19–008 

112TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 2d Session 112–409 

PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 3606) TO INCREASE 

AMERICAN JOB CREATION AND ECONOMIC GROWTH BY IMPROVING 

ACCESS TO THE PUBLIC CAPITAL MARKETS FOR EMERGING GROWTH 

COMPANIES 

MARCH 6, 2012.—Referred to the House Calendar and ordered to be printed 

Mr. SESSIONS, from the Committee on Rules, 

submitted the following 

R E P O R T 

[To accompany H. Res. 572] 

The Committee on Rules, having had under consideration House 

Resolution 572, by a nonrecord vote, report the same to the House 

with the recommendation that the resolution be adopted. 

SUMMARY OF PROVISIONS OF THE RESOLUTION

The resolution provides for consideration of H.R. 3606, the Reopening American Capital Markets to Emerging Growth Companies Act of 2011, under a structured rule. The resolution provides 

one hour of general debate equally divided and controlled by the 

chair and ranking minority member of the Committee on Financial 

Services. The resolution waives all points of order against consideration of the bill. The resolution provides that an amendment in the 

nature of a substitute consisting of the text of Rules Committee 

Print 112–17 shall be considered as adopted and the bill, as 

amended, shall be considered as original text for the purpose of 

amendment and shall be considered as read. The resolution waives 

all points of order against provisions in the bill, as amended. The 

resolution makes in order only those further amendments printed 

in this report. Each such amendment may be offered only in the 

order printed in this report, may be offered only by a Member designated in this report, shall be considered as read, shall be debatable for the time specified in this report equally divided and controlled by the proponent and an opponent, shall not be subject to 

amendment, and shall not be subject to a demand for division of 

the question in the House or in the Committee of the Whole. The 

resolution waives all points of order against the amendments printVerDate Mar 15 2010 05:49 Mar 07, 2012 Jkt 019008 PO 00000 Frm 00001 Fmt 6659 Sfmt 6602 E:\HR\OC\HR409.XXX HR409

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ed in this report. Finally, the resolution provides one motion to recommit with or without instructions. 

EXPLANATION OF WAIVERS

The waiver of all points of order against consideration of the bill 

includes a waiver of clause 4(a) of rule XIII requiring the three-day 

layover of committee reports. While the Financial Services Committee filed H. Rept. 112–406, Part 1, on March 1, 2012, the cost 

estimate for H.R. 3606 prepared by the Congressional Budget Office (CBO) was not yet available. The Committee on Financial Services filed H. Rept. 112–406, Part 2, on March 6, 2012, which includes the CBO estimate. However, the resolution provides that an 

amendment in the nature of a substitute consisting of the text of 

Rules Committee Print 112–17 shall be considered as adopted. The 

complete cost estimate of Rules Committee Print 112–17 was made 

available on March 2, 2012. 

Although the resolution waives all points of order against provisions in the bill, as amended, the Committee is not aware of any 

points of order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against the 

amendments printed in this report, the Committee is not aware of 

any points of order. The waiver is prophylactic in nature. 

COMMITTEE VOTES

The results of each record vote on an amendment or motion to 

report, together with the names of those voting for and against, are 

printed below: 

Rules Committee record vote No. 197 

Motion by Mr. McGovern to report an open rule. Defeated: 4–7 

Majority Members Vote Minority Members Vote 

Mr. Sessions ..................................................... Nay Ms. Slaughter .................................................. Yea 

Ms. Foxx ............................................................ Nay Mr. McGovern ................................................... Yea 

Mr. Woodall ...................................................... Nay Mr. Hastings of Florida ................................... Yea 

Mr. Nugent ....................................................... Nay Mr. Polis ........................................................... Yea 

Mr. Scott of South Carolina ............................. Nay 

Mr. Webster ...................................................... Nay 

Mr. Dreier, Chairman ....................................... Nay 

SUMMARY OF THE AMENDMENTS MADE IN ORDER

1. Fincher (TN), Carney (DE): MANAGER’S AMENDMENT 

Would make technical changes to the underlying bill. (10 minutes) 

