,,ii  #aai? ,,congress  #a/ ,session    
,s4 #bfbe  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ca1 #bjbe ,mr4  
,r\nds 7= himself & ,ms4 ,cortez ,ma/o7 
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to require !       
,secret>y ( ,heal? & ,human ,s]vices to 
c>ry out c]ta9 activities relat+ to !   
regulation ( indep5d5t ag5ts & brok]s & 
?ird-p>ty m>ket+ organizations "u p>ts  
,c & ,d ( ! ,m$ic>e program1 & = o!r    
purposes4  #a4  ,%ort title  ,?is ,act  
may be cit$ z ! ,indep5d5t ,brok]       
,relief & ,ov]sight ( ,kn[+ly ,egregi\s 
& ,repetitive ,sales ,tactics ,9 ,m$ic>e
 ,enrollm5t ,act ( #bjbe or ! ,indep5d5t
 ,,brok]s ,,"t ,act ( #bjbe4  #b4       
,requir$ rulemak+ proce$+s  7a7  ,updat+
 ! def9ition ( a ?ird-,p>ty m>ket+      
organization 7,,tpmo7 "u p>ts ,c & ,d ( 
! ,m$ic>e program  7#a7  ,def9ition     
7,a7  ,9 g5]al  ,! ,secret>y ( ,heal? & 
,human ,s]vices 79 ?is section ref]r$ to
 z ! ,secret>y7 %all conduct a rulemak+ 

proce$+ ) respect to ! def9ition (      
?ird-p>ty m>ket+ organization to--  7i7 
address h[ to di/+ui% betwe5 a ?ird-p>ty
 m>ket+ organization & an indep5d5t ag5t
 or brok] = purposes ( apply+ regulatory
 requirem5ts "u sections                
#dbb4bbgd7;g77#b77;ii7 &                
#dbc4bbgd7;g77#b77;ii7 ( title #db1     
,code ( ,f$]al ,regulations 7or any     
successor regulation72 &  7ii7 det]m9e !
 factors t %\ld be tak5 into            
consid]ation :5 regulat+ v>i\s ag5t &   
brok] entities4  7,b7  ,requirem5ts  7i7
  ,?ird-p>ty m>ket+ organizations  ,9   
c>ry+ out subp>agraph 7,a71 ! ,secret>y 
%all--  7,i7 take into acc\nt :e!r      
?ird-p>ty m>ket+ organizations include  
call c5t]s t are n physically locat$ 9 !
 cont95tal ,unit$ ,/ates1 publicly trad$
 m>ket+ companies1 private equity f9anc$
 m>ket+ companies1 & companies t g5]ate 
! majority ( _! rev5ue by g5]at+ leads2 
&  7,,ii7 ensure t ! lead g5]ation      
aspects ( ?ird-p>ty m>ket+ organizations
 are held to lic5s$ insurance ag5t      

compliance /&>ds4  7ii7  ,indep5d5t     
ag5ts & brok]s  ,9 c>ry+ out subp>agraph
 7,a71 ! ,secret>y %all take into acc\nt
 t indep5d5t ag5ts & brok]s include     
individuals :o enroll & s]vice cli5ts1  
insurance ag5cies t repres5t multiple   
c>ri]s1 public ag5cies1 & privately held
 ag5cies t 9 effect are v>iable co/     
sales (fices = ! c>ri]s4  7b7  ,ov]sight
 ( pr$atory call c5t]s  ,! ,secret>y    
%all conduct a rulemak+ proce$+ to am5d 
section #dbj4dje ( title #db1 ,code (   
,f$]al ,regulations 7or any successor   
regulation71 to provide = a monet>y     
rew>d to individuals :o submit in=mation
 on call c5t]s engag+ 91 or t h engag$  
91 m>ket+ scams relat$ to ! ,m$ic>e     
program4  7c7  ,/&>diz$ regi/ration     
process = indep5d5t ag5ts & brok]s  ,!  
,secret>y %all conduct a rulemak+       
proce$+ to--  7#a7 require t ,,pdp      
sponsors "u "p ,d ( ! ,m$ic>e program & 
,,ma organizations "u "p ,c ( su*       
program provide a /&>diz$ regi/ration   
process = indep5d5t ag5ts & brok]s2     

