IIB 
114TH CONGRESS 
1ST SESSION 
H. R. 37 
IN THE SENATE OF THE UNITED STATES 
JANUARY 16, 2015 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To make technical corrections to the Dodd-Frank Wall Street 
Reform and Consumer Protection Act, to enhance the 
ability of small and emerging growth companies to access 
capital through public and private markets, to reduce 
regulatory burdens, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Promoting Job Cre-
ation and Reducing Small Business Burdens Act’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents for this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
TITLE I—BUSINESS RISK MITIGATION AND PRICE STABILIZATION 
ACT 
Sec. 101. Margin requirements. 
Sec. 102. Implementation. 
TITLE II—TREATMENT OF AFFILIATE TRANSACTIONS 
Sec. 201. Treatment of affiliate transactions. 
TITLE III—HOLDING COMPANY REGISTRATION THRESHOLD 
EQUALIZATION ACT 
Sec. 301. Registration threshold for savings and loan holding companies. 
TITLE IV—SMALL BUSINESS MERGERS, ACQUISITIONS, SALES, 
AND BROKERAGE SIMPLIFICATION ACT 
Sec. 401. Registration exemption for merger and acquisition brokers. 
Sec. 402. Effective date. 
TITLE V—SWAP DATA REPOSITORY AND CLEARINGHOUSE 
INDEMNIFICATION CORRECTIONS 
Sec. 501. Repeal of indemnification requirements. 
TITLE VI—IMPROVING ACCESS TO CAPITAL FOR EMERGING 
GROWTH COMPANIES ACT 
Sec. 601. Filing requirement for public filing prior to public offering. 
Sec. 602. Grace period for change of status of emerging growth companies. 
Sec. 603. Simplified disclosure requirements for emerging growth companies. 
TITLE VII—SMALL COMPANY DISCLOSURE SIMPLIFICATION ACT 
Sec. 701. Exemption from XBRL requirements for emerging growth companies 
and other smaller companies. 
Sec. 702. Analysis by the SEC. 
Sec. 703. Report to Congress. 
Sec. 704. Definitions. 
TITLE VIII—RESTORING PROVEN FINANCING FOR AMERICAN 
EMPLOYERS ACT 
Sec. 801. Rules of construction relating to collateralized loan obligations. 
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TITLE IX—SBIC ADVISERS RELIEF ACT 
Sec. 901. Advisers of SBICs and venture capital funds. 
Sec. 902. Advisers of SBICs and private funds. 
Sec. 903. Relationship to State law. 
TITLE X—DISCLOSURE MODERNIZATION AND SIMPLIFICATION 
ACT 
Sec. 1001. Summary page for form 10–K. 
Sec. 1002. Improvement of regulation S–K. 
Sec. 1003. Study on modernization and simplification of regulation S–K. 
TITLE XI—ENCOURAGING EMPLOYEE OWNERSHIP ACT 
Sec. 1101. Increased threshold for disclosures relating to compensatory benefit 
plans. 
TITLE I—BUSINESS RISK MITI-
GATION 
AND 
PRICE 
STA-
BILIZATION ACT 
SEC. 101. MARGIN REQUIREMENTS. 
(a) COMMODITY EXCHANGE ACT AMENDMENT.— 
Section 4s(e) of the Commodity Exchange Act (7 U.S.C. 
6s(e)), as added by section 731 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act, is amended 
by adding at the end the following new paragraph: 
‘‘(4) 
APPLICABILITY
WITH
RESPECT
TO 
COUNTERPARTIES.—The requirements of paragraphs 
(2)(A)(ii) and (2)(B)(ii), including the initial and 
variation margin requirements imposed by rules 
adopted pursuant to paragraphs (2)(A)(ii) and 
(2)(B)(ii), shall not apply to a swap in which a 
counterparty qualifies for an exception under section 
2(h)(7)(A), or an exemption issued under section 
4(c)(1) from the requirements of section 2(h)(1)(A) 
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for cooperative entities as defined in such exemption, 
or satisfies the criteria in section 2(h)(7)(D).’’. 
