SEC. 109. EFFECTIVE DATE.
This title shall take effect on the date of the enactment
of this Act, and shall apply to the sale or distribution after
that date of a database that was collected and organized
after that date.
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 or entity 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 such market information processor,
shall be liable to such 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 INJUNC-
TIONS.—To the extent otherwise authorized by
section 1651 of title 28, United States Code, or
other law, 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 rea-
sonable, to prevent a violation of paragraph (1).
‘‘(C) MONETARY RELIEF.—When a violation
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 plain-
tiff is not able to prove recoverable damages to
the full extent of the defendant’s monetary gain
directly attributable to the violation, the court,
in its equitable discretion, may order the defend-
ant 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 or entity from independently
gathering real-time market information, or from
selling, distributing or redistributing, or other-
wise disseminating such independently gathered
information.
‘‘(B) NEWS REPORTING.—Nothing in this
subsection shall restrict any news reporting enti-
ty from extracting real-time market information
for the sole purpose of news reporting, including
news gathering, dissemination, and comment,
unless the extraction is part of a consistent pat-
tern of competing in the distribution of real-time
market information with the market information
processor from which the information was ob-
tained.
‘‘(4) RELATIONSHIP TO OTHER LAWS.—
‘‘(A) PREEMPTION.—Subject to subpara-
graphs (B) through (F), 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 Federal
or State law (either statutory or common
law) to the extent that—
‘‘(I) such other Federal or State
law establishes rights and remedies
with respect to the unauthorized ex-
traction, sale, distribution or redis-
tribution, or other dissemination of
real-time market information that are
different from or in addition to the
rights and remedies established by this
subsection; or
‘‘(II) such other Federal or State
law is inconsistent with this section.
‘‘(B) FEDERAL SECURITIES LAWS.—Nothing
in this subsection shall—
‘‘(i) affect the operation of any other
provision of the securities laws (as defined
in section 3(a)(47)), or the rules and regu-
lations thereunder; or
‘‘(ii) 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 re-
distribution, or other dissemination of real-time
market information, and to maintain civil ac-
tions under State law to enforce such licenses or
contracts.
‘‘(E) FEDERAL TRADE COMMISSION.—Noth-
ing in this subsection shall affect—
‘‘(i) the authority of the Federal Trade
Commission; or
‘‘(ii) the operation of any of the laws
administered by the Federal Trade Commis-
sion.
‘‘(F) OTHER LAWS.—Nothing in this sub-
section shall affect rights, limitations, or rem-
edies concerning rights or obligations under laws
with respect to patent, trademark, or fraud.
‘‘(5) LIMITATIONS ON ACTIONS.—
‘‘(A) ADDITIONAL LIMITATION.—No civil ac-
tion 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.
‘‘(B) PERSONS OR ENTITIES SUBJECT TO
CONTRACTUAL REMEDIES.—No civil action shall
be maintained under this subsection by a market
information processor against any person or en-
tity to whom such processor provides real-time
market information pursuant to a contract or
agreement between such processor and such per-
son or entity with respect to any real-time mar-
ket information or any rights or remedies pro-
vided 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 mar-
ket participants use market data, and other rel-
evant factors, the Commission may, consistent
with the protection of investors and the public
interest and with the objectives of this section,
prescribe by rule the extent to which market in-
formation shall be considered to be real-time
market information for purposes of this sub-
section.
‘‘(C) MARKET INFORMATION PROCESSOR.—
The term ‘market information processor’ means
any exchange, self-regulatory organization, secu-
rities information processor, or national market
system plan administrator.’’.
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 or entity
shall be liable under section 11A(e) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78k–1(e)), as added by sec-
tion 201 of this Act, for the extraction, sale, distribution
or redistribution, or other dissemination of real-time mar-
ket information prior to the date of enactment of this Act,
by that person or by that person’s predecessor in interest.