,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #hfie ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,octob] #bg1 #bjbj,mr4 ,mc,henry 7= himself & ,mr4 ,huiz5ga7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ! ,judici>y ,a ,,bill ,to impose a limitation on taxation & fees on transactions by c]ta9 securities indu/ry p>ticipants1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,protect+ ,retirem5t ,sav]s & ,ev]yday ,inve/ors ,act4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,! ,unit$ ,/ates capital m>kets are sophi/icat$1 complex1 div]se1 & highly int]connect$ int]/ate m>ketplaces t effect & process millions ( trades daily = ! b5efit ( individual & in/itutional inve/ors ?r\gh\t ! ,unit$ ,/ates1 includ+ ! retirem5t acc\nts ( union memb]s1 p5sion]s1 tea*]s1 policem51 firem51 fir/ respond]s1 & o!r work+ ,am]icans1 z well z ! end[m5ts ( colleges & univ]sities & *>itable organizations4 7#b7 ,! ,unit$ ,/ates capital m>kets are ! deepe/1 mo/ liquid m>kets 9 ! _w 9 l>ge measure because ( ! l[ transaction co/s t inve/ors pay to trade securities4 7#c7 ,"u ! ,f$]al securities laws1 ! ,securities & ,ex*ange ,commission s]ves z ! prim>y sup]visor & regulator ( ! ,unit$ ,/ates capital m>kets 7) ! assi/ance ( o!r ,f$]al regulators71 :ile "u ,/ate securities laws1 ,/ate regulators s]ve a second>y function ( help+ to protect inve/ors ) respect to securities (f]$ & sold )9 _! ,/ates4 7#d7 ,also pursuant to ! ,f$]al securities laws1 ,congress directs ! ,securities & ,ex*ange ,commission to assess transaction fees ^u ! ,unit$ ,/ates capital m>kets t are design$ to recov] ! ,commission's co/s ( sup]vis+ & regulat+ ! ,unit$ ,/ates capital m>kets4 7#e7 ,"s ,/ates h propos$ taxes & fees t are bas$ on securities transactions & process+ activity relat$ !reto f inve/ors f o!r ,/ates & w\ld raise co/s = all ,unit$ ,/ates inve/ors1 ev5 inve/ors outside ( ! ,/ates levy+ ! taxes & fees4 #c4 ,limitation on taxation & fees on transactions by c]ta9 securities indu/ry p>ticipants 7a7 ,9 g5]al ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by add+ at ! end ! foll[+ new title3 ,,xvii ,,limitation ,,on ,,taxation ,,& ,,fees ,,on ,,transactions ,,by ,,c]ta9 ,,securities ,,indu/ry ,,p>ticipants #agja4 ,limitation 7a7 ,9 g5]al ,no ,/ate or political subdivision !re( may impose a direct or indirect tax ^u a securities indu/ry p>ticipant :]e t tax is bas$ ^u-- 7#a7 ! numb] or volume ( securities transactions t ! securities indu/ry p>ticipant consummates or processes1 9 :ole or 9 "p1 )9 t ,/ate or political subdivision or by utiliz+ p]sonnel1 res\rces1 sy/ems1 facilities1 v5dors1 te*nology1 or infra/ructure t are locat$ 9 or t trav]se t ,/ate or political subdivision2 or 7#b7 ! value ( su* securities transactions4 7b7 ,pres]vation ( ,/ate & local tax+ au?ority ,except z provid$ 9 ?is section1 no?+ 9 ?is title %all be con/ru$ to modify1 impair1 or sup]s$e1 or au?orize ! modification1 impairm5t1 or sup]s$+ (1 any ,/ate or local law p]ta9+ to taxation t is o!rwise p]missible by or "u ! ,con/itution ( ! ,unit$ ,/ates or o!r ,f$]al law & 9 effect on ! date ( enactm5t ( ?is ,act4 7c7 ,exception 7#a7 ,9 g5]al ,individual ,/ates may impose taxes & collections ( ^? taxes on cov]$ p]sons = transactions1 :i* may h occurr$ )9 ! national m>ket sy/em1 to buy or sell securities ( _! own accord4 7#b7 ,cov]$ p]son def9$ ,= purposes ( p>agraph 7#a7 & ) respect to a ,/ate1 ! t]m cov]$ p]son means-- 7,a7 an individual ) prim>y resid5ce & domicile 9 t ,/ate2 & 7,b7 bus9esses1 corporations1 & o!r entities t-- 7i7 are n "p ( ! national m>ket sy/em2 & 7ii7 are domicil$ 9 & subject to t ,/ate's legal requirem5ts4 7d7 ,def9itions ,= purposes ( ?is section3 7#a7 ,alt]native trad+ sy/em ,! t]m alt]native trad+ sy/em %all h ! mean+ set =? 9 section #bdb4cjj ( title #ag1 ,code ( ,f$]al ,regulations4 7#b7 ,commodity ,! t]m commodity %all h ! mean+ set =? 9 section #a;a ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a;a7#i774 7#c7 ,national securities ex*ange ,! t]m national securities ex*ange %all h ! mean+ giv5 su* t]m "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f7a774 7#d7 ,process ,! t]m process %all include all activities involv$ directly or indirectly 9 effectuat+ a securities transaction1 includ+ ent]+1 transmitt+1 r\t+1 mat*+1 & execut+ ord]s 9 securities1 z well z cle>+1 settl+1 report+1 & consolidation & dissem9ation ( data & any o!r incid5tal activity relat+ to securities transactions1 includ+ to ! ma9t5ance & op]ation ( backup & disa/] recov]y facilities & sy/ems4 7#e7 ,securities indu/ry p>ticipant ,! t]m securities indu/ry p>ticipant means a f$]ally regulat$ self-regulatory organization1 national securities ex*ange1 alt]native trad+ sy/em1 securities in=mation processor1 commodities ex*ange1 cle>+ ag5cy1 trade report+ facility1 brok]1 deal]1 or securities trad+ sy/em or plat=m own$ or op]at$ by a brok] or deal]4 7#f7 ,securities transaction ,! t]m securities transaction means ! pur*ase or sale ( a security4 7#g7 ,o!r securities def9itions ,! t]ms brok]1 cle>+ ag5cy1 deal]1 ex*ange1 securities in=mation processor1 security1 & self-regulatory organization %all h ! mean+s giv5 ^? t]ms1 respectively1 "u section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts "u section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by add+ at ! end ! foll[+3 ,,title ,,xvii--,,limitation ,,on ,,taxation ,,& ,,fees ,,on ,,transactions ,,by ,,c]ta9 ,,securities ,,indu/ry ,,p>ticipants4 ,sec4 #agja4 ,limitation4 4