,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dfag  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bb1 #bjba,mr4  
,%]man introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require !      
,securities & ,ex*ange ,commission to   
c>ry out a /udy on paym5t = ord] fl[1 to
 require ! ,inve/or ,advocate ( !       
,commission to provide recomm5dations on
 paym5t = ord] fl[1 & = o!r purposes4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,to be add$ ,act ( #bjba4  #b4 ,/udies
 & reports  7a7 ,9 g5]al ,! ,securities 
& ,ex*ange ,commission %all c>ry out a  
/udy on paym5t = ord] fl[ receiv$ by    
brok]age firms = r\t+ cu/om] ord]s to   
m>ket c5t]s1 includ+ :olesale brok]ages1
 alt]native trad+ sy/ems1 int]naliz]s1 &
 ex*anges1 includ+-- 7#a7 paym5t = ord] 
fl[ arrangem5ts2  7#b7 conflicts aris+ f
 ^! paym5t arrangem5ts2  7#c7 ! ext5t to
 :i* execution prices = brok]age firm   
cu/om]s are reflective ( ! be/ available
 m>ket price2  7#d7 ! impact ( paym5t = 

ord] fl[ arrangem5ts on cu/om] trade    
execution quality2  7#e7 /eps firms are 
tak+ to mitigate or elim9ate conflicts  
/emm+ f ^! arrangem5ts2  7#f7 h[        
brok]age firms disclose paym5t = ord]   
fl[ to cu/om]s2  7#g7 :e!r cu/om]s      
und]/& ! disclosures provid$ by brok]age
 firms reg>d+ paym5t = ord] fl[2  7#h7 !
 disclosure requirem5ts pursuant to     
,rule #fjf ( ,regulation ,,nms 7#ag     
,c4,f4,r4 #bdb4fjf72  7#i7 :e!r firms   
are adequately disclos+ paym5t = ord]   
fl[ on ,=m ,,crs2  7#aj7 /eps brok]age  
firms are tak+1 if any1 to limit h[     
m>ket c5t]s use ! brok]age firms'       
cu/om]'s data2 &  7#aa7 ! ext5t to :i*  
brok]s are survey+ diff]5t m>ket c5t]s =
 be/ prices prior to r\t+ specific      
cu/om] ord]s4  7b7 ,report ,n lat] ?an !
 end ( ! #ahj-;day p]iod beg9n+ on !    
date ( enactm5t ( ?is ,act1 !           
,commission %all issue a report to !    
,congress conta9+ all f9d+s &           
det]m9ations made 9 c>ry+ out ! /udy    
requir$ "u subsection 7a74  7c7         

,rulemak+ ,n lat] ?an #ah mon?s aft] !  
date ( enactm5t ( ?is ,act1 !           
,securities & ,ex*ange ,commission %all 
issue rules1 subject to notice & comm5t1
 to revise its rules consi/5t ) !       
results ( su* /udy1 includ+1 if w>rant$1
 to prohibit or limit ! paym5t = ord]   
fl[4  7d7 ,cl>ification ( au?ority ,!   
,commission may issue rules to regulate1
 limit1 or prohibit ! paym5t = ord] fl[ 
be=e ! completion ( ! /udy requir$ "u   
?is section1 if ! ,commission f9ds su* a
 rule is necess>y or appropriate 9 !    
public int]e/ or = ! protection (       
inve/ors4