,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #cigc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #e1 #bjag,mr4 
,davidson 7= himself & ,mr4 ,%]man7     
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to require c]ta9 entities  
to develop int]nal risk control         
me*anisms to safegu>d & gov]n ! /orage (
 m>ket data4  #a4 ,%ort title ,?is ,act 
may be cit$ z ! ,m>ket ,data ,protection
 ,act ( #bjag4  #b4 ,int]nal risk       
controls ,! ,securities ,ex*ange ,act ( 
#aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is  
am5d$--  7#a7 by ins]t+ aft] section    
#d;,e ! foll[+3  #d;,f4 ,int]nal risk   
controls  7a7 ,9 g5]al ,ea* ( ! foll[+  
entities1 9 consultation ) ! ,*ief      
,economi/1 %all develop compreh5sive    
int]nal risk control me*anisms to       
safegu>d & gov]n ! /orage ( all m>ket   
data by su* entity1 all m>ket data %>+  
agreem5ts ( su* entity1 & all academic  
rese>* p]=m$ at su* entity us+ m>ket    

data3  7#a7 ,! ,commission4  7#b7 ,ea*  
national securities association regi/]$ 
pursuant to section #ae;,a4  7#c7 ,!    
op]ator ( ! consolidat$ audit trail     
creat$ by a national m>ket sy/em plan   
approv$ pursuant to section #bdb4fac (  
title #ag1 ,code ( ,f$]al ,regulations  
7or any successor regulation74  7b7     
,consolidat$ audit trail prohibit$ f    
accept+ m>ket data until me*anisms      
develop$ ,! op]ator describ$ 9 p>agraph 
7#c7 ( subsection 7a7 may n accept m>ket
 data 7or %all cease accept+ m>ket data7
 until ! op]ator has develop$ !         
me*anisms requir$ by su* subsection4    
,any requirem5t = a p]son to provide    
m>ket data to ! op]ator %all n apply    
dur+ any "t :5 ! op]ator is prohibit$ by
 ?is subsection f accept+ su* data4  7c7
 ,treatm5t ( previ\sly develop$         
me*anisms ,! developm5t ( compreh5sive  
int]nal risk control me*anisms requir$  
by subsection 7a7 may occur1 9 :ole or 9
 "p1 be=e ! date ( ! enactm5t ( ?is     
section1 if su* developm5t & su*        

me*anisms meet ! requirem5ts ( su*      
subsection 7includ+ consultation ) !    
,*ief ,economi/74  2 &  7#b7 9 section  
#c7;a7-- 7,a7 by r$esignat+ ! second    
p>agraph 7#hj7 7relat+ to fund+ portals7
 z p>agraph 7#ha72 &  7,b7 by add+ at ! 
end ! foll[+3  7#hb7 ,*ief economi/ ,!  
t]m ,*ief ,economi/ means ! ,director ( 
! ,division ( ,economic & ,risk         
,analysis1 or an employee ( !           
,commission ) comp>able au?ority1 z     
det]m9$ by ! ,commission4  4