I 
116TH CONGRESS 
1ST SESSION H. R. 2899 
To amend the Securities Exchange Act of 1934 to allow for the registration 
of venture exchanges, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 22, 2019 
Mr. EMMER (for himself and Mr. GONZALEZ of Texas) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 to allow 
for the registration of venture exchanges, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Main Street Growth 
Act’’. 
SEC. 2. VENTURE EXCHANGES. 
(a) SECURITIES EXCHANGE ACT OF 1934.—Section 
6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f) 
is amended by adding at the end the following: 
‘‘(m) VENTURE EXCHANGE.— 
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‘‘(1) REGISTRATION.— 
‘‘(A) IN GENERAL.—A person may register 
themself (and a national securities exchange 
may register a listing tier of such exchange) as 
a national securities exchange solely for the 
purposes of trading venture securities by filing 
an application with the Commission pursuant to 
subsection (a) and the rules and regulations 
thereunder. 
‘‘(B) 
PUBLICATION
OF
NOTICE.—The 
Commission shall, upon the filing of an applica-
tion under subparagraph (A), publish notice of 
such filing and afford interested persons an op-
portunity to submit written data, views, and ar-
guments concerning such application. 
‘‘(C) APPROVAL OR DENIAL.— 
‘‘(i) IN GENERAL.—Within 90 days of 
the date of publication of a notice under 
subparagraph (B) (or within such longer 
period as to which the applicant consents), 
the Commission shall— 
‘‘(I) by order grant such registra-
tion; or 
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‘‘(II) institute a denial pro-
ceeding under clause (ii) to determine 
whether registration should be denied. 
‘‘(ii) DENIAL
PROCEEDING.—A pro-
ceeding under clause (i)(II) shall include 
notice of the grounds for denial under con-
sideration and opportunity for hearing and 
shall be concluded within 180 days of the 
date of the publication of a notice under 
subparagraph (B). At the conclusion of 
such proceeding the Commission, by order, 
shall grant or deny such registration. The 
Commission may extend the time for con-
clusion of such proceeding for up to 90 
days if the Commission finds good cause 
for such extension and publishes the Com-
mission’s reasons for so finding or for such 
longer period as to which the applicant 
consents. 
‘‘(iii) CRITERIA
FOR
APPROVAL
OR 
DENIAL.—The Commission shall grant a 
registration under this paragraph if the 
Commission finds that the requirements of 
this title and the rules and regulations 
thereunder with respect to the applicant 
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are satisfied. The Commission shall deny 
such registration if it does not make such 
finding. 
‘‘(2) POWERS AND RESTRICTIONS.—In addition 
to the powers and restrictions otherwise applicable 
to a national securities exchange, a venture ex-
change— 
‘‘(A) may only constitute, maintain, or pro-
vide a market place or facilities for bringing to-
gether purchasers and sellers of venture securi-
ties; 
‘‘(B) may not extend unlisted trading 
privileges to any venture security; 
‘‘(C) may only, if the venture exchange is 
a listing tier of another national securities ex-
change, allow trading in securities that are reg-
istered under section 12(b) on a national securi-
ties exchange other than a venture exchange; 
and 
‘‘(D) may, subject to the rule filing process 
under section 19(b)— 
‘‘(i) determine the increment to be 
used for quoting and trading venture secu-
rities on the exchange; and 
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