,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #hbci  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #b1 #bjbd ,mrs4  
,wagn] 7= h]self1 ,mr4 ,g>b>9o1 ,mr4    
,nunn ( ,i[a1 ,mr4 ,meus]1 ,mr4         
,huiz5ga1 & ,mr4 ,emm]7 introduc$ !     
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to improve ! consid]ation by ! 
,securities & ,ex*ange ,commission ( !  
co/s & b5efits ( regulations & ord]s ( !
 ,commission4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,,sec ,regulatory      
,acc\ntability ,act4  #b4 ,consid]ation 
by ! ,securities & ,ex*ange ,commission 
( ! co/s & b5efits ( regulations & c]ta9
 o!r ag5cy actions ( ! ,commission      
,section #bc ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghw7 is    
am5d$ by add+ at ! end ! foll[+3  7e7   
,consid]ation ( co/s & b5efits  7#a7    
,consid]ations be=e propos+ a regulation
 ,be=e propos+ a regulation1 !          
,commission %all-- 7,a7 cle>ly id5tify !
 nature & s\rce ( ! problem t !         

regulation is design$ to address1 z well
 z assess ! significance ( t problem1 to
 enable assessm5t ( :e!r any new        
regulation is w>rant$2 &  7,b7 ensure t 
! regulation w\ld be )9 ! ,commission's 
jurisdiction & t ! ,commission has      
suffici5t exp]i5ce & exp]tise to        
regulate ! subject matt] cov]$ by !     
regulation4  7#b7 ,requirem5ts = issu+ a
 propos$ or f9al regulation  7,a7 ,9    
g5]al ,9 issu+ a propos$ or f9al        
regulation1 ! ,commission %all--  7i7   
cle>ly id5tify ! m>ket p>ticipants :o w 
be impact$ by ! regulation2  7ii7       
utilize ! ,*ief ,economi/ ( !           
,commission to assess ! co/s & b5efits1 
bo? qualitative & quantitative1 ( !     
regulation1 bo? on ! regulation's own & 
cumulatively ) o!r exi/+ & propos$      
regulations2  7iii7 only issue !        
regulation if ! ,commission makes a     
reason$ det]m9ation t ! b5efits ( !     
regulation ju/ify ! co/s ( ! regulation2
  7iv7 id5tify & assess available       
alt]natives to ! regulation t 7         

consid]$1 includ+ modification ( an     
exi/+ regulation2  7v7 ensure t !       
regulation is accessible1 consi/5t1     
writt5 9 pla9 language1 & easy to       
und]/&2 &  7vi7 ensure t ! l5g? ( !     
public comm5t p]iod is comm5surate ) !  
complexity ( ! regulation & ! expect$   
public int]e/ 9 ! rulemak+4  7,b7       
,inclusion ( in=mation 9 a propos$ or   
f9al regulation ,9 issu+ a propos$ or   
f9al regulation1 ! ,commission %all     
include 9 ! regulation-- 7i7 ! results (
 ! id5tifications & assessm5ts requir$  
"u clauses 7i7 & 7ii7 ( subp>agraph 7,a7
 ) respect to ! regulation2  7ii7 an    
explanation ( :y ! regulation meets !   
regulatory objectives ( ! ,commission m 
effectively ?an o!r available           
alt]natives1 includ+ modification ( an  
exi/+ regulation2  7iii7 a description (
 h[ ! ,commission int5ds ! regulation to
 int]act ) exi/+ regulations & propos$  
regulations2 &  7iv7 a ju/ification ( ! 
l5g? ( ! public comm5t p]iod = !        
regulation4  7#c7 ,consid]ations &      

actions  7,a7 ,requir$ actions ,9 decid+
 :e!r & h[ to regulate1 ! ,commission   
%all assess ! co/s & b5efits ( available
 regulatory alt]natives1 includ+ !      
alt]native ( n regulat+1 & *oose !      
approa* t maximizes net b5efits4        
,specifically1 ! ,commission %all--  7i7
 consi/5t ) ! requirem5ts ( section     
#c7;f7 7#ae ,u4,s4,c4 #gh;c7f771 section
 #b7;b7 ( ! ,securities ,act ( #aicc    
7#ae ,u4,s4,c4 #gg;b7b771 section       
#bjb7;c7 ( ! ,inve/m5t ,advis]s ,act (  
#aidj 7#ae ,u4,s4,c4 #hj;b-#b7;c771 &   
section #b7;c7 ( ! ,inve/m5t ,company   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#b7;c771 consid] :e!r a rulemak+  
7bo? on ! regulation's own &            
cumulatively ) o!r exi/+ & propos$      
regulations71 9 addition to be+ 9 !     
int]e/ ( protect+ inve/ors1 w promote   
effici5cy1 competition1 & capital       
=mation2  7ii7 evaluate :e!r1 consi/5t )
 obta9+ regulatory objectives1 a        
regulation 7bo? on ! regulation's own & 
cumulatively ) o!r exi/+ & propos$      

