,,ii  #aag? ,,congress  #b;d ,session   
,s4 #dgeg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,augu/ #c1 #bjbb,mr4   
,scott ( ,florida 7= himself & ,mr4 ,van
 ,holl57 introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to require national        
securities ex*anges to id5tify issu]s t 
are consolidat$ v>iable int]e/ entities1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,trad+ & ,inve/+ )
 ,cle> ,k & ,expectations ab\t ,risk    
,act or ! ,,tick] ,act4  #b4 ,s5se (    
,congress ,x is ! s5se ( ,congress t--  
7#a7 v>iable int]e/ entities bas$ 9     
=eign jurisdictions1 includ+ ! ,p's     
,republic ( ,*9a1 pose a specific &     
significant risk to inve/ors 9 ! ,unit$ 
,/ates1 includ+ because inve/ors t      
pur*ase %>es ( ^? entities-- 7,a7 h no  
equity or direct own]%ip int]e/2 &  7,b7
 lack legal rec\rse2 &  7#b7 inve/ors 9 
! ,unit$ ,/ates %\ld m cle>ly be made   

aw>e ( ! risk describ$ 9 p>agraph 7#a7 9
 a transp>5t1 easily accessible1 &      
/&>diz$ mann] t is recognizable to all  
p]sons t h inve/$1 or seek to inve/1 9  
entities t are describ$ 9 t p>agraph &  
are li/$ on ex*anges 9 ! ,unit$ ,/ates1 
su* z ?r\gh cle>ly visible w>n+         
indicators on tick] symbols & o!r       
company symbols us$ by ^? ex*anges4  #c4
 ,id5tification ( risk ) respect to     
c]ta9 entities  7a7 ,def9itions ,9 ?is  
section-- 7#a7 ! t]ms brok]1 deal]1     
ex*ange1 & security h ! mean+s giv5 ^?  
t]ms 9 section #c7;a7 ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a772  7#b7 ! t]m ,commission means
 ! ,securities & ,ex*ange ,commission2  
7#c7 ! t]m cov]$ entity means a         
consolidat$ v>iable int]e/ entity2  7#d7
 ! t]m national securities ex*ange means
 an ex*ange t is regi/]$ z a national   
securities ex*ange pursuant to section  
#f ( ! ,securities ,ex*ange ,act ( #aicd
 7#ae ,u4,s4,c4 #gh;f71 z am5d$ by      
subsection 7b7 ( ?is section2 &  7#e7 ! 

t]m v>iable int]e/ entity has ! mean+   
giv5 ! t]m "u g5]ally accept$ acc\nt+   
pr9ciples4  7b7 ,requirem5ts  7#a7      
,national securities ex*anges  7,a7 ,9  
g5]al ,section #f7;b7 ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;f7b77 is am5d$ by add+ at ! end !   
foll[+3  7#aa7 7,a7 ,9 ?is p>agraph1 !  
t]m cov]$ entity has ! mean+ giv5 ! t]m 
9 section #c7;a7 ( ! ,trad+ & ,inve/+ ) 
,cle> ,k & ,expectations ab\t ,risk     
,act4  7,b7 ,! rules ( ! ex*ange require
 ! id5tification ( ea* cov]$ entity1 !  
securities ( :i* are li/$ on ! ex*ange1 
z a cov]$ entity 9 ! symbol = ! cov]$   
entity us$ on ! ex*ange4  4  7,b7       
,effective date2 applicability ,!       
am5dm5t made by subp>agraph 7,a7 %all-- 
7i7 take effect on ! date t is #ahj days
 aft] ! date ( enactm5t ( ?is ,act2 &   
7ii7 apply ) respect to a cov]$ entity1 
! securities ( :i* are li/$ on a        
national securities ex*ange on or aft] !
 date describ$ 9 clause 7i74  7#b7      
,brok]s & deal]s ,beg9n+ n lat] ?an #ahj

 days aft] ! date ( enactm5t ( ?is ,act1
 ! ,commission %all require brok]s &    
deal]s to provide w>n+s to inve/ors     
inve/+ 9 cov]$ entities t ^? inve/ors   
may lack legal rec\rse ) respect to su* 
an inve/m5t4