,,ib  ,union ,calendar ,no4 #fha  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#ceee  ,report ,no4 #aae-hhc  ,,in ,,the
 ,,house ,,of ,,representatives  ,july  
#bh1 #bjag ,mr4 ,loudermilk 7for        
himself1 ,mr4 ,meeks1 ,mr4 ,hultgren1   
,mr4 ,david ,scott of ,georgia1 and ,mr4
 ,zeldin7 introduced the following bill2
 which was referred to the ,committee on
 ,financial ,services  ,august #c1 #bjah
 ,reported with amendments1 committed to
 the ,committee of the ,whole ,house on 
the ,state of the ,union1 and ordered to
 be printed ,strike out all after the   
enacting clause and insert the part     
printed in italic ,for text of          
introduced bill1 see copy of bill as    
introduced on ,july #bh1 #bjag  ,a      
,,bill  ,to amend the ,securities       
,exchange ,act of #aicd to provide that 
the definition of a facility of an      
exchange does not apply to a line of    
business the purpose of which is not to 
effect or report a transaction on an    
exchange4  #a4 ,short title ,this ,act  

may be cited as the ,exchange           
,regulatory ,improvement ,act4  #b4     
,findings ,the ,congress finds the      
following3  7#a7 ,over time1 national   
securities exchanges have expanded their
 businesses beyond listings and trading 
to include the sale of additional       
products and services to their members  
and listed companies4  7#b7 ,the        
,securities and ,exchange ,commission   
should be transparent in its            
interpretation of the term facility in  
section #c7;a7 of the ,securities       
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c7a774  #c4 ,facility defined  7a7  
,in general ,not later than #cfj days   
after the date of enactment of this     
,act1 the ,securities and ,exchange     
,commission 7the ,commission7 shall     
adopt regulations to further interpret  
the term facility under section #c7;a7  
of the ,securities ,exchange ,act of    
#aicd4 ,such regulations shall set forth
 the facts and circumstances the        
,commission considers when determining  

whether any premises or property1 or the
 right to use any premises1 property1 or
 service is or is not a facility of an  
exchange4  7b7 ,application to proposed 
rules ,the ,commission shall apply the  
facts and circumstances set forth in the
 regulations issued pursuant to         
subsection 7a7 in determining whether   
any proposed rule is or is not required 
to be submitted as a proposed rule      
filing pursuant to section #ai of the   
,securities ,exchange ,act of #aicd and 
the rules and regulations issued        
thereunder4  ,amend the title so as to  
read3 ,a bill to require the ,securities
 and ,exchange ,commission to issue     
regulations to further interpret the    
term facility under the ,securities     
,exchange ,act of #aicd44  ,august #c1  
#bjah ,reported with amendments1        
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed