,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fjce  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #g1 #bjah,mr4   
,budd introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to direct !       
,securities & ,ex*ange ,commission to   
revise section #bcj4afc ( title #ag1    
,code ( ,f$]al ,regulations1 to apply ! 
exemption (f]$ 9 su* section to         
communications made by und]writ]s &     
deal]s act+ by or on behalf ( a         
well-kn[n season$ issu]4  #a4 ,%ort     
title ,?is ,act may be cit$ z !         
,/reaml9+ ,communications = ,inve/ors   
,act4  #b4 ,exemption ( communications  
made by und]writ]s & deal]s act+ by or  
on behalf ( well-kn[n season$ issu]  7a7
 ,9 g5]al ,n lat] ?an #abj days aft] !  
date ( ! enactm5t ( ?is section1 !      
,securities & ,ex*ange ,commission %all 
revise section #bcj4afc7;c7 ( title #ag1
 ,code ( ,f$]al ,regulations1 to apply !
 exemption (f]$ 9 section #bcj4afc (    
title #ag1 ,code ( ,f$]al ,regulations1 

to writt5 & oral communications made by 
an und]writ] or deal] act+ by or on     
behalf ( a well-kn[n season$ issu] if1  
be=e su* a communication is made--  7#a7
 ! und]writ] or deal] mak+ su*          
communication receives writt5           
au?orization f ! well-kn[n season$ issu]
 to act z its ag5t or repres5tative2 &  
7#b7 ! well-kn[n season$ issu] au?oriz$ 
or approv$ su* communication4  7b7      
,inclusion 9 prospectus ,a well-kn[n    
season$ issu] %all id5tify 9 !          
prospectus fil$ = an (f]+ ea* und]writ] 
or deal] t has made oral or writt5      
communications relat$ ! (f]+ 9 reliance 
on ! exemption "u section #bcj4afc (    
title #ag1 ,code ( ,f$]al ,regulations4 
7c7 ,treatm5t if revisions n complet$ 9 
a timely mann] ,if ! ,commission fails  
to complete ! revisions requir$ by      
subsection 7a7 by ! "t requir$ by su*   
subsection1 ! exemption (f]$ 9 section  
#bcj4afc ( title #ag1 ,code ( ,f$]al    
,regulations1 %all be deem$ to apply to 
writt5 & oral communications made by an 

und]writ] or deal] act+ by or on behalf 
( a well-kn[n season$ issu] if1 be=e su*
 a communication is made--  7#a7 !      
und]writ] or deal] mak+ su*             
communication receives writt5           
au?orization f ! well-kn[n season$ issu]
 to act z its ag5t or repres5tative2 &  
7#b7 ! well-kn[n season$ issu] au?oriz$ 
or approv$ su* communication4