at ! end ! foll[+3  7,c7 ,no m&ate 
on ! organization ( disclosures ,!      
,commission may n m&ate ! specific      
organization ( ! disclosures requir$ "u 
?is p>agraph4  4  #hec4 ,repeal ( c]ta9 
atte/ation requirem5ts relat+ to cr$it  
rat+s ,section #ae;,e ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#g7 is am5d$--  7#a7 9 subsection  
7c77#c77;,b7-- 7,a7 9 clause 7i71 by    
add+ & at ! end2  7,b7 9 clause 7ii71 by
 /rik+ 2 & & ins]t+ a p]iod2 &  7,c7 by 
/rik+ clause 7iii72 &  7#b7 9 subsection
 7q77#b7-- 7,a7 9 subp>agraph 7,d71 by  
add+ & at ! end2  7,b7 9 subp>agraph    
7,e71 by /rik+ 2 & & ins]t+ a p]iod2 &  
7,c7 by /rik+ subp>agraph 7,f74  #hed4  
,look-back review by ,,nrsro ,section   
#ae;,e7h77#d77;,a7 ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#g7;h77#d77;,a77 is am5d$-- 7#a7 by
 /rik+ ,ea* nationally & ins]t+ !       
foll[+3  7i7 ,9 g5]al ,ea* nationally  2

  7#b7 by /rik+ und]writ] & ins]t+ lead 
und]writ]2  7#c7 by /rik+ 9 any         
capacity2  7#d7 by /rik+ dur+ ! #a-ye>  
p]iod prec$+ ! date an action 0 tak5 )  
respect to ! cr$it rat+2  7#e7 by       
r$esignat+ clauses 7i7 & 7ii7 z         
subclauses 7,i7 & 7,,ii71 respectively1 
& adju/+ ! m>g9 ( su* subclauses        
accord+ly2  7#f7 9 subclause 7,i71 z s  
r$esignat$1 by ins]t+ be=e ! semicolon !
 foll[+3 dur+ ! #a-ye> p]iod prec$+ !   
dep>ture ( ! employee f ! nationally    
recogniz$ /ati/ical rat+ organization2 &
  7#g7 by add+ at ! end ! foll[+3  7ii7 
,ma9t5ance ( rat+s actions ,9 ! case (  
ma9t5ance ( rat+s actions1 ! requirem5t 
"u clause 7i7 %all only apply to        
employees ( a p]son subject to a cr$it  
rat+ ( ! nationally recogniz$ /ati/ical 
rat+ organization or an issu] ( a       
security or money m>ket in/rum5t subject
 to a cr$it rat+ ( ! nationally         
recogniz$ /ati/ical rat+ organization4  
4  #hee4 ,approval ( cr$it rat+         
proc$ures & me?odologies ,section       

#ae;,e7r77#a77;,a7 ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#g7r77#a77;,a77 is am5d$ by ins]t+ 
1 or ! ,*ief ,cr$it ,(fic] aft] p]=m+ a 
function simil> to t ( a bo>d4  #hef4   
,exception = provid+ c]ta9 mat]ial      
in=mation relat+ to a cr$it rat+        
,section #ae;,e7h77#c7 ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#g7;h77#c77 is am5d$ by add+ at !  
end ! foll[+3  7,c7 ,exception = provid+
 c]ta9 mat]ial in=mation ,rules issu$ "u
 ?is p>agraph may n prohibit a p]son :o 
p>ticipates 9 sales or m>ket+ ( a       
product or s]vice ( a nationally        
recogniz$ /ati/ical rat+ organization f 
provid+ mat]ial in=mation1 or in=mation 
believ$ 9 good fai? to be mat]ial1 to ! 
issuance or ma9t5ance ( a cr$it rat+ to 
a p]son :o p>ticipates 9 det]m9+ or     
monitor+ ! cr$it rat+1 or develop+ or   
approv+ proc$ures or me?odologies us$ = 
det]m9+ ! cr$it rat+1 s long z !        
in=mation provid$ is n int5d$ to        
influ5ce ! det]m9ation ( a cr$it rat+1  

or ! proc$ures or me?odologies us$ to   
det]m9e cr$it rat+s4  4  #heg4 ,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  #heh4 ,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  #hei4    
,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$71 by /rik+ p>agraph
 7#h7 & ins]t+ p>agraph 7#g72 &  7#b7 9 
section #baa7;e7--  7,a7 by /rik+ aft]  
consultation ) ! ,c\ncil b2 &  7,b7 by  
/rik+ subsection #bjd7;b7 & ins]t+      
section #bjd7;b74  #hfj4 ,def9ition (   
accr$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,g71       
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 :o1 by reason ( _! net    
wor? or income1 is an accr$it$ inve/or  
"u section #bcj4bae ( title #ag1 ,code (
 ,f$]al ,regulations 7z 9 effect on !   
day be=e ! date ( enactm5t ( ?is        
subp>agraph72  7,e7 any natural p]son :o
 is curr5tly lic5s$ 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,f7 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 ,section #dac ( !        
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7,public ,law 
#aaa-bjc7 is h]eby repeal$4  #hfa4      
,repeal ( c]ta9 provisions requir+ a    
/udy & report to ,congress ,! 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  #hfb4 ,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 ,h>monization ( ,d]ivatives  
,rules  #hga4 ,commissions 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  #hgb4 ,treatm5t (       
transactions betwe5 affiliates  7a7     
,commodity ,ex*ange ,act ,section       
#a;a7#dg7 ( ! ,commodity ,ex*ange ,act  
7#g ,u4,s4,c4 #a;a7#dg77 is am5d$ by    
add+ at ! end ! foll[+3  7,g7 ,treatm5t 
( swap transactions betwe5 affiliates   
7i7 ,exemption f swap rules ,except z   
provid$ "u clause 7ii71 ! ,commission   
may n regulate a swap "u ?is ,act if all
 ( ! foll[+ apply to su* swap3 7,i7     
,affiliation ,"o c\nt]p>ty1 directly or 
indirectly1 holds a majority own]%ip    
int]e/ 9 ! o!r c\nt]p>ty1 or a ?ird     
p>ty1 directly or indirectly1 holds a   
majority own]%ip int]e/ 9 bo?           

c\nt]p>ties4  7,,ii7 ,f9ancial /atem5ts 
,! affiliat$ c\nt]p>ty t holds !        
majority int]e/ 9 ! o!r c\nt]p>ty or !  
?ird p>ty t1 directly or indirectly1    
holds ! majority int]e/s 9 bo? affiliat$
 c\nt]p>ties1 reports its f9ancial      
/atem5ts on a consolidat$ basis "u      
g5]ally accept$ acc\nt+ pr9ciples or    
,int]national ,f9ancial ,report+ ,/&>ds1
 or o!r simil> /&>ds1 & ! f9ancial      
/atem5ts include ! f9ancial results ( ! 
majority-own$ affiliat$ c\nt]p>ty or    
c\nt]p>ties4  7ii7 ,requirem5ts =       
exempt$ swaps ,) respect to a swap      
describ$ "u clause 7i73  7,i7 ,report+  
requirem5t ,if at lea/ "o c\nt]p>ty is a
 swap deal] or major swap p>ticipant1 t 
c\nt]p>ty %all report ! swap pursuant to
 section #dr1 )9 su* "t p]iod z !       
,commission may by rule or regulation   
prescribe-- 7aa7 to a swap data         
repository2 or  7bb7 if !re is no swap  
data repository t w\ld accept !         
agreem5t1 contract or transaction1 to ! 
,commission4  7,,ii7 ,risk managem5t    

requirem5t ,if at lea/ "o c\nt]p>ty is a
 swap deal] or major swap p>ticipant1 ! 
swap %all be subject to a c5traliz$ risk
 managem5t program pursuant to section  
#ds7j7 t is reasonably design$ to       
monitor & to manage ! risks associat$ ) 
! swap4  7,,iii7 ,anti-evasion          
requirem5t ,! swap %all n be /ructur$ to
 evade ! ,dodd-,frank ,wall ,/reet ,re=m
 & ,consum] ,protection ,act 9 violation
 ( any rule promulgat$ by ! ,commission 
pursuant to section #gba7;c7 ( su* ,act4
  4  7b7 ,securities ,ex*ange ,act (    
#aicd ,section #c7;a77#fh7 ( !          
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#fh77 is am5d$ by    
add+ at ! end ! foll[+3  7,f7 ,treatm5t 
( security-bas$ swap transactions betwe5
 affiliates  7i7 ,exemption f           
security-bas$ swap rules ,except z      
provid$ "u clause 7ii71 ! ,commission   
may n regulate a security-bas$ swap "u  
?is ,act if all ( ! foll[+ apply to su* 
security-bas$ swap3 7,i7 ,affiliation   
,"o c\nt]p>ty1 directly or indirectly1  

holds a majority own]%ip int]e/ 9 ! o!r 
c\nt]p>ty1 or a ?ird p>ty1 directly or  
indirectly1 holds a majority own]%ip    
int]e/ 9 bo? c\nt]p>ties4  7,,ii7       
,f9ancial /atem5ts ,! affiliat$         
c\nt]p>ty t holds ! majority int]e/ 9 ! 
o!r c\nt]p>ty or ! ?ird p>ty t1 directly
 or indirectly1 holds ! majority int]e/s
 9 bo? affiliat$ c\nt]p>ties1 reports   
its f9ancial /atem5ts on a consolidat$  
basis "u g5]ally accept$ acc\nt+        
pr9ciples or ,int]national ,f9ancial    
,report+ ,/&>ds1 or o!r simil> /&>ds1 & 
! f9ancial /atem5ts include ! f9ancial  
results ( ! majority-own$ affiliat$     
c\nt]p>ty or c\nt]p>ties4  7ii7         
,requirem5ts = exempt$ security-bas$    
swaps ,) respect to a security-bas$ swap
 describ$ "u clause 7i73  7,i7 ,report+ 
requirem5t ,if at lea/ "o c\nt]p>ty is a
 security-bas$ swap deal] or major      
security-bas$ swap p>ticipant1 t        
c\nt]p>ty %all report ! security-bas$   
swap pursuant to section #ac;,a1 )9 su* 
"t p]iod z ! ,commission may by rule or 

