IB 
Union Calendar No. 681 
115TH CONGRESS 
2D SESSION 
H. R. 3555 
[Report No. 115–883] 
To amend the Securities Exchange Act of 1934 to provide that the definition 
of a facility of an exchange does not apply to a line of business the 
purpose of which is not to effect or report a transaction on an exchange. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 28, 2017 
Mr. LOUDERMILK (for himself, Mr. MEEKS, Mr. HULTGREN, Mr. DAVID 
SCOTT of Georgia, and Mr. ZELDIN) introduced the following bill; which 
was referred to the Committee on Financial Services 
AUGUST 3, 2018 
Reported with amendments, committed to the Committee of the Whole House 
on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on July 28, 2017] 
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A BILL 
To amend the Securities Exchange Act of 1934 to provide 
that the definition of a facility of an exchange does 
not apply to a line of business the purpose of which 
is not to effect or report a transaction on an exchange. 
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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 ‘‘Exchange Regulatory 
Improvement Act’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
(1) Over time, national securities exchanges have 
expanded their businesses beyond listings and trading 
to include the sale of additional products and services 
to their members and listed companies. 
(2) The Securities and Exchange Commission 
should be transparent in its interpretation of the term 
‘‘facility’’ in section 3(a) of the Securities Exchange 
Act of 1934 (15 U.S.C. 78c(a)). 
SEC. 3. FACILITY DEFINED. 
(a) IN GENERAL.—Not later than 360 days after the 
date of enactment of this Act, the Securities and Exchange 
Commission (the ‘‘Commission’’) shall adopt regulations to 
further interpret the term ‘‘facility’’ under section 3(a) of 
the Securities Exchange Act of 1934. Such regulations shall 
set forth the facts and circumstances the Commission con-
siders when determining whether any premises or property, 
or the right to use any premises, property, or service is or 
is not a facility of an exchange. 
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(b) APPLICATION TO PROPOSED RULES.—The Com-
mission shall apply the facts and circumstances set forth 
in the regulations issued pursuant to subsection (a) in de-
termining whether any proposed rule is or is not required 
to be submitted as a proposed rule filing pursuant to section 
19 of the Securities Exchange Act of 1934 and the rules 
and regulations issued thereunder. 
Amend the title so as to read: ‘‘A bill to require the 
Securities and Exchange Commission to issue regulations 
to further interpret the term ‘facility’ under the Securi-
ties Exchange Act of 1934.’’. 
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Union Calendar No. 681 
115TH CONGRESS 
2D SESSION 
H. R. 3555 
[Report No. 115–883] 
A BILL 
To amend the Securities Exchange Act of 1934 to 
provide that the definition of a facility of an ex-
change does not apply to a line of business the 
purpose of which is not to effect or report a 
transaction on an exchange. 
AUGUST 3, 2018 
Reported with amendments, committed to the Committee 
of the Whole House on the State of the Union, and or-
dered to be printed 
VerDate Sep 11 2014 
22:08 Aug 03, 2018
Jkt 079200
PO 00000
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