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![handle is hein.congrecreports/crptxafjj0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-80
TO REQUIRE THE SECURITIES AND EXCHANGE COMMISSION TO CARRY
OUT A STUDY AND RULEMAKING ON THE DEFINITION OF THE TERM
SMALL ENTITY FOR PURPOSES OF THE SECURITIES LAWS, AND FOR
OTHER PURPOSES
MAY 30, 2023.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 2792]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2792) to require the Securities and Exchange Commission
to carry out a study and rulemaking on the definition of the term
small entity for purposes of the securities laws, and for other pur-
poses, having considered the same, reports favorably thereon with
an amendment and recommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Small Entity Update Act.
SEC. 2. STUDIES, REPORTS, AND RULES REGARDING SMALL ENTITIES.
(a) DEFINITIONS.-In this section-
(1) the term Commission means the Securities and Exchange Commission;
and
(2) the term small entity-
(A) has the meaning given the term in section 601 of title 5, United
States Code, with respect to the activities of the Commission; and
(B) includes any definition established by the Commission of the term
small business, small organization, or small governmental jurisdiction
under paragraph (3), (4), or (5), respectively, of section 601 of title 5, United
States Code, with respect to the activities of the Commission.
(b) STUDIES AND REPORTS.-Not later than 1 year after the date of enactment of
this Act, and again 5 years thereafter, the Commission shall-
(1) conduct a study of the definition of the term small entity with respect
to the activities of the Commission for the purposes of chapter 6 of title 5,
United States Code, which shall consider-
(A) the extent to which the definition of the term small entity, as in ef-
fect during the period in which the study is conducted, aligns with the find-
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