regulation prescribe-- 7aa7 to a        
security-bas$ swap data repository2 or  
7bb7 if !re is no security-bas$ swap    
data repository t w\ld accept !         
agreem5t1 contract or transaction1 to ! 
,commission4  7,,ii7 ,risk managem5t    
requirem5t ,if at lea/ "o c\nt]p>ty is a
 security-bas$ swap deal] or major      
security-bas$ swap p>ticipant1 !        
security-bas$ swap %all be subject to a 
c5traliz$ risk managem5t program        
pursuant to section #ae;,f7j7 t is      
reasonably design$ to monitor & to      
manage ! risks associat$ ) !            
security-bas$ swap4  7,,iii7            
,anti-evasion requirem5t ,!             
security-bas$ swap %all n be /ructur$ to
 evade ! ,dodd-,frank ,wall ,/reet ,re=m
 & ,consum] ,protection ,act 9 violation
 ( any rule promulgat$ by ! ,commission 
pursuant to section #gfa7;b77#c7 ( su*  
,act4  4  ,,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 ,f$       
,ov]sight ,re=m & ,mod]nization  #ajja4 
,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 ( !   

,directive ,policy ,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 ! ,directive ,policy     
,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       
#ajjb4 ,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$]al ,res]ve   
,sy/em f p>ticipat+ 9 or issu+ public   
communications4  4  #ajjc4 ,public      
transcripts ( ,,fomc meet+s ,section    
#ab;,a ( ! ,f$]al ,res]ve ,act 7#ab     
,u4,s4,c4 #bfc71 z am5d$ by section     
#ajjb1 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  #ajjd4 ,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$]al ,res]ve ,banks (
 ,new ,york1 ,clevel&1 ,atlanta1 ,/4    
,l\is1 ,kansas ,city1 & ,san            
,francisco44  #ajje4 ,frequ5cy (        
te/imony ( ! ,*airman ( ! ,bo>d (       
,gov]nors ( ! ,f$]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  #ajjf4   
,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  #ajjg4 ,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
 ins]t+ be=e subsection 7w71 z add$ by  
section #cga7;a71 ! 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$]al ,res]ve ,sy/em %all-- 7,a7       
disclose all brok]age acc\nts t ! memb] 
or employee ma9ta9s1 z well z any       
acc\nts 9 :i* ! memb] or employee       
controls trad+ or has a f9ancial int]e/ 
7includ+ manag$ 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 ( 
su* acc\nt 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  #ajjh4 ,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            
#aaa7;b77#c71 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 on ! value ( ! collat]al 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 ( ! ,f$]al ,res]ve ,act 
7#ab ,u4,s4,c4 #bdh7r77#b77;,a77 is     
am5d$-- 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$]al res]ve
 banks4  4  #ajji4 ,int]e/ rates on     
balances ma9ta9$ 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$]al ,op5 ,m>ket        
,committee aft] rate or rates4  #ajaj4  
,audit re=m & transp>5cy = ! ,bo>d (    
,gov]nors ( ! ,f$]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  #ajaa4 ,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 actions ( ! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 &  
7iii7 ,f$]al debt4  7#b7 ,report ,n lat]
 ?an #a ye> aft] ! date ( ! enactm5t (  
?is section1 ! ,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 #f mon?s aft] !
 date on :i* ! report is submitt$ "u    
subsection 7c77#b74  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  ,,xi ,improv+    
,insurance ,coord9ation ?r\gh an        
,indep5d5t ,advocate  #aaja4 ,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 ! ,presid5t %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 ,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  7d7 ,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  7e7 ,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  7f7 ,comp>ability 9         
comp5sation s*$ules ,subsection 7a7 (   
section #abjf ( ! ,f9ancial ,in/itutions
 ,re=m1 ,recov]y1 & ,en=cem5t ,act (    
#aihi 7#ab ,u4,s4,c4 #ahcc;b7a771 z     
am5d$ by section #gaa7;c77#aa77;,d71 is 
fur!r am5d$ by ins]t+ ! ,(fice ( !      
,indep5d5t ,insurance ,advocate ( !     
,dep>tm5t ( ! ,treasury1 be=e & ! ,f>m  
,cr$it ,adm9i/ration14  7g7 ,s5ior      
executives ,subp>agraph 7,d7 ( section  
#cacb7;a77#a7 ( title #e1 ,unit$ ,/ates 
,code1 is am5d$ by ins]t+ ! ,(fice ( !  
,indep5d5t ,insurance ,advocate ( !     
,dep>tm5t ( ! ,treasury1 aft] ,f9ance   
,ag5cy14  #aajb4 ,treatm5t ( cov]$      
agreem5ts ,subsection 7c7 ( section #cad

 ( title #ca1 ,unit$ ,/ates ,code 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$1 ! foll[+ 
new p>agraph3  7#a7 ! ,secret>y ( !     
,treasury & ! ,unit$ ,/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  ,,xii ,te*nical           
corrections  #abja4 ,table ( cont5ts2   
,def9itional corrections  7a7 ,table (  
cont5ts ,! table ( cont5ts = !          
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7,public ,law 
#aaa-bjc2 #abd ,/at4 #acgf7 is am5d$ by 
/rik+ ! items relat+ to sections #djg   
?r\gh #dad & ins]t+ ! foll[+3  ,sec4    
#djg4 ,exemption ( & report+ by v5ture  
capital fund advis]s4 ,sec4 #djh4       

,exemption ( & report+ by c]ta9 private 
fund advis]s4 ,sec4 #dji4 ,family       
(fices4 ,sec4 #daj4 ,/ate & ,f$]al      
responsibilities2 asset ?re%old = ,f$]al
 regi/ration ( inve/m5t advis]s4 ,sec4  
#daa4 ,cu/ody ( cli5t assets4 ,sec4     
#dad4 ,rule ( con/ruction relat+ to !   
,commodity ,ex*ange ,act4 ,sec4 #dah4   
,qualifi$ cli5t /&>d4 ,sec4 #dai4       
,transition p]iod4  4  7b7 ,def9itions  
,section #b ( ! ,dodd-,frank ,wall      
,/reet ,re=m & ,consum] ,protection ,act
 7#ab ,u4,s4,c4 #ecja7 is am5d$-- 7#a7 9
 p>agraph 7#a7--  7,a7 by /rik+ section 
#c & ins]t+ section #c7w72 &  7,b7 by   
/rik+ 7#ab ,u4,s4,c4 #ahac7 & ins]t+    
7#ab ,u4,s4,c4 #ahac7w772  7#b7 9       
p>agraph 7#f71 by /rik+ #a et seq4 &    
ins]t+ #a;a2 &  7#c7 9 p>agraph         
7#ah77;,a7--  7,a7 by /rik+ bank hold+  
company12 &  7,b7 by ins]t+ includes1   
be=e includ+14  #abjb4 ,antitru/ sav+s  
clause corrections ,section #f ( !      
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4

 #ecjc7 is am5d$1 9 ! second s5t5ce--   
7#a7 by ins]t+ 7#ae ,u4,s4,c4 #ab7;a77  
aft] ,clayton ,act2 &  7#b7 by /rik+    
,act1 to & ins]t+ ,act 7#ae ,u4,s4,c4   
#de7 to4  #abjc4 ,title ,i corrections  
,title ,i ( ! ,dodd-,frank ,wall ,/reet 
,re=m & ,consum] ,protection ,act 7#ab  
,u4,s4,c4 #ecaa et seq47 is am5d$--     
7#a7 9 section #ajb7;a77#f7 7#ab        
,u4,s4,c4 #ecaa7;a77#f771 by ins]t+ 7#ab
 ,u4,s4,c4 #ahdc7k77 aft] ( #aief ea*   
place t t]m appe>s2  7#b7 9 section     
#aaa7;c77#c7 7#ab ,u4,s4,c4             
#ecba7;c77#c771 by /rik+ t ag5cy or     
dep>tm5t head & ins]t+ ! head ( t memb] 
ag5cy or dep>tm5t2  7#c7 9 section #aab 
7#ab ,u4,s4,c4 #ecbb7-- 7,a7 9          
subsection 7a77#b7--  7i7 9 subp>agraph 
7,c7 7z r$esignat$ by section #aea7--   
7,i7 by /rik+ to monitor & ins]t+       
monitor2 &  7,,ii7 by /rik+ to advise & 
ins]t+ advise2  7ii7 9 subp>agraph 7,h7 
7z r$esignat$ by section #aea71 by /rik+
 may2 &  7,b7 9 subsection 7d77#e71 by  
/rik+ subsection & subtitle ,b ea* place

