,,ib  ,union ,cal5d> ,no4 #fhe  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #fcbd
  ,report ,no4 #aae-hhg  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,july #aj1 #bjah  
,mr4 ,himes introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,augu/ #c1 #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 ,july #aj1   
#bjah  ,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 ( ! co/s

 associat$ ) small- & m$ium-siz$        
companies to und]take initial public    
(f]+s 7,i,p,os74 ,9 c>ry+ out su* /udy1 
! ,commission %all--  7#a7 consid] !    
direct & indirect co/s ( an ,,ipo1      
includ+-- 7,a7 fees1 su* z gross spreads
 paid to und]writ]s1 ,,ipo advisors1 &  
o!r pr(essionals2  7,b7 compliance )    
,f$]al & ,/ate securities laws at ! "t (
 ! ,,ipo2 &  7,c7 su* o!r ,,ipo-relat$  
co/s z ! ,commission det]m9es           
appropriate2  7#b7 comp>e & analyze !   
co/s ( an ,,ipo ) ! co/s ( obta9+       
alt]native s\rces ( f9anc+ & (          
liquidity2  7#c7 consid] ! impact ( su* 
co/s on capital =mation2  7#d7 analyze !
 impact ( ^! co/s on ! availability (   
public securities ( small- & m$ium-siz$ 
companies to retail inve/ors2 &  7#e7   
analyze tr5ds 9 ,i,p,os ov] a "t p]iod !
 ,commission det]m9es is appropriate to 
analyze ,,ipo pric+ practices1          
consid]+--  7,a7 ! numb] ( ,i,p,os2     
7,b7 h[ co/s = ,i,p,os h evolv$ ov] "t1 
includ+ fees paid to und]writ]s1        

inve/m5t advisory firms1 & o!r          
pr(essions = s]vices 9 connection ) an  
,,ipo2  7,c7 ! numb] ( brok]s & deal]s  
active 9 und]writ+ ,i,p,os2  7,d7 !     
diff]5t types ( s]vices t und]writ]s &  
relat$ p]sons provide be=e & aft] a     
small- or m$ium-siz$ company ,,ipo & !  
factors impact+ und]writ+ co/s2  7,e7   
*anges 9 ! co/s & availability (        
inve/m5t rese>* = small- & m$ium-siz$   
companies2 &  7,f7 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     
,am5d ! title s z to read3 ,a bill to   
require ! ,securities & ,ex*ange        
,commission to c>ry out a /udy ( ! co/s 
associat$ ) small- & m$ium-siz$         
companies to und]take initial public    

(f]+s44  ,augu/ #c1 #bjah ,report$ )    
am5dm5ts1 committ$ to ! ,committee ( !  
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$