TITLE II—SECURITIES MARKET
INFORMATION
SEC. 201. MISAPPROPRIATION OF REAL-TIME MARKET IN-
FORMATION.
Section 11A of the Securities Exchange Act of 1934
(15 U.S.C. 78k–1) is amended by adding at the end the
following new subsection:
‘‘(e) MISAPPROPRIATION OF REAL-TIME MARKET IN-
FORMATION.—
‘‘(1) PROHIBITION
AGAINST
MISAPPROPRIA-
TION.—Subject to paragraphs (3), (4), and (5), any
person who—
‘‘(A) obtains directly or indirectly from a
market information processor real-time market
information, and
‘‘(B) directly or indirectly sells, distributes
or redistributes, or otherwise disseminates such
real-time market information, without the au-
thorization of the market information processor,
shall be liable to that market information processor
for the remedies set forth in paragraph (2).
‘‘(2) CIVIL REMEDIES.—
‘‘(A) CIVIL ACTIONS.—Any person who is
injured by a violation of paragraph (1) may
bring a civil action for such a violation in an
appropriate United States district court, except
that any action against a State governmental
entity may be brought in any court that has ju-
risdiction over claims against such entity.
‘‘(B) TEMPORARY
AND
PERMANENT
IN-
JUNCTIONS.—Any court having jurisdiction of a
civil action under this subsection shall have the
power to grant temporary and permanent in-
junctions, according to the principles of equity
and upon such terms as the court may deem
reasonable, to prevent a violation of paragraph
(1).
‘‘(C) MONETARY RELIEF.—When a viola-
tion of paragraph (1) has been established in
any civil action arising under this subsection,
the plaintiff shall be entitled to recover any
damages sustained by the plaintiff.
‘‘(D) DISGORGEMENT.—When a violation
of paragraph (1) has been established, if the
plaintiff is not able to prove recoverable dam-
ages to the full extent of the defendant’s mone-
tary gain directly attributable to the violation,
the court, in its equitable discretion, may order
the defendant to disgorge the amount of such
monetary gain to the plaintiff.
‘‘(3) PERMITTED ACTS.—
‘‘(A) GATHERING OR USE OF REAL-TIME
MARKET
INFORMATION
INDEPENDENTLY
OB-
TAINED.—Nothing in this subsection shall re-
strict any person from independently gathering
real-time market information, or from redistrib-
uting or disseminating such independently gath-
ered information.
‘‘(B) NEWS REPORTING.—Nothing in this
subsection shall restrict any news reporting en-
tity from extracting real-time market informa-
tion for the sole purpose of news reporting, in-
cluding news gathering, dissemination, and
comment, unless the extraction is part of a con-
sistent pattern of competing with a market in-
formation processor in the distribution of real-
time market information.
‘‘(4) RELATIONSHIP TO OTHER LAWS.—
‘‘(A) PREEMPTION.—Subject to subpara-
graphs (B), (C), and (D), on and after the date
of enactment of this subsection, this section—
‘‘(i) shall exclusively govern the unau-
thorized extraction, sale, distribution or re-
distribution, or other dissemination of real-
time market information; and
‘‘(ii) shall supersede any other Fed-
eral or State law (either statutory or com-
mon law) to the extent that such other
Federal or State law is inconsistent with
this section.
‘‘(B) FEDERAL SECURITIES LAWS.—Noth-
ing in this subsection shall be construed—
‘‘(i) to limit or otherwise affect the
application of any provision of the securi-
ties laws (as defined in section 3(a)(47)),
or the rules and regulations thereunder; or
‘‘(ii) to impair or limit the authority
of the Commission.
‘‘(C) ANTITRUST.—Nothing in this sub-
section shall limit in any way the constraints
that are imposed by Federal and State antitrust
laws on the manner in which products and serv-
ices may be provided to the public, including
those regarding single suppliers of products and
services.
‘‘(D) LICENSING.—Nothing in this sub-
section shall restrict the rights of parties freely
to enter into licenses or any other contracts
with respect to the extraction, sale, distribution
or redistribution, or other dissemination of real-
time market information.
‘‘(5) LIMITATIONS ON ACTIONS.—
‘‘(A) CIVIL ACTIONS.—No civil action shall
be maintained under this subsection unless it is
commenced within one year after the cause of
action arises or claim accrues.
‘‘(B) ADDITIONAL
LIMITATION.—No civil
action shall be maintained under this subsection
for the extraction, sale, distribution or redis-
tribution, or other dissemination of market in-
formation that is not real-time market informa-
tion.
‘‘(C) PERSONS SUBJECT TO CONTRACTUAL
REMEDIES.—No civil action shall be maintained
under this subsection by a market information
processor against any person to whom such
processor provides real-time market information
pursuant to a contract or agreement between
such processor and such person with respect to
any real-time market information or any rights
or remedies provided pursuant to such contract
or agreement.
‘‘(6) DEFINITIONS.—As used in this subsection:
‘‘(A) MARKET
INFORMATION.—The term
‘market information’ means information—
‘‘(i) with respect to quotations and
transactions in any security; and
‘‘(ii) the collection, processing, dis-
tribution, and publication of which is sub-
ject to this title.
‘‘(B) REAL-TIME MARKET INFORMATION.—
Taking into account the present state of tech-
nology, different types of market data, how
market participants use market data, and other
relevant factors, the Commission may, con-
sistent with the protection of investors and the
public interest, prescribe by rule the extent to
which market information shall be considered to
be real-time market information for purposes of
this subsection.
‘‘(C) 
MARKET
INFORMATION
PROC-
ESSOR.—The term ‘market information proc-
essor’ with respect to any market information
means the securities exchange, self-regulatory
organization, securities information processor,
or national market system plan administrator
that is responsible under this title or the rules
or regulations thereunder, for the collection,
processing, distribution, and publication of, or
preparing for distribution or publication, such
market information.’’.
SEC. 202. EFFECTIVE DATE.
(a) IN GENERAL.—The amendment made by section
201 shall take effect on the date of the enactment of this
Act, and shall apply to acts committed on or after that
date.
(b) PRIOR ACTS NOT AFFECTED.—No person shall
be liable under section 11A(e) of the Securities Exchange
Act of 1934 (15 U.S.C. 78k–1(e)), as added by section
201 of this Act, for the extraction, sale, distribution or
redistribution, or other dissemination of real-time market
information prior to the date of enactment of this Act,
by that person or by that person’s predecessor in interest.
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