(b) SECURITIES EXCHANGE ACT AMENDMENT.— 
Section 15F(e) of the Securities Exchange Act of 1934 
(15 U.S.C. 78o–10(e)), as added by section 764(a) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act, is amended by adding at the end the following 
new paragraph: 
‘‘(4) 
APPLICABILITY
WITH
RESPECT
TO 
COUNTERPARTIES.—The requirements of paragraphs 
(2)(A)(ii) and (2)(B)(ii) shall not apply to a secu-
rity-based swap in which a counterparty qualifies for 
an exception under section 3C(g)(1) or satisfies the 
criteria in section 3C(g)(4).’’. 
SEC. 102. IMPLEMENTATION. 
The amendments made by this title to the Commodity 
Exchange Act shall be implemented— 
(1) without regard to— 
(A) chapter 35 of title 44, United States 
Code; and 
(B) the notice and comment provisions of 
section 553 of title 5, United States Code; 
(2) through the promulgation of an interim 
final rule, pursuant to which public comment will be 
sought before a final rule is issued; and 
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(3) such that paragraph (1) shall apply solely 
to changes to rules and regulations, or proposed 
rules and regulations, that are limited to and di-
rectly a consequence of such amendments. 
TITLE II—TREATMENT OF 
AFFILIATE TRANSACTIONS 
SEC. 201. TREATMENT OF AFFILIATE TRANSACTIONS. 
(a) IN GENERAL.— 
(1) 
COMMODITY
EXCHANGE
ACT
AMEND-
MENT.—Section 2(h)(7)(D)(i) of the Commodity Ex-
change Act (7 U.S.C. 2(h)(7)(D)(i)) is amended to 
read as follows: 
‘‘(i) IN GENERAL.—An affiliate of a 
person that qualifies for an exception 
under subparagraph (A) (including affiliate 
entities predominantly engaged in pro-
viding financing for the purchase of the 
merchandise or manufactured goods of the 
person) may qualify for the exception only 
if the affiliate enters into the swap to 
hedge or mitigate the commercial risk of 
the person or other affiliate of the person 
that is not a financial entity, provided that 
if the hedge or mitigation of such commer-
cial risk is addressed by entering into a 
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swap with a swap dealer or major swap 
participant, an appropriate credit support 
measure or other mechanism must be uti-
lized.’’. 
(2) SECURITIES
EXCHANGE
ACT
OF
1934 
AMENDMENT.—Section 3C(g)(4)(A) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c–3(g)(4)(A)) 
is amended to read as follows: 
‘‘(A) IN GENERAL.—An affiliate of a per-
son that qualifies for an exception under para-
graph (1) (including affiliate entities predomi-
nantly engaged in providing financing for the 
purchase of the merchandise or manufactured 
goods of the person) may qualify for the excep-
tion only if the affiliate enters into the security- 
based swap to hedge or mitigate the commercial 
risk of the person or other affiliate of the per-
son that is not a financial entity, provided that 
if the hedge or mitigation such commercial risk 
is addressed by entering into a security-based 
swap with a security-based swap dealer or 
major security-based swap participant, an ap-
propriate credit support measure or other 
mechanism must be utilized.’’. 
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(b) APPLICABILITY OF CREDIT SUPPORT MEASURE 
REQUIREMENT.—The 
requirements 
in 
section 
2(h)(7)(D)(i) of the Commodity Exchange Act and section 
3C(g)(4)(A) of the Securities Exchange Act of 1934, as 
amended by subsection (a), requiring that a credit support 
measure or other mechanism be utilized if the transfer of 
commercial risk referred to in such sections is addressed 
by entering into a swap with a swap dealer or major swap 
participant or a security-based swap with a security-based 
swap dealer or major security-based swap participant, as 
appropriate, shall not apply with respect to swaps or secu-
rity-based swaps, as appropriate, entered into before the 
date of the enactment of this Act. 
