,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fcbd  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #aj1 #bjah,mr4  
,himes introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require !      
,securities & ,ex*ange ,commission to   
c>ry out a /udy ( ! direct & indirect   
und]writ+ fees1 includ+ gross spreads1 =
 mid-siz$ initial public (f]+s4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,middle ,m>ket ,,ipo ,und]writ+ ,co/    
,act4  #b4 ,/udy on ,,ipo fees  7a7     
,/udy ,! ,securities & ,ex*ange         
,commission1 9 consultation ) !         
,f9ancial ,indu/ry ,regulatory          
,au?ority1 %all c>ry out a /udy ( !     
direct & indirect und]writ+ co/s1       
includ+ gross spreads & pric+ practices1
 = mid-siz$ initial public (f]+s        
7,,ipo74 ,9 c>ry+ out su* /udy1 !       
,commission %all--  7#a7 comp>e         
und]writ+ fees 9 =eign c\ntries to ^? 9 
! ,unit$ ,/ates2  7#b7 analyze !        
relation%ip betwe5 ! co/s ( tak+ a      

company public & ! und]writ+ fees1      
includ+ gross spreads2  7#c7 comp>e !   
und]writ+ fees = l>g] company ,i,p,os   
comp>$ ) mid-siz$ ,i,p,os2  7#d7 look at
 ! *anges to und]writ+ fees1 if any1    
betwe5 #aihj & today2 &  7#e7 consid]-- 
7,a7 ! reasons = any disp>ities id5tifi$
 "u p>agraphs 7#a7 ?r\gh 7#d72  7,b7    
:e!r su* fees limit capital =mation &   
:e!r any su* impact is reasonable2  7,c7
 h[ su* fees may factor into a company's
 decision to g public2  7,d7 alt]natives
 to go+ public ?r\gh ! traditional      
und]writ+ process1 su* z directly li/+ )
 a national securities ex*ange or fil+ a
 ,=m #aj2 &  7,e7 any o!r consid]ation !
 ,commission consid]s necess>y &        
appropriate4  7b7 ,report ,n lat] ?an ! 
end ( ! #cfj-;day p]iod beg9n+ on ! date
 ( ! enactm5t ( ?is ,act1 ! ,commission 
%all issue a report to ! ,congress      
conta9+ all f9d+s & det]m9ations made 9 
c>ry+ out ! /udy requir$ "u subsection  
7a7 & any adm9i/rative or legislative   
recomm5dations ! ,commission may h4