#aae? ,,congress #b;d ,session ,9 ! ,h\se ( ,repres5tatives1 ,u4 ,s41 ,july #ag1 #bjah ,,am5dm5ts3 ,t ! bill f ! ,s5ate 7,s4 #dhh7 entitl$ ,an ,act to increase ! ?re%old = disclosures requir$ by ! ,securities & ,ex*ange ,commission relat+ to comp5satory b5efit plans1 & = o!r purposes41 d pass ) ! foll[+ ,/rike out all aft] ! enact+ clause & ins]t3 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,,jobs & ,inve/or ,confid5ce ,act ( #bjah4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,title ,i--,help+ ,angels ,lead ,our ,/>tups ,sec4 #aja4 ,def9ition ( angel inve/or gr\p4 ,sec4 #ajb4 ,cl>ification ( g5]al solicitation4 ,title ,,ii--,cr$it ,access & ,inclusion ,sec4 #bja4 ,positive cr$it report+ p]mitt$4 ,title ,,iii--,small ,bus9ess ,m]g]s1 ,acquisitions1 ,sales1 & ,brok]age ,simplification ,sec4 #cja4 ,regi/ration exemption = m]g] & acquisition brok]s4 ,sec4 #cjb4 ,effective date4 ,title ,,iv--,fair ,inve/m5t ,opportunities = ,pr(essional ,exp]ts ,sec4 #dja4 ,def9ition ( accr$it$ inve/or4 ,title ,v--,fo/]+ ,innovation ,sec4 #eja4 ,tempor>y exemption = l[-rev5ue issu]s4 ,title ,,vi--,end ,bank+ = ,human ,traffick]s ,sec4 #fja4 ,increas+ ! role ( ! f9ancial indu/ry 9 combat+ human traffick+4 ,sec4 #fjb4 ,coord9ation ( human traffick+ issues by ! ,(fice ( ,t]rorism & ,f9ancial ,intellig5ce4 ,sec4 #fjc4 ,additional report+ requirem5t "u ! ,traffick+ ,victims ,protection ,act ( #bjjj4 ,sec4 #fjd4 ,m9imum /&>ds = ! elim9ation ( traffick+4 ,title ,,vii--,inve/+ 9 ,ma9 ,/reet ,sec4 #gja4 ,inve/m5t 9 small bus9ess inve/m5t companies4 ,title ,,viii--,ex*ange ,regulatory ,improvem5t ,sec4 #hja4 ,f9d+s4 ,sec4 #hjb4 ,facility def9$4 ,title ,,ix--,enc\rag+ ,public ,(f]+s ,sec4 #ija4 ,exp&+ te/+ ! wat]s & confid5tial submissions4 ,title ,x--,family ,(fice ,te*nical ,correction ,sec4 #ajja4 ,accr$it$ inve/or cl>ification4 ,title ,,xi--,exp&+ ,access to ,capital = ,rural ,job ,creators ,sec4 #aaja4 ,access to capital = rural-area small bus9esses4 ,title ,,xii--,f9ancial ,in/itution ,liv+ ,w ,improvem5t ,sec4 #abja4 ,liv+ w re=ms4 ,title ,,xiii--,prev5tion ( ,private ,in=mation ,dissem9ation ,sec4 #acja4 ,crim9al p5alty = unau?oriz$ disclosures4 ,title ,,xiv--,int]national ,insurance ,/&>ds ,sec4 #adja4 ,%ort title4 ,sec4 #adjb4 ,congressional f9d+s4 ,sec4 #adjc4 ,requirem5t t insurance /&>ds reflect ,unit$ ,/ates policy4 ,sec4 #adjd4 ,/ate insurance regulator involvem5t 9 int]national /&>d sett+4 ,sec4 #adje4 ,consultation ) ,congress4 ,sec4 #adjf4 ,report to ,congress on int]national insurance agreem5ts4 ,sec4 #adjg4 ,cov]$ agreem5ts4 ,sec4 #adjh4 ,inapplicability to trade agreem5ts4 ,title ,,xv--,alleviat+ ,/ress ,te/ ,burd5s to ,help ,inve/ors ,sec4 #aeja4 ,/ress te/ relief = nonbanks4 ,title ,,xvi--,national ,/rategy = ,combat+ ! ,f9anc+ ( ,transnational ,crim9al ,organizations ,sec4 #afja4 ,national /rategy4 ,sec4 #afjb4 ,cont5ts ( national /rategy4 ,sec4 #afjc4 ,def9itions4 ,title ,,xvii--,common ,s5se ,cr$it ,union ,capital ,relief ,sec4 #agja4 ,delay 9 effective date4 ,title ,,xviii--,options ,m>kets ,/ability ,sec4 #ahja4 ,rulemak+4 ,sec4 #ahjb4 ,report to ,congress4 ,title ,,xix--,coop]ate ) ,law ,en=cem5t ,ag5cies & ,wat* ,sec4 #aija4 ,safe h>bor ) respect to keep op5 lett]s4 ,title ,,xx--,ma9 ,/reet ,gr[? ,sec4 #bjja4 ,v5ture ex*anges4 ,title ,,xxi--,build+ ,up ,indep5d5t ,lives & ,dreams ,sec4 #baja4 ,mortgage loan transaction disclosure requirem5ts4 ,title ,,xxii--,mod]niz+ ,disclosures = ,inve/ors ,sec4 #bbja4 ,=m #aj-,q analysis4 ,title ,,xxiii--,fight ,illicit ,networks & ,detect ,traffick+ ,sec4 #bcja4 ,f9d+s4 ,sec4 #bcjb4 ,,gao ,/udy4 ,title ,,xxiv--,improv+ ,inve/m5t ,rese>* = ,small & ,em]g+ ,issu]s ,sec4 #bdja4 ,rese>* /udy4 ,title ,,xxv--,develop+ & ,emp[]+ our ,aspir+ ,lead]s ,sec4 #beja4 ,def9itions4 ,title ,,xxvi--,exp&+ ,inve/m5t 9 ,small ,bus9esses ,sec4 #bfja4 ,,sec /udy4 ,title ,,xxvii--,promot+ ,transp>5t ,/&>ds = ,corporate ,insid]s ,sec4 #bgja4 ,,sec /udy4 ,title ,,xxviii--,inve/m5t ,advis] ,regulatory ,flexibility ,improvem5t ,sec4 #bhja4 ,def9ition ( small bus9ess ( small organization4 ,title ,,xxix--,enhanc+ ,multi-,class ,%>e ,disclosures ,sec4 #bija4 ,disclosure ,relat+ to ,multi-,class ,%>e ,/ructures4 ,title ,,xxx--,national ,s5ior ,inve/or ,initiative ,sec4 #cjja4 ,s5ior ,inve/or ,task=ce4 ,sec4 #cjjb4 ,,gao /udy4 ,title ,,xxxi--,middle ,m>ket ,,ipo ,und]writ+ ,co/ ,sec4 #caja4 ,/udy on ,,ipo fees4 ,title ,,xxxii--,cr[dfund+ ,am5dm5ts ,sec4 #cbja4 ,cr[dfund+ vehicles4 ,sec4 #cbjb4 ,cr[dfund+ exemption f regi/ration4 ,i ,help+ ,angels ,lead ,our ,/>tups #aja4 ,def9ition ( angel inve/or gr\p ,z us$ 9 ?is title1 ! t]m angel inve/or gr\p means any gr\p t-- 7#a7 is compos$ ( accr$it$ inve/ors int]e/$ 9 inve/+ p]sonal capital 9 e>ly-/age companies2 7#b7 holds regul> meet+s & has def9$ processes & proc$ures = mak+ inve/m5t decisions1 ei!r individually or among ! memb]%ip ( ! gr\p z a :ole2 & 7#c7 is nei!r associat$ nor affiliat$ ) brok]s1 deal]s1 or inve/m5t advis]s4 #ajb4 ,cl>ification ( g5]al solicitation 7a7 ,9 g5]al ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise ,regulation ,d ( its rules 7#ag ,,cfr #bcj4ejj et seq47 to require t 9 c>ry+ out ! prohibition aga9/ g5]al solicitation or g5]al adv]tis+ conta9$ 9 section #bcj4ejb7;c7 ( title #ag1 ,code ( ,f$]al ,regulations1 ! prohibition %all n apply to a pres5tation or o!r communication made by or on behalf ( an issu] :i* is made at an ev5t-- 7#a7 sponsor$ by-- 7,a7 ! ,unit$ ,/ates or any t]ritory !re(1 by ! ,di/rict ( ,columbia1 by any ,/ate1 by a political subdivision ( any ,/ate or t]ritory1 or by any ag5cy or public in/rum5tality ( any ( ! =ego+2 7,b7 a college1 univ]sity1 or o!r in/itution ( high] education2 7,c7 a nonpr(it organization2 7,d7 an angel inve/or gr\p2 7,e7 a v5ture =um1 v5ture capital association1 or trade association2 or 7,f7 any o!r gr\p1 p]son or entity z ! ,securities & ,ex*ange ,commission may det]m9e by rule2 7#b7 :]e any adv]tis+ = ! ev5t does n ref]5ce any specific (f]+ ( securities by ! issu]2 7#c7 ! sponsor ( :i*-- 7,a7 does n make inve/m5t recomm5dations or provide inve/m5t advice to ev5t att5dees2 7,b7 does n engage 9 an active role 9 any inve/m5t negotiations betwe5 ! issu] & inve/ors att5d+ ! ev5t2 7,c7 does n *>ge ev5t att5dees any fees o!r ?an adm9i/rative fees2 7,d7 does n receive any comp5sation = mak+ introductions betwe5 inve/ors att5d+ ! ev5t & issu]s1 or = inve/m5t negotiations betwe5 su* p>ties2 7,e7 makes readily available to att5dees a disclosure n long] ?an "o page 9 l5g?1 z prescrib$ by ! ,securities & ,ex*ange ,commission1 describ+ ! nature ( ! ev5t & ! risks ( inve/+ 9 ! issu]s pres5t+ at ! ev5t2 & 7,f7 does n receive any comp5sation ) respect to su* ev5t t w\ld require regi/ration ( ! sponsor z a brok] or a deal] "u ! ,securities ,ex*ange ,act ( #aicd1 or z an inve/m5t advisor "u ! ,inve/m5t ,advis]s ,act ( #aidj2 & 7#d7 :]e no specific in=mation reg>d+ an (f]+ ( securities by ! issu] is communicat$ or di/ribut$ by or on behalf ( ! issu]1 o!r ?an-- 7,a7 t ! issu] is 9 ! process ( (f]+ securities or plann+ to (f] securities2 7,b7 ! type & am\nt ( securities be+ (f]$2 7,c7 ! am\nt ( securities be+ (f]$ t h already be5 subscrib$ =2 & 7,d7 ! int5d$ use ( proce$s ( ! (f]+4 7b7 ,rule ( con/ruction ,subsection 7a7 may only be con/ru$ z requir+ ! ,securities & ,ex*ange ,commission to am5d ! requirem5ts ( ,regulation ,d ) respect to pres5tations & communications1 & n ) respect to pur*ases or sales4 7c7 ,no pre-,exi/+ sub/antive relation%ip by reason ( ev5t ,att5dance at an ev5t describ$ "u subsection 7a7 %all n qualify1 by itself1 z e/abli%+ a pre-exi/+ sub/antive relation%ip betwe5 an issu] & a pur*as]1 = purposes ( ,rule #ejf7;b74 7d7 ,def9ition ( issu] ,= purposes ( ?is section & ! revision ( rules requir$ "u ?is section1 ! t]m issu] means an issu] t is a bus9ess1 is n 9 bankruptcy or receiv]%ip1 is n an inve/m5t company1 & is n a blank *eck1 bl9d pool1 or %ell company4 ,,ii ,cr$it ,access & ,inclusion #bja4 ,positive cr$it report+ p]mitt$ 7a7 ,9 g5]al ,section #fbc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afhas-#b7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7f7 ,full-,file cr$it report+ 7#a7 ,9 g5]al ,subject to ! limitations 9 p>agraphs 7#b7 ?r\gh 7#d7 & not)/&+ any o!r provision ( law1 a p]son or ! ,secret>y ( ,h\s+ & ,urban ,developm5t may furni% to a consum] report+ ag5cy in=mation relat+ to ! p]=mance ( a consum] 9 mak+ paym5ts-- 7,a7 "u a lease agreem5t ) respect to a dwell+1 includ+ su* a lease 9 :i* ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t provides subsidiz$ paym5ts = occupancy 9 a dwell+2 or 7,b7 pursuant to a contract = a utility or telecommunications s]vice4 7#b7 ,limitation ,in=mation ab\t a consum]'s usage ( any utility s]vices provid$ by a utility or telecommunication firm may be furni%$ to a consum] report+ ag5cy only to ! ext5t t su* in=mation relates to paym5t by ! consum] = ! s]vices ( su* utility or telecommunication s]vice or o!r t]ms ( ! provision ( ! s]vices to ! consum]1 includ+ any deposit1 disc\nt1 or conditions = int]ruption or t]m9ation ( ! s]vices4 7#c7 ,paym5t plan ,an en]gy utility firm1 telephone company1 or wireless provid] may n report paym5t in=mation to a consum] report+ ag5cy ) respect to an out/&+ balance ( a consum] z late if-- 7,a7 ! en]gy utility firm1 telephone company1 or wireless provid] & ! consum] h ent]$ into a paym5t plan 7includ+ a def]r$ paym5t agreem5t1 an arre>age managem5t program1 or a debt =giv5ess program7 ) respect to su* out/&+ balance2 & 7,b7 ! consum] is meet+ ! obligations ( ! paym5t plan1 z det]m9$ by ! en]gy utility firm1 telephone company1 or wireless provid]4 7#d7 ,relation to ,/ate ,law ,not)/&+ section #fbe1 ?is subsection %all n preempt any law ( a ,/ate ) respect to furni%+ to a consum] report+ ag5cy in=mation relat+ to ! p]=mance ( a consum] 9 mak+ paym5ts pursuant to a contract = a utility or telecommunications s]vice4 7#e7 ,def9itions ,9 ?is subsection1 ! foll[+ def9itions %all apply3 7,a7 ,en]gy utility firm ,! t]m en]gy utility firm means an entity t provides gas or electric utility s]vices to ! public4 7,b7 ,utility or telecommunication firm ,! t]m utility or telecommunication firm means an entity t provides utility s]vices to ! public ?r\gh pipe1 wire1 l&l9e1 wireless1 cable1 or o!r connect$ facilities1 or radio1 electronic1 or simil> transmission 7includ+ ! ext5sion ( su* facilities74 4 7b7 ,limitation on liability ,section #fbc7;c7 ( ! ,consum] ,cr$it ,protection ,act 7#ae ,u4,s4,c4 #afhas-#b7;c77 is am5d$-- 7#a7 9 p>agraph 7#b71 by /rik+ or at ! end2 7#b7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d72 & 7#c7 by ins]t+ aft] p>agraph 7#b7 ! foll[+ new p>agraph3 7#c7 subsection 7f7 ( ?is section1 includ+ any regulations issu$ !reund]2 or 4 7c7 ,,hud ,rulemak+ ,n lat] ?an ! end ( ! #h-mon? p]iod foll[+ ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all issue regulations direct+ public h\s+ ag5cies to develop proc$ures & capacity to-- 7#a7 ensure ! complete & accurate report+ ( data reg>d+ t5ants ( public h\s+ & families assi/$ "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7 :5 furni%+ in=mation to a consum] report+ ag5cy pursuant to section #fbc7;f7 ( ! ,fair ,cr$it ,report+ ,act2 & 7#b7 h&le compla9ts ) respect to su* report+4 7d7 ,,gao /udy & report ,n lat] ?an #b ye>s aft] ! date t f9al rules are issu$ pursuant to subsection 7c71 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress a report on ! impact ( furni%+ in=mation pursuant to subsection 7f7 ( section #fbc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afhas-#b7 7z add$ by ?is section7 on consum]s4 7e7 ,applicability ,! am5dm5t by subsection 7a7 %all n apply to a consum] 9 connection ) a lease 9 :i* ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t provides subsidiz$ paym5ts = occupancy 9 a dwell+ until ! date on :i* f9al rules are issu$ pursuant