,,ib  ,union ,cal5d> ,no4 #fbf  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #ehgg
  ,report ,no4 #aae-hjg  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,may #ah1 #bjah   
,mr4 ,emm] introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,july #aj1 #bjah ,report$ ) an
 am5dm5t1 committ$ to ! ,committee ( !  
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$ ,/rike out all aft] ! 
enact+ clause & ins]t ! "p pr9t$ 9      
italic ,= text ( introduc$ bill1 see    
copy ( bill z introduc$ on ,may #ah1    
#bjah  ,a ,,bill  ,to am5d ! ,securities
 ,ex*ange ,act ( #aicd to all[ = !      
regi/ration ( v5ture ex*anges1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,ma9 ,/reet ,gr[? ,act4    
#b4 ,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 p]son   
may regi/] !mself 7& a national         

securities ex*ange may regi/] a li/+ ti]
 ( su* ex*ange7 z a national securities 
ex*ange solely = ! purposes ( trad+     
v5ture securities by fil+ an application
 ) ! ,commission pursuant to subsection 
7a7 & ! rules & regulations !reund]4    
7,b7 ,publication ( notice ,!           
,commission %all1 ^u ! fil+ ( an        
application "u subp>agraph 7,a71 publi% 
notice ( su* fil+ & af=d int]e/$ p]sons 
an opportunity to submit writt5 data1   
views1 & argum5ts conc]n+ su*           
application4  7,c7 ,approval or d5ial   
7i7 ,9 g5]al ,)9 #ij days ( ! date (    
publication ( a notice "u subp>agraph   
7,b7 7or )9 su* long] p]iod z to :i* !  
applicant cons5ts71 ! ,commission %all--
  7,i7 by ord] grant su* regi/ration2 or
  7,,ii7 in/itute a d5ial proce$+ "u    
clause 7ii7 to det]m9e :e!r regi/ration 
%\ld be d5i$4  7ii7 ,d5ial proce$+ ,a   
proce$+ "u clause 7i77,,ii7 %all include
 notice ( ! gr\nds = d5ial "u           
consid]ation & opportunity = he>+ & %all
 be conclud$ )9 #ahj days ( ! date ( !  

publication ( a notice "u subp>agraph   
7,b74 ,at ! conclusion ( su* proce$+ !  
,commission1 by ord]1 %all grant or d5y 
su* regi/ration4 ,! ,commission may     
ext5d ! "t = conclusion ( su* proce$+ = 
up to #ij days if ! ,commission f9ds    
good cause = su* ext5sion & publi%es !  
,commission's reasons = s f9d+ or = su* 
long] p]iod z to :i* ! applicant        
cons5ts4  7iii7 ,crit]ia = approval or  
d5ial ,! ,commission %all grant a       
regi/ration "u ?is p>agraph if !        
,commission f9ds t ! requirem5ts ( ?is  
title & ! rules & regulations !reund] ) 
respect to ! applicant are satisfi$4 ,! 
,commission %all d5y su* regi/ration if 
x does n make su* f9d+4  7#b7 ,p[]s &   
re/rictions ,9 addition to ! p[]s &     
re/rictions o!rwise applicable to a     
national securities ex*ange1 a v5ture   
ex*ange--  7,a7 may only con/itute1     
ma9ta91 or provide a m>ket place or     
facilities = br++ toge!r pur*as]s &     
sell]s ( v5ture securities2  7,b7 may n 
ext5d unli/$ trad+ privileges to any    

v5ture security2  7,c7 may only1 if !   
v5ture ex*ange is a li/+ ti] ( ano!r    
national securities ex*ange1 all[ trad+ 
9 securities t are regi/]$ "u section   
#ab7;b7 on a national securities ex*ange
 o!r ?an a v5ture ex*ange2 &  7,d7 may1 
subject to ! rule fil+ process "u       
section #ai7;b7-- 7i7 det]m9e ! increm5t
 to be us$ = quot+ & trad+ v5ture       
securities on ! ex*ange2 &  7ii7 *oose  
to c>ry out p]iodic auctions = ! sale ( 
a v5ture security in/ead ( provid+      
cont9u\s trad+ ( ! v5ture security4     
7#c7 ,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 to 
! ext5t su* securities are trad$ on a   
v5ture ex*ange1 if ! issu] ( su*        
security is 9 compliance )--  7,a7 all  
disclosure obligations ( su* section    
#c7;b7 & ! regulations issu$ "u su*     
section2 &  7,b7 ongo+ disclosure       
obligations ( ! applicable v5ture       

ex*ange t are simil> to ^? provid$ by an
 issu] "u ti] #b ( ,regulation ,a 7#ag  
,c4,f4,r4 #bcj4bea et seq74  7#d7       
,v5ture securities trad$ on v5ture      
ex*anges may n trade on non-v5ture      
ex*anges ,a v5ture security may n be    
trad$ on a national securities ex*ange t
 is n a v5ture ex*ange dur+ any p]iod 9 
:i* ! v5ture security is be+ trad$ on a 
v5ture ex*ange4  7#e7 ,rule (           
con/ruction ,no?+ 9 ?is subsection may  
be con/ru$ z requir+ transactions 9     
v5ture securities to be effect$ on a    
national securities ex*ange4  7#f7      
,commission au?ority to limit c]ta9     
trad+ ,! ,commission may limit          
transactions 9 v5ture securities t are n
 effect$ on a national securities       
ex*ange z appropriate to promote        
effici5cy1 competition1 capital =mation1
 & to protect inve/ors4  7#g7           
,disclosures to inve/ors ,! ,commission 
%all issue regulations to ensure t      
p]sons sell+ or pur*as+ v5ture          
securities on a v5ture ex*ange are      

