,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cihj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #ca1    
#bjbb,ms4 ,lummis 7for herself1 ,ms4    
,sinema1 ,mr4 ,warner1 and ,mr4         
,hagerty7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,a ,,bill  ,to     
require the ,securities and ,exchange   
,commission to carry out a study of the 
costs associated with small- and        
medium-sized companies to undertake     
initial public offerings4  #a4 ,short   
title ,this ,act may be cited as the    
,middle ,market ,,ipo ,underwriting     
,cost ,act4  #b4 ,study on ,,ipo fees   
7a7 ,definitions ,in this section3 7#a7 
,i,p,os ,the term ,i,p,os means initial 
public offerings4  7#b7 ,small- and     
medium-sized companies ,the term small- 
and medium-sized companies means issuers
 with an initial public float           
determination of less than #gjj1jjj1jjj4
  7b7 ,study ,the ,securities and       

,exchange ,commission1 in consultation  
with the ,financial ,industry           
,regulatory ,authority1 shall carry out 
a study of the costs associated with    
small- and medium-sized companies to    
undertake ,i,p,os and ,tier #b          
offerings1 as defined in section        
#bcj4bea of title #ag1 ,code of ,federal
 ,regulations4 ,in carrying out such    
study1 the ,commission shall-- 7#a7     
consider the direct and indirect costs  
of an ,,ipo1 including-- 7,a7 fees1 such
 as gross spreads paid to underwriters1 
,,ipo advisors1 and other professionals2
  7,b7 compliance with ,federal and     
,state securities laws at the time of   
the ,,ipo2 and  7,c7 such other         
,,ipo-related costs as the ,commission  
determines appropriate2  7#b7 compare   
and analyze the costs of an ,,ipo with  
the costs of obtaining alternative      
sources of financing and of liquidity2  
7#c7 consider the impact of such costs  
on capital formation2  7#d7 analyze the 
impact of these costs on the            

availability of public securities of    
small- and medium-sized companies to    
retail investors2 and  7#e7 analyze     
trends in ,i,p,os over a time period the
 ,commission determines is appropriate  
to analyze ,,ipo pricing practices1     
considering-- 7,a7 the number of        
,i,p,os2  7,b7 how costs for ,i,p,os    
have evolved over time1 including fees  
paid to underwriters1 investment        
advisory firms1 and other professions   
for services in connection with an      
,,ipo2  7,c7 the number of brokers and  
dealers active in underwriting ,i,p,os2 
7,d7 the different types of services    
that underwriters and related persons   
provide before and after a small- or    
medium-sized company ,,ipo and the      
factors impacting underwriting costs2   
7,e7 changes in the costs and           
availability of investment research for 
small- and medium-sized companies2 and  
7,f7 any other consideration the        
,commission considers necessary and     
appropriate4  7c7 ,report ,not later    

than the end of the #cfj-;day period    
beginning on the date of the enactment  
of this ,act1 the ,commission shall     
issue a report to ,congress containing  
all findings and determinations made in 
carrying out the study required under   
subsection 7b7 and any administrative or
 legislative recommendations the        
,commission may have4