,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #idjh  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #b1 #bjbb,mr4
 ,huiz5ga 7= himself & ,mr4 ,b>r7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,securities ,act (   
#aicc to require t in=mation requir$ to 
be disclos$ to ! ,securities & ,ex*ange 
,commission by issu]s be mat]ial to     
inve/ors ( ^? issu]s1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,m&atory ,mat]iality ,requirem5t ,act 
( #bjbb4  #b4 ,limitation on disclosure 
requirem5ts  7a7 ,securities ,act (     
#aicc ,section #b7;b7 ( ! ,securities   
,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7b77 is
 am5d$--  7#a7 9 ! subsection head+1 by 
ins]t+ 2 limitation on disclosure       
requirem5ts aft] ,=mation2  7#b7 by     
/rik+ ,:5ev] & ins]t+ ! foll[+3  7#a7 ,9
 g5]al ,:5ev]  2 &  7#c7 by add+ at !   
end ! foll[+3  7#b7 ,limitation  7,a7 ,9
 g5]al ,:5ev] pursuant to ?is title !   
,commission is engag$ 9 rulemak+ reg>d+ 

disclosure obligations ( issu]s1 !      
,commission may impose a disclosure     
requirem5t on an issu] only if !        
,commission expressly det]m9es t !re is 
a sub/antial likelihood t a reasonable  
inve/or ( ! issu] w\ld consid] !        
in=mation disclos$ to ! ,commission "u !
 requirem5t to be important ) respect to
 an inve/m5t decision reg>d+ ! issu]4   
7,b7 ,applicability ,subp>agraph 7,a7   
%all n apply ) respect to ! removal (   
any disclosure requirem5t ) respect to  
an issu]4  7,c7 ,rule ( con/ruction ,= !
 purposes ( ?is p>agraph1 in=mation is  
important ) respect to an inve/m5t      
decision made by an inve/or if !re is a 
sub/antial likelihood t ! inve/or w\ld  
view ! failure to disclose t in=mation z
 hav+ significantly alt]$ ! total mix ( 
in=mation made available to ! inve/or4  
4  7b7 ,securities ,ex*ange ,act ( #aicd
 ,section #c7;f7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7f77 is am5d$--  7#a7 9 !          
subsection head+1 by ins]t+ 2 limitation

 on disclosure requirem5ts aft]         
,=mation2  7#b7 by /rik+ ,:5ev] & ins]t+
 ! foll[+3  7#a7 ,9 g5]al ,:5ev]  2 &   
7#c7 by add+ at ! end ! foll[+3  7#b7   
,limitation  7,a7 ,9 g5]al ,:5ev]       
pursuant to ?is title ! ,commission is  
engag$ 9 rulemak+ reg>d+ disclosure     
obligations ( issu]s1 ! ,commission may 
impose a disclosure requirem5t on an    
issu] only if ! ,commission expressly   
det]m9es t !re is a sub/antial          
likelihood t a reasonable inve/or ( !   
issu] w\ld consid] ! in=mation disclos$ 
to ! ,commission "u ! requirem5t to be  
important ) respect to an inve/m5t      
decision reg>d+ ! issu]4  7,b7          
,applicability ,subp>agraph 7,a7 %all n 
apply ) respect to ! removal ( any      
disclosure requirem5t ) respect to an   
issu]4  7,c7 ,rule ( con/ruction ,= !   
purposes ( ?is p>agraph1 in=mation is   
important ) respect to an inve/m5t      
decision made by an inve/or if !re is a 
sub/antial likelihood t ! inve/or w\ld  
view ! failure to disclose t in=mation z

 hav+ significantly alt]$ ! total mix ( 
in=mation made available to ! inve/or4  
4