2. McIntyre (NC): Would adjust the Emerging Growth Company 

definition for inflation, resulting in providing more flexibility for 

businesses. (10 minutes) 

3. Himes (CT), Capuano (MA): Would lower the gross annual revenue cap from $1,000,000,000 to $750,000,000 for emerging growth 

companies to remain eligible for the regulatory on-ramp and strike 

the public float requirement for the on-ramp. (10 minutes) 

4. Jackson Lee (TX): Would add a requirement that a company 

not be considered an ‘‘emerging growth company’’ if it has issued 

more than $1 billion in non-convertible debt over the prior three 

years. (10 minutes) 


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5. Ellison (MN), Capuano (MA), Lynch (MA): Would require 

Emerging Growth Companies to fully comply with say-on-pay and 

golden parachute shareholder votes. (10 minutes) 

6. Waters (CA), Capuano (MA): Would provide that if a broker 

or dealer is underwriting an initial public offering (IPO) for an 

emerging growth company (EGC) and providing research to the 

public about such IPO, those research reports need to be filed with 

the SEC, and the broker or dealer shall be held to stricter liability 

for their comments. Would also provide that if EGCs are communicating, either orally or in writing, with potential investors before 

or following an offering, they need to file those communications 

with the SEC. (10 minutes) 

7. Jackson Lee (TX): Would strike language that allows an 

emerging growth company or its underwriter to communicate with 

‘‘institutions that are accredited investors.’’ (10 minutes) 

8. Jackson Lee (TX): Would establish new filing fee for Reg S-K 

Forms to discourage frivolous filings. (10 minutes) 

9. Connolly (VA): Would require the Securities and Exchange 

Commission to perform a study, in consultation with the Commodities Futures Trading Commission, of the effects on emerging 

growth companies of financial speculation on domestic oil and gasoline prices and to forward the results of that study to Congress. (10 

minutes) 

10. McCarthy, Kevin (CA): Would clarify that general advertising 

under this provision should only apply to Regulation D rule 506 offerings, allow for general solicitation in the secondary sale of these 

securities so long as only qualified institutional buyers purchase 

the securities, and provide consistency in interpretation that general advertising should not cause these offerings to be considered 

public offerings. (10 minutes) 

11. McHenry (NC): Would, for Rule 506 of Regulation D, provide 

an exemption from registration as a broker or dealer for trading 

platforms that do not charge a fee in connection with the purchase 

or sale of the security or permit general solicitations, general advertisements, or similar or related activities by issuers of such securities. Would also enable the marketing of private shares to accredited investors through platforms. (10 minutes) 

12. Miller, Brad (NC), Schweikert (AZ): Would increase the total 

number of investors and limit the number of non-accredited investors allowed to be holders of record before registration is required. 

(10 minutes) 

13. Schweikert (AZ): Would authorize the Securities and Exchange Commission to study whether or not it has the authority to 

enforce anti-evasion provisions associated with the shareholder 

threshold. (10 minutes) 

14. Capuano (MA): Would require the SEC to conduct a study to 

address anti-evasion concerns and determine if the term ‘‘held of 

record’’ should mean beneficial owner of the security. (10 minutes) 

15. Peters (MI): Would require publicly traded companies to disclose on an annual basis the total number of employees they have 

in each country and the percentage increase or decrease in employment in each country. (10 minutes) 

16. Capps (CA): Would require the Securities and Exchange Commission to issue a report to the Congress one year after enactment 

on the increase in initial public offerings that resulted from the act, 


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including specific increases in filings by manufacturing and hightechnology companies. (10 minutes) 

17. Loebsack (IA): Would require information to be made available online, and outreach to be conducted to small and mediumsized businesses, women-owned businesses, veteran-owned businesses, and minority-owned businesses to inform them about 

changes put in place by this legislation. (10 minutes) 

TEXT OF AMENDMENTS MADE IN ORDER

1. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE FINCHER

OF TENNESSEE OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 3, line 18, after ‘‘(80)’’ insert the following: ‘‘EMERGING

GROWTH COMPANY.—’’. 