TITLE III—HOLDING COMPANY 
REGISTRATION 
THRESHOLD 
EQUALIZATION ACT 
SEC. 301. REGISTRATION THRESHOLD FOR SAVINGS AND 
LOAN HOLDING COMPANIES. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended— 
(1) in section 12(g)— 
(A) in paragraph (1)(B), by inserting after 
‘‘is a bank’’ the following: ‘‘, a savings and loan 
holding company (as defined in section 10 of 
the Home Owners’ Loan Act),’’; and 
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(B) in paragraph (4), by inserting after 
‘‘case of a bank’’ the following: ‘‘, a savings and 
loan holding company (as defined in section 10 
of the Home Owners’ Loan Act),’’; and 
(2) in section 15(d), by striking ‘‘case of bank’’ 
and inserting the following: ‘‘case of a bank, a sav-
ings and loan holding company (as defined in section 
10 of the Home Owners’ Loan Act),’’. 
TITLE 
IV—SMALL 
BUSINESS 
MERGERS, 
ACQUISITIONS, 
SALES, AND BROKERAGE SIM-
PLIFICATION ACT 
SEC. 401. REGISTRATION EXEMPTION FOR MERGER AND 
ACQUISITION BROKERS. 
Section 15(b) of the Securities Exchange Act of 1934 
(15 U.S.C. 78o(b)) is amended by adding at the end the 
following: 
‘‘(13) REGISTRATION EXEMPTION FOR MERGER 
AND ACQUISITION BROKERS.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), an M&A broker shall be ex-
empt from registration under this section. 
‘‘(B) EXCLUDED
ACTIVITIES.—An M&A 
broker is not exempt from registration under 
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this paragraph if such broker does any of the 
following: 
‘‘(i) Directly or indirectly, in connec-
tion with the transfer of ownership of an 
eligible privately held company, receives, 
holds, transmits, or has custody of the 
funds or securities to be exchanged by the 
parties to the transaction. 
‘‘(ii) Engages on behalf of an issuer in 
a public offering of any class of securities 
that is registered, or is required to be reg-
istered, with the Commission under section 
12 or with respect to which the issuer files, 
or is required to file, periodic information, 
documents, and reports under subsection 
(d). 
‘‘(C) RULE OF CONSTRUCTION.—Nothing 
in this paragraph shall be construed to limit 
any other authority of the Commission to ex-
empt any person, or any class of persons, from 
any provision of this title, or from any provision 
of any rule or regulation thereunder. 
‘‘(D) DEFINITIONS.—In this paragraph: 
‘‘(i) CONTROL.—The term ‘control’ 
means the power, directly or indirectly, to 
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direct the management or policies of a 
company, whether through ownership of 
securities, by contract, or otherwise. There 
is a presumption of control for any person 
who— 
‘‘(I) is a director, general part-
ner, member or manager of a limited 
liability company, or officer exercising 
executive responsibility (or has similar 
status or functions); 
‘‘(II) has the right to vote 20 
percent or more of a class of voting 
securities or the power to sell or direct 
the sale of 20 percent or more of a 
class of voting securities; or 
‘‘(III) in the case of a partner-
ship or limited liability company, has 
the right to receive upon dissolution, 
or has contributed, 20 percent or 
more of the capital. 
‘‘(ii) 
ELIGIBLE
PRIVATELY
HELD 
COMPANY.—The term ‘eligible privately 
held company’ means a company that 
meets both of the following conditions: 
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‘‘(I) The company does not have 
any class of securities registered, or 
required to be registered, with the 
Commission under section 12 or with 
respect to which the company files, or 
is required to file, periodic informa-
tion, documents, and reports under 
subsection (d). 
‘‘(II) In the fiscal year ending 
immediately before the fiscal year in 
which the services of the M&A broker 
are initially engaged with respect to 
the securities transaction, the com-
pany meets either or both of the fol-
lowing conditions (determined in ac-
cordance with the historical financial 
accounting records of the company): 
‘‘(aa) The earnings of the 
company before interest, taxes, 
depreciation, and amortization 
are less than $25,000,000. 
