,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cihj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ca1 #bjbb,ms4    
,lummis 7= h]self1 ,ms4 ,s9ema1 ,mr4    
,w>n]1 & ,mr4 ,hag]ty7 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 
c>ry out a /udy ( ! co/s associat$ )    
small- & m$ium-siz$ companies to        
und]take initial public (f]+s4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,middle ,m>ket ,,ipo ,und]writ+ ,co/    
,act4  #b4 ,/udy on ,,ipo fees  7a7     
,def9itions ,9 ?is section3 7#a7 ,i,p,os
 ,! t]m ,i,p,os means initial public    
(f]+s4  7#b7 ,small- & m$ium-siz$       
companies ,! t]m small- & m$ium-siz$    
companies means issu]s ) an initial     
public float det]m9ation ( less ?an     
#gjj1jjj1jjj4  7b7 ,/udy ,! ,securities 
& ,ex*ange ,commission1 9 consultation )
 ! ,f9ancial ,indu/ry ,regulatory       
,au?ority1 %all c>ry out a /udy ( ! co/s

 associat$ ) small- & m$ium-siz$        
companies to und]take ,i,p,os & ,ti] #b 
(f]+s1 z def9$ 9 section #bcj4bea (     
title #ag1 ,code ( ,f$]al ,regulations4 
,9 c>ry+ out su* /udy1 ! ,commission    
%all-- 7#a7 consid] ! direct & indirect 
co/s ( an ,,ipo1 includ+-- 7,a7 fees1   
su* z gross spreads paid to und]writ]s1 
,,ipo advisors1 & o!r pr(essionals2     
7,b7 compliance ) ,f$]al & ,/ate        
securities laws at ! "t ( ! ,,ipo2 &    
7,c7 su* o!r ,,ipo-relat$ co/s z !      
,commission det]m9es appropriate2  7#b7 
comp>e & analyze ! co/s ( an ,,ipo ) !  
co/s ( obta9+ alt]native s\rces ( f9anc+
 & ( liquidity2  7#c7 consid] ! impact (
 su* co/s on capital =mation2  7#d7     
analyze ! impact ( ^! co/s on !         
availability ( public securities (      
small- & m$ium-siz$ companies to retail 
inve/ors2 &  7#e7 analyze tr5ds 9       
,i,p,os ov] a "t p]iod ! ,commission    
det]m9es is appropriate to analyze ,,ipo
 pric+ practices1 consid]+-- 7,a7 !     
numb] ( ,i,p,os2  7,b7 h[ co/s = ,i,p,os

 h evolv$ ov] "t1 includ+ fees paid to  
und]writ]s1 inve/m5t advisory firms1 &  
o!r pr(essions = s]vices 9 connection ) 
an ,,ipo2  7,c7 ! numb] ( brok]s &      
deal]s active 9 und]writ+ ,i,p,os2  7,d7
 ! diff]5t types ( s]vices t und]writ]s 
& relat$ p]sons provide be=e & aft] a   
small- or m$ium-siz$ company ,,ipo & !  
factors impact+ und]writ+ co/s2  7,e7   
*anges 9 ! co/s & availability (        
inve/m5t rese>* = small- & m$ium-siz$   
companies2 &  7,f7 any o!r consid]ation 
! ,commission consid]s necess>y &       
appropriate4  7c7 ,report ,n lat] ?an ! 
end ( ! #cfj-;day p]iod beg9n+ on ! date
 ( ! enactm5t ( ?is ,act1 ! ,commission 
%all issue a report to ,congress conta9+
 all f9d+s & det]m9ations made 9 c>ry+  
out ! /udy requir$ "u subsection 7b7 &  
any adm9i/rative or legislative         
recomm5dations ! ,commission may h4