to subsection 7c74 ,,iii ,small ,bus9ess ,m]g]s1 ,acquisitions1 ,sales1 & ,brok]age ,simplification #cja4 ,regi/ration exemption = m]g] & acquisition brok]s ,section #ae7;b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho7b77 is am5d$ by add+ at ! end ! foll[+3 7#ac7 ,regi/ration exemption = m]g] & acquisition brok]s 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 an ,m,a brok] %all be exempt f regi/ration "u ?is section4 7,b7 ,exclud$ activities ,an ,m,a brok] is n exempt f regi/ration "u ?is p>agraph if su* brok] does any ( ! foll[+3 7i7 ,directly or indirectly1 9 connection ) ! transf] ( own]%ip ( an eligible privately held company1 receives1 holds1 transmits1 or has cu/ody ( ! funds or securities to be ex*ang$ by ! p>ties to ! transaction4 7ii7 ,engages on behalf ( an issu] 9 a public (f]+ ( any class ( securities t is regi/]$1 or is requir$ to be regi/]$1 ) ! ,commission "u section #ab or ) respect to :i* ! issu] files1 or is requir$ to file1 p]iodic in=mation1 docum5ts1 & reports "u subsection 7d74 7iii7 ,engages on behalf ( any p>ty 9 a transaction involv+ a %ell company1 o!r ?an a bus9ess comb9ation relat$ %ell company4 7iv7 ,directly1 or indirectly ?r\gh any ( its affiliates1 provides f9anc+ relat$ to ! transf] ( own]%ip ( an eligible privately held company4 7v7 ,assi/s any p>ty to obta9 f9anc+ f an unaffiliat$ ?ird p>ty )\t-- 7,i7 comply+ ) all o!r applicable laws 9 connection ) su* assi/ance1 includ+1 if applicable1 ,regulation ,t 7#ab ,,cfr #bbj et seq472 & 7,,ii7 disclos+ any comp5sation 9 writ+ to ! p>ty4 7vi7 ,repres5ts bo? ! buy] & ! sell] 9 ! same transaction )\t provid+ cle> writt5 disclosure z to ! p>ties ! brok] repres5ts & obta9+ writt5 cons5t f bo? p>ties to ! jo9t repres5tation4 7vii7 ,facilitates a transaction ) a gr\p ( buy]s =m$ ) ! assi/ance ( ! ,m,a brok] to acquire ! eligible privately held company4 7viii7 ,engages 9 a transaction involv+ ! transf] ( own]%ip ( an eligible privately held company to a passive buy] or gr\p ( passive buy]s4 ,= purposes ( ! prec$+ s5t5ce1 a buy] t is actively involv$ 9 manag+ ! acquir$ company is n a passive buy]1 reg>dless ( :e!r su* buy] is itself own$ by passive b5eficial own]s4 7ix7 ,b9ds a p>ty to a transf] ( own]%ip ( an eligible privately held company4 7,c7 ,disqualifications ,an ,m,a brok] is n exempt f regi/ration "u ?is p>agraph if su* brok] is subject to-- 7i7 susp5sion or revocation ( regi/ration "u p>agraph 7#d72 7ii7 a /atutory disqualification describ$ 9 section #c7;a77#ci72 7iii7 a disqualification "u ! rules adopt$ by ! ,commission "u section #ibf ( ! ,inve/or ,protection & ,securities ,re=m ,act ( #bjaj 7#ae ,u4,s4,c4 #gg;d note72 or 7iv7 a f9al ord] describ$ 9 p>agraph 7#d77;,h74 7,d7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph %all be con/ru$ to limit any o!r au?ority ( ! ,commission to exempt any p]son1 or any class ( p]sons1 f any provision ( ?is title1 or f any provision ( any rule or regulation !reund]4 7,e7 ,def9itions ,9 ?is p>agraph3 7i7 ,bus9ess comb9ation relat$ %ell company ,! t]m bus9ess comb9ation relat$ %ell company means a %ell company t is =m$ by an entity t is n a %ell company-- 7,i7 solely = ! purpose ( *ang+ ! corporate domicile ( t entity solely )9 ! ,unit$ ,/ates2 or 7,,ii7 solely = ! purpose ( complet+ a bus9ess comb9ation transaction 7z def9$ "u section #bcj4afe7;f7 ( title #ag1 ,code ( ,f$]al ,regulations7 among "o or m entities o!r ?an ! company itself1 none ( :i* is a %ell company4 7ii7 ,control ,! t]m control means ! p[]1 directly or indirectly1 to direct ! managem5t or policies ( a company1 :e!r ?r\gh own]%ip ( securities1 by contract1 or o!rwise4 ,!re is a presumption ( control = any p]son :o-- 7,i7 is a director1 g5]al p>tn]1 memb] or manag] ( a limit$ liability company1 or corporate (fic] ( a corporation or limit$ liability company1 & ex]cises executive responsibility 7or has simil> /atus or functions72 7,,ii7 has ! "r to vote #be p]c5t or m ( a class ( vot+ securities or ! p[] to sell or direct ! sale ( #be p]c5t or m ( a class ( vot+ securities2 or 7,,iii7 9 ! case ( a p>tn]%ip or limit$ liability company1 has ! "r to receive ^u dissolution1 or has contribut$1 #be p]c5t or m ( ! capital4 7iii7 ,eligible privately held company ,! t]m eligible privately held company means a privately held company t meets bo? ( ! foll[+ conditions3 7,i7 ,! company does n h any class ( securities regi/]$1 or requir$ to be regi/]$1 ) ! ,commission "u section #ab or ) respect to :i* ! company files1 or is requir$ to file1 p]iodic in=mation1 docum5ts1 & reports "u subsection 7d74 7,,ii7 ,9 ! fiscal ye> end+ imm$iately be=e ! fiscal ye> 9 :i* ! s]vices ( ! ,m,a brok] are initially engag$ ) respect to ! securities transaction1 ! company meets ei!r or bo? ( ! foll[+ conditions 7det]m9$ 9 accordance ) ! hi/orical f9ancial acc\nt+ records ( ! company73 7aa7 ,! e>n+s ( ! company be=e int]e/1 taxes1 depreciation1 & amortization are less ?an #be1jjj1jjj4 7bb7 ,! gross rev5ues ( ! company are less ?an #bej1jjj1jjj4 ,= purposes ( ?is subclause1 ! ,commission may by rule modify ! doll> figures if ! ,commission det]m9es t su* a modification is necess>y or appropriate 9 ! public int]e/ or = ! protection ( inve/ors4 7iv7 ,m,a brok] ,! t]m ,m,a brok] means a brok]1 & any p]son associat$ ) a brok]1 engag$ 9 ! bus9ess ( effect+ securities transactions solely 9 connection ) ! transf] ( own]%ip ( an eligible privately held company1 reg>dless ( :e!r ! brok] acts on behalf ( a sell] or buy]1 ?r\gh ! pur*ase1 sale1 ex*ange1 issuance1 repur*ase1 or r$emption (1 or a bus9ess comb9ation involv+1 securities or assets ( ! eligible privately held company1 if ! brok] reasonably believes t-- 7,i7 ^u consummation ( ! transaction1 any p]son acquir+ securities or assets ( ! eligible privately held company1 act+ alone or 9 conc]t1 w control &1 directly or indirectly1 w be active 9 ! managem5t ( ! eligible privately held company or ! bus9ess conduct$ ) ! assets ( ! eligible privately held company2 & 7,,ii7 if any p]son is (f]$ securities 9 ex*ange = securities or assets ( ! eligible privately held company1 su* p]son w1 prior to becom+ legally b\nd to consummate ! transaction1 receive or h reasonable access to ! mo/ rec5t fiscal ye>-end f9ancial /atem5ts ( ! issu] ( ! securities z cu/om>ily prep>$ by ! managem5t ( ! issu] 9 ! normal c\rse ( op]ations &1 if ! f9ancial /atem5ts ( ! issu] are audit$1 review$1 or compil$1 any relat$ /atem5t by ! indep5d5t acc\ntant1 a balance %eet dat$ n m ?an #abj days be=e ! date ( ! (f]1 & in=mation p]ta9+ to ! managem5t1 bus9ess1 results ( op]ations = ! p]iod cov]$ by ! =ego+ f9ancial /atem5ts1 & mat]ial loss cont+5cies ( ! issu]4 7v7 ,%ell company ,! t]m %ell company means a company t at ! "t ( a transaction ) an eligible privately held company-- 7,i7 has no or nom9al op]ations2 & 7,,ii7 has-- 7aa7 no or nom9al assets2 7bb7 assets consi/+ solely ( ca% & ca% equival5ts2 or 7cc7 assets consi/+ ( any am\nt ( ca% & ca% equival5ts & nom9al o!r assets4 7,f7 ,inflation adju/m5t 7i7 ,9 g5]al ,on ! date t is #e ye>s aft] ! date ( ! enactm5t ( ?is p>agraph1 & e #e ye>s !reaft]1 ea* doll> am\nt 9 subp>agraph 7,e77ii77,,ii7 %all be adju/$ by-- 7,i7 divid+ ! annual value ( ! ,employm5t ,co/ ,index ,= ,wages & ,sal>ies1 ,private ,indu/ry ,work]s 7or any successor index71 z publi%$ by ! ,bureau ( ,labor ,/ati/ics1 = ! cal5d> ye> prec$+ ! cal5d> ye> 9 :i* ! adju/m5t is be+ made by ! annual value ( su* index 7or successor7 = ! cal5d> ye> end+ ,decemb] #ca1 #bjab2 & 7,,ii7 multiply+ su* doll> am\nt by ! quoti5t obta9$ "u subclause 7,i74 7ii7 ,r\nd+ ,ea* doll> am\nt det]m9$ "u clause 7i7 %all be r\nd$ to ! ne>e/ multiple ( #ajj1jjj4 4 #cjb4 ,effective date ,! am5dm5t made by ?is title %all take effect on ! date t is #ij days aft] ! date ( ! enactm5t ( ?is ,act4 ,,iv ,fair ,inve/m5t ,opportunities = ,pr(essional ,exp]ts #dja4 ,def9ition ( accr$it$ inve/or 7a7 ,9 g5]al ,section #b7;a77#ae7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7a77#ae77 is am5d$-- 7#a7 by r$esignat+ clauses 7i7 & 7ii7 z subp>agraphs 7,a7 & 7,f71 respectively2 & 7#b7 9 subp>agraph 7,a7 7z s r$esignat$71 by /rik+ 2 or & ins]t+ a semicolon1 & ins]t+ aft] su* subp>agraph ! foll[+3 7,b7 any natural p]son ^: individual net wor?1 or jo9t net wor? ) t p]son's sp\se1 exce$s #a1jjj1jjj 7:i* am\nt1 along ) ! am\nts set =? 9 subp>agraph 7,c71 %all be adju/$ = inflation by ! ,commission e #e ye>s to ! ne>e/ #aj1jjj to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics7 :]e1 = purposes ( calculat+ net wor? "u ?is subp>agraph-- 7i7 ! p]son's prim>y resid5ce %all n be includ$ z an asset2 7ii7 indebt$ness t is secur$ by ! p]son's prim>y resid5ce1 up to ! e/imat$ fair m>ket value ( ! prim>y resid5ce at ! "t ( ! sale ( securities1 %all n be includ$ z a liability 7except t if ! am\nt ( su* indebt$ness out/&+ at ! "t ( sale ( securities exce$s ! am\nt out/&+ #fj days be=e su* "t1 o!r ?an z a result ( ! acquisition ( ! prim>y resid5ce1 ! am\nt ( su* excess %all be includ$ z a liability72 & 7iii7 indebt$ness t is secur$ by ! p]son's prim>y resid5ce 9 excess ( ! e/imat$ fair m>ket value ( ! prim>y resid5ce at ! "t ( ! sale ( securities %all be includ$ z a liability2 7,c7 any natural p]son :o _h an individual income 9 excess ( #bjj1jjj 9 ea* ( ! #b mo/ rec5t ye>s or jo9t income ) t p]son's sp\se 9 excess ( #cjj1jjj 9 ea* ( ^? ye>s & has a reasonable expectation ( rea*+ ! same income level 9 ! curr5t ye>2 7,d7 any natural p]son :o is curr5tly lic5s$ or regi/]$ z a brok] or inve/m5t advis] by ! ,commission1 ! ,f9ancial ,indu/ry ,regulatory ,au?ority1 or an equival5t self-regulatory organization 7z def9$ 9 section #c7;a77#bf7 ( ! ,securities ,ex*ange ,act ( #aicd71 or ! securities division ( a ,/ate or ! equival5t ,/ate division responsible = lic5s+ or regi/ration ( individuals 9 connection ) securities activities2 7,e7 any natural p]son ! ,commission det]m9es1 by regulation1 to h demon/rable education or job exp]i5ce to qualify su* p]son z hav+ pr(essional k ( a subject relat$ to a p>ticul> inve/m5t1 & ^: education or job exp]i5ce is v]ifi$ by ! ,f9ancial ,indu/ry ,regulatory ,au?ority or an equival5t self-regulatory organization 7z def9$ 9 section #c7;a77#bf7 ( ! ,securities ,ex*ange ,act ( #aicd72 or 4 7b7 ,rulemak+ ,! ,commission %all revise ! def9ition ( accr$it$ inve/or "u ,regulation ,d 7#ag ,,cfr #bcj4eja et seq47 to con=m ) ! am5dm5ts made by subsection 7a74 ,v ,fo/]+ ,innovation #eja4 ,tempor>y exemption = l[-rev5ue issu]s ,section #djd ( ! ,s>banes-,oxley ,act ( #bjjb 7#ae ,u4,s4,c4 #gbfb7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,tempor>y exemption = l[-,rev5ue issu]s 7#a7 ,l[-rev5ue exemption ,subsection 7b7 %all n apply ) respect to an audit report prep>$ = an issu] t-- 7,a7 ceas$ to be an em]g+ gr[? company on ! la/ day ( ! fiscal ye> ( ! issu] foll[+ ! fif? anniv]s>y ( ! date ( ! fir/ sale ( common equity securities ( ! issu] pursuant to an effective regi/ration /atem5t "u ! ,securities ,act ( #aicc2 7,b7 _h av]age annual gross rev5ues ( less ?an #ej1jjj1jjj z ( its mo/ rec5tly complet$ fiscal ye>2 & 7,c7 is n a l>ge accel]at$ fil]4 7#b7 ,expiration ( tempor>y exemption ,an issu] ceases to be eligible = ! exemption describ$ "u p>agraph 7#a7 at ! e>lie/ (-- 7,a7 ! la/ day ( ! fiscal ye> ( ! issu] foll[+ ! t5? anniv]s>y ( ! date ( ! fir/ sale ( common equity securities ( ! issu] pursuant to an effective regi/ration /atem5t "u ! ,securities ,act ( #aicc2 7,b7 ! la/ day ( ! fiscal ye> ( ! issu] dur+ :i* ! av]age annual gross rev5ues ( ! issu] exce$ #ej1jjj1jjj2 or 7,c7 ! date on :i* ! issu] becomes a l>ge accel]at$ fil]4 7#c7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,av]age annual gross rev5ues ,! t]m av]age annual gross rev5ues means ! total gross rev5ues ( an issu] ov] its mo/ rec5tly complet$ #c fiscal ye>s divid$ by #c4 7,b7 ,em]g+ gr[? company ,! t]m em]g+ gr[? company has ! mean+ giv5 su* t]m "u section #c ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c74 7,c7 ,l>ge accel]at$ fil] ,! t]m l>ge accel]at$ fil] has ! mean+ giv5 t t]m "u section #bdj4ab;b-#b ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor !reto4 4 ,,vi ,end ,bank+ = ,human ,traffick]s #fja4 ,increas+ ! role ( ! f9ancial indu/ry 9 combat+ human traffick+ 7a7 ,treasury z a memb] ( ! ,presid5t's ,int]ag5cy ,task ,=ce ,to ,monitor & ,combat ,traffick+ ,section #aje7;b7 ( ! ,victims ( ,traffick+ & ,viol5ce ,protection ,act ( #bjjj 7#bb ,u4,s4,c4 #gajc7;b77 is am5d$ by ins]t+ ! ,secret>y ( ! ,treasury1 aft] ! ,secret>y ( ,education14 7b7 ,requir$ review ( proc$ures ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f9ancial ,in/itutions ,exam9ation ,c\ncil1 9 consultation ) ! ,secret>y ( ! ,treasury1 ! private sector1 & appropriate law en=cem5t ag5cies1 %all-- 7#a7 review & enhance tra9+ & exam9ations proc$ures to improve ! capabilities ( anti-money laund]+ & c\nt]+ ! f9anc+ ( t]rorism programs to detect f9ancial transactions relat+ to sev]e =ms ( traffick+ 9 p]sons2 7#b7 review & enhance proc$ures = ref]r+ pot5tial cases relat+ to sev]e =ms ( traffick+ 9 p]sons to ! appropriate law en=cem5t ag5cy2 & 7#c7 det]m9e1 z appropriate1 :e!r requirem5ts = f9ancial in/itutions are suffici5t to detect & det] money laund]+ relat+ to sev]e =ms ( traffick+ 9 p]sons4 7c7 ,int]ag5cy task =ce recomm5dations t>get+ money laund]+ relat$ to human traffick+ 7#a7 ,9 g5]al ,n lat] ?an #bgj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,int]ag5cy ,task ,=ce to ,monitor & ,combat ,traffick+ %all submit to ! ,committee on ,f9ancial ,s]vices & ! ,committee on ! ,judici>y ( ! ,h\se ( ,repres5tatives1 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs & ! ,committee on ! ,judici>y ( ! ,s5ate1 & ! head ( ea* appropriate ,f$]al bank+ ag5cy-- 7,a7 an analysis ( anti-money laund]+ ef=ts ( ! ,unit$ ,/ates ,gov]nm5t & ,unit$ ,/ates f9ancial in/itutions relat+ to sev]e =ms ( traffick+ 9 p]sons2 & 7,b7 appropriate legislative1 adm9i/rative1 & o!r recomm5dations to /r5g!n ef=ts aga9/ money laund]+ relat+ to sev]e =ms ( traffick+ 9 p]sons4 7#b7 ,requir$ recomm5dations ,! recomm5dations "u p>agraph 7#a7 %all include-- 7,a7 fe$back f f9ancial in/itutions on be/ practices ( successful programs to combat sev]e =ms ( traffick+ 9 p]sons curr5tly 9 place t may be suitable = broad] adoption by simil>ly situat$ f9ancial in/itutions2 7,b7 fe$back f /akehold]s1 includ+ victims ( sev]e =ms ( traffick+ 9 p]sons & f9ancial in/itutions1 on policy proposals d]iv$ f ! analysis conduct$ by ! task =ce ref]r$ to 9 p>agraph 7#a7 t w\ld enhance ! ef=ts & programs ( f9ancial in/itutions to detect & det] money laund]+ relat+ to sev]e =ms ( traffick+ 9 p]sons1 includ+ any recomm5d$ *anges to int]nal policies1 proc$ures1 & controls relat+ to sev]e =ms ( traffick+ 9 p]sons2 7,c7 any recomm5d$ *anges to tra9+ programs at f9ancial in/itutions to bett] equip employees to det] & detect money laund]+ relat+ to sev]e =ms ( traffick+ 9 p]sons2 7,d7 any recomm5d$ *anges to exp& in=mation %>+ relat+ to sev]e =ms ( traffick+ 9 p]sons among f9ancial in/itutions & betwe5 su* f9ancial in/itutions1 appropriate law en=cem5t ag5cies1 & appropriate ,f$]al ag5cies2 & 7,e7 recomm5d$ *anges1 if necess>y1 to exi/+ /atutory law to m effectively detect & det] money laund]+ relat+ to sev]e =ms ( traffick+ 9 p]sons1 :]e su* money laund]+ involves ! use ( em]g+ te*nologies & virtual curr5cies4 7d7 ,limitation ,no?+ 9 ?is title %all be con/ru$ to grant rulemak+ au?ority to ! ,int]ag5cy ,task ,=ce to ,monitor & ,combat ,traffick+4 7e7 ,def9itions ,z us$ 9 ?is section-- 7#a7 ! t]m appropriate ,f$]al bank+ ag5cy has ! mean+ giv5 ! t]m 9 section #c7q7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7q772 7#b7 ! t]m sev]e =ms ( traffick+ 9 p]sons has ! mean+ giv5 su* t]m 9 section #ajc ( ! ,traffick+ ,victims ,protection ,act ( #bjjj 7#bb ,u4,s4,c4 #gajb72 7#c7 ! t]m ,int]ag5cy ,task ,=ce to ,monitor & ,combat ,traffick+ means ! ,int]ag5cy ,task ,=ce to ,monitor & ,combat ,traffick+ e/abli%$ by ! ,presid5t pursuant to section #aje ( ! ,victims ( ,traffick+ & ,viol5ce ,protection ,act ( #bjjj 7#bb ,u4,s4,c4 #gajc72 & 7#d7 ! t]m law en=cem5t ag5cy means an ag5cy ( ! ,unit$ ,/ates1 a ,/ate1 or a political subdivision ( a ,/ate1 au?oriz$ by law or by a gov]nm5t ag5cy to engage 9 or sup]vise ! prev5tion1 detection1 inve/igation1 or prosecution ( any violation ( crim9al or civil law4 #fjb4 ,coord9ation ( human traffick+ issues by ! ,(fice ( ,t]rorism & ,f9ancial ,intellig5ce 7a7 ,functions ,section #cab7;a77#d7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by r$esignat+ subp>agraphs 7,e71 7,f71 & 7,g7 z subp>agraphs 7,f71 7,g71 & 7,h71 respectively2 & 7#b7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+3 7,e7 combat+ illicit f9anc+ relat+ to sev]e =ms ( traffick+ 9 p]sons2 4 7b7 ,int]ag5cy coord9ation ,section #cab7;a7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7#h7 ,int]ag5cy coord9ation ,! ,secret>y ( ! ,treasury1 aft] consultation ) ! ,und]secret>y = ,t]rorism & ,f9ancial ,crimes1 %all designate an (fice )9 ! ,,otfi t %all coord9ate ef=ts to combat ! illicit f9anc+ ( sev]e =ms ( traffick+ 9 p]sons )-- 7,a7 o!r (fices ( ! ,dep>tm5t ( ! ,treasury2 7,b7 o!r ,f$]al ag5cies1 includ+-- 7i7 ! ,(fice to ,monitor & ,combat ,traffick+ 9 ,p]sons ( ! ,dep>tm5t ( ,/ate2 & 7ii7 ! ,int]ag5cy ,task ,=ce to ,monitor & ,combat ,traffick+2 7,c7 ,/ate & local law en=cem5t ag5cies2 & 7,d7 =eign gov]nm5ts4 4 7c7 ,def9ition ,section #cab7;a7 ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by ?is section1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#i7 ,def9ition ,9 ?is subsection1 ! t]m sev]e =ms ( traffick+ 9 p]sons has ! mean+ giv5 su* t]m 9 section #ajc ( ! ,traffick+ ,victims ,protection ,act ( #bjjj 7#bb ,u4,s4,c4 #gajb74 4 #fjc4 ,additional report+ requirem5t "u ! ,traffick+ ,victims ,protection ,act ( #bjjj ,section #aje7;d77#g7 ( ! ,traffick+ ,victims ,protection ,act ( #bjjj 7#bb ,u4,s4,c4 #gajc7;d77#g77 is am5d$-- 7#a7 9 ! matt] prec$+ subp>agraph 7,a7-- 7,a7 by ins]t+ ! ,committee on ,f9ancial ,s]vices1 aft] ! ,committee on ,=eign ,affairs12 & 7,b7 by ins]t+ ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs1 aft] ! ,committee on ,=eign ,relations12 7#b7 9 subp>agraph 7,q77vii71 by /rik+ 2 & & ins]t+ a semicolon2 7#c7 9 subp>agraph 7,r71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#d7 by add+ at ! end ! foll[+3 7,s7 ! ef=ts ( ! ,unit$ ,/ates to elim9ate money laund]+ relat+ to sev]e =ms ( traffick+ 9 p]sons & ! numb] ( inve/igations1 arre/s1 indictm5ts1 & convictions 9 money laund]+ cases ) a nexus to sev]e =ms ( traffick+ 9 p]sons4 4 #fjd4 ,m9imum /&>ds = ! elim9ation ( traffick+ ,section #ajh7;b7 ( ! ,traffick+ ,victims ,protection ,act ( #bjjj 7#bb ,u4,s4,c4 #gajf7;b77 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#ac7 ,:e!r ! gov]nm5t ( ! c\ntry1 consi/5t ) ! capacity ( ! c\ntry1 has 9 effect a framework to prev5t f9ancial transactions involv+ ! proce$s ( sev]e =ms ( traffick+ 9 p]sons1 & is tak+ /eps to implem5t su* a framework1 includ+ by inve/igat+1 prosecut+1 convict+1 & s5t5c+ individuals :o attempt or conduct su* transactions4 4 ,,vii ,inve/+ 9 ,ma9 ,/reet #gja4 ,inve/m5t 9 small bus9ess inve/m5t companies ,section #cjb7;b7 ( ! ,small ,bus9ess ,inve/m5t ,act ( #aieh 7#ae ,u4,s4,c4 #fhb7;b77 is am5d$-- 7#a7 9 p>agraph 7#a71 by ins]t+ be=e ! p]iod ! foll[+3 or1 subject to ! approval ( ! appropriate ,f$]al bank+ ag5cy1 #ae p]c5t ( su* capital & surplus2 7#b7 9 p>agraph 7#b71 by ins]t+ be=e ! p]iod ! foll[+3 or1 subject to ! approval ( ! appropriate ,f$]al bank+ ag5cy1 #ae p]c5t ( su* capital & surplus2 & 7#c7 by add+ at ! end ! foll[+3 7#c7 ,appropriate f$]al bank+ ag5cy def9$ ,= purposes ( ?is subsection1 ! t]m appropriate ,f$]al bank+ ag5cy has ! mean+ giv5 t t]m "u section #c ( ! ,f$]al ,deposit ,insurance ,act4 4 ,,viii ,ex*ange ,regulatory ,improvem5t #hja4 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,ov] "t1 national securities ex*anges h exp&$ _! bus9esses beyond li/+s & trad+ to include ! sale ( additional products & s]vices to _! memb]s & li/$ companies4 7#b7 ,! ,securities & ,ex*ange ,commission %\ld be transp>5t 9 its int]pretation ( ! t]m facility 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774 #hjb4 ,facility def9$ 7a7 ,9 g5]al ,n lat] ?an #cfj days aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission 7! ,commission7 %all adopt regulations to fur!r int]pret ! t]m facility "u section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd4 ,su* regulations %all set =? ! facts & circum/ances ! ,commission consid]s :5 det]m9+ :e!r any premises or prop]ty1 or ! "r to use any premises1 prop]ty1 or s]vice is or is n a facility ( an ex*ange4 7b7 ,application to propos$ rules ,! ,commission %all apply ! facts & circum/ances set =? 9 ! regulations issu$ pursuant to subsection 7a7 9 det]m9+ :e!r any propos$ rule is or is n requir$ to be submitt$ z a propos$ rule fil+ pursuant to section #ai ( ! ,securities ,ex*ange ,act ( #aicd & ! rules & regulations issu$ !reund]4 ,,ix ,enc\rag+ ,public ,(f]+s #ija4 ,exp&+ te/+ ! wat]s & confid5tial submissions ,! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et seq47 is am5d$-- 7#a7 9 section #e7;d7-- 7,a7 by /rik+ ,not)/&+ & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,not)/&+ 2 7,b7 by /rik+ an em]g+ gr[? company or any p]son au?oriz$ to act on behalf ( an em]g+ gr[? company & ins]t+ an issu] or any p]son au?oriz$ to act on behalf ( an issu]2 & 7,c7 by add+ at ! end ! foll[+3 7#b7 ,additional requirem5ts 7,a7 ,9 g5]al ,! ,commission may issue regulations1 subject to public notice & comm5t1 to impose su* o!r t]ms1 conditions1 or requirem5ts on ! engag+ 9 oral or writt5 communications describ$ "u p>agraph 7#a7 by an issu] o!r ?an an em]g+ gr[? company z ! ,commission det]m9es appropriate4 7,b7 ,report to ,congress ,prior to any rulemak+ describ$ "u subp>agraph 7,a71 ! ,commission %all issue a report to ! ,congress conta9+ a li/ ( ! f9d+s support+ ! basis ( su* rulemak+4 2 & 7#b7 9 section #f7;e7-- 7,a7 9 ! head+1 by /rik+ ,em]g+ gr[? companies & ins]t+ ,draft regi/ration /atem5ts2 7,b7 by r$esignat+ p>agraph 7#b7 z p>agraph 7#d72 & 7,c7 by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+3 7#a7 ,prior to initial public (f]+ ,any issu]1 prior to its initial public (f]+ date1 may confid5tially submit to ! ,commission a draft regi/ration /atem5t1 = confid5tial nonpublic review by ! /aff ( ! ,commission prior to public fil+1 provid$ t ! initial confid5tial submission & all am5dm5ts !reto %all be publicly fil$ ) ! ,commission n lat] ?an #ae days be=e ! date on :i* ! issu] conducts a road %[ 7z def9$ "u section #bcj4dcc7;h77#d7 ( title #ag1 ,code ( ,f$]al ,regulations7 or1 9 ! abs5ce ( a road %[1 at lea/ #ae days prior to ! reque/$ effective date ( ! regi/ration /atem5t4 7#b7 ,)9 #a ye> aft] initial public (f]+ or ex*ange regi/ration ,any issu]1 )9 ! #a-ye> p]iod foll[+ its initial public (f]+ or its regi/ration ( a security "u section #ab7;b7 ( ! ,securities ,ex*ange ,act ( #aicd1 may confid5tially submit to ! ,commission a draft regi/ration /atem5t1 = confid5tial nonpublic review by ! /aff ( ! ,commission prior to public fil+1 provid$ t ! initial confid5tial submission & all am5dm5ts !reto %all be publicly fil$ ) ! ,commission by a date & "t prior to any reque/$ effective date & "t t ! ,commission det]m9es is appropriate to protect inve/ors4 7#c7 ,additional requirem5ts 7,a7 ,9 g5]al ,! ,commission may issue regulations1 subject to public notice & comm5t1 to impose su* o!r t]ms1 conditions1 or requirem5ts on ! submission ( draft regi/ration /atem5ts describ$ "u ?is subsection by an issu] o!r ?an an em]g+ gr[? company z ! ,commission det]m9es appropriate4 7,b7 ,report to ,congress ,prior to any rulemak+ describ$ "u subp>agraph 7,a71 ! ,commission %all issue