‘‘(bb) The gross revenues of 
the 
company 
are 
less 
than 
$250,000,000. 
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‘‘(iii) M&A BROKER.—The term ‘M&A 
broker’ means a broker, and any person 
associated with a broker, engaged in the 
business of effecting securities transactions 
solely in connection with the transfer of 
ownership of an eligible privately held com-
pany, regardless of whether the broker acts 
on behalf of a seller or buyer, through the 
purchase, sale, exchange, issuance, repur-
chase, or redemption of, or a business com-
bination involving, securities or assets of 
the eligible privately held company, if the 
broker reasonably believes that— 
‘‘(I) upon consummation of the 
transaction, any person acquiring se-
curities or assets of the eligible pri-
vately held company, acting alone or 
in concert, will control and, directly or 
indirectly, will be active in the man-
agement of the eligible privately held 
company or the business conducted 
with the assets of the eligible privately 
held company; and 
‘‘(II) if any person is offered se-
curities in exchange for securities or 
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assets of the eligible privately held 
company, such person will, prior to 
becoming legally bound to consum-
mate the transaction, receive or have 
reasonable access to the most recent 
year-end balance sheet, income state-
ment, statement of changes in finan-
cial position, and statement of owner’s 
equity of the issuer of the securities 
offered in exchange, and, if the finan-
cial statements of the issuer are au-
dited, the related report of the inde-
pendent auditor, a balance sheet 
dated not more than 120 days before 
the date of the offer, and information 
pertaining to the management, busi-
ness, results of operations for the pe-
riod covered by the foregoing financial 
statements, and material loss contin-
gencies of the issuer. 
‘‘(E) INFLATION ADJUSTMENT.— 
‘‘(i) IN GENERAL.—On the date that 
is 5 years after the date of the enactment 
of this paragraph, and every 5 years there-
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after, each dollar amount in subparagraph 
(D)(ii)(II) shall be adjusted by— 
‘‘(I) dividing the annual value of 
the Employment Cost Index For 
Wages and Salaries, Private Industry 
Workers (or any successor index), as 
published by the Bureau of Labor 
Statistics, for the calendar year pre-
ceding the calendar year in which the 
adjustment is being made by the an-
nual value of such index (or suc-
cessor) for the calendar year ending 
December 31, 2014; and 
‘‘(II) multiplying such dollar 
amount by the quotient obtained 
under subclause (I). 
‘‘(ii) 
ROUNDING.—Each 
dollar 
amount determined under clause (i) shall 
be rounded to the nearest multiple of 
$100,000.’’. 
SEC. 402. EFFECTIVE DATE. 
This Act and any amendment made by this Act shall 
take effect on the date that is 90 days after the date of 
the enactment of this Act. 
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TITLE V—SWAP DATA REPOSI-
TORY AND CLEARINGHOUSE 
INDEMNIFICATION 
CORREC-
TIONS 
SEC. 501. REPEAL OF INDEMNIFICATION REQUIREMENTS. 
(a) DERIVATIVES CLEARING ORGANIZATIONS.—Sec-
tion 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 
7a–1(k)(5)) is amended to read as follows: 
‘‘(5) CONFIDENTIALITY
AGREEMENT.—Before 
the Commission may share information with any en-
tity described in paragraph (4), the Commission 
shall receive a written agreement from each entity 
stating that the entity shall abide by the confiden-
tiality requirements described in section 8 relating to 
the information on swap transactions that is pro-
vided.’’. 
(b) SWAP DATA REPOSITORIES.—Section 21(d) of 
the Commodity Exchange Act (7 U.S.C. 24a(d)) is amend-
ed to read as follows: 
‘‘(d) CONFIDENTIALITY AGREEMENT.—Before the 
swap data repository may share information with any enti-
ty described in subsection (c)(7), the swap data repository 
shall receive a written agreement from each entity stating 
that the entity shall abide by the confidentiality require-
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ments described in section 8 relating to the information 
on swap transactions that is provided.’’. 