 su* t]m appe>s & ins]t+ subtitle2 &    
7#d7 9 section #aga7;b77#d77;,d7 7#ab   
,u4,s4,c4 #ecga7;b77#d77;,d771 by add+ a
 p]iod at ! end4  #abjd4 ,title ,,iii   
corrections  7a7 ,9 g5]al ,title ,,iii (
 ! ,dodd-,frank ,wall ,/reet ,re=m &    
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #edja et seq47 is am5d$-- 7#a7 9       
section #cbg7;b77#e7 7#ab ,u4,s4,c4     
#edcg7;b77#e771 by /rik+ 9 & ins]t+     
into2  7#b7 9 section #ccc7;b77#b7 7#abd
 ,/at4 #aeci71 by ins]t+ ! second place 
t t]m appe>s be=e & ins]t+2 &  7#c7 9   
section #cfi7e7 7#abd ,/at4 #aeei7--    
7,a7 9 subp>agraph 7,d77i7-- 7i7 9      
subclause 7,,iii71 by r$esignat+ items  
7aa71 7bb71 & 7cc7 z subitems 7,,aa71   
7,,bb71 & 7,,cc71 respectively1 & adju/+
 ! m>g9s accord+ly2  7ii7 9 subclause   
7,,iv71 by r$esignat+ items 7aa7 & 7bb7 
z subitems 7,,aa7 & 7,,bb71             
respectively1 & adju/+ ! m>g9s          
accord+ly2  7iii7 9 subclause 7,v71 by  
r$esignat+ items 7aa71 7bb71 & 7cc7 z   
subitems 7,,aa71 7,,bb71 & 7,,cc71      

respectively1 & adju/+ ! m>g9s          
accord+ly2 &  7iv7 by r$esignat+        
subclauses 7,,iii71 7,,iv71 & 7,v7 z    
items 7bb71 7cc71 & 7dd71 respectively1 
& adju/+ ! m>g9s accord+ly2  7,b7 9     
subp>agraph 7,f7--  7i7 9 clause 7ii71  
by add+ & at ! end2  7ii7 9 clause      
7iii71 by /rik+ & at ! end & ins]t+ a   
semicolon2 &  7iii7 by /rik+ clause     
7iv72 &  7,c7 9 subp>agraph 7,g77i71 by 
ins]t+ ea* place su* t]m appe>s be=e &  
ins]t+4  7b7 ,effective dates  7#a7     
,section #ccc ,! am5dm5t made by        
subsection 7a77#b7 ( ?is section %all   
take effect z ?\gh enact$ z "p (        
subtitle ,c ( title ,,iii ( !           
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#abd ,/at4   
#aech74  7#b7 ,section #cfi ,! am5dm5ts 
made by subsection 7a77#c7 ( ?is section
 %all take effect z ?\gh enact$ z "p (  
subtitle ,e ( title ,,iii ( !           
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#abd ,/at4   
#aedf74  #abje4 ,title ,,iv correction  

,section #dad ( ! ,dodd-,frank ,wall    
,/reet ,re=m & ,consum] ,protection ,act
 7#abd ,/at4 #aegh7 is am5d$ 9 ! section
 head+ by /rik+ ,commodities & ins]t+   
,commodity4  #abjf4 ,title ,,vi         
corrections  7a7 ,9 g5]al ,section #faj 
( ! ,dodd-,frank ,wall ,/reet ,re=m &   
,consum] ,protection ,act 7#abd ,/at4   
#aeif7 is am5d$--  7#a7 by /rik+        
subsection 7b72 &  7#b7 by r$esignat+   
subsection 7c7 z subsection 7b74  7b7   
,effective date ,! am5dm5ts made by     
subsection 7a7 ( ?is section %all take  
effect z ?\gh enact$ z "p ( section #faj
 ( ! ,dodd-,frank ,wall ,/reet ,re=m &  
,consum] ,protection ,act 7#abd ,/at4   
#afaa74  #abjg4 ,title ,,vii corrections
  7a7 ,9 g5]al ,title ,,vii ( !         
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ae ,u4,s4,c4
 #hcja et seq47 is am5d$--  7#a7 9      
section #gai7;c77#a77;,b7 7#ae ,u4,s4,c4
 #hcjg7;c77#a77;,b771 by add+ a p]iod at
 ! end2  7#b7 9 section                 
#gbc7;a77#a77;,b7 7#abd ,/at4 #afge71 by

 ins]t+ 1 z add$ by section #ajg ( !    
,commodity ,futures ,mod]nization ,act (
 #bjjj 7,app5dix ,e ( ,public ,law      
#ajf-eed2 #aad ,/at4 #bgfc;,a-#chb71    
aft] subsection 7i72  7#c7 9 section    
#gbd7;a71 by /rik+ add+ at ! end &      
ins]t+ ins]t+ aft] subsection 7e72  7#d7
 9 section #gcd7;b77#a7 7#abd ,/at4     
#agah71 by /rik+ is am5d$ & all t foll[s
 ?r\gh 7,b7 9 & ins]t+ is am5d$ 92  7#e7
 9 section #gda7;b77#aj7 7#abd ,/at4    
#agcb71 by /rik+                        
#a;a7#ai77;,a77iv77,,ii7 ea* place x    
appe>s & ins]t+                         
#a;a7#ah77;,a77iv77,,ii72 &  7#f7 9     
section #gdi 7#abd ,/at4 #agdf7--  7,a7 
9 subsection 7a77#b71 by /rik+ add+ at !
 end & ins]t+ ins]t+ aft] subsection    
7f72 &  7,b7 9 subsection 7h77#a77;,b71 
by ins]t+ ! second place t t]m appe>s   
be=e ! semicolon4  7b7 ,effective date  
,! am5dm5ts made by p>agraphs 7#c71     
7#d71 7#e71 & 7#f7 ( subsection 7a7 (   
?is section %all take effect z ?\gh     
enact$ z "p ( "p ,,ii ( subtitle ,a (   

title ,,vii ( ! ,dodd-,frank ,wall      
,/reet ,re=m & ,consum] ,protection ,act
 7#abd ,/at4 #afeh74  #abjh4 ,title ,,ix
 corrections ,section #ici7;h77#a7 ( !  
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#abd ,/at4   
#ahhg7 is am5d$--  7#a7 9 ! matt] prec$+
 subp>agraph 7,a71 by ins]t+ ,! be=e    
,commission2 &  7#b7 by /rik+           
feasability & ins]t+ feasibility4       
#abji4 ,title ,x corrections  7a7 ,9    
g5]al ,title ,x ( ! ,dodd-,frank ,wall  
,/reet ,re=m & ,consum] ,protection ,act
 7#ab ,u4,s4,c4 #edha et seq47 is       
am5d$-- 7#a7 9 section #ajjb7ab77;,g7   
7#ab ,u4,s4,c4 #edha7ab77;,g771 by /rik+
 ,home ,own]s & ins]t+ ,home[n]s2  7#b7 
9 section #ajac7;a77#a77;,c7 7#ab       
,u4,s4,c4 #edic7;a77#a77;,c771 by /rik+ 
section #aa7a7 ( ! ,f$]al ,res]ve ,act  
7#ab ,u4,s4,c4 #bdh7a77 & ins]t+        
subsection 7l7 ( section #aa ( ! ,f$]al 
,res]ve ,act 7#ab ,u4,s4,c4 #bdh7l72    
7#c7 9 section #ajag7;a77#b7 7z s       
r$esignat$ by section #gab7 7#ab        

,u4,s4,c4 #edig7;a77#e77--  7,a7 9      
subp>agraph 7,a71 9 ! la/ s5t5ce by     
/rik+ #gaf7;c7 ( title #ca1 ,unit$      
,/ates ,code & ins]t+ #gaf ( title #ca1 
,unit$ ,/ates ,code2 &  7,b7 9          
subp>agraph 7,c71 by /rik+ section #cgji
 ( ! ,revis$ ,/atutes ( ! ,unit$ ,/ates 
7#da ,u4,s4,c4 #e7 & ins]t+ section     
#faja ( title #da1 ,unit$ ,/ates ,code2 
7#d7 9 section #ajbg7;d77#a77;,b7 7#ab  
,u4,s4,c4 #eeag7;d77#a77;,b771 by ins]t+
 a comma aft] 7,a72  7#e7 9 section     
#ajbi7;d7 7#ab ,u4,s4,c4 #eeai7;d771 by 
/rik+ ! p]iod aft] ,commission ,act2    
7#f7 9 section #ajfa7;b77#g7 7#ab       
,u4,s4,c4 #eeha7;b77#g77-- 7,a7 by /rik+
 ,secret>y ( ! ,dep>tm5t ( ,h\s+ &      
,urban ,developm5t ea* place t t]m      
appe>s & ins]t+ ,dep>tm5t ( ,h\s+ &     
,urban ,developm5t2 &  7,b7 9           
subp>agraph 7,a71 by /rik+ 7#ab         
,u4,s4,c4 #eajb et seq47 & ins]t+ 7#ab  
,u4,s4,c4 #eaja et seq472  7#g7 9       
section #ajfc 7#ab ,u4,s4,c4 #eehc7--   
7,a7 9 subsection 7f77#a77;,b71 by /rik+

 t2 &  7,b7 9 subsection 7g77#a77;,a7-- 
7i7 by /rik+ 7#ab ,u4,s4,c4 #eajb et    
seq47 & ins]t+ 7#ab ,u4,s4,c4 #eaja et  
seq472 &  7ii7 by /rik+ seq7 & ins]t+   
seq472  7#h7 9 section                  
#ajfd7;i77#a77;,a77iii7 7#ab ,u4,s4,c4  
#eehd7;i77#a77;,a77iii771 by ins]t+ a   
p]iod be=e ,if an2  7#i7 9 section      
#ajgc7;c77#b7 7#ab ,u4,s4,c4            
#efja7;c77#b77--  7,a7 9 ! p>agraph     
head+1 by ins]t+ & education aft]       
f9ancial lit]acy2 &  7,b7 by /rik+ its  
duties & ins]t+ _! duties2  7#aj7 9     
section #ajgf7;b77#a7 7#ab ,u4,s4,c4    
#efjb7;b77#a771 by ins]t+ be=e ! p]iod  
at ! end ! foll[+3 1 ! ,ag5cy may1 aft] 
notice & opportunity = comm5t1 prescribe
 regulations2  7#aa7 9 section          
#ajgg7;b77#d77;,f7 7#abd ,/at4 #bjgf71  
by /rik+ associates & ins]t+            
associate's2  7#ab7 9 section #ajhd7a7  
7#abd ,/at4 #bjha71 by ins]t+ a comma   
aft] #bjji72  7#ac7 9 section #ajhi     
7#abd ,/at4 #bjib7--  7,a7 9 p>agraph   
7#c7-- 7i7 9 subp>agraph 7,a71 by /rik+ 

