#aaf? ,,congress  #a/ ,session  ,h4 ,r4 
#biai  ,,an ,,act  ,to require !        
,securities & ,ex*ange ,commission to   
c>ry out a /udy to evaluate ! issues    
affect+ ! provision ( & reliance ^u     
inve/m5t rese>* into small issu]s4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,improv+ ,inve/m5t ,rese>* = ,small &   
,em]g+ ,issu]s ,act4  #b4 ,rese>* /udy  
7a7 ,/udy requir$ ,! ,securities &      
,ex*ange ,commission %all conduct a /udy
 to evaluate ! issues affect+ !         
provision ( & 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  ,pass$ ! ,h\se ( 
,repres5tatives ,july #i1 #bjai4;,cl]k4