(c) SECURITY-BASED SWAP DATA REPOSITORIES.— 
Section 13(n)(5)(H) of the Securities Exchange Act of 
1934 (15 U.S.C. 78m(n)(5)(H)) is amended to read as 
follows: 
‘‘(H) CONFIDENTIALITY
AGREEMENT.— 
Before the security-based swap data repository 
may share information with any entity de-
scribed in subparagraph (G), the security-based 
swap data repository shall receive a written 
agreement from each entity stating that the en-
tity shall abide by the confidentiality require-
ments described in section 24 relating to the in-
formation on security-based swap transactions 
that is provided.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this Act shall take effect as if enacted as part of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
(Public Law 111–203) on July 21, 2010. 
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TITLE VI—IMPROVING ACCESS 
TO CAPITAL FOR EMERGING 
GROWTH COMPANIES ACT 
SEC. 601. FILING REQUIREMENT FOR PUBLIC FILING 
PRIOR TO PUBLIC OFFERING. 
Section 6(e)(1) of the Securities Act of 1933 (15 
U.S.C. 77f(e)(1)) is amended by striking ‘‘21 days’’ and 
inserting ‘‘15 days’’. 
SEC. 602. GRACE PERIOD FOR CHANGE OF STATUS OF 
EMERGING GROWTH COMPANIES. 
Section 6(e)(1) of the Securities Act of 1933 (15 
U.S.C. 77f(e)(1)) is further amended by adding at the end 
the following: ‘‘An issuer that was an emerging growth 
company at the time it submitted a confidential registra-
tion statement or, in lieu thereof, a publicly filed registra-
tion statement for review under this subsection but ceases 
to be an emerging growth company thereafter shall con-
tinue to be treated as an emerging market growth com-
pany for the purposes of this subsection through the ear-
lier of the date on which the issuer consummates its initial 
public offering pursuant to such registrations statement 
or the end of the 1-year period beginning on the date the 
company ceases to be an emerging growth company.’’. 
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SEC. 603. SIMPLIFIED DISCLOSURE REQUIREMENTS FOR 
EMERGING GROWTH COMPANIES. 
Section 102 of the Jumpstart Our Business Startups 
Act (Public Law 112–106) is amended by adding at the 
end the following: 
‘‘(d) SIMPLIFIED DISCLOSURE REQUIREMENTS.— 
With respect to an emerging growth company (as such 
term is defined under section 2 of the Securities Act of 
1933): 
‘‘(1) REQUIREMENT TO INCLUDE NOTICE ON 
FORM S–1.—Not later than 30 days after the date 
of enactment of this subsection, the Securities and 
Exchange Commission shall revise its general in-
structions on Form S–1 to indicate that a registra-
tion statement filed (or submitted for confidential 
review) by an issuer prior to an initial public offer-
ing may omit financial information for historical pe-
riods otherwise required by regulation S–X (17 CFR 
210.1–01 et seq.) as of the time of filing (or con-
fidential submission) of such registration statement, 
provided that— 
‘‘(A) the omitted financial information re-
lates to a historical period that the issuer rea-
sonably believes will not be required to be in-
cluded in the Form S–1 at the time of the con-
templated offering; and 
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‘‘(B) prior to the issuer distributing a pre-
liminary prospectus to investors, such registra-
tion statement is amended to include all finan-
cial information required by such regulation S– 
X at the date of such amendment. 
‘‘(2) RELIANCE BY ISSUERS.—Effective 30 days 
after the date of enactment of this subsection, an 
issuer filing a registration statement (or submitting 
the statement for confidential review) on Form S– 
1 may omit financial information for historical peri-
ods otherwise required by regulation S–X (17 CFR 
210.1–01 et seq.) as of the time of filing (or con-
fidential submission) of such registration statement, 
provided that— 
‘‘(A) the omitted financial information re-
lates to a historical period that the issuer rea-
sonably believes will not be required to be in-
cluded in the Form S–1 at the time of the con-
templated offering; and 
‘‘(B) prior to the issuer distributing a pre-
liminary prospectus to investors, such registra-
tion statement is amended to include all finan-
cial information required by such regulation S– 
X at the date of such amendment.’’. 
