#aae? ,,congress  #b;d ,session  ,h4 ,r4
 #eigj  ,,an ,,act  ,to require !       
,securities & ,ex*ange ,commission to   
c>ry out a co/ b5efit analysis ( ! use (
 ,=m #aj-,q & = o!r purposes4  #a4 ,%ort
 title ,?is ,act may be cit$ z !        
,mod]niz+ ,disclosures = ,inve/ors ,act4
  #b4 ,=m #aj-,q analysis  7a7 ,9 g5]al 
,! ,securities & ,ex*ange ,commission   
%all conduct an analysis ( ! co/s &     
b5efits ( requir+ report+ companies to  
use ,=m #aj-,q = submitt+ qu>t]ly       
f9ancial reports4 ,su* analysis %all    
consid]--  7#a7 ! co/s & b5efits ( ,=m  
#aj-,q to em]g+ gr[? companies2  7#b7 ! 
co/s & b5efits ( ,=m #aj-,q to !        
,commission 9 t]ms ( its ability to     
protect inve/ors1 ma9ta9 fair1 ord]ly1 &
 effici5t m>kets1 & facilitate capital  
=mation2  7#c7 ! co/s & b5efits ( ,=m   
#aj-,q to o!r report+ companies1        
inve/ors1 m>ket rese>*]s1 & o!r m>ket   
p>ticipants1 includ+ ! co/s & b5efits   
associat$ )-- 7,a7 ! public availability
 ( ! in=mation requir$ to be fil$ on ,=m

 #aj-,q2  7,b7 ! use ( a /&>diz$ report+
 =mat across all classes ( report+      
companies2 &  7,c7 ! qu>t]ly disclosure 
by "s companies ( f9ancial in=mation 9  
=mats o!r ?an ,=m #aj-,q1 su* z a       
qu>t]ly e>n+s press release2  7#d7 !    
co/s & b5efits ( alt]native =mats =     
qu>t]ly report+ = em]g+ gr[? companies  
to em]g+ gr[? companies1 ! ,commission1 
o!r report+ companies1 inve/ors1 m>ket  
rese>*]s1 & o!r m>ket p>ticipants2 &    
7#e7 ! expect$ impact ( ! use (         
alt]native =mats ( qu>t]ly report+ by   
em]g+ gr[? companies on ov]all m>ket    
transp>5cy & effici5cy4  7b7 ,report    
requir$ ,n lat] ?an #ahj days aft] !    
date ( enactm5t ( ?is ,act1 !           
,commission %all issue a report to      
,congress t includes-- 7#a7 ! results ( 
! analysis requir$ by subsection 7a72 & 
7#b7 recomm5dations = decreas+ co/s1    
increas+ transp>5cy1 & increas+         
effici5cy ( qu>t]ly f9ancial report+ by 
em]g+ gr[? companies4  ,pass$ ! ,h\se ( 
,repres5tatives ,july #aj1 #bjah4;,cl]k4