#aaf? ,,congress  #a/ ,session  ,h4 ,r4 
#cjej  ,,an ,,act  ,to require !        
,securities & ,ex*ange ,commission to   
c>ry out a /udy ( ! #aj p] c5tum ?re%old
 limitation applicable to ! def9ition ( 
a div]sifi$ company "u ! ,inve/m5t      
,company ,act ( #aidj1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,exp&+ ,inve/m5t 9 ,small ,bus9esses
 ,act ( #bjai4  #b4 ,,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 ! impacts ( 
su* ?re%old limits ^u ! protection (    
inve/ors1 effici5cy1 competition1 &     
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 ,h[ 
! inve/+ pref]5ces ( div]sifi$ companies
 h %ift$ ov] "t ) respect to companies )
 small] m>ket capitalizations &         
companies 9 indu/ries :]e competition   
may be limit$4  7#c7 ,! expect$ impact  
to small & em]g+ gr[? companies reg>d+ !
 availability ( capital1 relat$ impacts 
on inve/or confid5ce & risk1 & impacts  
on competition1 if ! ?re%old is increas$
 or o!rwise *ang$4  7#d7 ,! ability (   
regi/]$ 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 ( ! 
,commission4  ,pass$ ! ,h\se (          
,repres5tatives ,july #i1 #bjai4;,cl]k4