,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cife  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #cj1 #bjbb,mr4    
,moran introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to provide t brok]-deal]s :o   
provide rese>* s]vices to an inve/m5t   
manag] & receive paym5ts f c]ta9 acc\nts
 is n an inve/m5t advis]1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,increas+ ,access to       
,advis] ,in=mation ,act4  #b4 ,def9ition
 ( inve/m5t advis] ,section             
#bjb7;a77#aa7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#aa77 is am5d$ by /rik+ or 
7,h7 & ins]t+ 7,h7 any brok] or deal] :o
 provides rese>* s]vices to an inve/m5t 
manag] & accepts paym5t = ^? s]vices f !
 inve/m5t manag]'s own money1 f a rese>*
 paym5t acc\nt fund$ ) money f a cli5t (
 ! inve/m5t manag]1 or a comb9ation     
!re(1 provid$ t ! paym5t me?od ( !      
inve/m5t manag] is subject to1 ei!r     

directly or by contractual obligation1 !
 ,directive #bjad_/fe_/;,,eu ( !        
,european ,p>liam5t1 ! ,c\ncil ( #ae    
,may #bjad on m>kets 9 f9ancial         
in/rum5ts & am5d+ ,directive            
#bjjb_/ib_/;,,ec & ,directive           
#bjaa_/fa_/;,,eu1 z implem5t$ by !      
,european ,union memb] /ates1 or any o!r
 law f any =eign jurisdiction t is      
sub/antially simil> to t directive & !  
implem5t+ rules & regulations ( t       
directive2 or 7,i74