a report to ! ,congress conta9+ a li/ ( ! f9d+s support+ ! basis ( su* rulemak+4 4 ,x ,family ,(fice ,te*nical ,correction #ajja4 ,accr$it$ inve/or cl>ification 7a7 ,9 ,g5]al ,subject to subsection 7b71 any family (fice or a family cli5t ( a family (fice1 z def9$ 9 section #bge4bjb7;a77#aa77;,g7-#a ( title #ag1 ,code ( ,f$]al ,regulations1 %all be deem$ to be an accr$it$ inve/or1 z def9$ 9 ,regulation ,d ( ! ,securities & ,ex*ange ,commission 7or any successor !reto7 "u ! ,securities ,act ( #aicc4 7b7 ,limitation ,subsection 7a7 only applies to a family (fice ) assets "u managem5t 9 excess ( #e1jjj1jjj1 & a family (fice or a family cli5t n =m$ = ! specific purpose ( acquir+ ! securities (f]$1 & ^: pur*ase is direct$ by a p]son :o has su* k & exp]i5ce 9 f9ancial & bus9ess matt]s t su* p]son is capable ( evaluat+ ! m]its & risks ( ! prospective inve/m5t4 ,,xi ,exp&+ ,access to ,capital = ,rural ,job ,creators #aaja4 ,access to capital = rural-area small bus9esses ,section #d7;j7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7j77 is am5d$-- 7#a7 9 p>agraph7#d77;,c71 by ins]t+ rural-area small bus9esses1 aft] wom5-own$ small bus9esses12 & 7#b7 9 p>agraph 7#f77;,b77iii71 by ins]t+ rural-area small bus9esses1 aft] wom5-own$ small bus9esses14 ,,xii ,f9ancial ,in/itution ,liv+ ,w ,improvem5t #abja4 ,liv+ w re=ms 7a7 ,9 g5]al ,section #afe7;d7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecfe7;d77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ p]iodically & ins]t+ e #b ye>s2 & 7#b7 9 p>agraph 7#c7-- 7,a7 by /rik+ ,! ,bo>d & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,! ,bo>d 2 7,b7 by /rik+ %all review & ins]t+ ! foll[+3 %all-- 7i7 review 2 7,c7 by /rik+ ! p]iod & ins]t+ 2 &2 & 7,d7 by add+ at ! end ! foll[+3 7ii7 n lat] ?an ! end ( ! #f-mon? p]iod beg9n+ on ! date ! company submits ! resolution plan1 provide fe$back to ! company on su* plan4 7,b7 ,disclosure ( assessm5t framework ,! ,bo>d ( ,gov]nors & ! ,corporation %all publicly disclose ! assessm5t framework t is us$ to review in=mation "u ?is p>agraph4 4 7b7 ,treatm5t ( o!r resolution plan requirem5ts 7#a7 ,9 g5]al ,) respect to an appropriate ,f$]al bank+ ag5cy t requires a bank+ organization to submit to ! ag5cy a resolution plan n describ$ "u section #afe7;d7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act-- 7,a7 ! respective ag5cy %all ensure t ! review ( su* resolution plan is consi/5t ) ! requirem5ts conta9$ 9 ! am5dm5ts made by ?is section2 7,b7 ! ag5cy may n require ! submission ( su* a resolution plan m (t5 ?an e #b ye>s2 & 7,c7 p>agraphs 7#f7 & 7#g7 ( su* section #afe7;d7 %all apply to su* a resolution plan4 7#b7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,appropriate ,f$]al bank+ ag5cy ,! t]m appropriate ,f$]al bank+ ag5cy-- 7i7 has ! mean+ giv5 su* t]m "u section #c ( ! ,f$]al ,deposit ,insurance ,act2 & 7ii7 means ! ,national ,cr$it ,union ,adm9i/ration1 9 ! case ( an insur$ cr$it union4 7,b7 ,bank+ organization ,! t]m bank+ organization means-- 7i7 an insur$ depository in/itution2 7ii7 an insur$ cr$it union2 7iii7 a depository in/itution hold+ company2 7iv7 a company t is treat$ z a bank hold+ company = purposes ( section #h ( ! ,int]national ,bank+ ,act2 & 7v7 a ,u4,s4 int]m$iate hold+ company e/abli%$ by a =eign bank+ organization pursuant to section #beb4aec ( title #ab1 ,code ( ,f$]al ,regulations4 7,c7 ,insur$ cr$it union ,! t]m insur$ cr$it union has ! mean+ giv5 t t]m "u section #aja ( ! ,f$]al ,cr$it ,union ,act4 7,d7 ,o!r bank+ t]ms ,! t]ms depository in/itution hold+ company & insur$ depository in/itution h ! mean+ giv5 ^? t]ms1 respectively1 "u section #c ( ! ,f$]al ,deposit ,insurance ,act4 7c7 ,rule ( con/ruction ,no?+ 9 ?is section1 or any am5dm5t made by ?is section1 %all be con/ru$ z limit+ ! au?ority ( an appropriate ,f$]al bank+ ag5cy 7z def9$ "u subsection 7b77#b77 to obta9 in=mation f an in/itution 9 connection ) su* ag5cy's au?ority to exam9e or require reports f ! in/itution4 ,,xiii ,prev5tion ( ,private ,in=mation ,dissem9ation #acja4 ,crim9al p5alty = unau?oriz$ disclosures ,section #afe ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfe7 is am5d$ by add+ at ! end ! foll[+3 7l7 ,crim9al p5alty = unau?oriz$ disclosures ,section #eeb;a7i77#a7 ( title #e1 ,unit$ ,/ates ,code1 %all apply to a det]m9ation made "u subsection 7d7 or 7i7 bas$ on individually id5tifiable in=mation submitt$ pursuant to ! requirem5ts ( ?is section to ! same ext5t z su* section #eeb;a7i77#a7 applies to ag5cy records :i* conta9 individually id5tifiable in=mation ! disclosure ( :i* is prohibit$ by su* section #eeb;a or by rules or regulations e/abli%$ !reund]4 4 ,,xiv ,int]national ,insurance ,/&>ds #adja4 ,%ort title ,?is title may be cit$ z ! ,int]national ,insurance ,/&>ds ,act ( #bjah4 #adjb4 ,congressional f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,! ,/ate-bas$ sy/em = insurance regulation 9 ! ,unit$ ,/ates has s]v$ ,am]ican consum]s well = m ?an #aej ye>s & has fo/]$ an op5 & competitive m>ketplace ) a div]sity ( insurance products to ! b5efit ( policyhold]s & consum]s4 7#b7 ,protect+ policyhold]s by regulat+ to ensure an insur]'s ability to pay claims has be5 ! hallm>k ( ! successful ,unit$ ,/ates sy/em & %\ld be ! p>am\nt objective ( dome/ic prud5tial regulation & em]g+ int]national /&>ds4 7#c7 ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7,public ,law #aaa-bjc7 reaffirm$ ! ,/ate-bas$ insurance regulatory sy/em4 #adjc4 ,requirem5t t insurance /&>ds reflect ,unit$ ,/ates policy 7a7 ,requirem5t 7#a7 ,9 g5]al ,p>ties repres5t+ ! ,f$]al ,gov]nm5t 9 any int]national regulatory1 /&>d-sett+1 or sup]visory =um or 9 any negotiations ( any int]national agreem5ts relat+ to ! prud5tial aspects ( insurance %all n agree to1 acc$e to1 accept1 or e/abli% any propos$ agreem5t or /&>d if ! propos$ agreem5t or /&>d fails to recognize ! ,unit$ ,/ates sy/em ( insurance regulation z satisfy+ su* proposals4 7#b7 ,inapplicability ,p>agraph 7#a7 %all n apply to any =um or negotiations relat+ to a cov]$ agreem5t 7z su* t]m is def9$ 9 section #cac7r7 ( title #ca1 ,unit$ ,/ates ,code74 7b7 ,f$]al ,insurance ,(fice functions ,subp>agraph 7,e7 ( section #cac7;c77#a7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ ,f$]al ,gov]nm5t aft] ,unit$ ,/ates4 7c7 ,negotiations ,no?+ 9 ?is section %all be con/ru$ to prev5t p>ticipation 9 negotiations ( any propos$ agreem5t or /&>d4 #adjd4 ,/ate insurance regulator involvem5t 9 int]national /&>d sett+ ,9 develop+ int]national insurance /&>ds pursuant to section #adjc1 & ?r\gh\t ! negotiations ( su* /&>ds1 p>ties repres5t+ ! ,f$]al ,gov]nm5t %all1 on matt]s relat$ to insurance1 closely consult1 coord9ate )1 & seek to include 9 su* meet+s ,/ate insurance commission]s or1 at ! option ( ! ,/ate insurance commission]s1 designees ( ! insurance commission]s act+ at _! direction4 #adje4 ,consultation ) ,congress 7a7 ,requirem5t ,p>ties repres5t+ ! ,f$]al ,gov]nm5t ) respect to any agreem5t "u section #adjc %all provide writt5 notice to & consult ) ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & any o!r relevant committees ( jurisdiction-- 7#a7 be=e initiat+ negotiations to ent] into ! agreem5t1 reg>d+-- 7,a7 ! int5tion ( ! ,unit$ ,/ates to p>ticipate 9 or ent] into su* negotiations2 & 7,b7 ! nature & objectives ( ! negotiations2 & 7#b7 dur+ negotiations to ent] into ! agreem5t1 reg>d+-- 7,a7 ! nature & objectives ( ! negotiations2 7,b7 ! implem5tation ( ! agreem5t1 includ+ h[ x is consi/5t ) & does n mat]ially diff] f or o!rwise affect ,f$]al or ,/ate laws or regulations2 7,c7 ! impact on ! competitiv5ess ( ,unit$ ,/ates insur]s2 & 7,d7 ! impact on ,unit$ ,/ates consum]s4 7b7 ,consultation ) ,f$]al ,advisory ,committee on ,insurance ,be=e ent]+ into an agreem5t "u section #adjc1 ! ,secret>y ( ! ,treasury %all seek to consult ) ! ,f$]al ,advisory ,committee on ,insurance =m$ pursuant to section #cac7;h7 ( title #ca1 ,unit$ ,/ates ,code4 #adjf4 ,report to ,congress on int]national insurance agreem5ts ,be=e ent]+ into an agreem5t "u section #adjc1 p>ties repres5t+ ! ,f$]al ,gov]nm5t %all submit to ! appropriate congressional committees & lead]%ip a report t describes-- 7#a7 ! implem5tation ( ! agreem5t1 includ+ h[ x is consi/5t ) & does n mat]ially diff] f or o!rwise affect ,f$]al or ,/ate laws or regulations2 7#b7 ! impact on ! competitiv5ess ( ,unit$ ,/ates insur]s2 & 7#c7 ! impact on ,unit$ ,/ates consum]s4 #adjg4 ,cov]$ agreem5ts 7a7 ,preemption ( ,/ate insurance measures ,subsection 7f7 ( section #cac ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ,director ea* place su* t]m appe>s & ins]t+ ,secret>y4 7b7 ,def9ition ,p>agraph 7#b7 ( section #cac7r7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ & at ! end2 7#b7 9 subp>agraph 7,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+ new subp>agraph3 7,c7 applies only on a prospective basis4 4 7c7 ,consultation2 submission & layov]2 congressional review ,section #cad ( title #ca1 ,unit$ ,/ates ,code is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 9 p>agraph 7#b77;,c71 by /rik+ laws & ins]t+ ! foll[+3 & ,f$]al law1 & ! nature ( any *anges 9 ! laws ( ! ,unit$ ,/ates or ! adm9i/ration ( su* laws t w\ld be requir$ to c>ry out a cov]$ agreem5t2 & 7,b7 by add+ at ! end ! foll[+ new p>agraph3 7#c7 ,access to negotiat+ texts & o!r docum5ts ,appropriate congressional committees & /aff ) prop] security cle>ances %all be giv5 timely access to ,unit$ ,/ates negotiat+ proposals1 consolidat$ draft texts1 & o!r p]t95t docum5ts relat$ to ! negotiations1 includ+ classifi$ mat]ials4 2 7#b7 by r$esignat+ subsection 7c7 z subsection 7d72 7#c7 by ins]t+ aft] subsection 7b7 ! foll[+ new subsection3 7c7 ,requirem5ts = consultations ) ,/ate insurance commission]s ,?r\gh\t ! negotiations ( a cov]$ agreem5t1 p>ties repres5t+ ! ,f$]al ,gov]nm5t %all closely consult & coord9ate ) ,/ate insurance commission]s4 2 7#d7 9 subsection 7d71 z s r$esignat$ by p>agraph 7#b7-- 7,a7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ only if-- & ins]t+ ! foll[+3 only if1 be=e sign+ ! f9al legal text or o!rwise ent]+ into ! agreem5t--2 7,b7 9 p>agraph 7#a71 by /rik+ congressional committees specifi$ 9 subsection 7b77#a7 & ins]t+ appropriate congressional committees & lead]%ip & to congressional committee /aff ) prop] security cle>ances2 & 7,c7 by /rik+ p>agraph 7#b7 & ins]t+ ! foll[+ new p>agraph3 7#b7 7,a7 ! #ij-;day p]iod beg9n+ on ! date on :i* ! copy ( ! f9al legal text ( ! agreem5t is submitt$ "u p>agraph 7#a7 to ! congressional committees1 lead]%ip1 & /aff has expir$2 & 7,b7 ! cov]$ agreem5t has n be5 prev5t$ f tak+ effect pursuant to subsection 7e74 2 & 7#e7 by add+ at ! end ! foll[+ new subsections3 7e7 ,p]iod = review by ,congress 7#a7 ,9 g5]al ,dur+ ! layov] p]iod ref]r$ to 9 subsection 7d77#b77;,a71 ! ,committees on ,bank+1 ,h\s+1 & ,urban ,affairs & ,f9ance ( ! ,s5ate & ! ,committees on ,f9ancial ,s]vices & ,ways ( ,means ( ! ,h\se ( ,repres5tatives %\ld1 z appropriate1 ex]cise _! full ov]sight responsibility4 7#b7 ,effect ( enactm5t ( a jo9t resolution ( disapproval ,not)/&+ any o!r provision ( law1 if a jo9t resolution ( disapproval relat+ to a cov]$ agreem5t submitt$ "u subsection 7d77#a7 is enact$ 9 accordance ) subsection 7f71 ! cov]$ agreem5t %all n ent] into =ce ) respect to ! ,unit$ ,/ates4 7f7 ,jo9t resolutions ( disapproval 7#a7 ,def9ition ,9 ?is subsection1 ! t]m jo9t resolution ( disapproval means1 ) respect to propos$ cov]$ agreem5t1 only a jo9t resolution ( ei!r ,h\se ( ,congress-- 7,a7 t is introduc$ dur+ ! #ij-;day p]iod ref]r$ to 9 subsection 7d77#b77;,a7 relat+ to su* propos$ cov]$ agreem5t2 7,b7 :i* does n h a preamble2 7,c7 ! title ( :i* is z foll[s3 ,a jo9t resolution disapprov+ a c]ta9 propos$ cov]$ agreem5t "u section #cad ( title #ca1 ,unit$ ,/ates ,code42 & 7,d7 ! sole matt] aft] ! resolv+ clause ( :i* is ! foll[+3 ,congress disapproves ( ! propos$ cov]$ agreem5t