,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cica  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bd1 #bjbb,ms4    
,lummis introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to ext5d exemptions
 = securities (f]$ z "p ( employee pay  
to o!r individuals provid+ goods = sale1
 labor1 or s]vices = remun]ation1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,gig ,work] ,equity    
,comp5sation ,act4  #b4 ,ext5sion (     
,rule #gja  7a7 ,9 g5]al  7#a7          
,def9ition ,= purposes ( ?is subsection1
 ! t]m cu/om]s1 ) respect to an issu]1  
may1 at ! election ( ! issu]1 include   
us]s ( a plat=m ( ! issu]4  7#b7        
,application ,! exemption provid$ "u    
section #bcj4gja ( title #ag1 ,code (   
,f$]al ,regulations1 or any successor   
regulation1 %all apply to individuals   
7o!r ?an employees7 provid+ goods =     
sale1 labor1 or s]vices = remun]ation to

 an issu]1 or to cu/om]s ( an issu]1 to 
! same ext5t z t exemption applies to   
employees ( ! issu]4  7b7 ,adju/m5t =   
inflation ,section #ejg ( ! ,economic   
,gr[?1 ,regulatory ,relief1 & ,consum]  
,protection ,act 7#ae ,u4,s4,c4 #gg;e   
note7 is am5d$1 9 ! second s5t5ce1 by   
/rik+ e #e ye>s & ins]t+ annually4  7c7 
,rulemak+  7#a7 ,propos$ rules ,n lat]  
?an #bgj days aft] ! date ( enactm5t (  
?is ,act1 ! ,commission %all issue      
propos$ revisions to section #bcj4gja ( 
title #ag1 ,code ( ,f$]al ,regulations1 
or any successor regulation-- 7,a7 to   
reflect ! requirem5ts ( ?is section2 &  
7,b7 t d n revise su* section #bcj4gja 9
 any mann] t w\ld h ! effect ( re/rict+ 
access to equity comp5sation = employees
 or individuals describ$ 9 subsection   
7a74  7#b7 ,f9al rules ,n lat] ?an #bgj 
days aft] ! date on :i* ! ,commission   
issues ! propos$ revisions requir$ "u   
p>agraph 7#a71 ! ,commission %all issue 
a f9al v]sion ( ^? revisions4