,,ii  #aag? ,,congress  #b;d ,session   
,s4 #dheg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ae1         
#bjbb,mr4 ,re$ 7= himself1 ,ms4 ,cortez 
,ma/o1 & ,ms4 ,w>r57 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 companies to file public reports
 aft] meet+ c]ta9 quantitative ?re%olds1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,private ,m>kets  
,transp>5cy & ,acc\ntability ,act4  #b4 
,requirem5t to file regi/ration /atem5t 
7a7 ,9 g5]al ,section #ab7;g7 ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7g77 is am5d$-- 7#a7 9    
p>agraph 7#a7-- 7,a7 9 subp>agraph      
7,a7-- 7i7 9 clause 7i71 by mov+ ! m>g9s
 #b ems to ! "r2 &  7ii7 9 clause 7ii7--
 7,i7 by mov+ ! m>g9s #b ems to ! "r2 & 
7,,ii7 by /rik+ & at ! end2  7,b7 by    
r$esignat+ subp>agraph 7,b7 z           
subp>agraph 7,d72 &  7,c7 by ins]t+ aft]

 subp>agraph 7,a7 ! foll[+3  7,b7 )9 #ah
 mon?s aft] ! la/ day ( ! fir/ fiscal   
ye> end$ on :i* ! issu] has a valuation 
exce$+ #gjj1jjj1jjj 7exclud+ ! value (  
%>es held by affiliates ( ! issu]71     
7,c7 )9 #ah mon?s aft] ! la/ day ( !    
fir/ fiscal ye> end$ on :i* ! issu]     
has-- 7i7 rev5ues exce$+ #e1jjj1jjj1jjj2
 &  7ii7 n less ?an #e1jjj employees1 & 
2  7#b7 9 p>agraph 7#d7-- 7,a7 9 ! fir/ 
s5t5ce-- 7i7 by /rik+ ,regi/ration &    
ins]t+ ! foll[+3 ,except 9 ! case ( an  
issu]1 ! regi/ration ( a security ( :i* 
is requir$ "u p>agraph 7#a77;,b71       
regi/ration2 &  7ii7 by /rik+ p]sons    
p]sons & ins]t+ p]sons2 &  7,b7 by      
ins]t+ aft] ! fir/ s5t5ce ! foll[+3 ,9 !
 case ( an issu]1 ! regi/ration ( a     
security ( :i* is requir$ "u p>agraph   
7#a77;,b71 regi/ration ( ! security may 
be t]m9at$ at ! discretion ( !          
,commission if ! ,commission f9ds1 bas$ 
on a c]tification submitt$ by ! issu] "u
 p>agraph 7#g71 & su* o!r data &        
in=mation z ! ,commission may require1 t

 ! valuation ( ! issu] has fall5 bel[   
#bej1jjj1jjj42 &  7#c7 by add+ at ! end 
! foll[+3  7#g7 ,c]tification requir$ ,)
 respect to an issu]1 ! regi/ration ( a 
security ( :i* is requir$ "u p>agraph   
7#a77;,b71 ! issu] %all submit to !     
,commission an annual c]tification )    
respect to ! value ( %>es held by       
affiliates ( ! issu] 7along ) %>ehold+s 
( ^? affiliates71 beg9n+ on ! date on   
:i* t security is fir/ regi/]$ "u t     
provision or su* e>li] date on :i* !    
,commission reque/s in=mation ab\t !    
valuation ( ! issu] or ! hold+s ( !     
affiliates ( ! issu]4  7#h7 ,regi/ration
  7,a7 ,9 g5]al ,except z provid$ 9     
subp>agraph 7,b71 ) respect to an issu]1
 ! regi/ration ( a security ( :i* is    
requir$ "u subp>agraph 7,b7 or 7,c7 (   
p>agraph 7#a71 ! issu] %all file ) !    
,commission su* supplem5t>y & p]iodic   
in=mation1 docum5ts1 & reports z may be 
requir$ by ! ,commission "u section #ac 
= a security regi/]$ "u ?is section4    
7,b7 ,application ,! requirem5t "u      

subp>agraph 7,a7 %all cease to apply )  
respect to an issu] on ! e>li] (-- 7i7  
#ah mon?s aft] ! fir/ fiscal ye> on :i* 
! issu] meets ! ?re%olds 9 subp>agraph  
7,a7 or 7,b7 ( p>agraph 7#a72 or  7ii7 !
 date ( ! fir/ sale ( common equity     
securities ( ! issu] pursuant to an     
effective regi/ration /atem5t "u !      
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;a et seq474  7#i7 ,def9itions2      
det]m9ations  7,a7 ,def9itions ,=       
purposes ( p>agraphs 7#a7 & 7#g71 )     
respect to an issu]-- 7i7 ! t]m         
affiliate has ! mean+ giv5 ! t]m 9      
section #bcj4dje ( title #ag1 ,code (   
,f$]al ,regulations1 z 9 effect on !    
date ( enactm5t ( ?is p>agraph2 &  7ii7 
! t]m employee includes-- 7,i7 any      
individual p]=m+ cl]ical1 adm9i/rative1 
support1 or o!r simil> function = !     
issu]2 &  7,,ii7 any indep5d5t          
contractor act+ on behalf ( ! issu]4    
7,b7 ,det]m9ations ,! proc$ures &       
crit]ia to be us$ 9 det]m9+ ! valuation 
( an issu] = ! purposes ( p>agraph      

7#a77;,b7 may1 z det]m9$ by !           
,commission1 by rule-- 7i7 require a    
m9imum trad+ p]iod2  7ii7 rely on sales 
9 a private m>ket2 or  7iii7 rely on    
c]tifi$ f9ancial /atem5ts4  4  7b7      
,rules  7#a7 ,fil+s ,! ,securities &    
,ex*ange ,commission may1 by rule1 z !  
,commission det]m9es consi/5t ) ! public
 int]e/ & ! protection ( inve/ors1      
tailor ! cont5t ( ! in=mation1 docum5ts1
 or reports requir$ to be fil$ by an    
issu]1 ! regi/ration ( a security ( :i* 
is requir$ "u p>agraph 7#a77;,c7 (      
section #ab7;g77#a7 ( ! ,securities     
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghl7g77#a771 z add$ by subsection 7a74 
7#b7 ,transition ?re%olds ,! ,securities
 & ,ex*ange ,commission may1 by rule1   
e/abli% transition ?re%olds = exit+ f   
/atus z a report+ company "u            
subp>agraphs 7,b7 & 7,c7 ( section      
#ab7;g77#a7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4             
#ghl7g77#a771 z add$ by subsection 7a74 
7#c7 ,inve/m5t companies  7,a7          

,def9ition ,9 ?is p>agraph1 ! t]m cov]$ 
inve/m5t company means a p]son t is     
exclud$ f ! def9ition ( inve/m5t company
 "u subsection 7b7 or 7c7 ( section #c (
 ! ,inve/m5t ,company ,act ( #aidj 7#ae 
,u4,s4,c4 #hj;a-#c74  7,b7 ,pot5tial    
exemption ,! ,securities & ,ex*ange     
,commission may1 by rule1 exempt cov]$  
inve/m5t companies f ! mean+ ( ! t]m    
issu] = purposes ( subp>agraph 7,b7 (   
section #ab7;g77#a7 ( ! ,securities     
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghl7g77#a771 z add$ by subsection 7a71 
if ! ,commission f9ds t do+ s is-- 7i7  
necess>y or appropriate 9 ! public      
int]e/ or = ! protection ( inve/ors2 or 
7ii7 o!rwise 9 fur!rance ( ! purposes ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gh;a et seq474