,i #aae? ,,congress #a/ ,session ,h4 ,r4 #ceai ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #bg1 #bjag,ms4 ,max9e ,wat]s ( ,cali=nia introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to increase acc\ntability ( ! ,securities & ,ex*ange ,commission & to require ! ,commission to implem5t a rigor\s1 fair1 & public process = waiv+ bad actor disqualifications 9 ! securities laws4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,bad ,actor ,disqualification ,act ( #bjag4 #b4 ,s5se ( ,congress ,x is ! s5se ( ,congress t3 7#a7 ,! automatic disqualification provisions 9 ! securities laws are valuable tools t protect inve/ors1 ! m>kets1 & ! public by det]r+ misconduct1 r$uc+ recidivism1 promot+ m>ket integrity1 & remov+ bad actors f ! m>ket4 7#b7 ,^! tools are inappropriately und]utiliz$ & waiv]s ( ! automatic disqualification provisions are disproportionately grant$ to ! l>ge/ f9ancial in/itutions on ,wall ,/reet1 _m ( :i* are recidivi/s4 ,betwe5 ,july1 #bjjc1 & ,decemb]1 #bjad1 l>ge f9ancial firms receiv$ ! va/ majority ( waiv]s ( sanctions1 ab\t #hb p]c5t ( #bja total waiv]s4 7#c7 ,waiv]s ( ^! automatic sanctions %\ld be grant$ sp>+ly & only ?r\gh an op5 & transp>5t process4 #c4 ,increas+ transp>5cy & acc\ntability 9 waiv+ bad actor disqualifications ,section #cf ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghmm7 is am5d$ by add+ at ! end ! foll[+3 7c7 ,waiv] proc$ure & id5tification ( bad actors 7#a7 ,waiv] proc$ure 7,a7 ,tempor>y waiv] 7i7 ,petition = waiv] ,a p]son may petition ! ,commission = a tempor>y waiv] ( a disqualification or p5d+ disqualification describ$ "u subp>agraphs 7,a7 ?r\gh 7,g7 ( p>agraph 7#c74 7ii7 ,grant ( waiv] ,) respect to a petition made by a p]son "u clause 7i71 :5 su* p]son becomes an ineligible p]son1 ! ,commission may vote to provide su* p]son ) a s+le #ahj-;day tempor>y waiv]1 by ord]1 if ! ,commission det]m9es t su* p]son has demon/rat$ imm$iate irrep>able injury4 7iii7 ,publication ( petition ,! ,commission %all publi% any petition = a tempor>y waiv] along ) ! ord] conta9+ an explanation = any ,commission det]m9ation imm$iately foll[+ ! relat$ vote "u clause 7ii74 7,b7 ,g5]al waiv] ,foll[+ ! #ahj-;day p]iod provid$ "u subp>agraph 7,a71 ! ,commission1 by vote dur+ a meet+ op5 to ! public1 may n waive any disqualification describ$ "u subp>agraphs 7,a7 ?r\gh 7,g7 ( p>agraph 7#c71 unless ! ,commission det]m9es1 )\t reg>d to ! direct co/s to ! ineligible p]son associat$ ) a d5ial1 t su* waiv]-- 7i7 is 9 ! public int]e/2 7ii7 is necess>y = ! protection ( inve/ors2 & 7iii7 promotes m>ket integrity4 7,c7 ,f$]al ,regi/] notice2 public he>+ ,be=e mak+ a det]m9ation "u subp>agraph 7,b71 ! ,commission %all publi% adequate notice 9 ! ,f$]al ,regi/] ( ! p5d5cy ( ! waiv] det]m9ation & %all af=d ! public & int]e/$ p]sons an opportunity to pres5t _! views1 includ+ at a public he>+4 7,d7 ,prohibition on advance advice ,commission /aff may n advise any p]son ( ! recomm5dation ( /aff to ! ,commission or on ! likelihood ( a waiv] be+ grant$ or d5i$ "u ?is p>agraph = su* p]son4 7,e7 ,recordkeep+ requirem5t ,! ,commission %all keep a public record ( all reque/s = a waiv] "u ?is p>agraph t are lat] )drawn4 7#b7 ,database ( ineligible p]sons ,! ,commission %all e/abli%1 & ma9ta91 a public database ( all ineligible p]sons t ! ,commission has vot$ aga9/ provid+ a waiv] "u ?is subsection or t h indicat$ _! ineligibility 9 any disclosure to ! ,commission4 7#c7 ,ineligible p]son def9$ ,= purposes ( ?is subsection1 ! t]m ineligible p]son means any p]son t-- 7,a7 is an ineligible issu] & n eligible to qualify z a well-kn[n season$ issu] 7z su* t]ms are def9$ "u section #bcj4dje ( title #ag1 ,code ( ,f$]al ,regulations72 7,b7 is n eligible to make use ( an exemption provid$ = c]ta9 ,regulation ,d private (f]+s "u section #bcj4eje or #bcj4ejf ( title #ag1 ,code ( ,f$]al ,regulations2 7,c7 is n eligible = any safe h>bor = =w>d-look+ /atem5ts provid$ = "u section #bg;,a7c7 ( ! ,securities ,act ( #aicc2 7,d7 is n eligible = any safe h>bor = =w>d-look+ /atem5ts provid$ = "u section #ba;,e7c7 ( ! ,securities ,ex*ange ,act ( #aicd2 7,e7 is disqualifi$ f receiv+ a ca% fee1 directly or indirectly1 f an inve/m5t advis] ) respect to solicitation activities1 z describ$ "u section #bge4bjf7d7-c ( title #ag1 ,code ( ,f$]al ,regulations2 7,f7 is n eligible to make use ( an exemption provid$ = c]ta9 ,regulation ,a (f]+s "u section #bcj4bfb ( title #ag1 ,code ( ,f$]al ,regulations2 or 7,g7 is n eligible to make use ( an exemption provid$ = c]ta9 ,regulation ,e (f]+s "u section #bcj4fjb ( title #ag1 ,code ( ,f$]al ,regulations4 4 #d4 ,,gao /udy 7a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a /udy ( ! ,securities & ,ex*ange ,commission's exi/+ waiv] process1 & ! /&>d us$ by ! ,commission 9 grant+ an application = an exemption1 "u section #i7;c7 ( ! ,inve/m5t ,company ,act ( #aidj4 7b7 ,report ,n lat] ?an ! end ( ! #ahj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all issue a report to ! ,congress conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 7#b7 a comp>ison ( ! ,commission's /&>d us$ 9 grant+ an application = an exemption "u section #i7;c7 ( ! ,inve/m5t ,company ,act ( #aidj ) ! /&>d us$ to grant a waiv] "u section #cf7;c7 ( ! ,securities ,ex*ange ,act ( #aicd1 z add$ by ?is ,act2 & 7#c7 recomm5dations on h[ to increase transp>5cy & opportunity = public p>ticipation 9 ! waiv] process "u section #i7;c7 ( ! ,inve/m5t ,company ,act ( #aidj & ensure t ! disqualification & waiv] process us$ by ! ,commission "u su* section #i7;c7 is protective ( inve/ors1 ! m>kets1 & ! public & det]s misconduct1 r$uces recidivism1 promotes m>ket integrity1 & removes bad actors f ! m>ket4