‘‘(3) REPORTING BY HOLDING COMPANIES AND 
OTHER
MATERIAL
ASSOCIATED
PERSONS.—Every 
person, other than a natural person, who is associ-
ated with (A) a registered broker or dealer, or (B) 
a registered municipal securities dealer for which the 
Commission is the appropriate regulatory agency, 
and whose business activities are reasonably likely to 
have a material impact on the financial or oper-
ational condition of such registered person, including 
its net capital, its liquidity, or its ability to conduct 
or finance its operations, shall make such reports 
concerning the associated person’s policies, proce-
dures, or systems for monitoring and controlling the 
financial and operation risks to the registered person 
and its associated persons as the Commission, by 
rule, prescribes. Such reports may be required to de-
scribe, without limitation, each of the associated per-
son’s financial and securities activities, and cus-
tomary sources of capital and funding. The Commis-
sion, by rule, may require such reports to be filed 
with the Commission no more frequently than quar-
terly. 
‘‘(4) RECORDKEEPING BY HOLDING COMPANIES 
AND OTHER MATERIAL ASSOCIATED PERSONS.—All 
persons subject to the reporting requirements under 
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paragraph (3) of this subsection shall keep and 
maintain such records as are necessary to permit the 
Commission to verify the information contained in 
reports filed with the Commission pursuant to para-
graph (3). 
‘‘(5) EXAMINATION
OF
HOLDING
COMPANIES 
AND OTHER MATERIAL ASSOCIATED PERSONS.—All 
records of persons subject to the reporting require-
ments contained in paragraph (3) of this subsection 
are subject at any time, or from time to time, to 
such reasonable periodic, special, or other examina-
tions by representatives of the Commission as the 
Commission deems necessary or appropriate to 
verify the information contained in reports filed with 
the Commission pursuant to paragraph (3). 
‘‘(6) USE OF ALTERNATIVE REPORTS BY REG-
ISTERED PERSONS AND THEIR HOLDING COMPANIES 
AND OTHER MATERIAL ASSOCIATED PERSONS.—The 
Commission, insofar as it determines is consistent 
with the purposes of this title, shall permit persons 
subject to the reporting requirements of paragraphs 
(1), (2), and (3) of this subsection, to use reports 
otherwise created and maintained to meet the re-
porting requirements of those paragraphs.’’; and 
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(4) in paragraphs (7) and (9) (as redesignated 
by paragraph (2)), by striking ‘‘paragraph (1)’’ each 
place it appears and inserting ‘‘paragraphs (1) and 
(3)’’. 
SEC. 207. LARGE TRADER REPORTING: RULEMAKING DEAD-
LINE. 
Within one year after the date of enactment of this 
Act, the Securities and Exchange Commission shall take 
all actions necessary to establish regulations pursuant to 
section 13(h) of the Securities Exchange Act of 1934 (15 
U.S.C. 78m(h)). 
SEC. 208. RULES, REGULATIONS, AND ORDERS; ANNUAL RE-
PORTS. 
Section 8(a) of the Market Reform Act of 1990 is 
amended by striking ‘‘May 31, 1991, and annually there-
after until May 31, 1995,’’ and inserting ‘‘May 31, 2009, 
and annually thereafter’’. 
SEC. 209. CONFORMING AMENDMENTS. 
(a) DEFINITION OF BROKER OR DEALER.—Section 
3(a)(48) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)(48)) is amended to read as follows: 
‘‘(48) The term ‘registered broker or dealer’ 
means a broker or dealer registered or required to 
register pursuant to section 15 or 15B of this title, 
except that— 
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sroberts on PROD1PC76 with BILLS
‘‘(A) in paragraph (3)(A) of this sub-
section and in section 6, the term means such 
a broker or dealer or a government securities 
broker or government securities dealer reg-
istered or required to register pursuant to sec-
tion 15C(a)(1)(A) of this title; and 
‘‘(B) in paragraph (3)(B) of this sub-
section and in section 15A, the term means 
such a broker or dealer, a government securities 
broker or government securities dealer reg-
istered or required to register pursuant to sec-
tion 15C(a)(1)(A) of this title, or a derivatives 
dealer registered or required to register pursu-
ant to section 15F(a)(1)(A) of this title.’’. 
(b) REPEAL OF GLBA CHANGES.— 
(1) 
DEFINITION
OF
BROKER.—Section 
3(a)(4)(B) of such Act is amended by striking clause 
(ix). 
(2) 
DEFINITION
OF
DEALER.—Section 
3(a)(5)(C) of such Act is amended by striking clause 
(iv), 
(3) REPEAL
OF
NEW
HYBRID
PRODUCT
AU-
THORITY.—Section 15 of such Act (78 U.S.C. 78o) 
is amended by striking subsection (i) as added by 
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sroberts on PROD1PC76 with BILLS
section 205 of the Gramm-Leach-Bliley Act (113 
Stat. 1391). 