regulations7 is tailor$ to impose ! lea/
 burd5 on society1 includ+ m>ket        
p>ticipants1 individuals1 bus9esses (   
diff]+ sizes1 & o!r entities 7includ+   
,/ate & local gov]nm5tal entities71 tak+
 into acc\nt1 to ! ext5t practicable1 ! 
cumulative co/s ( regulations2 &  7iii7 
evaluate :e!r a regulation is           
inconsi/5t1 incompatible1 or duplicative
 ( o!r ,f$]al regulations4  7,b7        
,additional consid]ations ,9 addition1 9
 mak+ a reason$ det]m9ation "u p>agraph 
7#b77;,a77iii7 ( ! co/s & b5efits ( a   
regulation1 ! ,commission %all1 to !    
ext5t t ea* is relevant to ! p>ticul>   
regulation1 take into consid]ation !    
impact ( ! regulation on--  7i7 inve/or 
*oice2  7ii7 m>ket liquidity 9 !        
securities m>kets2  7iii7 small         
bus9esses2  7iv7 competition 9 !        
m>ketplace2  7v7 inve/or access2 &  7vi7
 ! ,unit$ ,/ates economic               
competitiv5ess4  7#d7 ,po/-adoption     
impact assessm5t  7,a7 ,9 g5]al ,:5ev] !
 ,commission issues a f9al regulation t 

is a major rule 7z def9$ "u section #hjd
 ( title #e1 ,unit$ ,/ates ,code71 x    
%all /ate1 9 ! regulation1 ! foll[+3 7i7
 ,! purposes & int5d$ consequ5ces ( !   
regulation4  7ii7 ,appropriate          
po/-implem5tation quantitative &        
qualitative metrics to measure !        
economic impact ( ! regulation & to     
measure ! ext5t to :i* ! regulation has 
accompli%$ ! /at$ purposes4  7iii7 ,!   
assessm5t plan t w be us$1 consi/5t ) ! 
requirem5ts ( subp>agraph 7,b7 & "u !   
sup]vision ( ! ,*ief ,economi/1 to      
assess :e!r ! regulation has a*iev$ !   
/at$ purposes4  7iv7 ,any un9t5d$ or    
negative consequ5ces t ! ,commission    
=esees may result f ! regulation4  7,b7 
,requirem5ts ( assessm5t plan & report  
7i7 ,requirem5ts ( plan ,= ea*          
regulation describ$ "u subp>agraph 7,a71
 ! ,*ief ,economi/ %all e/abli% an      
assessm5t plan1 :i* %all--  7,i7 consid]
 ! co/s1 b5efits1 & int5d$ & un9t5d$    
consequ5ces ( ! regulation2  7,,ii7     
specify ! data to be collect$1 ! me?ods 

= collection & analysis ( ! data1 & a   
date = completion ( ! assessm5t2 &      
7,,iii7 include an analysis ( any jobs  
add$ or lo/ z a result ( ! regulation1  
diff]5tiat+ betwe5 public & private     
sector jobs4  7ii7 ,tim+ ( assessm5t    
plan report ,a report on ea* complet$   
assessm5t plan describ$ "u clause 7i7   
%all be submitt$ by ! ,*ief ,economi/ to
 ! ,commission n lat] ?an ! end ( !     
#d-ye> p]iod beg9n+ on ! date !         
applicable regulation is issu$1 unless !
 ,commission1 at ! reque/ ( ! ,*ief     
,economi/1 publi%es at lea/ #ij days    
be=e ! end ( su* p]iod a notice 9 !     
,f$]al ,regi/] ext5d+ ! date & provid+  
specific reasons :y an ext5sion is      
necess>y4  7iii7 ,public comm5t ,n lat] 
?an #g days aft] ! ,commission receives 
an assessm5t plan report "u clause 7ii71
 ! ,commission %all publi% ! report 9 ! 
,f$]al ,regi/] = public comm5t4  7#e7   
,regulation def9$ ,9 ?is subsection1 !  
t]m regulation--  7,a7 means an ag5cy   
/atem5t ( g5]al applicability & future  

effect t is design$ to implem5t1        
int]pret1 or prescribe law or policy or 
to describe ! proc$ure or practice      
requirem5ts ( an ag5cy1 includ+ rules1  
ord]s ( g5]al applicability1 int]pretive
 releases1 & o!r /atem5ts ( g5]al       
applicability t ! ag5cy int5ds to h !   
=ce & effect ( law2 &  7,b7 does n      
include--  7i7 a regulation issu$ 9     
accordance ) ! =mal rulemak+ provisions 
( section #eef or #eeg ( title #e1      
,unit$ ,/ates ,code2  7ii7 a regulation 
t is limit$ to ag5cy organization1      
managem5t1 or p]sonnel matt]s2  7iii7 a 
regulation promulgat$ pursuant to       
/atutory au?ority t expressly prohibits 
compliance ) ?is provision2 &  7iv7 a   
regulation t is c]tifi$ by ! ag5cy to be
 an em]g5cy action1 if su* c]tification 
is publi%$ 9 ! ,f$]al ,regi/]4  4  #c4  
,s5se ( ,congress relat+ to o!r         
regulatory entities ,x is ! s5se ( !    
,congress t ! ,public ,company ,acc\nt+ 
,ov]sight ,bo>d %\ld also foll[ !       
requirem5ts ( section #bc7;e7 ( !       

,securities ,ex*ange ,act ( #aicd1 z    
add$ by section #b4  #d4 ,acc\ntability 
provision relat+ to o!r regulatory      
entities ,a rule adopt$ by ! ,municipal 
,securities ,rulemak+ ,bo>d or any      
national securities association regi/]$ 
"u section #ae;,a ( ! ,securities       
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho-#c7 %all n take effect unless !    
,securities & ,ex*ange ,commission      
det]m9es t1 9 adopt+ su* rule1 ! ,bo>d  
or association has compli$ ) !          
requirem5ts ( section #bc7;e7 ( !       
,securities ,ex*ange ,act ( #aicd1 z    
add$ by section #b1 9 ! same mann] z is 
requir$ by ! ,commission "u su* section 
#bc7;e74