Page 9, line 3, strike ‘‘7201(a))’’ and insert ‘‘7201(a)))’’. 

Page 37, line 3, strike ‘‘is amended’’ and insert the following: ‘‘, 

as amended by section 302, is amended in subparagraph (A)’’. 

Page 37, beginning on line 18, strike ‘‘holders of their securities 

are accredited investors or that’’. 

Page 38, line 16, strike ‘‘, as such term is defined in section 

3(a)(6),’’. 

Page 38, line 18, strike ‘‘section (2)’’ and insert ‘‘section 2’’. 

2. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE MCINTYRE

OF NORTH CAROLINA OR HIS DESIGNEE, DEBATABLE FOR 10 MIN- UTES

Page 2, line 11, insert after ‘‘$1,000,000,000’’ the following: ‘‘(as 

such amount is indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All 

Urban Consumers published by the Bureau of Labor Statistics, setting the threshold to the nearest 1,000,000)’’. Page 2, line 18, insert after ‘‘$1,000,000,000’’ the following: ‘‘(as 

such amount is indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All 

Urban Consumers published by the Bureau of Labor Statistics, setting the threshold to the nearest 1,000,000)’’. 

Page 3, line 20, insert after ‘‘$1,000,000,000’’ the following: ‘‘(as 

such amount is indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All 

Urban Consumers published by the Bureau of Labor Statistics, setting the threshold to the nearest 1,000,000)’’. 

Page 4, line 3, insert after ‘‘$1,000,000,000’’ the following: ‘‘(as 

such amount is indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All 

Urban Consumers published by the Bureau of Labor Statistics, setting the threshold to the nearest 1,000,000)’’. 

3. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE HIMES OF

CONNECTICUT OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 2, line 11, strike ‘‘$1,000,000,000’’ and insert 

‘‘$750,000,000’’. 

Page 2, line 18, strike ‘‘$1,000,000,000’’ and insert 

‘‘$750,000,000’’. 


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Page 2, line 18, add ‘‘or’’ at the end. 

Page 3, line 5, strike ‘‘; or’’ and insert a period. 

Page 3, strike lines 6 through 9. 

Page 3, line 20, strike ‘‘$1,000,000,000’’ and insert 

‘‘$750,000,000’’. 

Page 4, line 3, strike ‘‘$1,000,000,000’’ and insert ‘‘$750,000,000’’. 

Page 4, line 3, add ‘‘or’’ at the end. 

Page 4, line 8, strike ‘‘; or’’ and insert a period. 

Page 4, strike lines 9 through 12. 

4. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE JACKSON

LEE OF TEXAS OR HER DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 3, line 5, strike ‘‘or’’. 

Page 3, after line 5, insert the following: 

‘‘(C) the date on which such issuer has, during the previous 

3-year period, issued more than $1,000,000,000 in non-convertible debt; or’’. 

Page 3, line 6, strike ‘‘(C)’’ and insert ‘‘(D)’’. 

Page 4, line 8, strike ‘‘or’’. 

Page 4, after line 8, insert the following: 

‘‘(C) the date on which such issuer has, during the previous 

3-year period, issued more than $1,000,000,000 in non-convertible debt; or’’. 

Page 4, line 9, strike ‘‘(C)’’ and insert ‘‘(D)’’. 

5. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE ELLISON

OF MINNESOTA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 5, strike line 7 and all that follows through page 6, line 13 

(and redesignate succeeding paragraphs accordingly). 

6. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE WATERS OF

CALIFORNIA OR HER DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 11, line 12, strike ‘‘paragraph (10) of this subsection and’’. 

Page 11, line 16, insert after the period the following: ‘‘Any such 

research report published or distributed by a broker or dealer that 

is participating or will participate in the registered offering of the 

securities of the issuer shall be filed with the Commission by the 

later of the date of the filing of such registration statement or the 

date such report is first published or distributed. Such research report shall be deemed a prospectus under paragraph (10).’’. 

Page 13, line 18, after the first period insert the following: ‘‘Any 

written communication (as such term is defined in section 203.405 

of title 17, Code of Federal Regulations) provided to potential investors in accordance with this subsection shall be filed with the Commission by the later of the date of the filing of such registration 

statement or the date the written communication is first engaged 

in. Such written communication shall be deemed a prospectus 

under section 2(a)(10).’’. 


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7. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE JACKSON

LEE OF TEXAS OR HER DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 13, line 10, strike ‘‘or institutions that are accredited investors’’. 

Page 13, line 11, strike ‘‘terms are respectively’’ and insert ‘‘term 

is’’. 

Page 13, line 12, strike ‘‘and section 230.501(a)’’. 

8. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE JACKSON

LEE OF TEXAS OR HER DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 15, line 16, strike the quotation mark and final period and 

after such line insert the following: 

(3) ADDITIONAL FILING FEE.—In order to discourage frivolous 

filings with the Commission, the Commission shall establish a 

fee that shall apply to any draft registration statement submitted to the Commission for confidential nonpublic review 

pursuant to paragraph (1). 

9. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE CONNOLLY

OF VIRGINIA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 19, after line 2, insert the following new section (and conform the table of contents accordingly): 

SEC. 109. STUDY ON THE EFFECTS OF MARKET SPECULATION ON 

EMERGING GROWTH COMPANIES. 

(a) STUDY.—The Securities and Exchange Commission, in consultation with the Commodity Futures Trading Commission, shall 

carry out an ongoing study on the ability of emerging growth companies to raise capital utilizing the exemptions provided under this 

title and the amendments made by this title, in light of— 

(1) financial market speculation on domestic oil and gasoline 

prices; and 

(2) business cost increases caused by such speculation. 

(b) REPORT.—Not later than the end of the 60-year period beginning on the date of the enactment of this Act, and annually thereafter, the Securities and Exchange Commission shall issue a report 

to the Congress containing all findings and determinations made in 

carrying out the study required under subsection (a). 

10. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE MCCARTHY OF CALIFORNIA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 19, beginning on line 6, strike ‘‘(a) REMOVAL OF RESTRICTION.—’’ and all that follows through line 11 and insert the following: 

(a) MODIFICATION OF RULES.— (1) Not later than 90 

Page 19, line 23, insert after the period the following: ‘‘Section 

230.506 of title 17, Code of Federal Regulations, as revised pursuant to this section, shall continue to be treated as a regulation 

issued under section 4(2) of the Securities Act of 1933 (15 U.S.C. 

77d(2)).’’ 


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Page 19, after line 23, insert the following: 

(2) Not later than 90 days after the date of enactment of this 

Act, the Securities and Exchange Commission shall revise subsection (d)(1) of section 230.144A of title 17, Code of Federal 

Regulations, to provide that securities sold under such revised 

exemption may be offered to persons other than qualified institutional buyers, including by means of general solicitation or 

general advertising, provided that securities are sold only to 

persons that the seller and any person acting on behalf of the 

seller reasonably believe is a qualified institutional buyer. 

(c) CONSISTENCY IN INTERPRETATION.—Section 4 of the Securities 

Act of 1933 (15 U.S.C. 77d) is amended— 

(1) by striking ‘‘The provisions of section 5’’ and inserting ‘‘(a) 

The provisions of section 5’’; and 

(2) by adding at the end the following: 

‘‘(b) Offers and sales exempt under section 230.506 of title 17, 

Code of Federal Regulations (as revised pursuant to section 201 of 

the Jumpstart Our Business Startups Act) shall not be deemed 

public offerings under the Federal securities laws as a result of 

general advertising or general solicitation.’’. 

11. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE MCHENRY

OF NORTH CAROLINA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 19, after line 23, insert the following: 

(c) EXPLANATION OF EXEMPTION.—Section 4 of the Securities Act 

of 1933 (15 U.S.C. 77d) is amended— 

(1) by striking ‘‘The provisions of section 5’’ and inserting ‘‘(a) 

The provisions of section 5’’; and 

(2) by adding at the end the following: 

‘‘(b)(1) With respect to securities offered and sold in compliance 

with Rule 506 of Regulation D under this Act, no person who meets 

the conditions set forth in paragraph (2) shall be subject to registration as a broker or dealer pursuant to section 15(a)(1) of this 

title, solely because— 

‘‘(A) that person maintains a platform or mechanism that 

permits the offer, sale, purchase, or negotiation of or with respect to securities, or permits general solicitations, general advertisements, or similar or related activities by issuers of such 

securities, whether online, in person, or through any other 

means; 

‘‘(B) that person or any person associated with that person 

co-invests in such securities; or 

‘‘(C) that person or any person associated with that person 

provides ancillary services with respect to such securities. 

‘‘(2) The exemption provided in paragraph (1) shall apply to any 

person described in such paragraph if— 

‘‘(A) such person and each person associated with that person receives no compensation in connection with the purchase 

or sale of such security; 

‘‘(B) such person and each person associated with that person does not have possession of customer funds or securities in 

connection with the purchase or sale of such security; and 


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‘‘(C) such person is not subject to a statutory disqualification 

as defined in section 3(a)(39) of this title and does not have any 

person associated with that person subject to such a statutory 

disqualification. 

‘‘(3) For the purposes of this subsection, the term ‘ancillary services’ means— 

‘‘(A) the provision of due diligence services, in connection 

with the offer, sale, purchase, or negotiation of such security, 

so long as such services do not include, for separate compensation, investment advice or recommendations to issuers or investors; and 

‘‘(B) the provision of standardized documents to the issuers 

and investors, so long as such person or entity does not negotiate the terms of the issuance for and on behalf of third parties and issuers are not required to use the standardized documents as a condition of using the service.’’. 

12. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE MILLER

OF NORTH CAROLINA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 36, line 25, strike ‘‘by 1,000 persons, and’’ and insert ‘‘by 

either— 

‘‘(i) 2,000 persons, or 

‘‘(ii) 500 persons who are not accredited investors (as 

such term is defined by the Commission), and’’. 

13. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE

SCHWEIKERT OF ARIZONA OR HIS DESIGNEE, DEBATABLE FOR 10 

MINUTES

Page 37, after line 22, insert the following: 

SEC. 504. COMMISSION STUDY OF ENFORCEMENT AUTHORITY UNDER 

RULE 12G5–1. 

The Securities and Exchange Commission shall examine its authority to enforce Rule 12g5–1 to determine if new enforcement 

tools are needed to enforce the anti-evasion provision contained in 

subsection (b)(3) of the rule, and shall, not later than 120 days 

after the date of enactment of this Act transmit its recommendations to Congress. 

The table of contents in section 2 of the bill is amended by inserting after the item relating to section 503 the following new item: 

Sec. 504. Commission study of enforcement authority under Rule 12g5–1 

14. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE CAPUANO

OF MASSACHUSETTS OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 37, after line 22, insert the following (and amend the table 

of contents accordingly): 

SEC. 504. STUDY, REPORT, AND RULEMAKING. 

