,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dfah  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bb1 #bjba,ms4  
,wat]s introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
mod]nize ! report+ requirem5ts "u       
section #ac7;f7 ( su* ,act1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,%ort ,sale ,transp>5cy &  
,m>ket ,fairness ,act4  #b4 ,section    
#ac7;f7 report+ requirem5ts ,section    
#ac7;f7 ( ! ,securities ,ex*ange ,act ( 
#aicd 7#ae ,u4,s4,c4 #ghm7f77 is am5d$--
 7#a7 9 p>agraph 7#a7-- 7,a7 by /rik+   
equity securities ( a class describ$ 9  
section #ac7;d77#a7 ( ?is title hav+ an 
aggregate fair m>ket value on ! la/     
trad+ day 9 any ( ! prec$+ twelve mon?s 
( at lea/ #ajj1jjj1jjj or su* less]     
am\nt 7b 9 no case less ?an #aj1jjj1jjj7
 z ! ,commission1 by rule1 may det]m9e1 
%all file reports ) ! ,commission 9 su* 
=m1 = su* p]iods1 & at su* times aft] ! 

end ( su* p]iods z ! ,commission1 by    
rule1 may prescribe1 b 9 no ev5t %all   
su* reports be fil$ = p]iods long] ?an  
"o ye> or %ort] ?an "o qu>t]4 & ins]t+  
cov]$ securities hav+ an aggregate fair 
m>ket value on ! la/ trad+ day 9 any ( !
 prec$+ twelve mon?s ( at lea/          
#ajj1jjj1jjj1 %all file reports n lat]  
?an #aj bus9ess days aft] ! end ( ea*   
mon? ) ! ,commission42 &  7,b7 by /rik+ 
su* equity security & ins]t+ cov]$      
security 2 &  7#b7 by add+ at ! end !   
foll[+3  7#g7 ,=m ( reports ,!          
,commission may prescribe by rule ! =m (
 ! reports requir$ "u p>agraph 7#a74    
7#h7 ,cov]$ security ,= purposes (      
p>agraph 7#a71 ! t]m cov]$ security     
means-- 7,a7 an equity security ( a     
class describ$ 9 subsection 7d77#a72 or 
7,b7 a direct or indirect d]ivative     
int]e/ or position 7includ+ a           
security-bas$ swap7 9 an equity         
security1 z def9$ by ! ,commission4  4  
#c4 ,regulations relat+ to %ort sale    
disclosures ,n lat] ?an #ahj days aft] !

 date ( ! enactm5t ( ?is ,act1 !        
,securities & ,ex*ange ,commission %all 
issue rules implem5t+ ! am5dm5ts made by
 section #ibi,x ( title ,,ix ( !        
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ae          
,u4,s4,c4#gh;a et seq474  #d4 ,/udy on  
confid5tial treatm5t ( #ac7;f7 reports  
7a7 ,9 g5]al ,! ,securities & ,ex*ange  
,commission %all conduct a /udy to      
evaluate ! /&>ds & crit]ia us$ to       
det]m9e :e!r confid5tial treatm5t %all  
apply ) respect to an in/itutional      
inve/m5t manag] = purposes ( fil+ a     
report "u section #ac7;f7 ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghm7f774  7b7 ,report ,n lat]
 ?an #a ye> aft] ! date ( enactm5t ( ?is
 ,act1 ! ,securities & ,ex*ange         
,commission %all submit to ! ,committee 
on ,f9ancial ,s]vices ( ! ,h\se (       
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate a report on ! results ( ! /udy   
conduct$ "u subsection 7a74  7c7        

,rulemak+ ,n lat] ?an #b ye>s aft] !    
date ( enactm5t ( ?is ,act1 !           
,securities & ,ex*ange ,commission %all 
issue or revise rules consi/5t ) !      
results ( ! /udy conduct$ "u subsection 
7a74