,,ii  #aae? ,,congress  #b;d ,session   
,s4 #cegh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #aa1 #bjah,mr4 
,r\nds introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to c>ry out a /udy 
to evaluate ! issues affect+ ! provision
 (1 & reliance ^u1 inve/m5t rese>* into 
small issu]s4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,improv+ ,inve/m5t     
,rese>* = ,small & ,em]g+ ,issu]s ,act4 
#b4 ,rese>* /udy  7a7 ,/udy requir$ ,!  
,securities & ,ex*ange ,commission %all 
conduct a /udy to evaluate ! issues     
affect+ ! provision (1 & reliance ^u1   
inve/m5t rese>* into small issu]s       
7ref]r$ to 9 ?is section z cov]$        
rese>*71 includ+ em]g+ gr[? companies & 
companies consid]+ initial public (f]+s4
  7b7 ,cont5ts ( /udy ,! /udy requir$ "u
 subsection 7a7 %all consid]-- 7#a7     
factors relat+ to ! dem& = cov]$ rese>* 
by in/itutional & retail inve/ors2  7#b7

 ! availability ( cov]$ rese>*1         
includ+-- 7,a7 ! numb] & types ( firms t
 provide cov]$ rese>*2  7,b7 ! volume ( 
cov]$ rese>* ov] "t2 &  7,c7 competition
 9 ! rese>* m>ket2  7#c7 conflicts (    
int]e/ relat+ to ! production &         
di/ribution ( inve/m5t rese>*2  7#d7 !  
co/s ( cov]$ rese>*2  7#e7 ! impacts (  
diff]5t paym5t me*anisms = cov]$ rese>*1
 includ+ :e!r t rese>* is paid = by--   
7,a7 h>d-doll> paym5ts f rese>* cli5ts2 
7,b7 paym5ts direct$ f ! commission     
income ( a cli5t1 includ+ paym5ts       
commonly ref]r$ to z s(t doll>s2 or     
7,c7 paym5ts f ! issu] t is ! subject ( 
cov]$ rese>*2  7#f7 any unique *all5ges 
fac$ by m9ority-own$1 wom5-own$1 &      
vet]an-own$ small issu]s 9 obta9+ rese>*
 cov]age2 &  7#g7 ! impact on !         
availability ( rese>* cov]age = small   
issu]s due to-- 7,a7 inve/m5t advis]    
conc5tration & consolidation1 includ+   
any pot5tial impacts ( ! size ( a fund  
on ! dem& = inve/m5t rese>* ( small     
issu]s2  7,b7 brok] & deal] conc5tration

 & consolidation1 includ+ any           
relation%ips betwe5 ! size ( a firm &   
allocation ( res\rces = inve/m5t rese>* 
into small issu]s2  7,c7 rules ( !      
,securities & ,ex*ange ,commission2     
7,d7 rules ( regi/]$ national securities
 associations2  7,e7 ,/ate & ,f$]al     
liability conc]ns2  7,f7 ! settlem5t    
agreem5ts ref]5c$ 9 ,securities &       
,ex*ange ,commission ,litigation        
,release ,no4 #ahdch 7relat+ to !       
,global ,rese>* ,analy/ ,settlem5t2     
issu$ ,octob] #ca1 #bjjc72 &  7,g7      
,directive #bjad_/fe_/;,,eu ( !         
,european ,p>liam5t & ( ! ,c\ncil ( #ae 
,may #bjad 7relat+ to m>kets 9 f9ancial 
in/rum5ts & am5d+ ,directive            
#bjjb_/ib_/;,,ec & ,directive           
#bjaa_/fa_/;,,eu71 z implem5t$ by !     
memb] /ates ( ! ,european ,union4  7c7  
,report requir$ ,n lat] ?an #ahj days   
aft] ! date ( enactm5t ( ?is ,act1 !    
,securities & ,ex*ange ,commission %all 
submit to ,congress a report t          
includes--  7#a7 ! results ( ! /udy     

requir$ "u subsection 7a72 &  7#b7      
recomm5dations to increase ! dem& =1    
volume (1 & quality ( inve/m5t rese>*   
into small issu]s1 includ+ em]g+ gr[?   
companies & companies consid]+ initial  
public (f]+s4