,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cbgj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #aa1 #bjbj,mr4
 ,tillis 7= himself & ,mr4 ,pet]s7      
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to all[ c]ta9     
qualifi$ ov]-!-c\nt] securities to be   
treat$ z readily trad$ on an e/abli%$   
securities m>ket = ! purpose (          
div]sification requirem5ts = employee   
/ock own]%ip plans4  #a4 ,%ort title    
,?is ,act may be cit$ z ! #bjbj ,,esop  
,fairness ,act4  #b4 ,c]ta9 securities  
treat$ z publicly trad$  7a7 ,9 g5]al   
,p>agraph 7#ce7 ( section #dja7;a7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subp>agraph3  7,i7 ,rules relat+ to     
publicly trad$ securities ,= purposes ( 
?is p>agraph-- 7i7 ,9 g5]al ,! t]m      
publicly trad$ employ] securities means 
employ] securities :i* are readily      
tradable on an e/abli%$ securities      

m>ket4  7ii7 ,special rule ,a security  
%all be treat$ z describ$ 9 clause 7i7  
if ! security-- 7,i7 is ! subject (     
pric$ quotations by at lea/ #b deal]s1  
publi%$ & made cont9u\sly available on  
an int]deal] quotation sy/em 7z su* t]m 
is us$ 9 section #ac ( ! ,securities    
,ex*ange ,act ( #aicd7 :i* has made !   
reque/ describ$ 9 section #f7;j7 ( su*  
,act to be treat$ z an alt]native trad+ 
sy/em1  7,,ii7 is n a p5ny /ock 7z def9$
 by section #c7;a77#ea7 ( su* ,act71    
7,,iii7 is issu$ by a company :i* is n a
 %ell company 7z su* t]m is us$ 9       
section #d7;d77#f7 ( ! ,securities ,act 
( #aicc7 or a blank *eck company 7z     
def9$ 9 section #g7;b77#c7 ( su* ,act71 
& is n subject to bankruptcy proce$+s1  
7,,iv7 9 ! case ( a security issu$ by a 
company incorporat$ 9 ! ,unit$ ,/ates1 !
 issu] publi%es1 n less frequ5tly ?an   
annually1 f9ancial /atem5ts audit$ by an
 indep5d5t auditor regi/]$ ) ! ,public  
,company ,acc\nt+ ,ov]sight ,bo>d       
e/abli%$ "u ! ,s>banes-,oxley ,act (    

#bjjb1 &  7,v7 9 ! case ( a security    
issu$ by a company incorporat$ outside (
 ! ,unit$ ,/ates1 ! issu]--  7aa7 is    
subject to ! report+ requirem5ts (      
sections #ac or #ae7;d7 ( ! ,securities 
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghm or #gho7d771  7bb7 is subject to ! 
report+ requirem5ts ( section #bcj4beg (
 title #ag1 ,code ( ,f$]al ,regulations1
 or  7cc7 is exempt f su* requirem5ts "u
 section #bdj4ab;g#c-b7;b7 ( title #ag1 
,code ( ,f$]al ,regulations1 &  has     
publi%$ all in=mation :i* is requir$ by 
su* ,act or ,rule1 z applicable1 to be  
publicly available4  4  7b7 ,con=m+     
am5dm5t ,subp>agraph 7,g7 ( section     
#dja7;a77#ce7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by /rik+ clause 7v7 & 
by r$esignat+ clause 7vi7 z clause 7v74 
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to plan ye>s     
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4