,i  #aagth ,,congress  #ast ,session    
,h4 ,r4 #eiac  ,,in ,,the ,,house ,,of  
,,representatives  ,november #i1        
#bjba,mr4 ,sherman introduced the       
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to prohibit registered      
investment advisers1 brokers1 and       
registered representatives of brokers   
from facilitating the transaction of or 
recommending the securities of certain  
special purpose acquisition companies   
unless certain disclosures are made1 and
 for other purposes4  #a4 ,short title  
,this ,act may be cited as the          
,protecting ,investors from ,excessive  
,s,p,a,cs ,fees ,act of #bjba4  #b4     
,prohibition relating to certain special
 purpose acquisition companies  7a7     
,investment advisers ,section #bjf of   
the ,investment ,advisers ,act of #aidj 
7#ae ,u4,s4,c4 #hj;b-#f7 is amended--   
7#a7 in paragraph 7#c71 by striking or  
at the end2  7#b7 in paragraph 7#d71 by 
striking the period at the end and      

inserting 2 or2 and  7#c7 by adding at  
the end the following3  7#e7 to         
facilitate the transaction of1 or       
recommend1 securities of a special      
purpose acquisition company1 as defined 
by the ,commission1 to a person who is  
not an accredited investor 7as defined  
in section #b7;a7 of the ,securities    
,act of #aicc 7#ae ,u4,s4,c4 #gg;b771   
unless-- 7,a7 the promote or similar    
economic compensation of the special    
purpose acquisition company is #e       
percent or less2 or  7,b7 the special   
purpose acquisition company makes such  
disclosures to the ,commission as the   
,commission1 by rule1 may determine to  
be necessary or appropriate in the      
public interest or for the protection of
 investors4  4  7b7 ,brokers and        
registered representatives of brokers   
,section #ae of the ,securities         
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gho7 is amended by adding at the end   
the following3  7p7 ,prohibition        
relating to certain special purpose     

acquisition companies  7#a7 ,in general 
,a broker and any registered            
representative of a broker shall be     
prohibited from facilitating the        
transaction of1 or recommending1        
securities of a special purpose         
acquisition company1 as defined by the  
,commission1 to a person who is not an  
accredited investor 7as defined in      
section #b7;a7 of the ,securities ,act  
of #aicc 7#ae ,u4,s4,c4 #gg;b771        
unless-- 7,a7 the promote or similar    
economic compensation of the special    
purpose acquisition company is #e       
percent or less2 or  7,b7 the special   
purpose acquisition company makes such  
disclosures to the ,commission as the   
,commission1 by rule1 may determine to  
be necessary or appropriate in the      
public interest or for the protection of
 investors4  7#b7 ,registered           
representative of a broker defined ,in  
this subsection1 with respect to a      
broker1 the term registered             
representative of a broker means an     

individual who represents the broker in 
effecting or attempting to effect a     
purchase or sale of securities4  4