submitt$ to ,congress "u section #cad7;c77#a7 ( title #ca1 ,unit$ ,/ates ,code1 on relat+ to 41 ) ! fir/ blank space be+ fill$ ) ! appropriate date & ! second blank space be+ fill$ ) a %ort description ( ! propos$ cov]$ agreem5t4 7#b7 ,introduction ,dur+ ! layov] p]iod ref]r$ to 9 subsection 7d77#b77;,a71 a jo9t resolution ( disapproval may be introduc$-- 7,a7 9 ! ,h\se ( ,repres5tatives1 by any ,memb] ( ! ,h\se2 & 7,b7 9 ! ,s5ate1 by any ,s5ator1 & %all be ref]r$ to ! appropriate committees4 7#c7 ,rules ( h\se ( repres5tatives & s5ate ,?is subsection is enact$ by ,congress-- 7,a7 z an ex]cise ( ! rulemak+ p[] ( ! ,s5ate & ! ,h\se ( ,repres5tatives1 respectively1 & z su* is deem$ a "p ( ! rules ( ea* ,h\se1 respectively1 & sup]s$es o!r rules only to ! ext5t t x is inconsi/5t ) su* rules2 & 7,b7 ) full recognition ( ! con/itutional "r ( ei!r ,h\se to *ange ! rules 7s f> z relat+ to ! proc$ure ( t ,h\se7 at any "t1 9 ! same mann]1 & to ! same ext5t z 9 ! case ( any o!r rule ( t ,h\se4 7g7 ,appropriate congressional committees & lead]%ip def9$ ,9 ?is section1 ! t]m appropriate congressional committees & lead]%ip means-- 7#a7 ! ,committees on ,bank+1 ,h\s+1 & ,urban ,affairs & ,f9ance1 & ! majority & m9ority lead]s1 ( ! ,s5ate2 & 7#b7 ! ,committees on ,f9ancial ,s]vices & ,ways & ,means1 & ! ,speak]1 ! majority lead]1 & ! m9ority lead]1 ( ! ,h\se ( ,repres5tatives4 4 #adjh4 ,inapplicability to trade agreem5ts ,?is title & ! am5dm5ts made by ?is title %all n apply to any =um or negotiations relat$ to a trade agreem5t4 ,,xv ,alleviat+ ,/ress ,te/ ,burd5s to ,help ,inve/ors #aeja4 ,/ress te/ relief = nonbanks ,section #afe7;i77#b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecfe7;i77#b77 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ are regulat$ by a prim>y ,f$]al f9ancial regulatory ag5cy & ins]t+3 ^: prim>y f9ancial regulatory ag5cy is a ,f$]al bank+ ag5cy or ! ,f$]al ,h\s+ ,f9ance ,ag5cy2 7#b7 9 subp>agraph 7,c71 by /rik+ ,ea* ,f$]al prim>y f9ancial regulatory ag5cy & ins]t+ ,ea* ,f$]al bank+ ag5cy & ! ,f$]al ,h\s+ ,f9ance ,ag5cy2 & 7#c7 by add+ at ! end ! foll[+3 7,d7 ,,sec & ,,cftc ,! ,securities & ,ex*ange ,commission & ! ,commodity ,futures ,trad+ ,commission may ea* issue regulations requir+ f9ancial companies ) respect to :i* !y are ! prim>y f9ancial regulatory ag5cy to conduct p]iodic analyses ( ! f9ancial condition1 includ+ available liquidity1 ( su* companies "u adv]se economic conditions4 4 ,,xvi ,national ,/rategy = ,combat+ ! ,f9anc+ ( ,transnational ,crim9al ,organizations #afja4 ,national /rategy 7a7 ,9 g5]al ,! ,presid5t1 act+ ?r\gh ! ,secret>y ( ! ,treasury1 %all1 9 consultation ) ! ,attorney ,g5]al1 ! ,secret>y ( ,/ate1 ! ,secret>y ( ,homel& ,security1 ! ,director ( ,national ,intellig5ce1 ! ,secret>y ( ,def5se1 ! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network1 ! ,director ( ! ,unit$ ,/ates ,secret ,s]vice1 ! ,director ( ! ,f$]al ,bureau ( ,inve/igation1 ! ,adm9i/rator ( ! ,drug ,en=cem5t ,adm9i/ration1 ! ,commission] ( ,cu/oms & ,bord] ,protection1 ! ,director ( ! ,(fice ( ,national ,drug ,control ,policy1 & ! ,f$]al functional regulators1 develop a national /rategy to combat ! f9ancial networks ( transnational organiz$ crim9als4 7b7 ,transmittal to ,congress 7#a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! enactm5t ( ?is ,act1 ! ,presid5t %all submit to ! appropriate ,congressional committees & make available to ! relevant gov]nm5t ag5cies z def9$ 9 subsection 7a71 a compreh5sive national /rategy 9 accordance ) subsection 7a74 7#b7 ,updates ,aft] ! initial submission ( ! national /rategy "u p>agraph 7#a71 ! ,presid5t %all1 n less (t5 ?an e #b ye>s1 update ! national /rategy & submit ! updat$ /rategy to ! appropriate ,congressional committees4 7c7 ,sep>ate pres5tation ( classifi$ mat]ial ,any "p ( ! national /rategy t involves in=mation t is prop]ly classifi$ "u crit]ia e/abli%$ by ! ,presid5t %all be submitt$ to ,congress sep>ately 9 a classifi$ annex &1 if reque/$ by ! *airman or rank+ memb] ( "o ( ! appropriate ,congressional committees1 z a brief+ at an appropriate level ( security4 #afjb4 ,cont5ts ( national /rategy ,! national /rategy describ$ 9 section #afja %all conta9 ! foll[+3 7#a7 ,?reats ,an id5tification & assessm5t ( ! mo/ significant curr5t transnational organiz$ crime ?reats pos$ to ! national security ( ! ,unit$ ,/ates or to ! ,u4,s4 & int]national f9ancial sy/em1 includ+ drug & human traffick+ organizations1 cyb] crim9als1 kleptocrats1 & o!r relevant /ate & non-/ate entities1 includ+ ^? ?reats id5tifi$ 9 ! ,presid5t's ,/rategy to ,combat ,transnational ,organiz$ ,crime 7publi%$ ,july #bjaa74 7#b7 ,illicit f9ance 7,a7 ,an id5tification ( individuals1 entities1 & networks 7includ+ t]rori/ organizations1 if any7 t provide f9ancial support or f9ancial facilitation to transnational organiz$ crime gr\ps1 & an assessm5t ( ! scope & role ( ^? provid+ f9ancial support to transnational organiz$ crime gr\ps4 7,b7 ,an assessm5t ( me?ods by :i* transnational organiz$ crime gr\ps laund] illicit proce$s1 includ+ money laund]+ us+ real e/ate & o!r tangible goods su* z art & antiquities1 trade-bas$ money laund]+1 bulk ca% smuggl+1 exploitation ( %ell companies1 & misuse ( digital curr5cies & o!r cyb] te*nologies1 z well z an assessm5t ( ! risk to ! f9ancial sy/em ( ! ,unit$ ,/ates ( su* me?ods4 7#c7 ,goals1 objectives1 priorities1 & actions 7,a7 ,a compreh5sive1 rese>*-bas$ discussion ( %ort-t]m & long-t]m goals1 objectives1 priorities1 & actions1 li/$ = ea* dep>tm5t & ag5cy describ$ "u section #afja7;a71 = combat+ ! f9anc+ ( transnational organiz$ crime gr\ps & _! facilitators4 7,b7 ,a description ( h[ ! /rategy is integrat$ into1 & supports1 ! national security /rategy1 drug control /rategy1 & c\nt]t]rorism /rategy ( ! ,unit$ ,/ates4 7#d7 ,reviews & propos$ *anges ,a review ( curr5t ef=ts to combat ! f9anc+ or f9ancial facilitation ( transnational organiz$ crime1 includ+ ef=ts to detect1 det]1 disrupt1 & prosecute transnational organiz$ crime gr\ps & _! support]s1 &1 if appropriate1 propos$ *anges to any law or regulation det]m9$ to be appropriate to ensure t ! ,unit$ ,/ates pursues coord9at$ & effective ef=ts )9 ! jurisdiction ( ! ,unit$ ,/ates1 includ+ ef=ts or actions t are be+ tak5 or c be tak5 by f9ancial in/itutions1 ef=ts 9 coop]ation ) int]national p>tn]s ( ! ,unit$ ,/ates1 & ef=ts t build p>tn]%ips & global capacity to combat transnational organiz$ crime4 #afjc4 ,def9itions ,9 ?is title3 7#a7 ,appropriate congressional committees ,! t]m appropriate congressional committees means-- 7,a7 ! ,committee on ,f9ancial ,s]vices1 ! ,committee on ,=eign ,affairs1 ! ,committee on ,arm$ ,s]vices1 ! ,committee on ! ,judici>y1 ! ,committee on ,homel& ,security1 & ! ,p]man5t ,select ,committee on ,intellig5ce ( ! ,h\se ( ,repres5tatives2 & 7,b7 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs1 ! ,committee on ,=eign ,relations1 ! ,committee on ,arm$ ,s]vices1 ! ,committee on ! ,judici>y1 ! ,committee on ,homel& ,security & ,gov]nm5tal ,affairs1 & ! ,select ,committee on ,intellig5ce ( ! ,s5ate4 7#b7 ,f$]al functional regulator ,! t]m ,f$]al functional regulator has ! mean+ giv5 t t]m 9 section #eji ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhji74 7#c7 ,transnational organiz$ crime ,! t]m transnational organiz$ crime ref]s to ^? self-p]petuat+ associations ( individuals :o op]ate transnationally = ! purpose ( obta9+ p[]1 influ5ce1 monet>y or comm]cial ga9s1 :olly or 9 "p by illegal means1 :ile-- 7,a7 protect+ _! activities ?r\gh a patt]n ( corruption or viol5ce2 or 7,b7 :ile protect+ _! illegal activities ?r\gh a transnational organizational /ructure & ! exploitation ( transnational comm]ce or communication me*anisms4 ,,xvii ,common ,s5se ,cr$it ,union ,capital ,relief #agja4 ,delay 9 effective date ,not)/&+ any effective date set =? 9 ! rule issu$ by ! ,national ,cr$it ,union ,adm9i/ration titl$ ,risk-,bas$ ,capital 7publi%$ at #hj ,f$4 ,reg4 #fffbf 7,octob] #bi1 #bjae771 su* f9al rule %all take effect on ,janu>y #a1 #bjba4 ,,xviii ,options ,m>kets ,/ability #ahja4 ,rulemak+ ,)9 #ahj days ( ! date ( enactm5t ( ?is ,act1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,comptroll] ( ! ,curr5cy %all1 jo9tly1 issue a propos$ rule1 & f9alize su* rule )9 #cfj days ( ! date ( enactm5t ( ?is ,act1 to adopt a me?odology = calculat+ ! c\nt]p>ty cr$it risk exposure1 at default1 ( a depository in/itution1 depository in/itution hold+ company1 or affiliate !re( to a cli5t aris+ f a gu>antee provid$ by ! depository in/itution1 depository in/itution hold+ company1 or affiliate !re( to a c5tral c\nt]p>ty 9 respect ( ! cli5t's p]=mance "u an ex*ange-li/$ d]ivative contract cle>$ ?r\gh t c5tral c\nt]p>ty pursuant to ! risk-bas$ & lev]age-bas$ capital rules applicable to depository in/itutions & depository in/itution hold+ companies "u p>ts #c1 #bag1 & #cbd ( title #ab1 ,code ( ,f$]al ,regulations4 ,9 issu+ su* rule1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 & ! ,comptroll] ( ! ,curr5cy %all consid]-- 7#a7 ! availability ( liquidity provid$ by m>ket mak]s dur+ times ( high volatility 9 ! capital m>kets2 7#b7 ! spread betwe5 ! bid & ! quote (f]$ by m>ket mak]s2 7#c7 ! pref]5ce = cle>+ ?r\gh c5tral c\nt]p>ties2 7#d7 ! safety & s\ndness ( ! f9ancial sy/em & f9ancial /ability1 includ+ ! b5efits ( c5tral cle>+2 7#e7 ! safety & s\ndness ( individual in/itutions t may c5trally cle> ex*ange-li/$ d]ivatives or options on behalf ( a cli5t1 includ+ conc5tration ( m>ket %>e2 7#f7 ! economic value ( delta weight+ a c\nt]p>ty's position & nett+ ( a c\nt]p>ty's position2 7#g7 ! inh]5t risk ( ! positions2 7#h7 b>ri]s to entry = depository in/itutions1 depository in/itution hold+ companies1 affiliates !re(1 & entities n affiliat$ ) a depository in/itution or depository in/itution hold+ company to c5trally cle> ex*ange-li/$ d]ivatives or options on behalf ( m>ket mak]s2 7#i7 ! impact any *anges may h on ! broad] capital regime & aggregate capital 9 ! sy/em2 & 7#aj7 consid]ation ( o!r pot5tial factors t impact m>ket mak+ 9 ! ex*ange-li/$ options m>ket1 includ+ *anges 9 m>ket /ructure4 #ahjb4 ,report to ,congress ,at ! end ( ! #e-ye> p]iod beg9n+ on ! date ! f9al rule is issu$ "u section #ahja1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a report detail+ ! impact ( ! f9al rule dur+ su* p]iod on ! factors describ$ "u p>agraphs 7#a7 ?r\gh 7#aj7 ( section #ahja4 ,,xix ,coop]ate ) ,law ,en=cem5t ,ag5cies & ,wat* #aija4 ,safe h>bor ) respect to keep op5 lett]s 7a7 ,9 g5]al ,sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #eccc4 ,safe h>bor ) respect to keep op5 lett]s 7a7 ,9 g5]al ,) respect to a cu/om] acc\nt or cu/om] transaction ( a f9ancial in/itution1 if a ,f$]al1 ,/ate1 ,tribal1 or local law en=cem5t ag5cy reque/s1 9 writ+1 ! f9ancial in/itution to keep su* acc\nt or transaction op5-- 7#a7 ! f9ancial in/itution %all n be liable "u ?is sub*apt] = ma9ta9+ su* acc\nt or transaction consi/5t ) ! p>amet]s ( ! reque/2 & 7#b7 no ,f$]al or ,/ate dep>tm5t or ag5cy may take any adv]se sup]visory action "u ?is sub*apt] ) respect to ! f9ancial in/itution = ma9ta9+ su* acc\nt or transaction consi/5t ) ! p>amet]s ( ! reque/4 7b7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$-- 7#a7 f prev5t+ a ,f$]al or ,/ate dep>tm5t or ag5cy f v]ify+ ! validity ( a writt5 reque/ describ$ "u subsection 7a7 ) ! ,f$]al1 ,/ate1 ,tribal1 or local law en=cem5t ag5cy mak+ ! writt5 reque/2 or 7#b7 to relieve a f9ancial in/itution f comply+ ) any report+ requirem5ts1 includ+ ! report+ ( suspici\s transactions "u section #ecah7;g74 7c7 ,lett] t]m9ation date ,= purposes ( ?is section1 any writt5 reque/ describ$ "u subsection 7a7 %all include a t]m9ation date aft] :i* su* reque/ %all no long] apply4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts = *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to section #eccb ! foll[+3 #eccc4 ,safe h>bor ) respect