,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #cddh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #bj1 #bjba,mr4   
,/eil 7= himself1 ,mr4 ,holl+swor?1 &   
,mr4 ,hill7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,a ,,bill  ,to provide = a    
#e-ye> ext5sion ( c]ta9 exemptions &    
r$uc$ disclosure requirem5ts = companies
 t 7 em]g+ gr[? companies & w\ld cont9ue
 to be em]g+ gr[? companies b = ! #e-ye>
 re/riction on em]g+ gr[? companies1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,help+ ,/>tups     
,cont9ue ,to ,gr[ ,act4  #b4 ,on-ramp   
ext5sion  7a7 ,def9ition ( a rec5t em]g+
 gr[? company  7#a7 ,securities ,act (  
#aicc ,section #b7;a7 ( ! ,securities   
,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7a77 is
 am5d$ by add+ at ! end ! foll[+3  7#bj7
 ,rec5t em]g+ gr[? company ,! t]m rec5t 
em]g+ gr[? company means an issu] t--   
7,a7 01 b is no long]1 an em]g+ gr[?    
company2  7,b7 w\ld cont9ue to be an    
em]g+ gr[? company b = ! application (  

subp>agraph 7,b7 ( p>agraph 7#ai72 &    
7,c7 ceas$ to be an em]g+ gr[? company  
)9 ! previ\s #e-ye> p]iod4  4  7#b7     
,securities ,ex*ange ,act ( #aicd       
,section #c7;a7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77  
is am5d$-- 7,a7 by r$esignat+ ! second  
p>agraph 7#hj7 z p>agraph 7#ha72 &  7,b7
 by add+ at ! end ! foll[+3  7#hb7      
,rec5t em]g+ gr[? company ,! t]m rec5t  
em]g+ gr[? company means an issu] t--   
7,a7 01 b is no long]1 an em]g+ gr[?    
company2  7,b7 w\ld cont9ue to be an    
em]g+ gr[? company b = ! application (  
subp>agraph 7,b7 ( p>agraph 7#hj72 &    
7,c7 ceas$ to be an em]g+ gr[? company  
)9 ! previ\s #e-ye> p]iod4  4  7b7      
,/reaml9$ f9ancial disclosures  7#a7    
,securities ,act ( #aicc ,section       
#g7;a77#b7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;g7a77#b77 is am5d$-- 
7,a7 by ins]t+ aft] ,an em]g+ gr[?      
company ! foll[+3 & a rec5t em]g+ gr[?  
company2 &  7,b7 9 subp>agraph 7,a7--   
7i7 by /rik+ su* em]g+ gr[? company &   

ins]t+ su* company2 &  7ii7 by /rik+ an 
em]g+ gr[? company & ins]t+ su* company4
  7#b7 ,securities ,ex*ange ,act ( #aicd
 ,section #ac7;a7 ( ! ,securities       
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghm7a77 is am5d$ by add+ at ! end !    
foll[+3 ,! previ\s s5t5ce %all apply1 to
 ! same ext5t z su* s5t5ce applies to an
 em]g+ gr[? company1 to a rec5t em]g+   
gr[? company44  7#c7 ,o!r disclosures ,a
 rec5t em]g+ gr[? company 7z def9$ "u   
section #b ( ! ,securities ,act ( #aicc7
 may comply ) section #bbi4cjc7;a7 (    
title #ag1 ,code ( ,f$]al ,regulations1 
or any successor !reto1 by provid+      
in=mation requir$ by su* section )      
respect to ! f9ancial /atem5ts ( !      
company = ea* p]iod pres5t$ pursuant to 
section #g7;a7 ( ! ,securities ,act (   
#aicc 7#ae ,u4,s4,c4 #gg;g7a774 ,su* a  
company may comply ) section #bbi4djb ( 
title #ag1 ,code ( ,f$]al ,regulations1 
or any successor !reto1 by disclos+ !   
same in=mation z any issu] ) a m>ket    
value ( out/&+ vot+ & nonvot+ common    

equity held by non-affiliates ( less ?an
 #ge1jjj1jjj4  7c7 ,draft regi/ration   
/atem5ts ,section #f7;e77#a7 ( !        
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;f7e77#a77 is am5d$-- 7#a7 by /rik+  
em]g+ gr[? company ea* place su* t]m    
appe>s & ins]t+ em]g+ gr[? company or   
rec5t em]g+ gr[? company2 &  7#b7 by    
/rik+ em]g+ m>ket gr[? company & ins]t+ 
em]g+ gr[? company or rec5t em]g+ gr[?  
company4  7d7 ,executive comp5sation    
disclosures  7#a7 ,c]ta9 %>ehold]       
disclosures ,section #ad;,a7e77#b7 ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghn-#a7;e77 is am5d$-- 7,a7 9
 subp>agraph 7,a71 by /rik+ ,an em]g+   
gr[? company & ins]t+ ! foll[+ ,any     
em]g+ gr[? company or rec5t em]g+ gr[?  
company2 &  7,b7 9 subp>agraph 7,b7--   
7i7 9 ! head+1 by /rik+ t]m9ation (     
em]g+ gr[? company treatm5t & ins]t+    
exemption2  7ii7 by /rik+ an em]g+ gr[? 
company b is no long] an em]g+ gr[?     
company & ins]t+ exempt "u subp>agraph  
7,a7 b is no long] exempt2 &  7iii7 9   

clause 7ii71 by ins]t+ be=e ! p]iod !   
foll[+3 or a rec5t em]g+ gr[? company4  
7#b7 ,pay ratio disclosures ,section    
#iec7;b77#a7 ( ! ,inve/or ,protection & 
,securities ,re=m ,act ( #bjaj 7#ae     
,u4,s4,c4 #ghl note7 is am5d$1 by /rik+ 
1 z t t]m is def9$ 9 & ins]t+ or a rec5t
 em]g+ gr[? company1 z su* t]ms are     
def9$1 respectively1 "u4  7#c7 ,pay vs4 
p]=mance disclosures ,section #ad7;i7 ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #ghn7i77 is am5d$ by ins]t+  
aft] em]g+ gr[? company ! foll[+3 or a  
rec5t em]g+ gr[? company4  7#d7         
,simplifi$ executive comp5sation        
disclosures ,! ,securities & ,ex*ange   
,commission %all am5d section           
#bbi4djb7l7 ( title #ag1 ,code ( ,f$]al 
,regulations1 to p]mit a rec5t em]g+    
gr[? company 7z def9$ "u section #b ( ! 
,securities ,act ( #aicc7 to make use ( 
! same scal$ disclosures = executive    
comp5sation t are available pursuant to 
su* section = small] report+ companies &
 em]g+ gr[? companies4