,,ii  #aah? ,,congress  #a/ ,session    
,s4 #bjje  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ae1 #bjbc,mr4   
,r\nds 7= himself1 ,mr4 ,tillis1 ,ms4   
,lummis1 ,mr4 ,hag]ty1 ,mr4 ,da9es1 ,mr4
 ,cram]1 ,mrs4 ,britt1 ,mr4 ,sullivan1  
,mr4 ,grassley1 & ,mr4 ,boozman7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,act (   
#aicc to require t in=mation requir$ to 
be disclos$ to ! ,securities & ,ex*ange 
,commission by issu]s be mat]ial to vot+
 or inve/m5t decisions reg>d+ ^? issu]s1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,m&atory          
,mat]iality ,requirem5t ,act ( #bjbc4   
#b4 ,limitation on disclosure           
requirem5ts  7a7 ,securities ,act (     
#aicc ,section #b7;b7 ( ! ,securities   
,act ( #aicc 7#ae ,u4,s4,c4 #gg;b7b77 is
 am5d$-- 7#a7 9 ! subsection head+1 by  
ins]t+ 2 limitation on disclosure       
requirem5ts aft] ,=mation2  7#b7 by     

/rik+ ,:5ev] & ins]t+ ! foll[+3  7#a7 ,9
 g5]al ,:5ev]  2 &  7#c7 by add+ at !   
end ! foll[+3  7#b7 ,limitation  7,a7 ,9
 g5]al ,:5ev] pursuant to ?is title !   
,commission is engag$ 9 rulemak+ reg>d+ 
disclosure obligations ( issu]s1 !      
,commission %all expressly provide t an 
issu] is only requir$ to disclose       
in=mation 9 response to su* an          
obligation adopt$ by ! ,commission if ! 
issu] has det]m9$ t su* in=mation is    
important ) respect to a vot+ or        
inve/m5t decision reg>d+ ! issu]4  7,b7 
,applicability ,subp>agraph 7,a7 %all n 
apply ) respect to ! removal ( any      
disclosure requirem5t ) respect to an   
issu] or ! modification ( any disclosure
 requirem5t ) respect to an issu]1 if ! 
,commission expressly det]m9es t !      
removal or modification does n require  
disclosures t are1 9 ! aggregate1 m     
burd5some to ! issu] ?an ! exi/+        
disclosure requirem5t4  7,c7 ,rule (    
con/ruction ,= ! purposes ( ?is         
p>agraph1 in=mation is consid]$ to be   

important ) respect to a vot+ or        
inve/m5t decision reg>d+ an issu] if !re
 is a sub/antial likelihood t a         
reasonable inve/or w\ld view ! failure  
to disclose t in=mation z hav+          
significantly alt]$ ! total mix (       
in=mation made available to ! inve/or4  
4  7b7 ,securities ,ex*ange ,act ( #aicd
 ,section #c7;f7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7f77 is am5d$-- 7#a7 9 ! subsection
 head+1 by ins]t+ 2 limitation on       
disclosure requirem5ts aft] ,=mation2   
7#b7 by /rik+ ,:5ev] & ins]t+ ! foll[+3 
7#a7 ,9 g5]al ,:5ev]  2 &  7#c7 by add+ 
at ! end ! foll[+3  7#b7 ,limitation    
7,a7 ,9 g5]al ,:5ev] pursuant to ?is    
title ! ,commission is engag$ 9 rulemak+
 reg>d+ disclosure obligations ( issu]s1
 ! ,commission %all expressly provide t 
an issu] is only requir$ to disclose    
in=mation 9 response to su* an          
obligation adopt$ by ! ,commission if ! 
issu] has det]m9$ t su* in=mation is    
important ) respect to a vot+ or        

inve/m5t decision reg>d+ ! issu]4  7,b7 
,applicability ,subp>agraph 7,a7 %all n 
apply ) respect to ! removal ( any      
disclosure requirem5t ) respect to an   
issu] or ! modification ( any disclosure
 requirem5t ) respect to an issu]1 if ! 
,commission expressly det]m9es t !      
removal or modification does n require  
disclosures t are1 9 ! aggregate1 m     
burd5some to ! issu] ?an ! exi/+        
disclosure requirem5t4  7,c7 ,rule (    
con/ruction ,= ! purposes ( ?is         
p>agraph1 in=mation is consid]$ to be   
important ) respect to a vot+ or        
inve/m5t decision reg>d+ an issu] if !re
 is a sub/antial likelihood t a         
reasonable inve/or w\ld view ! failure  
to disclose t in=mation z hav+          
significantly alt]$ ! total mix (       
in=mation made available to ! inve/or4  
4