,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #bgib  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #bj1 #bjbc,mrs4
 ,wagn] introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require !      
,securities & ,ex*ange ,commission to   
c>ry out a /udy & rulemak+ on !         
def9ition ( ! t]m small entity =        
purposes ( ! securities laws1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,small ,entity ,update     
,act4  #b4 ,/udies1 reports1 & rules    
reg>d+ small entities  7a7 ,def9itions  
,9 ?is section-- 7#a7 ! t]m ,commission 
means ! ,securities & ,ex*ange          
,commission2  7#b7 ! t]m ,committee     
means ! ,small ,bus9ess ,capital        
,=mation ,advisory ,committee e/abli%$  
"u section #dj ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #ghqq72     
7#c7 ! t]m ,(fice means ! ,(fice ( !    
,advocate = ,small ,bus9ess ,capital    
,=mation e/abli%$ "u section #d7;j7 ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  

,u4,s4,c4 #gh;d7j772 &  7#d7 ! t]m small
 entity-- 7,a7 has ! mean+ giv5 ! t]m 9 
section #fja ( title #e1 ,unit$ ,/ates  
,code1 ) respect to ! activities ( !    
,commission2 &  7,b7 includes any       
def9ition e/abli%$ by ! ,commission ( ! 
t]m small bus9ess1 small organization1  
or small gov]nm5tal jurisdiction "u     
p>agraph 7#c71 7#d71 or 7#e71           
respectively1 ( section #fja ( title #e1
 ,unit$ ,/ates ,code1 ) respect to !    
activities ( ! ,commission4  7b7 ,/udies
 & reports ,n lat] ?an #a ye> aft] !    
date ( enactm5t ( ?is ,act1 & once e #e 
ye>s !reaft]1 ! ,commission %all-- 7#a7 
9 consultation ) ! ,committee1 ! ,(fice1
 & ! ,(fice ( ,advocacy ( ! ,small      
,bus9ess ,adm9i/ration1 conduct a /udy (
 ! def9ition ( ! t]m small entity )     
respect to ! activities ( ! ,commission 
= ! purposes ( *apt] #f ( title #e1     
,unit$ ,/ates ,code1 :i* %all consid]-- 
7,a7 ! ext5t to :i* ! def9ition ( ! t]m 
small entity1 z 9 effect dur+ ! p]iod 9 
:i* ! /udy is conduct$1 aligns ) ! f9d+s

 & decl>ations made "u section #b7;a7 ( 
! ,regulatory ,flexibility ,act 7#e     
,u4,s4,c4 #fja note72  7,b7 ! am\nt by  
:i* f9ancial m>kets 9 ! ,unit$ ,/ates h 
gr[n s9ce ! la/ "t ! ,commission am5d$ !
 def9ition ( ! t]m small entity1 if     
applicable2 &  7,c7 h[ ! ,commission    
%\ld def9e ! t]m small entity to ensure 
t a mean+ful numb] ( entities w\ld fall 
"u t def9ition2 &  7#b7 submit to       
,congress a report t includes-- 7,a7 !  
results ( ! applicable /udy conduct$ "u 
p>agraph 7#a72 &  7,b7 specific &       
detail$ recomm5dations on ! ways 9 :i* !
 ,commission c\ld am5d ! def9ition ( !  
t]m small entity to-- 7i7 be consi/5t ) 
! results describ$ 9 subp>agraph 7,a72 &
  7ii7 exp& ! numb] ( entities cov]$ by 
su* def9ition4  7c7 ,rulemak+  7#a7     
,propos$ rules ,n lat] ?an #ahj days    
aft] ! date on :i* ! ,commission submits
 to ,congress a report requir$ "u       
subsection 7b77#b71 ! ,commission %all  
issue a propos$ rule t implem5ts !      
recomm5dations describ$ 9 subsection    

7b77#b77;,b74  7#b7 ,f9al rules ,n lat] 
?an #ahj days aft] ! date on :i* !      
,commission publi%es a propos$ rule "u  
p>agraph 7#a7 9 ! ,f$]al ,regi/]1 !     
,commission %all issue a f9al v]sion ( t
 rule4