,,ii  #aai? ,,congress  #b;d ,session   
,s4 #eadj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bg1 #bjbf,mr4   
,ju/ice introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to ensure ! fairness1          
transp>5cy1 & consi/5cy ( disqualify+   
provisions adm9i/]$ by ! ,commodity     
,futures ,trad+ ,commission & !         
,securities & ,ex*ange ,commission1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,digital ,equities &   
,no ,automatic ,disqualifications ,act4 
#b4 ,rulemak+ on disqualifications  7a7 
,no automatic effect ,no provision ( any
 /atute1 rule1 or regulation describ$ 9 
subsection 7c7 t provides1 ^u !         
occurr5ce ( a specifi$ ev5t1 = !        
automatic disqualification f1 or        
ineligibility =1 any regi/ration1 "r1 or
 privilege1 s]vice 9 any capacity1 or   
memb]%ip 9 a self-regulatory            
organization 7ref]r$ to 9 ?is section z 
a disqualify+ provision7 %all h effect )

 respect to any p]son 7o!r ?an a natural
 p]son7 unless ! ,f$]al ag5cy or        
self-regulatory organization responsible
 = adm9i/]+ su* disqualify+ provision   
7ref]r$ to 9 ?is section z a regulatory 
au?ority7 makes a det]m9ation to apply !
 disqualify+ provision ) respect to !   
p>ticul> matt] 9 accordance ) ! process 
e/abli%$ "u subsection 7b74  7b7 ,jo9t  
ag5cy rulemak+  7#a7 ,9 g5]al ,n lat]   
?an #a ye> aft] ! date ( enactm5t ( ?is 
,act1 ! ,commodity ,futures ,trad+      
,commission & ! ,securities & ,ex*ange  
,commission %all engage 9 a jo9t        
rulemak+ reg>d+ ! disqualify+ provisions
 to e/abli% a process = ea* regulatory  
au?ority to det]m9e1 prior to !         
disposition ( any applicable matt]1 :e!r
 to apply ! relevant disqualify+        
provision4  7#b7 ,requirem5ts ,! rules  
or regulations issu$ "u p>agraph 7#a7   
%all-- 7,a7 provide = consi/5cy across  
regulatory au?orities 9 ! adm9i/ration (
 disqualify+ provisions2  7,b7 require !
 p>ty subject to a disqualify+ provision

 to provide to ! relevant regulatory    
au?ority writt5 notice t ! p>ty is      
subject to ! disqualify+ provision n    
lat] ?an #cj cal5d> days aft] !         
occurr5ce ( ! ev5t specifi$ 9 !         
disqualify+ provision2  7,c7 provide = a
 nonpublic process1 z appropriate to    
protect confid5tiality1 9 cases 9 :i* a 
regulatory action t w\ld trigg] a       
disqualify+ provision has n yet be5 made
 public2  7,d7 provide t an ev5t may n  
result 9 ! application ( a disqualify+  
provision to a p]son 7o!r ?an a natural 
p]son7 unless t application1 9 :ole or 9
 "p1 to t p]son is necess>y &           
appropriate 9 ! public int]e/ & = !     
protection ( inve/ors2  7,e7 take into  
consid]ation applicable mitigat+        
factors2  7,f7 provide t a disqualify+  
provision may be det]m9$ to apply only  
if ! ev5t trigg]+ ! disqualify+         
provision occurr$ 9 ! same legal entity 
t w\ld become subject to ! application (
 ! disqualify+ provision & relates to ! 
conduct ( ! bus9ess l9e t is directly   

affect$ by ! disqualify+ provision2 &   
7,g7 balance ! scope ( ! rules or       
regulations ) ensur+ adequate inve/or   
protections & safegu>ds4  7c7           
,provisions describ$ ,! provisions      
ref]r$ to 9 subsection 7a7 are-- 7#a7 ! 
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a et seq472  7#b7 ! ,securities ,act ( 
#aicc 7#ae ,u4,s4,c4 #gg;a et seq472    
7#c7 ! ,securities ,ex*ange ,act ( #aicd
 7#ae ,u4,s4,c4 #gh;a et seq472  7#d7 ! 
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#a et seq472  7#e7 !    
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#a et seq472  7#f7 any  
rule or regulation issu$ "u any         
provision ( law describ$ 9 p>agraphs    
7#a7 ?r\gh 7#e72 &  7#g7 any rule ( a   
self-regulatory organization issu$ "u ! 
au?ority ( a provision1 rule1 or        
regulation describ$ 9 p>agraphs 7#a7    
?r\gh 7#f74