(4) IDENTIFIED
BANKING
PRODUCT
DEFINI-
TION.—Section 206 of the Gramm-Leach-Bliley Act 
(15 U.S.C. 78c) is amended— 
(A) in subsection (a)— 
(i) by inserting ‘‘; or’’ after the semi-
colon at the end of paragraph (5); 
(ii) by striking ‘‘; or’’ at the end of 
paragraph (5) and inserting a period; and 
(iii) by striking paragraph (6); 
(B) by striking subsection (b); and 
(C) by redesignating subsections (c) and 
(d) as subsections (b) and (c), respectively. 
TITLE III—HEDGE FUND 
REPORTING 
SEC. 301. PUBLIC REPORTING BY UNREGISTERED HEDGE 
FUNDS. 
Section 30 of the Investment Company Act of 1940 
(15 U.S.C. 80a–29) is amended by adding at the end the 
following new subsection: 
‘‘(k) REPORTS OF UNREGISTERED HEDGE FUNDS.— 
‘‘(1) FILING OF REPORTS.—No later than 15 
days after the end of each calendar or fiscal quarter, 
every unregistered hedge fund shall submit to the 
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Commission a report prepared in accordance with 
United States generally accepted accounting prin-
ciples that includes the following information for 
each pooled investment vehicle that is part of the 
unregistered hedge fund: 
‘‘(A) A statement of financial condition as 
of the end of the quarter. 
‘‘(B) A statement of income (loss) for the 
quarter ended. 
‘‘(C) A statement of cash flows. 
‘‘(D) A statement of changes in equity. 
‘‘(E) A description of the models and 
methodologies that the pooled investment vehi-
cle uses to calculate, assess, and evaluate mar-
ket risk. 
‘‘(F) Such other information and within 
such time period as the Commission, in con-
sultation with the Secretary of the Treasury, 
the Chairman of the Federal Reserve Board, 
the Commodity Futures Trading Commission, 
and other appropriate regulatory agencies, may 
require by rule or regulation, as may be nec-
essary or appropriate in the public interest or 
for the protection of investors, including infor-
mation about sudden changes in net asset value 
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of a pooled investment vehicle within the quar-
ter, the leverage ratio of the pooled investment 
vehicle, and the total notional amount of the 
pooled investment vehicle’s exchange-traded and 
over-the-counter derivatives positions. 
‘‘(2) RULEMAKING.—The Commission shall 
have the authority to promulgate rules and regula-
tions, as may be necessary or appropriate in the 
public interest or for the protection of investors, that 
prescribe the form of the reports required by para-
graph (1) and define the terms used in this sub-
section. 
‘‘(3) AVAILABILITY OF REPORTS.—Upon receipt 
of reports under paragraph (1), the Commission 
shall— 
‘‘(A) immediately transmit complete copies 
of the reports to the Secretary of the Treasury, 
the Chairman of the Federal Reserve Board, 
the Commodity Futures Trading Commission, 
and other appropriate regulatory agencies; and 
‘‘(B) subject to paragraph (4), make the 
reports widely available to the public. 
‘‘(4) CONFIDENTIALITY
OF
PROPRIETARY
IN-
FORMATION.—Proprietary information contained in 
reports shall be treated as follows: 
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‘‘(A) If, in preparing a complete and accu-
rate report under paragraph (1), an unregis-
tered hedge fund includes in the report propri-
etary information concerning investment strate-
gies or positions, such proprietary information 
may, consistent with the regulations prescribed 
by the Commission, be segregated in a con-
fidential section of the report that shall not be 
available to the public under paragraph (3)(B). 
‘‘(B) Nothing in this subsection shall au-
thorize the Commission to withhold information 
from Congress, or prevent the Commission from 
complying with a request for information from 
any other Federal department or agency re-
questing the information for purposes within 
the scope of its jurisdiction, or complying with 
an order of a court of the United States in an 
action brought by the United States or the 
Board. 
‘‘(5) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) UNREGISTERED HEDGE FUND.—The 
term ‘unregistered hedge fund’— 
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‘‘(i) means any pooled investment ve-
hicle, or group or family of pooled invest-
ment vehicles, that— 
‘‘(I) has total assets under man-
agement of $1,000,000,000 or more; 
and 
‘‘(II) is excepted from the defini-
tion of investment company by section 
3(c)(1) or 3(c)(7), or is a foreign com-
pany that would be required to obtain 
an order of the Securities and Ex-
change Commission under section 
7(d) if it made a public offering of its 
securities by use of the mails and 
means or instrumentalities of inter-
state commerce; but 
‘‘(ii) does not include a commodity 
pool operator or futures commission mer-
chant (as such terms are defined under 
section 1a of the Commodity Exchange Act 
(7 U.S.C. 1a)). 
‘‘(B) APPROPRIATE
REGULATORY
AGEN-
CIES.—The term ‘appropriate regulatory agen-
cies’ means each of the agencies that is an ap-
propriate regulatory agency under section 
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sroberts on PROD1PC76 with BILLS
3(a)(34) of the Securities Exchange Act of 
1934.’’. 
Æ 
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