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TITLE 
VII—SMALL 
COMPANY 
DISCLOSURE 
SIMPLIFICA-
TION ACT 
SEC. 701. EXEMPTION FROM XBRL REQUIREMENTS FOR 
EMERGING GROWTH COMPANIES AND OTHER 
SMALLER COMPANIES. 
(a) EXEMPTION FOR EMERGING GROWTH COMPA-
NIES.—Emerging growth companies are exempted from 
the requirements to use Extensible Business Reporting 
Language (XBRL) for financial statements and other 
periodic reporting required to be filed with the Commis-
sion under the securities laws. Such companies may elect 
to use XBRL for such reporting. 
(b) EXEMPTION
FOR
OTHER
SMALLER
COMPA-
NIES.—Issuers with total annual gross revenues of less 
than $250,000,000 are exempt from the requirements to 
use XBRL for financial statements and other periodic re-
porting required to be filed with the Commission under 
the securities laws. Such issuers may elect to use XBRL 
for such reporting. An exemption under this subsection 
shall continue in effect until— 
(1) the date that is 5 years after the date of en-
actment of this Act; or 
(2) the date that is 2 years after a determina-
tion by the Commission, by order after conducting 
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the analysis required by section 702, that the bene-
fits of such requirements to such issuers outweigh 
the costs, but no earlier than 3 years after enact-
ment of this Act. 
(c) MODIFICATIONS
TO REGULATIONS.—Not later 
than 60 days after the date of enactment of this Act, the 
Commission shall revise its regulations under parts 229, 
230, 232, 239, 240, and 249 of title 17, Code of Federal 
Regulations, to reflect the exemptions set forth in sub-
sections (a) and (b). 
SEC. 702. ANALYSIS BY THE SEC. 
The Commission shall conduct an analysis of the 
costs and benefits to issuers described in section 701(b) 
of the requirements to use XBRL for financial statements 
and other periodic reporting required to be filed with the 
Commission under the securities laws. Such analysis shall 
include an assessment of— 
(1) how such costs and benefits may differ from 
the costs and benefits identified by the Commission 
in the order relating to interactive data to improve 
financial reporting (dated January 30, 2009; 74 
Fed. Reg. 6776) because of the size of such issuers; 
(2) the effects on efficiency, competition, capital 
formation, and financing and on analyst coverage of 
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such issuers (including any such effects resulting 
from use of XBRL by investors); 
(3) the costs to such issuers of— 
(A) submitting data to the Commission in 
XBRL; 
(B) posting data on the website of the 
issuer in XBRL; 
(C) software necessary to prepare, submit, 
or post data in XBRL; and 
(D) any additional consulting services or 
filing agent services; 
(4) the benefits to the Commission in terms of 
improved ability to monitor securities markets, as-
sess the potential outcomes of regulatory alter-
natives, and enhance investor participation in cor-
porate governance and promote capital formation; 
and 
(5) the effectiveness of standards in the United 
States for interactive filing data relative to the 
standards of international counterparts. 
SEC. 703. REPORT TO CONGRESS. 
Not later than 1 year after the date of enactment 
of this Act, the Commission shall provide the Committee 
on Financial Services of the House of Representatives and 
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the Committee on Banking, Housing, and Urban Affairs 
of the Senate a report regarding— 
(1) the progress in implementing XBRL report-
ing within the Commission; 
(2) the use of XBRL data by Commission offi-
cials; 
(3) the use of XBRL data by investors; 
(4) the results of the analysis required by sec-
tion 702; and 
(5) any additional information the Commission 
considers relevant for increasing transparency, de-
creasing costs, and increasing efficiency of regu-
latory filings with the Commission. 
SEC. 704. DEFINITIONS. 
