,,ib ,union ,cal5d> ,no4 #fia #aai? ,,congress #b;d ,session ,h4 ,r4 #gahg ,report ,no4 #aai-gia ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,janu>y #ba1 #bjbf,mr4 ,nunn ( ,i[a 7= himself & ,mr4 ,meeks7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,septemb] #a1 #bjbf;,additional sponsors3 ,ms4 ,pett]s51 ,mr4 ,lawl]1 ,mr4 ,/utzman1 ,mr4 ,g>b>9o1 ,ms4 ,mc,bride1 ,mr4 ,moore ( ,nor? ,c>ol9a1 ,mr4 ,timmons1 ,mrs4 ,kim1 ,ms4 ,de ,la ,cruz1 ,mr4 ,k5n$y ( ,new ,york1 & ,mr4 ,moran ,septemb] #a1 #bjbf,report$ ) am5dm5ts1 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 ,janu>y #ba1 #bjbf ,a ,,bill ,to am5d ! ,securities ,ex*ange ,act ( #aicd to provide an exemption f ! def9ition ( a brok] = a c]ta9 regi/]$ repres5tative-own$ p]sonal s]vices entity1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,cl>ity = ,comp5sation ,act4 #b4 ,brok] def9ition exception = regi/]$ repres5tative-own$ p]sonal s]vices entity 7a7 ,9 g5]al ,section #c7;a77#d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a77#d77 is am5d$ by add+ at ! end ! foll[+3 7,g7 ,exception = regi/]$ repres5tative-own$ p]sonal s]vices entity 7i7 ,9 g5]al ,a p]sonal s]vices entity %all n be consid]$ a brok] solely by reason ( receiv+ comp5sation on behalf ( a regi/]$ repres5tative f t repres5tative's regi/]$ brok] at ! direction ( su* repres5tative1 if-- 7,i7 ! repres5tative's regi/]$ brok] in/ructs or o!rwise approves ! am\nt & tim+ ( ! paym5t & ma9ta9s records reg>d+ ! paym5t made2 7,,ii7 ! p]sonal s]vices entity does n hold itself out z a brok]2 7,,iii7 ! p]sonal s]vices entity does n engage 9 any o!r brok] activity1 o!r ?an ! receipt ( comp5sation on behalf ( ! regi/]$ repres5tative2 7,,iv7 ! repres5tative's regi/]$ brok] ma9ta9s adequate sup]vision & control ov] ! regi/]$ repres5tative & ! p]sonal s]vices entity2 7,v7 ! repres5tative's regi/]$ brok] & ! p]sonal s]vices entity h a writt5 agreem5t gov]n+ _! relation%ip & ! responsibilities ( ea* p>ty reg>d+ comp5sation arrangem5ts2 7,,vi7 ! p]sonal s]vices entity is only own$ by-- 7aa7 ! regi/]$ repres5tative2 7bb7 if ! regi/]$ repres5tative is an individual1 imm$iate family memb]s ( ! regi/]$ repres5tative2 or 7cc7 entities :olly own$ by-- 7,,aa7 ! regi/]$ repres5tative2 or 7,,bb7 if ! regi/]$ repres5tative is an individual1 imm$iate family memb]s ( ! regi/]$ repres5tative2 7,,vii7 ! p]sonal s]vices entity meets su* o!r requirem5ts z ! ,commission may prescribe1 by rule2 & 7,,viii7 ! p]sonal s]vices entity1 ) respect solely to ! resolution ( disputes )1 & recov]y by1 cu/om]s-- 7aa7 agrees 9 writ+-- 7,,aa7 to submit to ! jurisdiction ( a dispute resolution =um ( ! applicable self-regulatory organization solely = ! purposes ( en=cem5t ( any aw>d r5d]$ aga9/ ! regi/]$ repres5tative aris+ f ! securities bus9ess ( ! regi/]$ repres5tative2 & 7,,bb7 to be b\nd by any su* aw>d to ! ext5t ( assets held by ! p]sonal s]vices entity2 & 7bb7 rema9s subject to all f9ancial obligations1 liabilities1 & rem$ies ( ! regi/]$ repres5tative "u applicable ,f$]al securities laws1 ! rules ( ! applicable self-regulatory organization1 & ! securities laws ( any ,/ate ) respect to su* securities bus9ess4 7ii7 ,ov]sight & exam9ation ,9 ord] to ensure t a p]sonal s]vices entity t is n consid]$ a brok] by reason ( ?is subp>agraph cont9ues to meet ! requirem5ts = ! exception "u ?is subp>agraph1 ! p]sonal s]vices entity %all ma9ta91 & make available ^u reque/ to ! ,commission & ! applicable self-regulatory organization1 all books & records 9 ! possession ( ! p]sonal s]vices entity t-- 7,i7 ! brok] f :i* ! p]sonal s]vices entity receives comp5sation is requir$ to ma9ta9 & make available to ! ,commission & ! applicable self-regulatory organization2 & 7,,ii7 ! ,commission det]m9es necess>y & appropriate to demon/rate t ! p]sonal s]vices entity cont9ues to meet ! requirem5ts = ! exception "u ?is subp>agraph4 7iii7 ,def9itions ,9 ?is subp>agraph3 7,i7 ,applicable self-regulatory organization ,) respect to a p]sonal s]vices entity or a regi/]$ repres5tative ( a brok]1 ! t]m applicable self-regulatory organization means ea* self-regulatory organization ) :i* ! relat$ brok] is requir$ to be regi/]$4 7,,ii7 ,brok] activity ,! t]m brok] activity means an activity und]tak5 by a brok] or a deal] :o is regi/]$1 or requir$ to be regi/]$1 "u ?is ,act4 7,,iii7 ,imm$iate family memb] ,) respect to an individual1 ! t]m imm$iate family memb] means a sp\se1 *ild1 p>5t1 bro!r1 si/]1 gr&p>5t1 gr&*ild1 /epp>5t1 /ep*ild1 /epbro!r1 or /epsi/] ( ! individual4 7,,iv7 ,p]sonal s]vices entity ,! t]m p]sonal s]vices entity means an entity t is e/abli%$ by a regi/]$ repres5tative to receive comp5sation = ! s]vices ( ! regi/]$ repres5tative & = o!r activity t is n securities-relat$4 7,v7 ,regi/]$ repres5tative ,) respect to a brok]1 ! t]m regi/]$ repres5tative means a p]son :o is-- 7aa7 an associat$ p]son ( a brok] or deal] ) respect to ! brok]2 & 7bb7 regi/]$ ) ! applicable self-regulatory organization4 4 7b7 ,effective date ,section #c7;a77#d77;,g7 ( ! ,securities ,ex*ange ,act ( #aicd1 z add$ by subsection 7a71 %all take effect on ! date t is #ahj days aft] ! date ( ! enactm5t ( ?is ,act4 ,am5d ! title s z to read3 ,a bill to am5d ! ,securities ,ex*ange ,act ( #aicd to provide an exception f ! def9ition ( a brok] = a c]ta9 regi/]$ repres5tative-own$ p]sonal s]vices entity1 & = o!r purposes44 ,septemb] #a1 #bjbf,report$ ) am5dm5ts1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$