7#b7 ensure t su* /&>diz$ regi/ration   
process includes a transp>5t me*anism to
 di/+ui% indep5d5t ag5ts & brok]s f     
?ird-p>ty m>ket+ organizations2 &  7#c7 
r$uce regulatory burd5s fac+ indep5d5t  
ag5ts & brok]s ) respect to exi/+       
cu/om]s v]sus new bus9ess4  7d7         
,application  7#a7  ,proc$ures  ,9      
conduct+ ! rulemak+ proce$+ "u ea* (    
subsections 7a71 7b71 & 7c71 ! ,secret>y
 %all--  7,a7 publi% a notice 9 ! ,f$]al
 ,regi/]2  7,b7 e/abli% a comm5t p]iod  
to all[ int]e/$ p]sons to submit writt5 
data1 views1 & argum5ts = at lea/ a     
#ij-;day p]iod beg9n+ on ! date on :i* !
 notice is publi%$ 9 ! ,f$]al ,regi/]2 &
  7,c7 make all su* submissions publicly
 available4  7#b7  ,tim+  ,! ,secret>y  
%all issue a f9al rule to complete !    
rulemak+ proce$+ "u ea* ( subsections   
7a71 7b71 & 7c7 n lat] ?an #a ye> aft] !
 date ( enactm5t ( ?is section4  7#c7   
,review  ,any review ( ! rulemak+       
proce$+ "u subsection 7a71 7b71 or 7c7 t
 is conduct$ by ! ,(fice ( ,in=mation & 

,regulatory ,affairs 9 accordance )     
,executive ,ord] #abhff %all be limit$  
to #fj days4  #c4  ,nullification (     
#dh-;h\r wait+ p]iod requirem5t =       
indep5d5t ag5ts & brok]s  ,section      
#ahea7;j77#b77;,a7 ( ! ,social ,security
 ,act 7#db ,u4,s4,c4                    
#aciew-#ba7;j77#b77;,a77 is am5d$--     
7#a7 by /rik+ appo9tm5ts4--,! scope ( & 
ins]t+ 8appo9tm5ts4--  7i7  ,9 g5]al    
,subject to clause 7ii71 ! scope (  2 & 
7#b7 by add+ at ! end ! foll[+ new      
clause3  7ii7 ,nullification ( #dh-;h\r 
wait+ p]iod requirem5t = indep5d5t ag5ts
 & brok]s ,! ,secret>y %all n take any  
action to en=ce an ext5d$ wait+ p]iod   
7includ+ ! #dh-;h\r wait+ p]iod describ$
 9 sections #dbb4bbfd7;c77#c77;i7 &     
#dbc4bbfd7;c77#c77;i7 ( title #db1 ,code
 ( ,f$]al ,regulations 7or any successor
 regulation77 or require a specific     
p]iod ( "t to pass betwe5 a ,scope (    
,appo9tm5t agreem5t & an indep5d5t ag5t 
or brok]s meet+ ) a ,m$ic>e b5efici>y4  
4  #d4  ,inspector ,g5]al review &      

report on pr$atory call c5t]s  7a7      
,review  ,! ,inspector ,g5]al ( !       
,dep>tm5t ( ,heal? & ,human ,s]vices 79 
?is section ref]r$ to z ! ,inspector    
,g5]al7 %all conduct a review (         
pot5tially fraudul5t or mislead+ m>ket+ 
practices ( pr$atory call c5t]s t are   
relat$ to ! ,m$ic>e program4  7b7       
,report  ,n lat] ?an #a ye> aft] ! date 
( enactm5t ( ?is section1 ! ,inspector  
,g5]al %all submit to ,congress a report
 conta9+ ! results ( ! review conduct$  
"u subsection 7a71 toge!r )             
recomm5dations = su* legislation &      
adm9i/rative action z ! ,inspector      
,g5]al det]m9es appropriate4