,,ib  ,union ,calendar ,no4 #bii  #aaeth
 ,,congress  #ast ,session  ,h4 ,r4     
#cigc  ,report ,no4 #aae-dje  ,,in ,,the
 ,,house ,,of ,,representatives         
,october #e1 #bjag ,mr4 ,davidson 7for  
himself and ,mr4 ,sherman7 introduced   
the following bill2 which was referred  
to the ,committee on ,financial         
,services  ,november #i1 #bjag          
,committed to the ,committee of the     
,whole ,house on the ,state of the      
,union and ordered to be printed  ,a    
,,bill  ,to amend the ,securities       
,exchange ,act of #aicd to require      
certain entities to develop internal    
risk control mechanisms to safeguard and
 govern the storage of market data4  #a4
 ,short title ,this ,act may be cited as
 the ,market ,data ,protection ,act of  
#bjag4  #b4 ,internal risk controls ,the
 ,securities ,exchange ,act of #aicd    
7#ae ,u4,s4,c4 #gh;a et seq47 is        
amended--  7#a7 by inserting after      
section #d;,e the following3  #d;,f4    
,internal risk controls  7a7 ,in general

 ,each of the following entities1 in    
consultation with the ,chief ,economist1
 shall develop comprehensive internal   
risk control mechanisms to safeguard and
 govern the storage of all market data  
by such entity1 all market data sharing 
agreements of such entity1 and all      
academic research performed at such     
entity using market data3  7#a7 ,the    
,commission4  7#b7 ,each national       
securities association registered       
pursuant to section #ae;,a4  7#c7 ,the  
operator of the consolidated audit trail
 created by a national market system    
plan approved pursuant to section       
#bdb4fac of title #ag1 ,code of ,federal
 ,regulations 7or any successor         
regulation74  7b7 ,consolidated audit   
trail prohibited from accepting market  
data until mechanisms developed ,the    
operator described in paragraph 7#c7 of 
subsection 7a7 may not accept market    
data 7or shall cease accepting market   
data7 until the operator has developed  
the mechanisms required by such         

subsection4 ,any requirement for a      
person to provide market data to the    
operator shall not apply during any time
 when the operator is prohibited by this
 subsection from accepting such data4   
7c7 ,treatment of previously developed  
mechanisms ,the development of          
comprehensive internal risk control     
mechanisms required by subsection 7a7   
may occur1 in whole or in part1 before  
the date of the enactment of this       
section1 if such development and such   
mechanisms meet the requirements of such
 subsection 7including consultation with
 the ,chief ,economist74  2 and  7#b7 in
 section #c7;a7-- 7,a7 by redesignating 
the second paragraph 7#hj7 7relating to 
funding portals7 as paragraph 7#ha72 and
  7,b7 by adding at the end the         
following3  7#hb7 ,chief economist ,the 
term ,chief ,economist means the        
,director of the ,division of ,economic 
and ,risk ,analysis1 or an employee of  
the ,commission with comparable         
authority1 as determined by the         

,commission4  4  ,november #i1 #bjag    
,committed to the ,committee of the     
,whole ,house on the ,state of the      
,union and ordered to be printed