,,ib ,union ,cal5d> ,no4 #aje #aah?     
,,congress  #a/ ,session  ,h4 ,r4 #bfbb 
,report ,no4 #aah-acd ,,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     
,july #aa1 #bjbc,report$ ) an am5dm5t1  
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union1 & ord]$ to be   
printed,strike out all aft] ! enact+    
clause & ins]t ! "p pr9t$ 9 italic,for  
text ( introduc$ bill1 see copy ( bill z
 introduc$ on ,april #ac1 #bjbc  ,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 
,ext5sion ( no-action lett]2 /udy  7a7  
,f9d+s ,congress f9ds ! foll[+3 7#a7 ,! 
,securities & ,ex*ange ,commission /aff 
fir/ grant$ tempor>y no-action relief 9 
#bjag1 prior to ! implem5tation (       

,european rules design$ to protect      
,european inve/ors f excessive co/s &   
conflicts ( int]e/4  7#b7 ,! ,commission
 /aff did n engage 9 any mean+ful       
co/-b5efit analysis ( ! issues rais$ by 
! no-action relief reque/$ ei!r prior to
 or foll[+ ! grant+ ( no-action relief 9
 #bjag4  7#c7 ,! ,commission /aff revis$
 & ext5d$ ! tempor>y no-action relief 9 
#bjai1 aga9 )\t any mean+ful co/-b5efit 
analysis ( ! issues rais$ by ! no-action
 relief reque/$ prior to or foll[+ !    
grant+ ( ! relief4  7#d7 ,!re are       
curr5tly approximately #ae1cjj regi/]$  
inve/m5t advis]s1 includ+ affiliates t  
provide ! va/ majority ( inve/m5t       
rese>*4  7#e7 ,! ,commission has receiv$
 compla9ts f inve/ors & inve/or advocacy
 gr\ps express+ conc]ns ) ! no-action   
relief1 z x curr5tly exi/s4  7#f7 ,!    
,commission has receiv$ conc]ns f       
brok]-deal]s relat$ to ! pot5tial       
expiration ( ! no-action relief4  7b7   
,ext5sion ( no-action lett] ,!          
,commission %all provide an additional  

#f-mon? ext5sion ( ! ,octob] #bf1 #bjag1
 ,securities ,indu/ry & ,f9ancial       
,m>kets ,association1 ,,sec ,/aff       
,no-,action ,lett]1 set to expire on    
,july #c1 #bjbc4  7c7 ,/udy requir$     
,aft] ! ann\ncem5t ext5d+ ! expiration  
date ( ! no-action lett] "u subsection  
7b71 ! ,commission %all conduct1 ?r\gh  
notice & comm5t1 a /udy ( ! impact (    
all[+ ! no-action lett]'s expiration or 
ma9t5ance ( ! no-action lett]1 & give   
due reg>d to any comm5ts receiv$ 9      
conduct+ ! /udy4 ,! ,commission or      
delegat$ /aff %all report _! f9d+s &    
conclusions1 includ+ f9d+s relat$ to !  
expiration ( ! no-action relief1 to !   
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate4  7d7 ,cont5ts ( /udy ,! /udy    
requir$ "u subsection 7c7 %all include  
pot5tial impacts on ! rese>* m>ket =    
small] issu]s1 includ+-- 7#a7 !         
availability ( su* rese>*1 includ+--    
7,a7 ! numb] & types ( firms :o provide 

su* rese>*2  7,b7 ! volume ( su* rese>* 
ov] "t2 &  7,c7 competition 9 ! rese>*  
m>ket2  7#b7 any unique *all5ges fac$ by
 m9ority-own$1 wom5-own$1 & vet]an own$ 
small issu]s 9 obta9+ rese>* cov]age2   
7#c7 ! impact on ! availability ( rese>*
 cov]age = small issu]s due to          
,commission rules2  7#d7 a co/-b5efit   
analysis ( regulatory options t w       
support rese>* cov]age ( small entities 
& increase transp>5cy 9 ! co/ ( rese>*  
provid$ by brok]-deal]s2  7#e7 ! impact 
( ! no-action relief on inve/ors 9      
regi/]$ inve/m5t companies & exempt     
inve/m5t funds1 p5sion funds1 end[m5ts1 
& o!r asset own]s1 inve/m5t advis]s1    
brok]-deal]s t provide bo? inve/m5t     
rese>* & trad+ s]vices1 indep5d5t       
inve/m5t advis]s t d n provide trad+    
s]vices1 brok]-deal]s t d n provide     
inve/m5t rese>*1 & o!r m>ket            
p>ticipants1 includ+ issu]s (           
securities2 &  7#f7 ! pot5tial impacts (
 ! expiration ( ! no-action relief on   
inve/ors 9 regi/]$ inve/m5t companies & 

exempt inve/m5t funds1 p5sion funds1    
end[m5ts1 inve/m5t advis]s1 & o!r asset 
own]s1 brok]-deal]s t provide bo?       
inve/m5t rese>* & trad+ s]vices1        
indep5d5t inve/m5t advis]s t d n provide
 trad+ s]vices1 brok]-deal]s t d n      
provide inve/m5t rese>*1 & o!r m>ket    
p>ticipants1 includ+ issu]s (           
securities4  ,july #aa1 #bjbc,report$ ) 
an am5dm5t1 committ$ to ! ,committee ( !
 ,:ole ,h\se on ! ,/ate ( ! ,union1 &   
ord]$ to be pr9t$