,,ib ,union ,cal5d> ,no4 #hcd #aae? ,,congress #b;d ,session ,h4 ,r4 #fjba ,report ,no4 #aae-ajge ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #f1 #bjah ,mr4 ,hill 7= himself & ,mr4 ,gonzalez ( ,texas7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,decemb] #ab1 #bjah;,additional sponsor3 ,mr4 ,bey] ,decemb] #ab1 #bjah ,report$ ) am5dm5ts1 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 ,june #f1 #bjah ,a ,,bill ,to am5d ! ,s>banes-,oxley ,act ( #bjjb to exclude privately held1 non-cu/ody brok]s & deal]s t are 9 good /&+ f c]ta9 requirem5ts "u title ,i ( t ,act1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,small ,bus9ess ,audit ,correction ,act ( #bjah4 #b4 ,exemption 7a7 ,am5dm5ts to title ,i ( ! ,s>banes-,oxley ,act ( #bjjb ,section #aaj ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbbj7 is am5d$-- 7#a7 9 p>agraph 7#c71 by ins]t+ 1 except t ! t]m does n include a non-cu/ody brok] or deal] t is privately held & 9 good /&+ aft] regi/]$ public acc\nt+ firm2 7#b7 9 p>agraph 7#d71 by ins]t+ 1 except t ! t]m does n include a non-cu/ody brok] or deal] t is privately held & 9 good /&+ aft] regi/]$ public acc\nt+ firm2 7#c7 by r$esignat+ p>agraphs 7#e7 & 7#f7 z p>agraphs 7#h7 & 7#i71 respectively2 & 7#d7 by ins]t+ aft] p>agraph 7#d7 ! foll[+3 7#e7 ,9 good /&+ ,! t]m 9 good /&+ means1 ) respect to a brok] or deal] 7z ^? t]ms are def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7771 t1 z ( ! la/ day ( ! mo/ rec5tly complet$ fiscal ye> ( ! brok] or deal]1 z applicable1 ! brok] or deal]-- 7,a7 0 regi/]$ ) ! ,commission2 7,b7 0 a memb] ( a regi/]$ securities association 7z def9$ "u section #ae;,a ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#c772 7,c7 0 compliant ) ! m9imum doll> net capital requirem5ts "u section #bdj4ae;c#c-a ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation2 7,d7 _h n1 dur+ ! #aj-ye> p]iod prec$+ t date1 be5 convict$ ( a felony "u ,f$]al or ,/ate law2 7,e7 does n h an associat$ p]son 7z t t]m is def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a777 :o1 dur+ ! #aj-ye> p]iod prec$+ t date1 0 convict$ ( a felony "u ,f$]al or ,/ate laws = fraudul5t conduct2 & 7,f7 0 n1 z provid$ by section #c7;a77#ci7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77-- 7i7 expell$ or susp5d$ f memb]%ip or p>ticipation 9 any self-regulatory organization 7z provid$ 9 section #c7;a77#bf7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77#bf777 or a regi/]$ futures association 7z provid$ 9 section #ag ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #ba772 7ii7 subject to an ord] ( ! ,commission1 or o!r appropriate regulatory ag5cy1 d5y+1 susp5d+1 or revok+ its regi/ration z any regulat$ entity2 or 7iii7 subject to an ord] ( ! ,commodity ,futures ,trad+ ,commission1 or o!r appropriate regulatory ag5cy1 d5y+1 susp5d+1 or revok+ its regi/ration "u ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a et seq47 or its au?ority to engage 9 any transactions4 7#f7 ,non-cu/ody brok] or deal] ,! t]m non-cu/ody brok] or deal] means a brok] or deal] 7z ^? t]ms are def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7771 z applicable1 t-- 7,a7 z ( ! la/ day ( ! mo/ rec5tly complet$ fiscal ye> ( ! brok] or deal] _h n less ?an #a & n m ?an #aej associat$ p]sons 7z t t]m is def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a777 regi/]$ ) a self-regulatory organization 7z provid$ 9 section #c7;a77#bf7 ( ! ,securities ,ex*ange ,act 7#ae ,u4,s4,c4 #gh;c7a77#bf777 ( :i* ! brok] or deal] is a memb]2 & 7,b7 ?r\gh\t ! mo/ rec5tly complet$ fiscal ye> ( ! brok] or deal]-- 7i7 did n1 z a matt] ( ord9>y bus9ess practice 9 connection ) ! activities ( ! brok] or deal]1 receive cu/om] *ecks1 drafts1 or o!r evid5ce ( indebt$ness made payable to ! brok] or deal]2 7ii7 promptly =w>d$ cu/om] securities & cu/om] *ecks1 drafts1 or o!r evid5ce ( indebt$ness payable to a ?ird p>ty1 includ+ a cle>+ brok] or deal]1 9 compliance ) section #bdj4ae;c#c-c ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation2 7iii7 did n o!rwise hold cu/om] securities or ca%2 7iv7 if requir$ "u section #c7;a77#b7 ( ! ,securities ,inve/or ,protection ,act ( #aigj 7#ae ,u4,s4,c4 #gh;ccc7a77#b771 0 a memb] ( ! ,securities ,inve/or ,protection ,corporation2 & 7v7 ei!r-- 7,i7 claim$ exemption f section #bdj4ae;c#c-c ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation2 or 7,,ii7 claim$ no exemption f su* section #bdj4ae;c#c-c1 or any successor regulation1 or 0 n o!rwise subject to su*1 because ! brok] or deal] did n ma9ta9 cu/ody ov] any cu/om] securities or ca%4 7#g7 ,privately held ,! t]m privately held means1 ) respect to a brok] or deal] 7z ^? t]ms are def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a7771 t ! brok] or deal]1 z applicable1 is n an issu]4 4 7b7 ,am5dm5ts to regulations ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all make any necess>y am5dm5ts to regulations ( ! ,commission t are 9 effect z ( ! date ( enactm5t ( ?is ,act 9 ord] to-- 7#a7 c>ry out ?is ,act & ! am5dm5ts made by ?is ,act2 & 7#b7 to exclude ! auditors ( non-cu/ody brok]s & deal]s t are privately held & 9 good /&+ 7z su* t]ms are def9$ "u section #aaj ( ! ,s>banes-,oxley ,act ( #bjjb7 f ! audit requirem5ts ( ! ,public ,company ,acc\nt+ ,ov]sight ,bo>d4 7c7 ,effective date ,?is ,act1 & ! am5dm5ts made by ?is ,act1 %all take effect on ! date t is #ahj days aft] ! date ( enactm5t ( ?is ,act4 ,am5d ! title s z to read3 ,a bill to am5d ! ,s>banes-,oxley ,act ( #bjjb to exclude ! audits ( privately held1 non-cu/ody brok]s & deal]s t are 9 good /&+ f c]ta9 requirem5ts "u title ,i ( t ,act1 & = o!r purposes44 ,decemb] #ab1 #bjah ,report$ ) am5dm5ts1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$