& at ! end2 &  7ii7 9 subp>agraph       
7,b77vi71 by /rik+ ! p]iod at ! end &   
ins]t+ 2 &2 &  7,b7 by r$esignat+       
p>agraph 7#d7 z subp>agraph 7,c7 &      
adju/+ ! m>g9s accord+ly2 &  7#ad7 9    
section #ajih7f7 7#abd ,/at4 #bajd71 by 
ins]t+ ! fir/ place t t]m appe>s be=e &4
  7b7 ,effective date ,! am5dm5ts made  
by p>agraphs 7#aa71 7#ab71 7#ac71 7#ad71
 & 7#ae7 ( subsection 7a7 %all take     
effect z ?\gh enact$ z "p ( subtitle ,h 
( title ,x ( ! ,dodd-,frank ,wall ,/reet
 ,re=m & ,consum] ,protection ,act 7#abd
 ,/at4 #bjhj74  #abaj4 ,title ,,xii     
correction ,title ,,xii ( ! ,dodd-,frank
 ,wall ,/reet ,re=m & ,consum]          
,protection ,act 7#abd ,/at4 #babi7 is  
am5d$1 9 section #abjh7;b7 7#ab         
,u4,s4,c4 #efbf7;b771 by ins]t+ 1 z     
def9$ 9 section #ajc7aj7 ( ! ,riegle    
,community ,developm5t & ,regulatory    
,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 
#dgjb7aj771 aft] appropriat$ to ! ,fund4
  #abaa4 ,title ,,xiv correction ,title 
,,xiv ( ! ,dodd-,frank ,wall ,/reet     

,re=m & ,consum] ,protection ,act 7#abd 
,/at4 #bacf7 is am5d$1 9 section        
#adea7;c7 7#ab ,u4,s4,c4 #agjax-#a7;c771
 by /rik+ pursuant4  #abab4 ,te*nical   
corrections to o!r /atutes  7a7         
,alt]native mortgage transaction p>ity  
act ( #aihb ,! ,alt]native ,mortgage    
,transaction ,p>ity ,act ( #aihb 7#ab   
,u4,s4,c4 #chja et seq47 is am5d$-- 7#a7
 9 section #hjb7;a77#c7 7#ab ,u4,s4,c4  
#chja7;a77#c771 by /rik+ ! ,director ( !
 ,(fice ( ,?rift ,sup]vision & ins]t+ ! 
,consum] ,law ,en=cem5t ,ag5cy2  7#b7 9 
section #hjd 7#ab ,u4,s4,c4 #chjc7--    
7,a7 9 subsection 7a71 by /rik+ !       
,director ( ! ,(fice ( ,?rift           
,sup]vision ea* place su* t]m appe>s &  
ins]t+ ! ,comptroll] ( ! ,curr5cy2 &    
7,b7 9 subsection 7d77#a71 by /rik+ !   
comma aft] ,adm9i/ration4  7b7 ,bank    
,hold+ ,company ,act ,am5dm5ts ( #aigj  
,section #ajf7;b77#a7 ( ! ,bank ,hold+  
,company ,act ,am5dm5ts ( #aigj 7#ab    
,u4,s4,c4 #aigb7a77 is am5d$1 9 !       
undesignat$ matt] at ! end1 by /rik+    

,f$]al ,deposit ,insurance ,company &   
ins]t+ ,f$]al ,deposit ,insurance       
,corporation4  7c7 ,balanc$ ,budget &   
,em]g5cy ,deficit ,control ,act ,section
 #bee7;g77#a77;,a7 ( ! ,balanc$ ,budget 
& ,em]g5cy ,deficit ,control ,act (     
#aihe 7#b ,u4,s4,c4 #ije7;g77#a77;,a77  
is am5d$ by /rik+ ,(fice ( ,?rift       
,sup]vision 7#bj-dajh-j-c-cgc744  7d7   
,bretton ,woods ,agreem5ts ,act ,section
 #fh7;a77#a7 ( ! ,bretton ,woods        
,agreem5ts ,act 7#bb ,u4,s4,c4          
#bhftt7a77#a77 is am5d$ by /rik+ ,fund 1
 & ins]t+ ,fund14  7e7 ,,c-,,spam ,act (
 #bjjc ,section #g7;b77#a77;,d7 ( !     
,,c-,,spam ,act ( #bjjc 7#ae ,u4,s4,c4  
#ggjf7;b77#a77;,d77 is am5d$ by /rik+   
,director ( ! ,(fice ( ,?rift           
,sup]vision & ins]t+ ,comptroll] ( !    
,curr5cy or ! ,bo>d ( ,directors (      
,f$]al ,deposit ,insurance ,corporation1
 z applicable4  7f7 ,*ildr5's ,onl9e    
,privacy ,protection ,act ( #aiih       
,section #acjf7;b77#b7 ( ! ,*ildr5's    
,onl9e ,privacy ,protection ,act ( #aiih

 7#ae ,u4,s4,c4 #feje7;b77#b77 is am5d$ 
by /rik+ ,director ( ! ,(fice ( ,?rift  
,sup]vision & ins]t+ ,comptroll] ( !    
,curr5cy or ! ,bo>d ( ,directors (      
,f$]al ,deposit ,insurance ,corporation1
 z applicable4  7g7 ,community          
,re9ve/m5t ,act ( #aigg ,! ,community   
,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4  
#bija et seq47 is am5d$-- 7#a7 9 section
 #hjc7a77;,c7 7#ab ,u4,s4,c4            
#bijb7a77;,c771 by /rik+ ! p]iod at !   
end & ins]t+ a semicolon2 &  7#b7 9     
section #hjf 7#ab ,u4,s4,c4 #bije71 by  
/rik+ companies11 & ins]t+ companies14  
7h7 ,cr$it ,repair ,organizations ,act  
,section #djc7d7 ( ! ,cr$it ,repair     
,organizations ,act 7#ae ,u4,s4,c4      
#afgi;a7#d77 is am5d$ by /rik+ #ajc7;e7 
& ins]t+ #ajc7;f74  7i7 ,depository     
,in/itution ,managem5t ,int]locks ,act  
,section #bje7i7 ( ! ,depository        
,in/itution ,managem5t ,int]locks ,act  
7#ab ,u4,s4,c4 #cbjd7i77 is am5d$ by    
/rik+ ,director ( ! ,(fice ( ,?rift     
,sup]vision & ins]t+ appropriate ,f$]al 

bank+ ag5cy4  7j7 ,economic ,gr[? &     
,regulatory ,pap]work ,r$uction ,act (  
#aiif ,section #bbbg7;a77#a7 ( !        
,economic ,gr[? & ,regulatory ,pap]work 
,r$uction ,act ( #aiif 7#ab ,u4,s4,c4   
#beb7;a77#a77 is am5d$ by /rik+ !       
,director ( ! ,(fice ( ,?rift           
,sup]vision14  7k7 ,electronic ,fund    
,transf] ,act ,! ,electronic ,fund      
,transf] ,act 7#ae ,u4,s4,c4 #afic et   
seq47 is am5d$-- 7#a7 9 section #ijc    
7#ae ,u4,s4,c4 #afic;a7--  7,a7 9       
p>agraph 7#b71 by /rik+ #ajc7;i7 &      
ins]t+ #ajc7;j72 &  7,b7 by r$esignat+ !
 fir/ p>agraph designat$ z p>agraph 7#d7
 7def9+ ! t]m ,bo>d71 z p>agraph 7#c72  
7#b7 9 section #ijd7;a7 7#ae ,u4,s4,c4  
#afic;b7a77-- 7,a7 by r$esignat+ !      
second p>agraph designat$ z p>agraph    
7#a7 7relat+ to consultation ) o!r      
ag5cies71 ! second p>agraph designat$ z 
p>agraph 7#b7 7relat+ to ! prep>ation ( 
an analysis ( economic impact71 p>agraph
 7#c71 & p>agraph 7#d71 z subp>agraphs  
7,a71 7,b71 7,c71 & 7,d71 respectively1 