As used in this title, the terms ‘‘Commission’’, 
‘‘emerging growth company’’, ‘‘issuer’’, and ‘‘securities 
laws’’ have the meanings given such terms in section 3 
of the Securities Exchange Act of 1934 (15 U.S.C. 78c). 
TITLE VIII—RESTORING PROVEN 
FINANCING FOR AMERICAN 
EMPLOYERS ACT 
SEC. 
801. 
RULES 
OF 
CONSTRUCTION 
RELATING 
TO 
COLLATERALIZED LOAN OBLIGATIONS. 
Section 13(c)(2) of the Bank Holding Company Act 
of 1956 (12 U.S.C. 1851(c)(2)) is amended— 
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(1) by striking ‘‘A banking entity or nonbank 
financial company supervised by the Board’’ and in-
serting the following: 
‘‘(A) GENERAL CONFORMANCE PERIOD.— 
A banking entity or nonbank financial company 
supervised by the Board’’; and 
(2) by adding at the end the following: 
‘‘(B) CONFORMANCE PERIOD FOR CERTAIN 
COLLATERALIZED LOAN OBLIGATIONS.— 
‘‘(i) IN
GENERAL.—Notwithstanding 
subparagraph (A), a banking entity or 
nonbank financial company supervised by 
the Board shall bring its activities related 
to or investments in a debt security of a 
collateralized loan obligation issued before 
January 31, 2014, into compliance with 
the requirements of subsection (a)(1)(B) 
and any applicable rules relating to sub-
section (a)(1)(B) not later than July 21, 
2019. 
‘‘(ii) COLLATERALIZED LOAN OBLIGA-
TION.—For purposes of this subparagraph, 
the term ‘collateralized loan obligation’ 
means any issuing entity of an asset- 
backed security, as defined in section 
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3(a)(77) of the Securities Exchange Act of 
1934 (15 U.S.C. 78c(a)(77)), that is com-
prised primarily of commercial loans.’’. 
TITLE IX—SBIC ADVISERS 
RELIEF ACT 
SEC. 901. ADVISERS OF SBICS AND VENTURE CAPITAL 
FUNDS. 
Section 203(l) of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–3(l)) is amended— 
(1) by striking ‘‘No investment adviser’’ and in-
serting the following: 
‘‘(1) IN
GENERAL.—No investment adviser’’; 
and 
(2) by adding at the end the following: 
‘‘(2) ADVISERS OF SBICS.—For purposes of this 
subsection, a venture capital fund includes an entity 
described in subparagraph (A), (B), or (C) of sub-
section (b)(7) (other than an entity that has elected 
to be regulated or is regulated as a business develop-
ment company pursuant to section 54 of the Invest-
ment Company Act of 1940).’’. 
SEC. 902. ADVISERS OF SBICS AND PRIVATE FUNDS. 
Section 203(m) of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–3(m)) is amended by adding at the 
end the following: 
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‘‘(3) ADVISERS OF SBICS.—For purposes of this 
subsection, the assets under management of a pri-
vate fund that is an entity described in subpara-
graph (A), (B), or (C) of subsection (b)(7) (other 
than an entity that has elected to be regulated or is 
regulated as a business development company pursu-
ant to section 54 of the Investment Company Act of 
1940) shall be excluded from the limit set forth in 
paragraph (1).’’. 
SEC. 903. RELATIONSHIP TO STATE LAW. 
Section 203A(b)(1) of the Investment Advisers Act 
of 1940 (15 U.S.C. 80b–3a(b)(1)) is amended— 
(1) in subparagraph (A), by striking ‘‘or’’ at 
the end; 
(2) in subparagraph (B), by striking the period 
at the end and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(C) that is not registered under section 
203 because that person is exempt from reg-
istration as provided in subsection (b)(7) of 
such section, or is a supervised person of such 
person.’’. 
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TITLE 
X—DISCLOSURE 
MOD-
ERNIZATION 
AND 
SIM-
PLIFICATION ACT 
SEC. 1001. SUMMARY PAGE FOR FORM 10–K. 
