,,ii  #aah? ,,congress  #a/ ,session    
,s4 #bada  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bb1 #bjbc ,mr4  
,moran introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to ext5d a         
no-action det]m9ation relat+ to !       
provision ( rese>* s]vices by           
brok]-deal]s1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,increas+ ,access to ,advis] ,in=mation 
,act4  #b4 ,ext5sion ( no-action        
det]m9ation2 /udy  7a7 ,f9d+s ,congress 
f9ds ! foll[+3  7#a7 ,9 #bjag1 /aff ( ! 
,securities & ,ex*ange ,commission      
7ref]r$ to 9 ?is section z !            
,commission7 fir/ grant$ tempor>y       
no-action relief reg>d+ compliance ) !  
provisions relat$ to rese>* 9 ! ,m>kets 
9 ,f9ancial ,in/rum5ts ,directive ,,ii  
7commonly ref]r$ to z ,mi,f,i,d ,,ii7 & 
relat$ implem5t+ rules & regulations1   
be=e ! implem5tation ( ,european rules  

design$ to protect ,european inve/ors f 
excessive co/s & conflicts ( int]e/4    
7#b7 ,/aff ( ! ,commission did n engage 
9 any mean+ful co/-b5efit analysis ( !  
issues rais$ by ! no-action relief      
describ$ 9 p>agraph 7#a7 ei!r be=e or   
aft] ! grant+ ( t relief4  7#c7 ,9      
#bjai1 /aff ( ! ,commission revis$ &    
ext5d$ ! tempor>y no-action relief      
describ$ 9 p>agraph 7#a71 aga9 )\t any  
mean+ful co/-b5efit analysis ( ! issues 
rais$ by ! no-action relief ei!r be=e or
 aft] ! grant+ ( t relief4  7#d7 ,z ( ! 
date ( enactm5t ( ?is ,act1 !re are     
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 relief   
describ$ 9 p>agraph 7#a71 z x exi/s on !
 date ( enactm5t ( ?is ,act4  7#f7 ,!   
,commission has receiv$ conc]ns f       
brok]-deal]s relat+ to ! pot5tial       
expiration ( ! no-action relief describ$

 9 p>agraph 7#a74  7b7 ,ext5sion (      
no-,action det]m9ation ,! ,commission   
%all provide an additional #ahj-;day    
ext5sion ( ! no-action det]m9ation      
describ$ 9 ! lett] s5t on ,novemb] #d1  
#bjai1 f ! ,*ief ,c\nsel's ,(fice ( !   
,division ( ,inve/m5t ,managem5t ( !    
,commission to ! ,securities ,indu/ry & 
,f9ancial ,m>kets ,association1 entitl$ 
,inve/m5t ,advis]s ,act (               
#aidj--,section #bjb7;a77#aa7 7ref]r$ to
 9 ?is section z ! no-action            
det]m9ation71 set to expire on ,july #c1
 #bjbc4  7c7 ,/udy requir$  7#a7 ,9     
g5]al ,aft] ! ann\ncem5t ( ! ext5sion1  
pursuant to subsection 7b71 ( !         
expiration date ( ! no-action           
det]m9ation1 ! ,commission %all--  7,a7 
aft] provid+ notice & ! opportunity =   
comm5t1 conduct a /udy ( ! impact (     
all[+ ! no-action det]m9ation to expire 
or ( ma9ta9+ ! no-action det]m9ation2 & 
7,b7 9 c>ry+ out ! /udy requir$ "u      
subp>agraph 7,a71 give due reg>d to any 
comm5ts receiv$ "u t subp>agraph4  7#b7 

,cont5ts ,! /udy requir$ "u p>agraph    
7#a7 %all include pot5tial impacts on ! 
rese>* m>ket = small] issu]s1 includ+ ! 
foll[+3 7,a7 ,! availability ( t rese>*1
 includ+--  7i7 ! numb] & types ( firms 
t provide t rese>*2  7ii7 ! volume ( t  
rese>* ov] "t2 &  7iii7 competition 9 ! 
rese>* m>ket4  7,b7 ,any unique *all5ges
 fac$ by m9ority-own$1 wom5-own$1 or    
vet]an-own$ small issu]s 9 obta9+ rese>*
 cov]age4  7,c7 ,! impact on !          
availability ( rese>* cov]age = small   
issu]s due to rules ( ! ,commission4    
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]s4  
7,e7 ,impacts ( ! no-action det]m9ation 
on-- 7i7 inve/ors 9--  7,i7 regi/]$     
inve/m5t companies & exempt inve/m5t    
funds2  7,,ii7 p5sion funds2 &  7,,iii7 
end[m5ts2  7ii7 o!r asset own]s2  7iii7 
inve/m5t advis]s2  7iv7 brok]-deal]s t  
provide bo? inve/m5t rese>* & trad+     
s]vices2  7v7 indep5d5t inve/m5t advis]s

 t d n provide trad+ s]vices2  7vi7     
brok]-deal]s t d n provide inve/m5t     
rese>*2 &  7vii7 o!r m>ket p>ticipants1 
includ+ issu]s ( securities4  7,f7      
,pot5tial impacts ( ! expiration ( !    
no-action det]m9ation on ! p>ties       
describ$ 9 subp>agraph 7,e74  7#c7      
,report ,n lat] ?an #ah mon?s aft] !    
date ( enactm5t ( ?is ,act1 !           
,commission1 or delegat$ /aff ( !       
,commission1 %all submit to ! ,committee
 on ,bank+1 ,h\s+1 & ,urban ,affairs ( !
 ,s5ate & ! ,committee on ,f9ancial     
,s]vices ( ! ,h\se ( ,repres5tatives a  
report conta9+ ! f9d+s & conclusions f !
 /udy conduct$ "u ?is subsection1       
includ+ f9d+s relat+ to ! expiration ( !
 no-action det]m9ation4