to keep op5 lett]s4 4 ,,xx ,ma9 ,/reet ,gr[? #bjja4 ,v5ture ex*anges 7a7 ,securities ,ex*ange ,act ( #aicd ,section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f7 is am5d$ by add+ at ! end ! foll[+3 7m7 ,v5ture ex*ange 7#a7 ,regi/ration 7,a7 ,9 g5]al ,a p]son may regi/] !mself 7& a national securities ex*ange may regi/] a li/+ ti] ( su* ex*ange7 z a national securities ex*ange solely = ! purposes ( trad+ v5ture securities by fil+ an application ) ! ,commission pursuant to subsection 7a7 & ! rules & regulations !reund]4 7,b7 ,publication ( notice ,! ,commission %all1 ^u ! fil+ ( an application "u subp>agraph 7,a71 publi% notice ( su* fil+ & af=d int]e/$ p]sons an opportunity to submit writt5 data1 views1 & argum5ts conc]n+ su* application4 7,c7 ,approval or d5ial 7i7 ,9 g5]al ,)9 #ij days ( ! date ( publication ( a notice "u subp>agraph 7,b7 7or )9 su* long] p]iod z to :i* ! applicant cons5ts71 ! ,commission %all-- 7,i7 by ord] grant su* regi/ration2 or 7,,ii7 in/itute a d5ial proce$+ "u clause 7ii7 to det]m9e :e!r regi/ration %\ld be d5i$4 7ii7 ,d5ial proce$+ ,a proce$+ "u clause 7i77,,ii7 %all include notice ( ! gr\nds = d5ial "u consid]ation & opportunity = he>+ & %all be conclud$ )9 #ahj days ( ! date ( ! publication ( a notice "u subp>agraph 7,b74 ,at ! conclusion ( su* proce$+ ! ,commission1 by ord]1 %all grant or d5y su* regi/ration4 ,! ,commission may ext5d ! "t = conclusion ( su* proce$+ = up to #ij days if ! ,commission f9ds good cause = su* ext5sion & publi%es ! ,commission's reasons = s f9d+ or = su* long] p]iod z to :i* ! applicant cons5ts4 7iii7 ,crit]ia = approval or d5ial ,! ,commission %all grant a regi/ration "u ?is p>agraph if ! ,commission f9ds t ! requirem5ts ( ?is title & ! rules & regulations !reund] ) respect to ! applicant are satisfi$4 ,! ,commission %all d5y su* regi/ration if x does n make su* f9d+4 7#b7 ,p[]s & re/rictions ,9 addition to ! p[]s & re/rictions o!rwise applicable to a national securities ex*ange1 a v5ture ex*ange-- 7,a7 may only con/itute1 ma9ta91 or provide a m>ket place or facilities = br++ toge!r pur*as]s & sell]s ( v5ture securities2 7,b7 may n ext5d unli/$ trad+ privileges to any v5ture security2 7,c7 may only1 if ! v5ture ex*ange is a li/+ ti] ( ano!r national securities ex*ange1 all[ trad+ 9 securities t are regi/]$ "u section #ab7;b7 on a national securities ex*ange o!r ?an a v5ture ex*ange2 & 7,d7 may1 subject to ! rule fil+ process "u section #ai7;b7-- 7i7 det]m9e ! increm5t to be us$ = quot+ & trad+ v5ture securities on ! ex*ange2 & 7ii7 *oose to c>ry out p]iodic auctions = ! sale ( a v5ture security in/ead ( provid+ cont9u\s trad+ ( ! v5ture security4 7#c7 ,treatm5t ( c]ta9 exempt$ securities ,a security t is exempt f regi/ration pursuant to section #c7;b7 ( ! ,securities ,act ( #aicc %all be exempt f section #ab7;a7 ( ?is title to ! ext5t su* securities are trad$ on a v5ture ex*ange1 if ! issu] ( su* security is 9 compliance )-- 7,a7 all disclosure obligations ( su* section #c7;b7 & ! regulations issu$ "u su* section2 & 7,b7 ongo+ disclosure obligations ( ! applicable v5ture ex*ange t are simil> to ^? provid$ by an issu] "u ti] #b ( ,regulation ,a 7#ag ,,cfr #bcj4bea et seq474 7#d7 ,v5ture securities trad$ on v5ture ex*anges may n trade on non-v5ture ex*anges ,a v5ture security may n be trad$ on a national securities ex*ange t is n a v5ture ex*ange dur+ any p]iod 9 :i* ! v5ture security is be+ trad$ on a v5ture ex*ange4 7#e7 ,rule ( con/ruction ,no?+ 9 ?is subsection may be con/ru$ z requir+ transactions 9 v5ture securities to be effect$ on a national securities ex*ange4 7#f7 ,commission au?ority to limit c]ta9 trad+ ,! ,commission may limit transactions 9 v5ture securities t are n effect$ on a national securities ex*ange z appropriate to promote effici5cy1 competition1 capital =mation1 & to protect inve/ors4 7#g7 ,disclosures to inve/ors ,! ,commission %all issue regulations to ensure t p]sons sell+ or pur*as+ v5ture securities on a v5ture ex*ange are provid$ disclosures suffici5t to und]/&-- 7,a7 ! *>act]i/ics unique to v5ture securities2 & 7,b7 9 ! case ( a v5ture ex*ange t is a li/+ ti] ( ano!r national securities ex*ange1 t ! v5ture ex*ange is di/9ct f ! o!r national securities ex*ange4 7#h7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,e>ly-/age1 gr[? company 7i7 ,9 g5]al ,! t]m e>ly-/age1 gr[? company means an issu]-- 7,i7 t has n made any regi/]$ initial public (f]+ ( any securities ( ! issu]2 & 7,,ii7 ) a public float ( less ?an or equal to ! value ( public float requir$ to qualify z a l>ge accel]at$ fil] "u section #bdj4ab;b-#b ( title #ag1 ,code ( ,f$]al ,regulations4 7ii7 ,treatm5t :5 public float exce$s ?re%old ,an issu] %all n cease to be an e>ly-/age1 gr[? company by reason ( ! public float ( su* issu] exce$+ ! ?re%old specifi$ 9 clause 7i77,,ii7 until ! lat] ( ! foll[+3 7,i7 ,! end ( ! p]iod ( #bd consecutive mon?s dur+ :i* ! public float ( ! issu] exce$s #b1jjj1jjj1jjj 7z su* am\nt is index$ = inflation e #e ye>s by ! ,commission to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics1 sett+ ! ?re%old to ! ne>e/ #a1jjj1jjj74 7,,ii7 ,! end ( ! #a-ye> p]iod foll[+ ! end ( ! #bd-mon? p]iod describ$ "u subclause 7,i71 if ! issu] reque/s su* #a-ye> ext5sion f a v5ture ex*ange & ! v5ture ex*ange elects to provide su* ext5sion4 7,b7 ,public float ,) respect to an issu]1 ! t]m public float means ! aggregate worldwide m>ket value ( ! vot+ & non-vot+ common equity ( ! issu] held by non-affiliates4 7,c7 ,v5ture security 7i7 ,9 g5]al ,! t]m v5ture security means-- 7,i7 securities ( an e>ly-/age1 gr[? company t are exempt f regi/ration pursuant to section #c7;b7 ( ! ,securities ,act ( #aicc2 7,,ii7 securities ( an em]g+ gr[? company2 or 7,,iii7 securities regi/]$ "u section #ab7;b7 & li/$ on a v5ture ex*ange 7or1 prior to li/+ on a v5ture ex*ange1 li/$ on a national securities ex*ange7 :]e-- 7aa7 ! issu] ( su* securities has a public float less ?an or equal to ! value ( public float requir$ to qualify z a l>ge accel]at$ fil] "u section #bdj4ab;b-#b ( title #ag1 ,code ( ,f$]al ,regulations2 or 7bb7 ! av]age daily trade volume is #ge1jjj %>es or less dur+ a cont9u\s #fj-;day p]iod4 7ii7 ,treatm5t :5 public float exce$s ?re%old ,securities %all n cease to be v5ture securities by reason ( ! public float ( ! issu] ( su* securities exce$+ ! ?re%old specifi$ 9 clause 7i77,,iii77aa7 until ! lat] ( ! foll[+3 7,i7 ,! end ( ! p]iod ( #bd consecutive mon?s beg9n+ on ! date-- 7aa7 ! public float ( su* issu] exce$s #b1jjj1jjj1jjj2 & 7bb7 ! av]age daily trade volume ( su* securities is #ajj1jjj %>es or m dur+ a cont9u\s #fj-;day p]iod4 7,,ii7 ,! end ( ! #a-ye> p]iod foll[+ ! end ( ! #bd-mon? p]iod describ$ "u subclause 7,i71 if ! issu] ( su* securities reque/s su* #a-ye> ext5sion f a v5ture ex*ange & ! v5ture ex*ange elects to provide su* ext5sion4 4 7b7 ,securities ,act ( #aicc ,section #ah ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggr7 is am5d$-- 7#a7 by r$esignat+ subsection 7d7 z subsection 7e72 & 7#b7 by ins]t+ aft] subsection 7c7 ! foll[+3 7d7 ,treatm5t ( securities li/$ on a v5ture ex*ange ,not)/&+ subsection 7b71 a security is n a cov]$ security pursuant to subsection 7b77#a77;,a7 if ! security is only li/$1 or au?oriz$ = li/+1 on a v5ture ex*ange 7z def9$ "u section #f7m7 ( ! ,securities ,ex*ange ,act ( #aicd74 4 7c7 ,s5se ( ,congress ,x is ! s5se ( ! ,congress t ! ,securities & ,ex*ange ,commission %\ld-- 7#a7 :5 necess>y or appropriate 9 ! public int]e/ & consi/5t ) ! protection ( inve/ors1 make use ( ! ,commission's g5]al exemptive au?ority "u section #cf ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghmm7 ) respect to ! provisions add$ by ?is section2 & 7#b7 if ! ,commission det]m9es appropriate1 create an ,(fice ( ,v5ture ,ex*anges )9 ! ,commission's ,division ( ,trad+ & ,m>kets4 7d7 ,rule ( con/ruction ,no?+ 9 ?is section or ! am5dm5ts made by ?is section %all be con/ru$ to impair or limit ! con/ruction ( ! antifraud provisions ( ! securities laws 7z def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a777 or ! au?ority ( ! ,securities & ,ex*ange ,commission "u ^? provisions4 7e7 ,effective date = ti]s ( exi/+ national securities ex*anges ,9 ! case ( a securities ex*ange t is regi/]$ z a national securities ex*ange "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f7 on ! date ( ! enactm5t ( ?is ,act1 any election = a li/+ ti] ( su* ex*ange to be treat$ z a v5ture ex*ange "u subsection 7m7 ( su* section %all n take effect be=e ! date t is #ahj days aft] su* date ( enactm5t4 ,,xxi ,build+ ,up ,indep5d5t ,lives & ,dreams #baja4 ,mortgage loan transaction disclosure requirem5ts 7a7 ,,tila ,am5dm5t ,section #aje ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjd7 is am5d$ by ins]t+ aft] subsection 7d7 ! foll[+3 7e7 ,disclosure = *>itable mortgage loan transactions ,) respect to a mortgage loan transaction involv+ a resid5tial mortgage loan (f]$ at z]o p]c5t int]e/ prim>ily = *>itable purposes by an organization hav+ tax-exempt /atus "u section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 =ms ,,hud-#a & ,,gfe 7z def9$ "u section #ajbd4b7;b7 ( title #ab1 ,code ( ,f$]al ,regulations71 toge!r ) a disclosure sub/antially 9 ! =m ( ! ,loan ,model ,=m ,h-#b 7z def9$ "u ,app5dix ,h to section #ajbf ( title #ab1 ,code ( ,f$]al ,regulations7 %all1 collectively1 be an appropriate model =m = purposes ( subsection 7b74 4 7b7 ,,respa am5dm5t ,section #d ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjc7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,) respect to a mortgage loan transaction involv+ a resid5tial mortgage loan (f]$ at z]o p]c5t int]e/ prim>ily = *>itable purposes1 an organization hav+ tax-exempt /atus "u section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf may use =ms ,,hud-#a & ,,gfe 7z def9$ "u section #ajbd4b7;b7 ( title #ab1 ,code ( ,f$]al ,regulations7 toge!r ) a disclosure sub/antially 9 ! =m ( ! ,loan ,model ,=m ,h-#b 7z def9$ "u ,app5dix ,h to section #ajbf ( title #ab1 ,code ( ,f$]al ,regulations71 collectively1 9 lieu ( ! disclosure publi%$ "u subsection 7a74 4 7c7 ,regulations ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection %all issue su* regulations z may be necess>y to implem5t ! am5dm5ts made by subsections 7a7 & 7b74 7d7 ,effective date ,! am5dm5ts made by subsections 7a7 & 7b7 %all take effect on ! date ( ! enactm5t ( ?is ,act4 ,,xxii ,mod]niz+ ,disclosures = ,inve/ors #bbja4 ,=m #aj-,q analysis 7a7 ,9 g5]al ,! ,securities & ,ex*ange ,commission %all conduct an analysis ( ! co/s & b5efits ( requir+ report+ companies to use ,=m #aj-,q = submitt+ qu>t]ly f9ancial reports4 ,su* analysis %all consid]-- 7#a7 ! co/s & b5efits ( ,=m #aj-,q to em]g+ gr[? companies2 7#b7 ! co/s & b5efits ( ,=m #aj-,q to ! ,commission 9 t]ms ( its ability to protect inve/ors1 ma9ta9 fair1 ord]ly1 & effici5t m>kets1 & facilitate capital =mation2 7#c7 ! co/s & b5efits ( ,=m #aj-,q to o!r report+ companies1 inve/ors1 m>ket rese>*]s1 & o!r m>ket p>ticipants1 includ+ ! co/s & b5efits associat$ )-- 7,a7 ! public availability ( ! in=mation requir$ to be fil$ on ,=m #aj-,q2 7,b7 ! use ( a /&>diz$ report+ =mat across all classes ( report+ companies2 & 7,c7 ! qu>t]ly disclosure by "s companies ( f9ancial in=mation 9 =mats o!r ?an ,=m #aj-,q1 su* z a qu>t]ly e>n+s press release2 7#d7 ! co/s & b5efits ( alt]native =mats = qu>t]ly report+ = em]g+ gr[? companies to em]g+ gr[? companies1 ! ,commission1 o!r report+ companies1 inve/ors1 m>ket rese>*]s1 & o!r m>ket p>ticipants2 & 7#e7 ! expect$ impact ( ! use ( alt]native =mats ( qu>t]ly report+ by em]g+ gr[? companies on ov]all m>ket transp>5cy & effici5cy4 7b7 ,report requir$ ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,commission %all issue a report to ,congress t includes-- 7#a7 ! results ( ! analysis requir$ by subsection 7a72 & 7#b7 recomm5dations = decreas+ co/s1 increas+ transp>5cy1 & increas+ effici5cy ( qu>t]ly f9ancial report+ by em]g+ gr[? companies4 ,,xxiii ,fight ,illicit ,networks & ,detect ,traffick+ #bcja4 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7 ,accord+ to ! ,drug ,en=cem5t ,adm9i/ration 7,,dea7 #bjag ,national ,drug ,?reat ,assessm5t1 transnational crim9al organizations are increas+ly us+ virtual curr5cies4 7#b7 ,! ,treasury ,dep>tm5t has recogniz$ t3 ,! developm5t ( virtual curr5cies is an attempt to meet a legitimate m>ket dem&4 ,accord+ to a ,f$]al ,res]ve ,bank ( ,*icago economi/1 ,unit$ ,/ates consum]s want paym5t options t are v]satile & t provide imm$iate f9ality4 ,no ,unit$ ,/ates paym5t me?od meets t description1 al?