provid$ disclosures suffici5t to        
und]/&--  7,a7 ! *>act]i/ics unique to  
v5ture securities2 &  7,b7 9 ! case ( a 
v5ture ex*ange t is a li/+ ti] ( ano!r  
national securities ex*ange1 t ! v5ture 
ex*ange is di/9ct f ! o!r national      
securities ex*ange4  7#h7 ,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 any regi/]$  
initial public (f]+ ( any securities ( !
 issu]2 &  7,,ii7 ) a public float (    
less ?an or equal to ! value ( public   
float requir$ to qualify z a l>ge       
accel]at$ fil] "u section #bdj4ab;b-#b (
 title #ag1 ,code ( ,f$]al ,regulations4
  7ii7 ,treatm5t :5 public float exce$s 
?re%old ,an issu] %all n cease to be an 
e>ly-/age1 gr[? company by reason ( !   
public float ( su* issu] exce$+ !       
?re%old specifi$ 9 clause 7i77,,ii7     
until ! lat] ( ! foll[+3  7,i7 ,! end ( 
! p]iod ( #bd consecutive mon?s dur+ :i*
 ! public float ( ! 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
 ,! end ( ! #a-ye> p]iod foll[+ ! end ( 
! #bd-mon? p]iod describ$ "u subclause  
7,i71 if ! issu] reque/s su* #a-ye>     
ext5sion f a v5ture ex*ange & ! v5ture  
ex*ange elects to provide su* ext5sion4 
7,b7 ,public float ,) respect to an     
issu]1 ! t]m public float means !       
aggregate worldwide m>ket value ( ! vot+
 & non-vot+ common equity ( ! issu] held
 by non-affiliates4  7,c7 ,v5ture       
security  7i7 ,9 g5]al ,! t]m v5ture    
security means-- 7,i7 securities ( an   
e>ly-/age1 gr[? company t are exempt f  
regi/ration pursuant to section #c7;b7 (
 ! ,securities ,act ( #aicc2  7,,ii7    
securities ( an em]g+ gr[? company2 or  
7,,iii7 securities regi/]$ "u section   
#ab7;b7 & li/$ on a v5ture ex*ange 7or1 
prior to li/+ on a v5ture ex*ange1 li/$ 

on a national securities ex*ange7 :]e-- 
7aa7 ! issu] ( su* securities has a     
public float less ?an or equal to !     
value ( public float requir$ to qualify 
z a l>ge accel]at$ fil] "u section      
#bdj4ab;b-#b ( title #ag1 ,code ( ,f$]al
 ,regulations2 or  7bb7 ! av]age daily  
trade volume is #ge1jjj %>es or less    
dur+ a cont9u\s #fj-;day p]iod4  7ii7   
,treatm5t :5 public float exce$s ?re%old
 ,securities %all n cease to be v5ture  
securities by reason ( ! public float ( 
! issu] ( su* securities exce$+ !       
?re%old specifi$ 9 clause 7i77,,iii77aa7
 until ! lat] ( ! foll[+3  7,i7 ,! end (
 ! p]iod ( #bd consecutive mon?s beg9n+ 
on ! date-- 7aa7 ! public float ( su*   
issu] exce$s #b1jjj1jjj1jjj2 &  7bb7 !  
av]age daily trade volume ( su*         
securities is #ajj1jjj %>es or m dur+ a 
cont9u\s #fj-;day p]iod4  7,,ii7 ,! end 
( ! #a-ye> p]iod foll[+ ! end ( !       
#bd-mon? p]iod describ$ "u subclause    
7,i71 if ! issu] ( su* securities       
reque/s su* #a-ye> ext5sion f a v5ture  

ex*ange & ! v5ture ex*ange elects to    
provide su* ext5sion4  4  7b7           
,securities ,act ( #aicc ,section #ah ( 
! ,securities ,act ( #aicc 7#ae         
,u4,s4,c4 #ggr7 is am5d$-- 7#a7 by      
r$esignat+ subsection 7d7 z subsection  
7e72 &  7#b7 by ins]t+ aft] subsection  
7c7 ! foll[+3  7d7 ,treatm5t (          
securities li/$ on a v5ture ex*ange     
,not)/&+ subsection 7b71 a security is n
 a cov]$ security pursuant to subsection
 7b77#a77;,a7 if ! security is only     
li/$1 or au?oriz$ = li/+1 on a v5ture   
ex*ange 7z def9$ "u section #f7m7 ( !   
,securities ,ex*ange ,act ( #aicd74  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  ,july #aj1 #bjah  
,report$ ) an am5dm5t1 committ$ to !    
,committee ( ! ,:ole ,h\se on ! ,/ate ( 

! ,union1 & ord]$ to be pr9t$