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U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-883
EXCHANGE REGULATORY IMPROVEMENT ACT
AUGUST 3, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 3555]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3555) to amend the Securities Exchange Act of 1934 to
provide that the definition of a facility of an exchange does not
apply to a line of business the purpose of which is not to effect or
report a transaction on an exchange, having considered the same,
report favorably thereon with amendments and recommend that
the bill as amended do pass.
The amendments are as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Exchange Regulatory Improvement Act.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) Over time, national securities exchanges have expanded their businesses
beyond listings and trading to include the sale of additional products and serv-
ices to their members and listed companies.
(2) The Securities and Exchange Commission should be transparent in its in-
terpretation of the term facility in section 3(a) of the Securities Exchange Act
of 1934 (15 U.S.C. 78c(a)).
SEC. 3. FACILITY DEFINED.
(a) IN GENERAL.-Not later than 360 days after the date of enactment of this Act,
the Securities and Exchange Commission (the Commission) shall adopt regulations
to further interpret the term facility under section 3(a) of the Securities Exchange
Act of 1934. Such regulations shall set forth the facts and circumstances the Com-
mission considers when determining whether any premises or property, or the right
to use any premises, property, or service is or is not a facility of an exchange.
(b) APPLICATION TO PROPOSED RULES.-The Commission shall apply the facts and
circumstances set forth in the regulations issued pursuant to subsection (a) in deter-
mining whether any proposed rule is or is not required to be submitted as a pro-
79-006](ViewImageLocal?handle=hein.congrecreports/crptxabpv0001&div=1&collection=&method=preview&ext=.png&size=3)