& adju/+ ! m>g9s accord+ly2  7,b7 by    
/rik+ ,9 prescrib+ su* regulations1 !   
,bo>d %all3 & ins]t+ ! foll[+3  7#c7    
,regulations ,9 prescrib+ regulations "u
 ?is subsection1 ! ,ag5cy & ! ,bo>d     
%all--  2  7,c7 9 p>agraph 7#c77;,c71 z 
s r$esignat$1 by /rik+ ! ,bo>d %all2 &  
7,d7 9 p>agraph 7#c77;,d71 z s          
r$esignat$--  7i7 by ins]t+ s5d promptly
 be=e any2 &  7ii7 by /rik+ %all be s5t 
promptly to ,congress by ! ,bo>d &      
ins]t+ to ,congress2  7#c7 9 section    
#iji7;c7 7#ae ,u4,s4,c4 #afic;g7c771 by 
/rik+ #ajc7;e7 & ins]t+ #ajc7;f72  7#d7 
9 section #iah7;a77#d7 7#ae ,u4,s4,c4   
#afico7a77#d71 by /rik+ ,act & & ins]t+ 
,act2 &2  7#e7 by r$esignat+ ! section  
add$ by section #ajgc7d7 ( !            
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7relat+ to    
remittance transf]s7 7#ae ,u4,s4,c4     
#afico-#a7 z section #ibj ( !           
,electronic ,fund ,transf] ,act2  7#f7  
by r$esignat+ ! section head$           
,reasonable fees & rules = paym5t c>d   

transaction 7#ae ,u4,s4,c4 #afico-#b7 z 
section #iba ( ! ,electronic ,fund      
,transf] ,act2  7#g7 by r$esignat+ !    
section head$ ,relation to ,/ate laws   
7#ae ,u4,s4,c4 #aficq7 z section #ibb ( 
! ,electronic ,fund ,transf] ,act2  7#h7
 by r$esignat+ ! section head$          
,exemption = ,/ate regulation 7#ae      
,u4,s4,c4 #aficr7 z section #ibc ( !    
,electronic ,fund ,transf] ,act2 &  7#i7
 by r$esignat+ ! section head$          
,effective date 7#ae ,u4,s4,c4 #afic    
note7 z section #ibd ( ! ,electronic    
,fund ,transf] ,act4  7l7 ,em]g5cy      
,economic ,/abilization ,act ( #bjjh    
,section #aja7;b7 ( ! ,em]g5cy ,economic
 ,/abilization ,act ( #bjjh 7#ab        
,u4,s4,c4 #ebaa7;b77 is am5d$ by /rik+ !
 ,director ( ! ,(fice ( ,?rift          
,sup]vision14  7m7 ,equal ,cr$it        
,opportunity ,act ,! ,equal ,cr$it      
,opportunity ,act 7#ae ,u4,s4,c4 #afia  
et seq47 is am5d$-- 7#a7 9 section #gjc 
7#ae ,u4,s4,c4 #afia;b7--  7,a7 9 ea* ( 
subsections 7c7 & 7d71 by /rik+ p>agraph

 ea* place t t]m appe>s & ins]t+        
subsection2 &  7,b7 9 subsection 7g71 by
 add+ a p]iod at ! end2  7#b7 9 section 
#gjd 7#ae ,u4,s4,c4 #afia;c7-- 7,a7 9   
subsection 7a7--  7i7 by /rik+ ,consum] 
,protection ,f9ancial ,protection ,act (
 #bjaj ) & ins]t+ ,consum] ,f9ancial    
,protection ,act ( #bjaj1 compliance )2 
7ii7 9 p>agraph 7#a7--  7,i7 by /rik+   
section #h & ins]t+ ,section #h2 &      
7,,ii7 9 subp>agraph 7,c71 by /rik+     
banks2 & ins]t+ banks42  7iii7 9 ea* (  
p>agraphs 7#f7 & 7#g71 by /rik+ !       
semicolon at ! end & ins]t+ a p]iod2 &  
7iv7 9 p>agraph 7#h71 by /rik+ 2 & &    
ins]t+ a p]iod2 &  7,b7 9 subsection    
7c71 9 ! second s5t5ce1 by /rik+        
sub*apt] & ins]t+ title2 &  7#c7 9      
section #gjf7k7 7#ae ,u4,s4,c4          
#afia;e7k771 by /rik+ 1 7#b71 or 7#c7 & 
ins]t+ or 7#b74  7n7 ,exp$it$ ,funds    
,availability ,act ,! ,exp$it$ ,funds   
,availability ,act 7#ab ,u4,s4,c4 #djja 
et seq47 is am5d$-- 7#a7 9 section      
#fje7;f77#b77;,a7 7#ab ,u4,s4,c4        

#djjd7;f77#b77;,a771 by /rik+ 11 &      
ins]t+ a semicolon2 &  7#b7 9 section   
#faj7;a77#b7 7#ab ,u4,s4,c4             
#djji7;a77#b771 by /rik+ ,director ( !  
,(fice ( ,?rift ,sup]vision & ins]t+    
,comptroll] ( ! ,curr5cy & ! ,bo>d (    
,directors ( ! ,f$]al ,deposit          
,insurance ,corporation1 z appropriate14
  7o7 ,fair ,cr$it ,report+ ,act ,!     
,fair ,cr$it ,report+ ,act 7#ae         
,u4,s4,c4 #afha et seq47 is am5d$--     
7#a7 9 section #fjc 7#ae ,u4,s4,c4      
#afha;a7-- 7,a7 9 subsection            
7d77#b77;,d71 by /rik+ 7x7 & ins]t+ 7y72
  7,b7 9 subsection 7q77#e71 by /rik+   
#ajc7;i7 & ins]t+ #ajc7;j72 &  7,c7 9   
subsection 7v71 by /rik+ ,bureau &      
ins]t+ ,f$]al ,trade ,commission2  7#b7 
9 section #fjd 7#ae ,u4,s4,c4 #afha;b7--
 7,a7 9 subsection 7b7--  7i7 9 p>agraph
 7#b77;,b77i71 by /rik+ section         
#fae7;a77#c7 & ins]t+ section           
#fae7;a77#d72  7ii7 9 p>agraph          
7#c77;,b77ii71 by /rik+ clause          
7,b77i77,,iv7 & ins]t+ clause 7i77,,iv72

  7iii7 9 p>agraph 7#d77;,a77ii71 by    
ins]t+ & aft] ! semicolon2 &  7iv7 by   
/rik+ section #fji7;c77#c7 ea* place t  
t]m appe>s & ins]t+ section #fji7;c72 & 
7,b7 9 subsection 7g77#e71 by /rik+     
p>agraph 7#b74-- & all t foll[s ?r\gh ,!
 ,bureau & ins]t+ p>agraph 7#b74--,!    
,ag5cy2  7#c7 9 section #fje 7#ae       
,u4,s4,c4 #afha;c7--  7,a7 9 subsection 
7f71 by /rik+ :o & ins]t+ :i*2 &  7,b7 9
 subsection 7h77#b77;,a7--  7i7 by /rik+
 %all11 & ins]t+ %all12 &  7ii7 by /rik+
 ,commission11 & ins]t+ ,commission12   
7#d7 9 p>agraphs 7#a77;,a71             
7#a77;,b77i71 7#b77;,a77i71 & 7#b77;,b7 
( section #fje;,a7h7 7#ae ,u4,s4,c4     
#afha;c-#a7;h77-- 7,a7 by /rik+ #ajc7;i7
 ea* place t t]m appe>s & ins]t+        
#ajc7;j7 2 &  7,b7 by /rik+ op5-end ea* 
place t t]m appe>s & ins]t+ op5 end2    
7#e7 9 section #fjg7;e77#c77;,a7 7#ae   
,u4,s4,c4 #afha;e7e77#c77;,a771 by /rik+
 section #fjd7;b77#d77;,e77i7 & ins]t+  
section #fjd7;b77#d77;,d77i72  7#f7 9   
section #fji 7#ae ,u4,s4,c4 #afha;g7--  

7,a7 9 subsection 7a77#c77;,c77i71 by   
/rik+ section #fjd7;b77#d77;,e77i7 &    
ins]t+ section #fjd7;b77#d77;,d77i72    
7,b7 9 subsection 7c77#a7-- 7i7 9 !     
p>agraph head+1 by /rik+ ,commission &  
ins]t+ ,bureau2 &  7ii7 9 subp>agraph   
7,b77vi71 by /rik+ #fjc7w7 & ins]t+     
#fjc7x72  7,c7 9 subsection             
7e77#b77;,b77ii77,,ii71 by /rik+ an2 &  
7,d7 by /rik+ ,! ,commission ea* place t
 t]m appe>s & ins]t+ ,! ,bureau2  7#g7 9
 section #faj 7#ae ,u4,s4,c4 #afha;h7-- 
7,a7 9 subsection 7b77#a71 by ins]t+    
section aft] "u2 &  7,b7 9 subsection   
7e71 by ins]t+ a comma aft] on ! report2
  7#h7 9 section #faa 7#ae ,u4,s4,c4    
#afha;i71 by /rik+ ,! ,commission ea*   
place t t]m appe>s & ins]t+ ,! ,ag5cy2  
7#i7 9 section #fab 7#ae ,u4,s4,c4      
#afha;j7--  7,a7 9 subsection 7a77#a7-- 
7i7 by /rik+ 7w7 & ins]t+ 7x72 &  7ii7 9
 subp>agraph 7,c71 by /rik+ #fjc7w7 ea* 
place t t]m appe>s & ins]t+ #fjc7x72    
7,b7 9 subsection 7g71 by /rik+         
televison & ins]t+ television2 &  7,c7  

by /rik+ ,! ,commission ea* place t t]m 
appe>s & ins]t+ ,! ,bureau2  7#aj7 9    
section #fba 7#ae ,u4,s4,c4 #afhas7--   
7,a7 9 subsection 7a77#a71 9 ! fir/     
s5t5ce1 by /rik+ 1 subsection 7b72  7,b7
 9 subsection 7e77#b71 by ins]t+ a p]iod
 aft] provisions ( ?is title2 &  7,c7 9 
subsection 7f77#b71 by /rik+ ,!         
,commission & ins]t+ ,! ,ag5cy &  7#aa7 
9 section #fbc7;a77#e7 7#ae ,u4,s4,c4   
#afhas-#b7;a77#e771 by /rik+ (          
acc\nts4--7,a7 ,9 g5]al4--,a p]son &    
ins]t+  ( acc\nts4-- 7,a7 ,9 g5]al ,a   
p]son  4  7p7 ,f$]al ,cr$it ,union ,act 
,section #bjf7;g77#g77;,d77iv7 ( !      
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #aghf7;g77#g77;,d77iv77 is am5d$ by    
/rik+ ! semicolon at ! end & ins]t+ a   
p]iod4  7q7 ,f$]al ,deposit ,insurance  
,act ,! ,f$]al ,deposit ,insurance ,act 
7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$--
  7#a7 9 section #c7q77#b77;,c7 7#ab    
,u4,s4,c4 #ahac7q77#b77;,c771 by add+ & 
at ! end2  7#b7 9 section #g 7#ab       
,u4,s4,c4 #ahag7--  7,a7 9 subsection   

