,,ii  #aai? ,,congress  #b;d ,session   
,s4 #ejjc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ae1 #bjbf,ms4   
,baldw9 7= h]self & ,ms4 ,ern/7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to address regi/ration     
exemptions = securities ( issu]s t are  
rural telephone companies1 & = o!r      
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,access to ,capital        
,creates ,economic ,/r5g? & ,supports   
,rural ,am]ica ,act or ! ,,access ,rural
 ,am]ica ,act4  #b4 ,exemption f c]ta9  
regi/ration requirem5ts ,section        
#ab7;g77#b7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #ghl7g77#b77
 is am5d$ by add+ at ! end ! foll[+3    
7,i7 ,any security :]e-- 7i7 ! issu] ( !
 security 7or any affiliate or subsidi>y
 ( t issu]7 is a rural telephone        
company1 z def9$ 9 section #c ( !       
,communications ,act ( #aicd 7#dg       

,u4,s4,c4 #aec71 t provides broadb&     
int]net access s]vice1 z def9$ 9 section
 #h4a7;b7 ( title #dg1 ,code ( ,f$]al   
,regulations1 or any successor          
regulation2  7ii7 n lat] ?an #abj days  
aft] ! la/ day ( ! previ\s fiscal ye> ( 
! issu] ( ! security1 t issu] fil$ ) !  
,commission a f9ancial summ>y =m t--    
7,i7 ! issu] also deliv]$ to ea* hold] (
 record2 &  7,,ii7 includ$-- 7aa7 a     
summ>y ( ! consolidat$ balance %eet &   
consolidat$ income /atem5t ( ! issu]2   
7bb7 subscrib] data ) respect to broadb&
 int]net access s]vice1 z def9$ 9       
subclause 7,i72 &  7cc7 su* o!r         
f9ancially mat]ial in=mation z !        
,commission det]m9es is necess>y &      
appropriate 9 ! public int]e/ & = !     
protection ( inve/ors2 &  7iii7 z ( !   
la/ day ( ! previ\s fiscal ye> ( ! issu]
 ( ! security-- 7,i7 t issu]1 & all ( ! 
affiliates & subsidi>ies ( t issu]1     
collectively _h n m ?an #ajj1jjj        
subscrib]s ( broadb& int]net access     
s]vice 7z def9$ 9 clause 7i77,i77 9 !   

,unit$ ,/ates2 &  7,,ii7 ! security 0   
held ( record by-- 7aa7 m ?an #ejj      
p]sons t are n accr$it$ inve/ors2 &     
7bb7 few] ?an #b1jjj p]sons4  4