\gh ca% may come close/4 ,virtual curr5cies c mimic ca%'s imm$iate f9ality & anonymity & are m v]satile ?an ca% = onl9e & cross-bord] transactions1 mak+ virtual curr5cies vuln]able = illicit transactions44 7#c7 ,virtual curr5cies h become a prom95t me?od to pay = goods & s]vices associat$ ) illegal sex traffick+ & drug traffick+1 :i* are two ( ! mo/ detrim5tal & tr\bl+ illegal activities facilitat$ by onl9e m>ketplaces4 7#d7 ,onl9e m>ketplaces1 includ+ ! d>k web1 h become a prom95t plat=m to buy1 sell1 & adv]tise = illicit goods & s]vices associat$ ) sex traffick+ & drug traffick+4 7#e7 ,accord+ to ! ,int]national ,lab\r ,organization1 9 #bjaf1 #d4h million p 9 ! _w 7 victims ( =c$ sexual exploitation1 & 9 #bjad1 ! global pr(it f comm]cial sexual exploitation 0 #ii billion4 7#f7 ,9 #bjaf1 )9 ! ,unit$ ,/ates1 ! ,c5t] = ,disease ,control e/imat$ t !re 7 #fd1jjj dea?s relat$ to drug ov]dose1 & ! mo/ sev]e increase 9 drug ov]doses 7 ^? associat$ ) f5tanyl & f5tanyl analogs 7syn!tic opioids71 :i* am\nt$ to ov] #bj1jjj ov]dose dea?s4 7#g7 ,accord+ to ! ,unit$ ,/ates ,dep>tm5t ( ! ,treasury #bjae ,national ,money ,laund]+ ,risk ,assessm5t1 an e/imat$ #fd billion is g5]at$ annually f ,unit$ ,/ates drug traffick+ sales4 7#h7 ,illegal f5tanyl 9 ! ,unit$ ,/ates orig9ates prim>ily f ,*9a1 & x is readily available to pur*ase ?r\gh onl9e m>ketplaces4 #bcjb4 ,,gao ,/udy 7a7 ,/udy requir$ ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy on h[ virtual curr5cies & onl9e m>ketplaces are us$ to facilitate sex & drug traffick+4 ,! /udy %all consid]-- 7#a7 h[ onl9e m>ketplaces1 includ+ ! d>k web1 are be+ us$ z plat=ms to buy1 sell1 or facilitate ! f9anc+ ( goods or s]vices associat$ ) sex traffick+ or drug traffick+ 7specifically1 opioids & syn!tic opioids1 includ+ f5tanyl1 f5tanyl analogs1 & any precursor *emicals associat$ ) manufactur+ f5tanyl or f5tanyl analogs7 de/9$ =1 orig9at+ f1 or )9 ! ,unit$ ,/ates2 7#b7 h[ f9ancial paym5t me?ods1 includ+ virtual curr5cies & pe]-to-pe] mobile paym5t s]vices1 are be+ utiliz$ by onl9e m>ketplaces to facilitate ! buy+1 sell+1 or f9anc+ ( goods & s]vices associat$ ) sex or drug traffick+ de/9$ =1 orig9at+ f1 or )9 ! ,unit$ ,/ates2 7#c7 h[ virtual curr5cies are be+ us$ to facilitate ! buy+1 sell+1 or f9anc+ ( goods & s]vices associat$ ) sex or drug traffick+1 de/9$ =1 orig9at+ f1 or )9 ! ,unit$ ,/ates1 :5 an onl9e plat=m is n o!rwise involv$2 7#d7 h[ illicit funds t h be5 transmitt$ onl9e & ?r\gh virtual curr5cies are repatriat$ into ! =mal bank+ sy/em ( ! ,unit$ ,/ates ?r\gh money laund]+ or o!r means2 7#e7 ! p>ticipants 7/ate & non-/ate actors7 ?r\gh\t ! entire supply *a9 t p>ticipate 9 or b5efit f ! buy+1 sell+1 or f9anc+ ( goods & s]vices associat$ ) sex or drug traffick+ 7ei!r ?r\gh onl9e m>ketplaces or virtual curr5cies7 de/9$ =1 orig9at+ f1 or )9 ! ,unit$ ,/ates2 7#f7 ,f$]al & ,/ate ag5cy ef=ts to imp$e ! buy+1 sell+1 or f9anc+ ( goods & s]vices associat$ ) sex or drug traffick+ de/9$ =1 orig9at+ f1 or )9 ! ,unit$ ,/ates1 includ+ ef=ts to prev5t ! proce$s f sex or drug traffick+ f ent]+ ! ,unit$ ,/ates bank+ sy/em2 7#g7 h[ virtual curr5cies & _! und]ly+ te*nologies c be us$ to detect & det] ^! illicit activities2 & 7#h7 to :at ext5t c ! immutable & traceable nature ( virtual curr5cies contribute to ! track+ & prosecution ( illicit fund+4 7b7 ,scope ,= ! purposes ( ! /udy requir$ "u subsection 7a71 ! t]m sex traffick+ means ! recruitm5t1 h>bor+1 transportation1 provision1 obta9+1 patroniz+1 or solicit+ ( a p]son = ! purpose ( a comm]cial sex act t is induc$ by =ce1 fraud1 or co]cion1 or 9 :i* ! p]son induc$ to p]=m su* act has n atta9$ #ah ye>s ( age4 7c7 ,report to ,congress ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report summ>iz+ ! results ( ! /udy requir$ "u subsection 7a71 toge!r ) any recomm5dations = legislative or regulatory action t w\ld improve ! ef=ts ( ,f$]al ag5cies to imp$e ! use ( virtual curr5cies & onl9e m>ketplaces 9 facilitat+ sex & drug traffick+4 ,,xxiv ,improv+ ,inve/m5t ,rese>* = ,small & ,em]g+ ,issu]s #bdja4 ,rese>* /udy 7a7 ,/udy requir$ ,! ,securities & ,ex*ange ,commission %all conduct a /udy to evaluate ! issues affect+ ! provision ( & reliance ^u inve/m5t rese>* into small issu]s1 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& = su* rese>* by in/itutional & retail inve/ors2 7#b7 ! availability ( su* rese>*1 includ+-- 7,a7 ! numb] & types ( firms :o provide su* rese>*2 7,b7 ! volume ( su* 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 ( su* rese>*2 7#e7 ! impacts ( diff]5t paym5t me*anisms = inve/m5t rese>* into small issu]s1 includ+ :e!r su* rese>* is paid = by-- 7,a7 h>d-doll> paym5ts f rese>* cli5ts2 7,b7 paym5ts direct$ f ! cli5t's commission income 7i4e41 s(t doll>s72 or 7,c7 paym5ts f ! issu] t is ! subject ( su* 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 ( fund-size on dem& = inve/m5t rese>* ( small issu]s2 7,b7 brok] & deal] conc5tration & consolidation1 includ+ any relation%ips betwe5 ! size ( ! firm & allocation ( res\rces = inve/m5t rese>* into small issu]s2 7,c7 ,securities & ,ex*ange ,commission rules2 7,d7 regi/]$ national securities association rules2 7,e7 ,/ate & ,f$]al liability conc]ns2 7,f7 ! settlem5t agreem5ts ref]5c$ 9 ,securities & ,ex*ange ,commission ,litigation ,release ,no4 #ahdch 7i4e41 ! ,global ,rese>* ,analy/ ,settlem5t72 & 7,g7 ,directive #bjad_/fe_/;,,eu ( ! ,european ,p>liam5t & ( ! ,c\ncil ( #ae ,may #bjad on m>kets 9 f9ancial in/rum5ts & am5d+ ,directive #bjjb_/ib_/;,,ec & ,directive #bjaa_/fa_/;,,eu1 z implem5t$ by ! ,european ,union 7,,eu7 memb] /ates 7,mi,f,i,d ,,ii74 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$ by 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 ,,xxv ,develop+ & ,emp[]+ our ,aspir+ ,lead]s #beja4 ,def9itions ,n lat] ?an ! end ( ! #ahj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all-- 7#a7 revise ! def9ition ( a qualify+ inve/m5t "u p>agraph 7c7 ( section #bge4bjc7l7-#a ( title #ag1 ,code ( ,f$]al ,regulations1 to include an equity security issu$ by a qualify+ portfolio company1 :e!r acquir$ directly f ! company or 9 a second>y acquisition2 & 7#b7 revise p>agraph 7a7 ( su* section to require1 z a condition ( a private fund qualify+ z a v5ture capital fund "u su* p>agraph1 t ! qualify+ inve/m5ts ( ! private fund are pr$om9antly qualify+ inve/m5ts t 7 acquir$ directly f a qualify+ portfolio company4 ,,xxvi ,exp&+ ,inve/m5t 9 ,small ,bus9esses #bfja4 ,,sec /udy 7a7 ,9 g5]al ,! ,securities & ,ex*ange ,commission %all c>ry out a /udy ( ! #aj p] c5tum ?re%old limitation applicable to ! def9ition ( a div]sifi$ company "u section #e7;b77#a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#e7;b77#a77 & det]m9e :e!r su* ?re%old limits capital =mation4 7b7 ,consid]ations ,9 c>ry+ out ! /udy requir$ "u subsection 7a71 ! ,commission %all consid] ! foll[+3 7#a7 ,! size & numb] ( div]sifi$ companies t are curr5tly re/rict$ 9 _! ability to own m ?an #aj p]c5t ( ! vot+ %>es 9 an individual company4 7#b7 ,if inve/+ pref]5ces ( div]sifi$ companies h %ift$ away f companies ) small] m>ket capitalizations4 7#c7 ,! expect$ increase 9 ! availability ( capital to small & em]g+ gr[? companies if ! ?re%old is increas$4 7#d7 ,! ability ( regi/]$ funds to manage liquidity risk4 7#e7 ,any o!r consid]ation t ! ,commission consid]s necess>y & appropriate = ! protection ( inve/ors4 7c7 ,solicitation ( public comm5ts ,9 c>ry+ out ! /udy requir$ "u subsection 7a71 ! ,commission may solicit public comm5ts4 7d7 ,report ,n lat] ?an ! end ( ! #ahj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,commission %all issue a report to ! ,congress1 & make su* report publicly available on ! website ( ! ,commission1 conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7#b7 any legislative recomm5dations ( ! ,commission1 includ+ any recomm5dation to update ! #aj p] c5tum ?re%old4 ,,xxvii ,promot+ ,transp>5t ,/&>ds = ,corporate ,insid]s #bgja4 ,,sec /udy 7a7 ,/udy 7#a7 ,9 g5]al ,! ,securities & ,ex*ange ,commission %all c>ry out a /udy ( :e!r ,rule #aj;b#e-a 7#ag ,,cfr #bdj4aj;b#e-a7 %\ld be am5d$ to-- 7,a7 limit ! ability ( issu]s & issu] insid]s to adopt a plan describ$ "u p>agraph 7c77#a77;i77,a77#c7 ( ,rule #aj;b#e-a 7trad+ plan7 :5 ! issu] or issu] insid] is p]mitt$ to buy or sell securities dur+ issu]-adopt$ trad+ w9d[s2 7,b7 limit ! ability ( issu]s & issu] insid]s to adopt multiple1 ov]lapp+ trad+ plans2 7,c7 e/abli% a m&atory delay betwe5 ! adoption ( a trad+ plan & ! execution ( ! fir/ trade pursuant to su* a plan &1 if s & dep5d+ on ! ,commission's f9d+s ) respect to subp>agraph 7,a7-- 7i7 :e!r any su* delay %\ld be ! same = trad+ plans adopt$ dur+ an issu]-adopt$ trad+ w9d[ z oppos$ to outside ( su* a w9d[2 & 7ii7 :e!r any exceptions to su* a delay are appropriate2 7,d7 limit ! frequ5cy t issu]s & issu] insid]s may modify or cancel trad+ plans2 7,e7 require issu]s & issu] insid]s to file ) ! ,commission trad+ plan adoptions1 am5dm5ts1 t]m9ations & transactions2 or 7,f7 require bo>ds ( issu]s t h adopt$ a trad+ plan to-- 7i7 adopt policies cov]+ trad+ plan practices2 7ii7 p]iodically monitor trad+ plan transactions2 & 7iii7 ensure t issu] policies discuss trad+ plan use 9 ! context ( guidel9es or requirem5ts on equity h$g+1 hold+1 & own]%ip4 7#b7 ,additional consid]ations ,9 c>ry+ out ! /udy requir$ "u p>agraph 7#a71 ! ,commission %all consid]-- 7,a7 h[ any su* am5dm5ts may cl>ify & enhance exi/+ prohibitions aga9/ insid] trad+2 7,b7 ! impact any su* am5dm5ts may h on ! ability ( issu]s to attract p]sons to become an issu] insid]2 7,c7 ! impact any su* am5dm5ts may h on capital =mation2 7,d7 ! impact any su* am5dm5ts may h on an issu]'s will+ness to op]ate z a public company2 & 7,e7 any o!r consid]ation t ! ,commission consid]s necess>y & appropriate = ! protection ( inve/ors4 7b7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,commission %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u section 7a74 7c7 ,rulemak+ ,aft] ! completion ( ! /udy requir$ "u subsection 7a71 ! ,commission %all1 subject to public notice & comm5t1 revise ,rule #aj;b#e-a consi/5t ) ! results ( su* /udy4 ,,xxviii ,inve/m5t ,advis] ,regulatory ,flexibility ,improvem5t #bhja4 ,def9ition ( small bus9ess ( small organization ,n lat] ?an end ! ( ! #a-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise ! def9itions ( a small bus9ess & small organization "u section #bge4j-g ( title #ag1 ,code ( ,f$]al ,regulations1 to provide alt]native me?ods "u :i* a bus9ess or organization may qualify z a small bus9ess or small organization "u su* section4 ,9 mak+ su* revision1 ! ,commission %all consid] :e!r su* alt]native me?ods %\ld include a ?re%old bas$ on ! numb] ( non-cl]ical employees ( ! bus9ess or organization4 ,,xxix ,enhanc+ ,multi-,class ,%>e ,disclosures #bija4 ,disclosure ,relat+ to ,multi-,class ,%>e ,/ructures ,section #ad ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghn7 is am5d$ by add+ at ! end ! foll[+3 7k7 ,disclosure = issu]s ) multi-,class %>e /ructures 7#a7 ,disclosure ,! ,commission %all1 by rule1 require ea* issu] ) a multi-class %>e /ructure to disclose ! in=mation describ$ 9 p>agraph 7#b7 9 any proxy or cons5t solicitation mat]ial = an annual meet+ ( ! %>ehold]s ( ! issu]1 or