7b77#b7-- 7i7 9 subp>agraph 7,a71 by    
/rik+ 7,d7 & ins]t+ 7,c72 &  7ii7 by    
r$esignat+ subp>agraphs 7,d7 & 7,e7 z   
subp>agraphs 7,c7 & 7,d71 respectively2 
&  7,b7 9 subsection 7e77#b77;,c71 by   
add+ a p]iod at ! end2  7#c7 9 section  
#h 7#ab ,u4,s4,c4 #ahah7-- 7,a7 9       
subsection 7b77#c71 by /rik+ ,act77 &   
ins]t+ ,act72 &  7,b7 9 subsection      
7t77#b77;,c71 by /rik+ depositors or &  
ins]t+ depositors2 or2  7#d7 9 section  
#aa 7#ab ,u4,s4,c4 #ahba7--  7,a7 9     
subsection 7d77#b77;,i77ii71 by /rik+ & 
section #ba;,a7b77#d72 &  7,b7 9        
subsection 7m71 9 ea* ( p>agraphs 7#af7 
& 7#ah71 by /rik+ ! comma aft]          
,comptroll] ( ! ,curr5cy ea* place x    
appe>s2 &  7#e7 9 section #bf7;a7 7#ab  
,u4,s4,c4 #ahca;c7a771 by /rik+ ,hold+  
,company ,act ea* place t t]m appe>s &  
ins]t+ ,hold+ ,company ,act ( #aief4    
7r7 ,f$]al ,fire ,prev5tion & ,control  
,act ( #aigd ,section #ca7;a77#e77;,b7 (
 ! ,f$]al ,fire ,prev5tion & ,control   
,act ( #aigd 7#ae ,u4,s4,c4             

#bbbg7;a77#e77;,b77 is am5d$ by /rik+ ! 
,f$]al ,deposit ,insurance ,corporation 
& all t foll[s ?r\gh ! p]iod & ins]t+   
8or ! ,f$]al ,deposit ,insurance        
,corporation "u ! af=dable h\s+ program 
"u section #dj ( ! ,f$]al ,deposit      
,insurance ,act404  7s7 ,f$]al ,home    
,loan ,bank ,act ,! ,f$]al ,home ,loan  
,bank ,act 7#ab ,u4,s4,c4 #adba et seq47
 is am5d$-- 7#a7 9 section #aj7;h77#a7  
7#ab ,u4,s4,c4 #adcj7;h77#a771 by /rik+ 
,director ( ! ,(fice ( ,?rift           
,sup]vision & ins]t+ ,comptroll] ( !    
,curr5cy or ! ,bo>d ( ,directors ( !    
,f$]al ,deposit ,insurance ,corporation1
 z applicable2 &  7#b7 9 section #bb7;a7
 7#ab ,u4,s4,c4 #addb7;a77-- 7,a7 9 !   
matt] prec$+ p>agraph 7#a71 by /rik+    
,comptroll] ( ! ,curr5cy & all t foll[s 
?r\gh ,sup]vision & ins]t+ ,comptroll] (
 ! ,curr5cy1 ! ,*airman ( ! ,bo>d (     
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 !  
,*airp]son ( ! ,f$]al ,deposit          
,insurance ,corporation1 & ! ,*airman ( 
! ,national ,cr$it ,union ,adm9i/ration2

 &  7,b7 9 ! undesignat$ matt] foll[+   
p>agraph 7#b71 by /rik+ ,comptroll] ( ! 
,curr5cy & all t foll[s ?r\gh           
,sup]vision & ins]t+ ,comptroll] ( !    
,curr5cy1 ! ,*airman ( ! ,bo>d (        
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & !
 ,*airman ( ! ,national ,cr$it ,union   
,adm9i/ration4  7t7 ,f$]al ,res]ve ,act 
,p>agraph 7#h77;,b7 ( section #aa7s7 ( !
 ,f$]al ,res]ve ,act 7head$ ,f$]al      
,res]ve ,transp>5cy & ,release (        
,in=mation7 7#ab ,u4,s4,c4 #bdh7 is     
am5d$ by /rik+ ?is section & ins]t+ ?is 
subsection4  7u7 ,f9ancial ,in/itutions 
,re=m1 ,recov]y1 & ,en=cem5t ,act (     
#aihi ,! ,f9ancial ,in/itutions ,re=m1  
,recov]y1 & ,en=cem5t ,act ( #aihi      
7,public ,law #aja-gc2 #ajc ,/at4 #ahc7 
is am5d$ 9 section #aaba7f7 7#ab        
,u4,s4,c4 #ccej7f771 by /rik+ ! ,(fice (
 ,?rift ,sup]vision14  7v7              
,gramm-,lea*-,bliley ,act ,!            
,gramm-,lea*-,bliley ,act 7,public ,law 
#ajf-ajb2 #aac ,/at4 #acch7 is am5d$--  
7#a7 9 section #acb7;a7 7#ab ,u4,s4,c4  

#ahbh;b7a771 by /rik+ ! ,director ( !   
,(fice ( ,?rift ,sup]vision12  7#b7 9   
section #bjf7;a7 7#ae ,u4,s4,c4 #gh;c   
note71 by /rik+ ,except z provid$ 9     
subsection 7e71 = & ins]t+ ,=2  7#c7 9  
section #ejb7;e77#e7 7#ae ,u4,s4,c4     
#fhjb7;e77#e771 by /rik+ a ,f$]al &     
ins]t+ 1 a ,f$]al2  7#d7 9 section      
#ejd7;a77#b7 7#ae ,u4,s4,c4             
#fhjd7;a77#b771 by /rik+ &1 z           
appropriate1 & ) & ins]t+ &1 z          
appropriate1 )2  7#e7 9 section #eji7b7 
7#ae ,u4,s4,c4 #fhji7b77-- 7,a7 by /rik+
 subp>agraph 7,d72 &  7,b7 by r$esignat+
 subp>agraphs 7,e7 & 7,f7 z subp>agraphs
 7,d7 & 7,e71 respectively2 &  7#f7 9   
section #ebb7;b77#a77;,a77iv7 7#ae      
,u4,s4,c4 #fhbb7;b77#a77;,a77iv771 by   
/rik+ ,director ( ! ,(fice ( ,?rift     
,sup]vision & ins]t+ ,comptroll] ( !    
,curr5cy & ! ,bo>d ( ,directors ( !     
,f$]al ,deposit ,insurance ,corporation1
 z appropriate4  7w7 ,help+ ,families   
,save ,_! ,homes ,act ( #bjji ,section  
#ajd ( ! ,help+ ,families ,save ,_!     

,homes ,act ( #bjji 7#ab ,u4,s4,c4      
#agaez-#be7 is am5d$-- 7#a7 9 subsection
 7a7--  7,a7 9 ! matt] prec$+ p>agraph  
7#a7-- 7i7 by /rik+ & ! ,director ( !   
,(fice ( ,?rift ,sup]vision1 %all jo9tly
 & ins]t+ %all2  7ii7 by /rik+ ,s5ate1 &
 ins]t+ ,s5ate &2  7iii7 by /rik+ & !   
,(fice ( ,?rift ,sup]vision2 &  7iv7 by 
/rik+ ea* su* & ins]t+ su*2 &  7,b7 9   
p>agraph 7#a71 by /rik+ & ! ,(fice (    
,?rift ,sup]vision2 &  7#b7 9 subsection
 7b77#a7-- 7,a7 9 subp>agraph 7,a7--    
7i7 9 ! fir/ s5t5ce-- 7,i7 by /rik+ & ! 
,director ( ! ,(fice ( ,?rift           
,sup]vision12 &  7,,ii7 by /rik+ or !   
,director2 &  7ii7 9 ! second s5t5ce1 by
 /rik+ & ! ,director ( ! ,(fice ( ,?rift
 ,sup]vision2 &  7,b7 9 subp>agraph     
7,b71 by /rik+ & ! ,director ( ! ,(fice 
( ,?rift ,sup]vision4  7x7 ,home        
,mortgage ,disclosure ,act ( #aige ,!   
,home ,mortgage ,disclosure ,act ( #aige
 7#ab ,u4,s4,c4 #bhja et seq47 is       
am5d$--  7#a7 9 section #cjd-- 7,a7 9   
subsection 7b77#e77;,a71 by /rik+ #ae   