Not later than the end of the 180-day period begin-
ning on the date of the enactment of this Act, the Securi-
ties and Exchange Commission shall issue regulations to 
permit issuers to submit a summary page on form 10– 
K (17 CFR 249.310), but only if each item on such sum-
mary page includes a cross-reference (by electronic link 
or otherwise) to the material contained in form 10–K to 
which such item relates. 
SEC. 1002. IMPROVEMENT OF REGULATION S–K. 
Not later than the end of the 180-day period begin-
ning on the date of the enactment of this Act, the Securi-
ties and Exchange Commission shall take all such actions 
to revise regulation S–K (17 CFR 229.10 et seq.)— 
(1) to further scale or eliminate requirements of 
regulation S–K, in order to reduce the burden on 
emerging growth companies, accelerated filers, 
smaller reporting companies, and other smaller 
issuers, while still providing all material information 
to investors; 
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(2) to eliminate provisions of regulation S–K, 
required for all issuers, that are duplicative, overlap-
ping, outdated, or unnecessary; and 
(3) for which the Commission determines that 
no further study under section 1003 is necessary to 
determine the efficacy of such revisions to regulation 
S–K. 
SEC. 1003. STUDY ON MODERNIZATION AND SIMPLIFICA-
TION OF REGULATION S–K. 
(a) STUDY.—The Securities and Exchange Commis-
sion shall carry out a study of the requirements contained 
in regulation S–K (17 CFR 229.10 et seq.). Such study 
shall— 
(1) determine how best to modernize and sim-
plify such requirements in a manner that reduces 
the costs and burdens on issuers while still providing 
all material information; 
(2) emphasize a company by company approach 
that allows relevant and material information to be 
disseminated to investors without boilerplate lan-
guage or static requirements while preserving com-
pleteness and comparability of information across 
registrants; and 
(3) evaluate methods of information delivery 
and presentation and explore methods for discour-
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aging repetition and the disclosure of immaterial in-
formation. 
(b) CONSULTATION.—In conducting the study re-
quired under subsection (a), the Commission shall consult 
with the Investor Advisory Committee and the Advisory 
Committee on Small and Emerging Companies. 
(c) REPORT.—Not later than the end of the 360-day 
period beginning on the date of enactment of this Act, the 
Commission shall issue a report to the Congress con-
taining— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
(2) specific and detailed recommendations on 
modernizing and simplifying the requirements in 
regulation S–K in a manner that reduces the costs 
and burdens on companies while still providing all 
material information; and 
(3) specific and detailed recommendations on 
ways to improve the readability and navigability of 
disclosure documents and to discourage repetition 
and the disclosure of immaterial information. 
(d) RULEMAKING.—Not later than the end of the 
360-day period beginning on the date that the report is 
issued to the Congress under subsection (c), the Commis-
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sion shall issue a proposed rule to implement the rec-
ommendations of the report issued under subsection (c). 
(e) RULE OF CONSTRUCTION.—Revisions made to 
regulation S–K by the Commission under section 1002 
shall not be construed as satisfying the rulemaking re-
quirements under this section. 
TITLE XI—ENCOURAGING 
EMPLOYEE OWNERSHIP ACT 
SEC. 1101. INCREASED THRESHOLD FOR DISCLOSURES RE-
LATING TO COMPENSATORY BENEFIT PLANS. 
Not later than 60 days after the date of the enact-
ment of this Act, the Securities and Exchange Commission 
shall revise section 230.701(e) of title 17, Code of Federal 
Regulations, so as to increase from $5,000,000 to 
$10,000,000 the aggregate sales price or amount of secu-
rities sold during any consecutive 12-month period in ex-
cess of which the issuer is required under such section to 
deliver an additional disclosure to investors. The Commis-
sion shall index for inflation such aggregate sales price 
or amount every 5 years to reflect the change in the Con-
sumer Price Index for All Urban Consumers published by 
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the Bureau of Labor Statistics, rounding to the nearest 
$1,000,000. 
Passed the House of Representatives January 14, 
2015. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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