any o!r fil+ z ! ,commission det]m9es appropriate4 7#b7 ,cont5t ,a disclosure made "u p>agraph 7#a7 %all include1 ) respect to ea* p]son :o is a director1 director nom9ee1 or nam$ executive (fic] ( ! issu]1 or :o is ! b5eficial own] ( securities ) #e p]c5t or m ( ! total comb9$ vot+ p[] ( all classes ( securities entitl$ to vote 9 ! election ( directors-- 7,a7 ! numb] ( %>es ( all classes ( securities entitl$ to vote 9 ! election ( directors b5eficially own$ by su* p]son1 express$ z a p]c5tage ( ! total numb] ( ! out/&+ securities ( ! issu] entitl$ to vote 9 ! election ( directors2 & 7,b7 ! am\nt ( vot+ p[] held by su* p]son1 express$ z a p]c5tage ( ! total comb9$ vot+ p[] ( all classes ( ! securities ( ! issu] entitl$ to vote 9 ! election ( directors4 7#c7 ,multi-class %>e /ructure ,9 ?is subsection1 ! t]m multi-class %>e /ructure means a capitalization /ructure t conta9s two or m classes ( securities t h diff]+ am\nts ( vot+ rights 9 ! election ( directors4 4 ,,xxx ,national ,s5ior ,inve/or ,initiative #cjja4 ,s5ior ,inve/or ,task=ce ,section #d ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is am5d$ by add+ at ! end ! foll[+3 7k7 ,s5ior ,inve/or ,task=ce 7#a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,commission ! ,s5ior ,inve/or ,task=ce 79 ?is subsection ref]r$ to z ! ,task=ce74 7#b7 ,director ( ! ,task=ce ,! head ( ! ,task=ce %all be ! ,director1 :o %all-- 7,a7 report directly to ! ,*airman2 & 7,b7 be appo9t$ by ! ,*airman1 9 consultation ) ! ,commission1 f among individuals-- 7i7 curr5tly employ$ by ! ,commission or f outside ( ! ,commission2 & 7ii7 hav+ exp]i5ce 9 advocat+ = ! int]e/s ( s5ior inve/ors4 7#c7 ,/aff+ ,! ,*airman %all ensure t-- 7,a7 ! ,task=ce is /aff$ suffici5tly to c>ry out fully ! requirem5ts ( ?is subsection2 & 7,b7 su* /aff %all include individuals f ! ,division ( ,en=cem5t1 ,(fice ( ,compliance ,inspections & ,exam9ations1 & ,(fice ( ,inve/or ,education & ,advocacy4 7#d7 ,m9imiz+ duplication ( ef=ts ,9 organiz+ & /aff+ ! ,task=ce1 ! ,*airman %all take su* actions z may be necess>y to m9imize ! duplication ( ef=ts )9 ! divisions & (fices describ$ "u p>agraph 7#c77;,b7 & any o!r divisions1 (fices1 or task=ces ( ! ,commission4 7#e7 ,functions ( ! ,task=ce ,! ,task=ce %all-- 7,a7 id5tify *all5ges t s5ior inve/ors enc\nt]1 includ+ problems associat$ ) f9ancial exploitation & cognitive decl9e2 7,b7 id5tify areas 9 :i* s5ior inve/ors w\ld b5efit f *anges 9 ! regulations ( ! ,commission or ! rules ( self-regulatory organizations2 7,c7 coord9ate1 z appropriate1 ) o!r (fices )9 ! ,commission1 o!r task=ces t may be e/abli%$ )9 ! ,commission1 self-regulatory organizations1 & ! ,eld] ,ju/ice ,coord9at+ ,c\ncil2 & 7,d7 consult1 z appropriate1 ) ,/ate securities & law en=cem5t au?orities1 ,/ate insurance regulators1 & o!r ,f$]al ag5cies4 7#f7 ,report ,! ,task=ce1 9 coord9ation1 z appropriate1 ) ! ,(fice ( ! ,inve/or ,advocate & self-regulatory organizations1 & 9 consultation1 z appropriate1 ) ,/ate securities & law en=cem5t au?orities1 ,/ate insurance regulators1 & ,f$]al ag5cies1 %all issue a report e #b ye>s to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 ! fir/ ( :i* %all n be issu$ until aft] ! report describ$ 9 section #cjjb ( ! ,,jobs & ,inve/or ,confid5ce ,act ( #bjah has be5 issu$ & consid]$ by ! ,task=ce1 conta9+-- 7,a7 appropriate /ati/ical in=mation & full & sub/antive analysis2 7,b7 a summ>y ( rec5t tr5ds & innovations t h impact$ ! inve/m5t l&scape = s5ior inve/ors2 7,c7 a summ>y ( regulatory initiatives t h conc5trat$ on s5ior inve/ors & indu/ry practices relat$ to s5ior inve/ors2 7,d7 key obs]vations1 be/ practices1 & areas ne$+ improvem5t1 involv+ s5ior inve/ors id5tifi$ dur+ exam9ations1 en=cem5t actions1 & inve/or education outrea*2 7,e7 a summ>y ( ! mo/ s]i\s issues enc\nt]$ by s5ior inve/ors1 includ+ issues involv+ f9ancial products & s]vices2 7,f7 an analysis ) reg>d to exi/+ policies & proc$ures ( brok]s1 deal]s1 inve/m5t advis]s1 & o!r m>ket p>ticipants relat$ to s5ior inve/ors & s5ior inve/or-relat$ topics & :e!r ^! policies & proc$ures ne$ to be fur!r develop$ or ref9$2 7,g7 recomm5dations = su* *anges to ! regulations1 guidance1 & ord]s ( ! ,commission & self-regulatory organizations & su* legislative actions z may be appropriate to resolve problems enc\nt]$ by s5ior inve/ors2 & 7,h7 any o!r in=mation1 z det]m9$ appropriate by ! ,director ( ! ,task=ce4 7#g7 ,sunset ,! ,task=ce %all t]m9ate aft] ! end ( ! #aj-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is subsection1 b may be ree/abli%$ by ! ,*airman4 7#h7 ,s5ior inve/or def9$ ,= purposes ( ?is subsection1 ! t]m s5ior inve/or means an inve/or ov] ! age ( #fe4 4 #cjjb4 ,,gao /udy 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress & ! ,s5ior ,inve/or ,task=ce ! results ( a /udy on ! economic co/s ( ! f9ancial exploitation ( s5ior citiz5s4 7b7 ,cont5ts ,! /udy requir$ "u subsection 7a7 %all include in=mation ) respect to-- 7#a7 co/s-- 7,a7 associat$ ) losses by victims t 7 incurr$ z a result ( ! f9ancial exploitation ( s5ior citiz5s2 7,b7 incurr$ by ,/ate & ,f$]al ag5cies1 law en=cem5t & inve/igatory ag5cies1 public b5efit programs1 public heal? programs1 & o!r public programs z a result ( ! f9ancial exploitation ( s5ior citiz5s2 & 7,c7 incurr$ by ! private sector z a result ( ! f9ancial exploitation ( s5ior citiz5s2 & 7#b7 any o!r relevant co/s t-- 7,a7 result f ! f9ancial exploitation ( s5ior citiz5s2 & 7,b7 ! ,comptroll] ,g5]al det]m9es are necess>y & appropriate to include 9 ord] to provide ,congress & ! public ) a full & accurate und]/&+ ( ! economic co/s result+ f ! f9ancial exploitation ( s5ior citiz5s 9 ! ,unit$ ,/ates4 7c7 ,s5ior citiz5 def9$ ,= purposes ( ?is section1 ! t]m s5ior citiz5 means an individual ov] ! age ( #fe4 ,,xxxi ,middle ,m>ket ,,ipo ,und]writ+ ,co/ #caja4 ,/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 ,,xxxii ,cr[dfund+ ,am5dm5ts #cbja4 ,cr[dfund+ vehicles 7a7 ,am5dm5ts to ! ,securities ,act ( #aicc ,! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et seq47 is am5d$-- 7#a7 9 section #b7;a7 7#ae ,u4,s4,c4 #gg;b7a771 by add+ at ! end ! foll[+3 7#bj7 ,! t]m cr[dfund+ vehicle has ! mean+ giv5 ! t]m 9 section #c7;c77#ae77;,b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#ae77;,b774 2 7#b7 9 section #d7;a77#f7 7#ae ,u4,s4,c4 #gg;d7a77#f77-- 7,a7 9 subp>agraph 7,a7-- 7i7 by ins]t+ 1 o!r ?an a cr[dfund+ vehicle1 aft] sold to all inve/ors2 & 7ii7 by ins]t+ o!r ?an a cr[dfund+ vehicle1 aft] ! issu]12 & 7,b7 9 subp>agraph 7,b71 9 ! matt] prec$+ clause 7i71 by ins]t+ 1 o!r ?an a cr[dfund+ vehicle1 aft] any inve/or2 & 7#c7 9 section #d;,a7f7 7#ae ,u4,s4,c4 #gg;d-#a7;f77-- 7,a7 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ ,section #d7f7 & ins]t+ ,section #d7;a77#f72 & 7,b7 9 p>agraph 7#c71 by ins]t+ by any ( p>agraphs 7#a7 ?r\gh 7#ad7 ( be=e section #c7;c74 7b7 ,am5dm5ts to ! ,inve/m5t ,company ,act ( #aidj ,section #c7;c7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77 is am5d$ by add+ at ! end ! foll[+3 7#ae7 7,a7 ,any cr[dfund+ vehicle4 7,b7 ,= purposes ( ?is p>agraph1 ! t]m cr[dfund+ vehicle means a company-- 7i7 ! purpose ( :i* 7z set =? 9 ! organizational docum5ts ( ! company7 is limit$ to acquir+1 hold+1 & dispos+ ( securities issu$ by a s+le company 9 #a or m transactions made "u section #d7;a77#f7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7a77#f772 7ii7 t issues only "o class ( securities2 7iii7 t receives no comp5sation 9 connection ) ! acquisition1 hold+1 or disposition ( securities describ$ 9 clause 7i72 7iv7 no inve/m5t advis] or associat$ p]son ( :i* receives any comp5sation on ! basis ( a %>e ( capital ga9s ^u1 or capital appreciation (1 any portion ( ! funds ( an inve/or ( ! company2 7v7 ! securities ( :i* h be5 issu$ 9 a transaction made "u section #d7;a77#f7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7a77#f771 :]e bo? ! cr[dfund+ vehicle & ! company ^: securities ! cr[dfund+ vehicle holds are co-issu]s2 7vi7 t is curr5t ) respect to ongo+ report+ requirem5ts "u section #bbg4bjb ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation2 7vii7 t holds securities ( a company t is subject to ongo+ report+ requirem5ts "u section #bbg4bjb ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation2 & 7viii7 t is advis$ by an inve/m5t advis] t is-- 7,i7 regi/]$ "u ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq472 & 7,,ii7 requir$ to-- 7aa7 disclose to ! inve/ors ( ! company any fees *>g$ by ! inve/m5t advis]2 & 7bb7 obta9 approval f a majority ( ! inve/ors ( ! company ) respect to any increase 9 ! fees describ$ 9 item 7aa74 4 7c7 ,am5dm5ts to ! ,inve/m5t ,advis]s ,act ( #aidj ,! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47 is am5d$-- 7#a7 9 section #bjb7;a7 7#ae ,u4,s4,c4 #hj;b-#b7;a77-- 7,a7 by r$esignat+ ! second p>agraph 7#bi7 z p>agraph 7#ca72 & 7,b7 by add+ at ! end ! foll[+3 7#cb7 ,! t]m cr[dfund+ vehicle has ! mean+ giv5 ! t]m 9 section #c7;c77#ae77;,b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#ae77;,b774 7#cc7 7,a7 ,! t]m cr[dfund+ vehicle advis] means an inve/m5t advis] t acts z an inve/m5t advis] solely ) respect to cr[dfund+ vehicles4 7,b7 ,a det]m9ation1 = ! purposes ( subp>agraph 7,a71 reg>d+ :e!r an inve/m5t advis] acts z an inve/m5t advis] solely ) respect to cr[dfund+ vehicles %all n include any consid]ation ( ! activity ( any affiliate ( ! inve/m5t advis]4 2 7#b7 9 section #bjc 7#ae ,u4,s4,c4 #hj;b-#c71 by add+ at ! end ! foll[+3 7o7 ,cr[dfund+ vehicle advis]s 7#a7 ,9 g5]al ,a cr[dfund+ vehicle advis] %all be requir$ to regi/] "u ?is section4 7#b7 ,tailor$ requirem5ts ,z necess>y or appropriate 9 ! public int]e/ & = ! protection ( inve/ors1 & to promote effici5cy1 competition1 & capital =mation1 ! ,commission may tailor ! requirem5ts "u section #bge4bjf7d7-b ( title #ag1 ,code ( ,f$]al ,regulations1 ) respect to ! application ( ^? requirem5ts to a cr[dfund+ vehicle advis]4 2 & 7#c7 9 section #bjc;,a7a7 7#ae ,u4,s4,c4 #hj;b-#c;a7a77-- 7,a7 9 p>agraph 7#a7-- 7i7 9 subp>agraph 7,a71 by /rik+ or at ! end2 7ii7 9 subp>agraph 7,b71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7iii7 by add+ at ! end ! foll[+3 7,c7 is a cr[dfund+ vehicle advis]4 2 & 7,b7 9 p>agraph 7#b7-- 7i7 9 subp>agraph 7,a71 by ins]t+ a cr[dfund+ vehicle advis]1 aft] unless ! inve/m5t advis] is2 & 7ii7 9 subp>agraph 7,b77ii71 9 ! matt] prec$+ subclause 7,i71 by ins]t+ except ) respect to a cr[dfund+ vehicle advis]1 be=e has assets4 #cbjb4 ,cr[dfund+ exemption f regi/ration ,section #ab7;g77#f7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghl7g77#f77 is am5d$-- 7#a7 by /rik+ ,! ,commission & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,! ,commission 2 7#b7 9 subp>agraph 7,a71 z s designat$1 by /rik+ section #d7f7 & ins]t+ section #d7;a77#f72 & 7#c7 by add+ at ! end ! foll[+3 7,b7 ,treatm5t ( securities issu$ by c]ta9 issu]s 7i7 ,9 g5]al ,an exemption "u subp>agraph 7,a7 %all be unconditional = securities (f]$ by an issu] t _h a public float ( less ?an #ge1jjj1jjj1 z ( ! la/ bus9ess day ( ! mo/ rec5tly complet$ semiannual p]iod ( ! issu]1 :i* %all be calculat$ 9 accordance ) clause 7ii74 7ii7 ,calculation 7,i7 ,9 g5]al ,a public float describ$ 9 clause 7i7 %all be calculat$ by multiply+ ! aggregate worldwide numb] ( %>es ( ! common equity securities ( an issu] t are held by non-affiliates by ! price at :i* ^? securities 7 la/ sold 7or ! av]age bid & ask$ prices ( ^? securities7 9 ! pr9cipal m>ket = ^? securities4 7,,ii7 ,calculation ( z]o ,if a public float calculation "u subclause 7,i7 ) respect to an issu] is z]o1 an exemption "u subp>agraph 7,a7 %all be unconditional = securities (f]$ by ! issu] if ! issu] _h annual rev5ues ( less ?an #ej1jjj1jjj1 z ( ! mo/ rec5tly complet$ fiscal ye> ( ! issu]4 4 ,am5d ! title s z to read3 ,an ,act to mod]nize ,u4,s4 m>kets & to promote capital =mation1 inve/or confid5ce1 & economic gr[?1 & = o!r purposes44 ,cl]k4