,u4,s4,c4 #afjb7;aa77#d7 & ins]t+       
section #ajc7;aa77#d7 ( ! ,tru? 9 ,l5d+ 
,act2 &  7,b7 9 subsection 7j77#c7 7#ab 
,u4,s4,c4 #bhjc7;j77#c771 by add+ a     
p]iod at ! end2 &  7#b7 9 section       
#cje7;b77#a77;,a7 7#ab ,u4,s4,c4        
#bhjd7;b77#a77;,a77--  7,a7 9 ! matt]   
prec$+ clause 7i71 by ins]t+ by be=e !  
appropriate ,f$]al bank+ ag5cy2 &  7,b7 
9 clause 7iii71 by /rik+ bank z1 &      
ins]t+ bank1 z4  7y7 ,home ,own]s' ,loan
 ,act ,! ,home ,own]s' ,loan ,act 7#ab  
,u4,s4,c4 #adfa et seq47 is am5d$-- 7#a7
 9 section #e 7#ab ,u4,s4,c4 #adfd7--   
7,a7 9 subsection 7d77#b77;,e77ii7-- 7i7
 9 ! fir/ s5t5ce1 by /rik+ ,except z    
provid$ 9 section #ba;,a ( ! ,f$]al     
,home ,loan ,bank ,act1 ! & ins]t+ ,!2 &
  7ii7 by /rik+ 1 at ! ,director's      
discretion12  7,b7 9 subsection 7i77#f71
 by /rik+ ! ,(fice ( ,?rift ,sup]vision 
or2  7,c7 9 subsection 7m71 by /rik+    
,director's ea* place t t]m appe>s &    
ins]t+ appropriate ,f$]al bank+ ag5cy's2
  7,d7 9 subsection 7n77#i77;,b71 by    

/rik+ ,director's & ins]t+              
,comptroll]'s2 &  7,e7 9 subsection     
7s7-- 7i7 9 p>agraph 7#a7--  7,i7 9 !   
matt] prec$+ subp>agraph 7,a71 by /rik+ 
( su* ,act7 & all t foll[s ?r\gh %all   
require & ins]t+ ( su* ,act71 !         
appropriate ,f$]al bank+ ag5cy %all     
require2 &  7,,ii7 9 subp>agraph 7,b71  
by /rik+ o!r me?ods & all t foll[s ?r\gh
 det]m9es & ins]t+ o!r me?ods z !       
appropriate ,f$]al bank+ ag5cy det]m9es2
  7ii7 9 p>agraph 7#b7-- 7,i7 by /rik+  
det]m9$ & all t foll[s ?r\gh may1       
consi/5t & ins]t+ det]m9$ by appropriate
 f$]al bank+ ag5cy case-by-case4--,!    
appropriate ,f$]al bank+ ag5cy may1     
consi/5t2 &  7,,ii7 by /rik+            
capital-to-assets & all t foll[s ?r\gh  
det]m9es to be necess>y & ins]t+        
capital-to-assets z ! appropriate ,f$]al
 bank+ ag5cy det]m9es to be necess>y2 & 
7iii7 9 p>agraph 7#c7--  7,i7 by /rik+  
ag5cy1 may & ins]t+ ag5cy may2 &  7,,ii7
 by /rik+ ! ,comptroll] & ins]t+ !      
appropriate ,f$]al bank+ ag5cy2  7#b7 9 

section #f7;c7 7#ab ,u4,s4,c4           
#adfe7;c771 by /rik+ sections & ins]t+  
section2  7#c7 9 section #aj 7#ab       
,u4,s4,c4 #adfg;a7--  7,a7 9 subsection 
7b77#f71 by /rik+ "t & all t foll[s     
?r\gh release & ins]t+ "t1 ^u ! motion  
or application ( ! ,bo>d1 release2  7,b7
 9 subsection 7c77#b77;,h7--  7i7 9 !   
matt] prec$+ clause 7i7-- 7,i7 by /rik+ 
#ahda7p77 & ins]t+ #ahda7p7772 &  7,,ii7
 by ins]t+ 7#ab ,u4,s4,c4 #ahdc7k77 be=e
 if--2 &  7ii7 9 clause 7i71 by ins]t+ (
 #aief 7#ab ,u4,s4,c4 #ahdc7l7 & 7m77   
aft] ,company ,act2 &  7,c7 9 subsection
 7e77#g77;,b77iii7-- 7i7 by /rik+ ,bo>d 
( ! ,(fice ( ,?rift ,sup]vision & ins]t+
 ,director ( ! ,(fice ( ,?rift          
,sup]vision2 &  7ii7 by ins]t+ 1 z def9$
 9 section #b ( ! ,dodd-,frank ,wall    
,/reet ,re=m & ,consum] ,protection ,act
 7#ab ,u4,s4,c4 #ecja7 aft] transf]     
date2 &  7#d7 9 section #ac 7#ab        
,u4,s4,c4 #adfh;b71 by /rik+ ! a &      
ins]t+ a4  7z7 ,h\s+ act ( #aidh        
,section #ejb7;c77#c7 ( ! ,h\s+ ,act (  

#aidh 7#ab ,u4,s4,c4 #agja;c7c77#c77 is 
am5d$ by /rik+ ,f$]al ,home ,loan ,bank 
,ag5cy & ins]t+ ,f$]al ,h\s+ ,f9ance    
,ag5cy4  7aa7 ,h\s+ & ,urban ,developm5t
 ,act ( #aifh ,section #ajf7;h77#e7 ( ! 
,h\s+ & ,urban ,developm5t ,act ( #aifh 
7#ab ,u4,s4,c4 #agjax7h77#e77 is am5d$  
by /rik+ au?oris$ & ins]t+ au?oriz$4    
7bb7 ,int]national ,bank+ ,act ( #aigh  
,section #ae ( ! ,int]national ,bank+   
,act ( #aigh 7#ab ,u4,s4,c4 #caji7 is   
am5d$-- 7#a7 9 ea* ( subsections 7a7 &  
7b7--  7,a7 by /rik+ 1 & ,director ( !  
,(fice ( ,?rift ,sup]vision ea* place t 
t]m appe>s2 &  7,b7 by ins]t+ & be=e    
,f$]al ,deposit ea* place t t]m appe>s2 
7#b7 9 subsection 7a71 by /rik+         
,comptroll]1 ,corporation1 or ,director 
& ins]t+ ,comptroll] ( ! ,curr5cy1 or   
,corporation2 &  7#c7 9 subsection      
7c77#d7--  7,a7 by ins]t+ & be=e !      
,f$]al ,deposit2 &  7,b7 by /rik+ 1 & ! 
,director ( ! ,(fice ( ,?rift           
,sup]vision4  7cc7 ,int]national ,l5d+  
,sup]vision ,act ( #aihc ,section #iab (

 ! ,int]national ,l5d+ ,sup]vision ,act 
( #aihc 7#ab ,u4,s4,c4 #ciaa7 is am5d$--
 7#a7 by am5d+ ! section head+ to read z
 foll[s3 ,equal repres5tation = ,f$]al  
,deposit ,insurance ,corporation2  7#b7 
by /rik+ 7a7 ,9 g5]al4--2  7#c7 by /rik+
 subsection 7b72 &  7#d7 by /rik+ #d &  
ins]t+ #c4  7dd7 ,int]/ate ,l& ,sales   
,full ,disclosure ,act ,! ,int]/ate ,l& 
,sales ,full ,disclosure ,act 7#ae      
,u4,s4,c4 #agja et seq47 is am5d$ 9 ea* 
( section #adaa7;b7 7#ae ,u4,s4,c4      
#agaj7;b77 & subsections 7b77#d7 & 7d7 (
 section #adah;a 7#ae ,u4,s4,c4         
#agag;a71 by /rik+ ,secret>y's ea* place
 t t]m appe>s & ins]t+ ,director's4     
7ee7 ,inve/m5t ,advis]s ,act ( #aidj    
,section #bbd ( ! ,inve/m5t ,company    
,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#ah;c7
 is am5d$ 9 ! head+ ( ! section by /rik+
 ,,commodities & ins]t+ ,,commodity4    
7ff7 ,legal ,c]ta9ty = ,bank ,products  
,act ( #bjjj ,section #djc7;b77#a7 ( !  
,legal ,c]ta9ty = ,bank ,products ,act (
 #bjjj 7#g ,u4,s4,c4 #bg;a7b77#a77 is   

am5d$ by /rik+ t section & ins]t+       
section4  7gg7 ,public law #ic-die      
,section #aaa ( ,public ,law #ic-die    
7#ab ,u4,s4,c4 #bej7 is am5d$ by /rik+ !
 ,director ( ! ,(fice ( ,?rift          
,sup]vision14  7hh7 ,revis$ ,/atutes ( !
 ,unit$ ,/ates ,section #eacf;,c7i7 ( ! 
,revis$ ,/atutes ( ! ,unit$ ,/ates 7#ab 
,u4,s4,c4 #be;b7i77 is am5d$ by /rik+   
p[]s4-- & all t foll[s ?r\gh ,9         
accordance & ins]t+ p[]s4--,9           
accordance4  7ii7 ,riegle ,community    
,developm5t & ,regulatory ,improvem5t   
,act ( #aiid ,section #aag7;e7 ( !      
,riegle ,community ,developm5t &        
,regulatory ,improvem5t ,act ( #aiid    
7#ab ,u4,s4,c4 #dgaf7;e77 is am5d$ by   
/rik+ ! ,director ( ! ,(fice ( ,?rift   
,sup]vision14  7jj7 ,s4,a4,f4,e4        
,mortgage ,lic5s+ ,act ( #bjjh ,section 
#aead ( ! ,s4,a4,f4,e4 ,mortgage ,lic5s+
 ,act ( #bjjh 7#ab ,u4,s4,c4 #eaac7 is  
am5d$ 9 ea* ( subsections 7b77#e7 &     
7c77#d77;,c71 by /rik+ ,secret>y's ea*  
place t t]m appe>s & ins]t+ ,director's4