(a) STUDY.—The Securities and Exchange Commission shall conduct a study regarding whether the term ‘‘held of record’’ (as defined pursuant to section 12(g)(5) of the Securities Exchange Act of 

1934) should be changed— 


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(1) to mean the beneficial owner of the security; and 

(2) to address anti-evasion concerns, such as those described 

under section 240.12g5–1(b)(3) of title 17, Code of Federal Regulations. 

(b) REPORT.—Not later than 6 months after the date of the enactment of this Act, the Commission shall submit a report to the Congress containing the conclusions of the study carried out under subsection (a). 

(c) RULEMAKING.—If, based on the study conducted pursuant to 

subsection (a), the Commission concludes that a change to the definition of the term ‘‘held of record’’ is necessary and appropriate in 

the public interest and for the protection of investors, then, not 

later than 1 year after the date of the enactment of this Act, the 

Commission shall revise such definition. 

15. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE PETERS

OF MICHIGAN OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

At the end of the bill insert the following: 

TITLE VII—REQUIRED DISCLOSURE OF 

NUMBER OF DOMESTIC AND FOREIGN 

EMPLOYEES 

SEC. 701. REQUIRED DISCLOSURE OF NUMBER OF DOMESTIC AND 

FOREIGN EMPLOYEES. 

Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 

78m) is amended by adding at the end the following new subsection: 

‘‘(r) DISCLOSURE OF NUMBER OF DOMESTIC AND FOREIGN EMPLOY- EES.— ‘‘(1) IN GENERAL.—Beginning the first full fiscal year that begins after the date of enactment of this subsection, each issuer 

required to file reports with the Commission pursuant to subsection (a) shall disclose annually to the Commission and to 

shareholders— 

‘‘(A) the total number of employees of the issuer and 

each consolidated subsidiary of the issuer who are domiciled in the United States and listed by number in each 

State; 

‘‘(B) the total number of such employees physically working in and domiciled in any country other than the United 

States, listed by number in each country; and 

‘‘(C) the percentage increase or decrease in the numbers 

required under subparagraphs (A) and (B) from the previous reporting year. 

‘‘(2) EXEMPTIONS.— ‘‘(A) NEWER PUBLIC COMPANIES.—An issuer shall not be 

subject to the requirement under paragraph (1) for the 

first 5 years after the issuer is first required to file reports 

with the Commission pursuant to subsection (a). 

‘‘(B) EMERGING GROWTH COMPANIES.—An issuer that is 

an emerging growth company shall not be subject to the 

requirement under paragraph (1). 


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‘‘(3) REGULATIONS.—The Commission may promulgate such 

regulations as it considers necessary to implement the requirement set forth in paragraph (1).’’. 

Amend the table of contents in section 2 by adding at the end 

the following new items: 

TITLE VII—REQUIRED DISCLOSURE OF NUMBER OF DOMESTIC AND 

FOREIGN EMPLOYEES 

Sec. 701. Required disclosure of number of domestic and foreign employees 

16. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE CAPPS OF

CALIFORNIA OR HER DESIGNEE, DEBATABLE FOR 10 MINUTES

Add at the end the following (and conform the table of contents 

accordingly): 

TITLE VII—REPORT ON IPOS AND 

MANUFACTURING 

SEC. 701. REPORT. 

After the end of the 1-year period beginning on the date of the 

enactment of this Act, the Securities and Exchange Commission 

shall issue a report to the Congress on the increase in initial public 

offerings that resulted from this Act and the amendments made by 

this Act, including the specific increases in offerings by companies 

in the manufacturing industry and the high technology industry. 

17. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE LOEBSACK

OF IOWA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Add at the end the following (and conform the table of contents 

accordingly): 

TITLE VII—OUTREACH ON CHANGES TO 

THE LAW 

SEC. 701. OUTREACH BY THE COMMISSION. 

The Securities and Exchange Commission shall provide online information and conduct outreach to inform small and medium sized 

businesses, women owned businesses, veteran owned businesses, 

and minority owned businesses of the changes made by this Act. 

Æ 


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