,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #bfbb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #ac1 #bjbc,mr4 
,sessions 7= himself & ,mrs4 ,wagn]7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,inve/m5t ,advis]s   
,act ( #aidj to codify c]ta9 ,securities
 & ,ex*ange ,commission no-action lett]s
 t exclude brok]s & deal]s comp5sat$ =  
c]ta9 rese>* s]vices f ! def9ition (    
inve/m5t advis]1 & = o!r purposes4  #a4 
,def9ition ( inve/m5t advis] am5d$ to   
exclude brok]s & deal]s comp5sat$ =     
c]ta9 rese>* s]vices ,section           
#bjb7;a77#aa7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#aa77 is am5d$ by add+ at !
 end ! foll[+3 ,9 subp>agraph 7,c71 !   
t]m special comp5sation does n include  
comp5sation provid$ by any p]son :o is  
an inve/m5t advis]1 :o w\ld be an       
inve/m5t advisor b = subp>agraph 7,a71  
7,c71 7,e71 7,f7 or 7,g71 or is an      
insurance company1 = rese>* s]vices1 z  

describ$ 9 section #bh7;e7 ( !          
,securities ,ex*ange ,act ( #aicd1 :e!r 
paid f ! res\rces ( su* p]son or !      
res\rces ( a cli5t ( su* p]son 7includ+ 
cli5t commissions744