  7kk7 ,securities ,ex*ange ,act ( #aicd
 ,! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$--
 7#a7 9 section #c;,d7d77#aj77;,a7 7#ae 
,u4,s4,c4 #gh;c-#d7;d77#aj77;,a771 by   
/rik+ tak+ & ins]t+ take2  7#b7 9       
section #c;,e7b77#a7 7#ae ,u4,s4,c4     
#gh;c-#e7;b77#a771 by /rik+ ?\gh &      
ins]t+ ?r\gh2  7#c7 9 section           
#d7;g77#h77;,a7 7#ae ,u4,s4,c4          
#gh;d7g77#h77;,a771 by /rik+            
7#b77;,a77i7 & ins]t+ 7#b77;,a77ii72    
7#d7 9 section #ae 7#ae ,u4,s4,c4       
#gho7-- 7,a7 9 ea* ( subp>agraphs       
7,b77ii7 & 7,c7 ( subsection 7b77#d71 by
 /rik+ deal] municipal advisor11 &      
ins]t+ deal]1 municipal advisor12  7,b7 
by r$esignat+ subsection 7j7 7relat+ to 
! au?ority ( ! ,commission7 z subsection
 7p7 & mov+ t subsection aft] subsection
 7o72  7,c7 z am5d$ by section #hda7;d71
 by r$esignat+ ! second subsection 7k7 &
 second subsection 7l7 7relat+ to /&>d (
 conduct & o!r matt]s1 respectively71 z 
add$ by section #iac7;g77#a7 ( !        

,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#abd ,/at4   
#ahbh71 z subsections 7q7 & 7r71        
respectively & mov+ ^? subsections to ! 
end2 &  7,d7 9 subsection 7m71 by ins]t+
 ! be=e same ext5t2  7#e7 9 section     
#ae;,f7h7 7#ae ,u4,s4,c4 #gho-#aj7;h77--
  7,a7 9 p>agraph 7#b7-- 7i7 9          
subp>agraph 7,a71 by ins]t+ a aft] t    
acts z an advisor to2 &  7ii7 9         
subp>agraph 7,b71 by ins]t+ a aft] (f]s 
to ent] into2 &  7,b7 9 p>agraph        
7#e77;,a77i7--  7i7 by ins]t+ 7,a7 aft] 
7#ah72 &  7ii7 9 subclause 7,,vii71 by  
/rik+ act ( & ins]t+ ,act (2  7#f7 9    
section #ae;,g 7#ae ,u4,s4,c4           
#gho-#aa7-- 7,a7 9 subsection           
7e77#d77;,a71 by /rik+ subsection &     
ins]t+ section2  7,b7 9 subsection      
7e77#d77;,c7-- 7i7 by /rik+             
#abi;,c7c77#b7 & ins]t+                 
#abi;,c7b77#b77;,a72 &  7ii7 by ins]t+  
7#ae ,u4,s4,c4 #afci;c7b77#b77;,a77 aft]
 ,l5d+ ,act2 &  7,c7 9 subsection       
7e77#e71 by /rik+ subsection & ins]t+   

section2 &  7#g7 9 section #ag;,a 7#ae  
,u4,s4,c4 #ghq-#a71 by r$esignat+       
subsection 7g71 z add$ by section #ibi,w
 ( ! ,dodd-,frank ,wall ,/reet ,re=m &  
,consum] ,protection ,act 7relat+ to due
 dilig5ce = ! deliv]y ( divid5ds1       
int]e/1 & o!r valuable prop]ty rights7 z
 subsection 7n7 & mov+ t subsection to !
 end4  7ll7 ,telem>ket+ & consum] fraud 
& abuse prev5tion act ,section #c7;b7 ( 
! ,telem>ket+ & ,consum] ,fraud & ,abuse
 ,prev5tion ,act 7#ae ,u4,s4,c4         
#fajb7;b77 is am5d$ by ins]t+ be=e !    
p]iod at ! end ! foll[+3 1 provid$1     
h[ev]1 no?+ 9 ?is section %all conflict 
) or sup]s$e section #f ( ! ,f$]al      
,trade ,commission ,act 7#ae ,u4,s4,c4  
#df74  7mm7 ,title #e ,title #e1 ,unit$ 
,/ates ,code1 is am5d$-- 7#a7 9 section 
#cacb7;a77#a77;,d71 z am5d$ by section  
#gaa1 by /rik+ ! ,(fice ( ,?rift        
,sup]vision11 ! ,resolution ,tru/       
,corporation12 &  7#b7 9 section #ecad1 
by /rik+ ,director ( ! ,(fice ( ,?rift  
,sup]vision44  7nn7 ,title #ca  7#a7    

,am5dm5ts ,title #ca1 ,unit$ ,/ates     
,code1 is am5d$--  7,a7 by /rik+ section
 #cji2 &  7,b7 9 section                
#gad7;d77#c77;,b7 by /rik+ a audit &    
ins]t+ an audit4  7#b7 ,analysis ,!     
analysis = sub*apt] ,i ( *apt] #c (     
title #ca1 ,unit$ ,/ates ,code1 is am5d$
 by /rik+ ! item relat+ to section #cji4
  7oo7 ,tru? 9 ,l5d+ ,act ,! ,tru? 9    
,l5d+ ,act 7#ae ,u4,s4,c4 #afja et seq47
 is am5d$--  7#a7 9 section #aje 7#ae   
,u4,s4,c4 #afjd71 by ins]t+ subsection  
7h71 z add$ by section #adgb7;c7 ( !    
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#abd ,/at4   
#bahg71 be=e subsection 7i71 z add$ by  
section #aajj;,a7#g7 ( t ,act 7#abd     
,/at4 #bajh72  7#b7 9 section           
#ajf7;f77#b77;,b77i7 7#ae ,u4,s4,c4     
#afje7;f77#b77;,b77i771 by /rik+ #ajc7w7
 & ins]t+ #ajc7x72  7#c7 9 section      
#aba7;b7 7#ae ,u4,s4,c4 #afca7;b771 by  
/rik+ #ajc7;f7 & ins]t+ #ajc7;g72  7#d7 
9 section #abb7;d77#e7 7#ae ,u4,s4,c4   
#afcb7;d77#e771 by /rik+ section #fjc7 &

 all t foll[s ?r\gh promulgate & ins]t+ 
section #fjc71 may promulgate2  7#e7 9  
section #abe7;e77#a7 7#ae ,u4,s4,c4     
#afce7;e77#a771 by /rik+ #ajc7w7 &      
ins]t+ #ajc7x72  7#f7 9 section #abi    
7#ae ,u4,s4,c4 #afci7--  7,a7 9         
subsection 7q71 by /rik+ 7l77#b7 &      
ins]t+ 7p77#b72 &  7,b7 9 subsection    
7u77#c71 by /rik+ ,bo>d ea* place t t]m 
appe>s & ins]t+ ,ag5cy2  7#g7 9 section 
#abi;,c 7#ae ,u4,s4,c4 #afci;c7-- 7,a7 9
 subsection 7b77#b77;,b71 by /rik+ !    
second p]iod at ! end2 &  7,b7 9        
subsection 7c77#a77;,b77ii77,i71 by     
/rik+ a orig9al & ins]t+ an orig9al2    
7#h7 9 section #adh7;d7 7#ae ,u4,s4,c4  
#affe;c7d771 by /rik+ ,bureau & ins]t+  
,bo>d2  7#i7 9 section #adi 7#ae        
,u4,s4,c4 #affe;d7-- 7,a7 by /rik+ !    
,director ( ! ,(fice ( ,?rift           
,sup]vision1 ea* place t t]m appe>s2    
7,b7 by /rik+ ,national ,cr$it ,union   
,adm9i/ration ,bureau ea* place t t]m   
appe>s & ins]t+ ,national ,cr$it ,union 
,adm9i/ration ,bo>d2 &  7,c7 by /rik+   

,bureau ( ,directors ( ! ,f$]al ,deposit
 ,insurance ,corporation ea* place t t]m
 appe>s & ins]t+ ,bo>d ( ,directors ( ! 
,f$]al ,deposit ,insurance ,corporation2
 &  7#aj7 9 section #aha7a7 7#ae        
,u4,s4,c4 #affg7a771 by /rik+ #ajc7;g7 &
 ins]t+ #ajc7;h74  7pp7 ,tru? 9 ,sav+s  
,act ,! ,tru? 9 ,sav+s ,act 7#ab        
,u4,s4,c4 #dcja et seq47 is am5d$ 9 ea* 
( sections #bfi7;a77#d7 7#ab ,u4,s4,c4  
#dcjh7;a77#d771 #bgj7;a77#b7 7#ab       
,u4,s4,c4 #dcji7;a77#b771 & #bgd7f7 7#ab
 ,u4,s4,c4 #dcac7f771 by /rik+          
,adm9i/ration ,bureau ea* place t t]m   
appe>s & ins]t+ ,adm9i/ration ,bo>d4    
,pass$ ! ,h\se ( ,repres5tatives ,june  
#h1 #bjag4;,cl]k4