the completion of such review, the Director 
shall— 
‘‘(i) submit to Congress a report in-
cluding the results of the review; 
‘‘(ii) revoke any such guidance that 
may reasonably be anticipated to have an 
annual economic effect greater than or 
equal to $100,000,000; and 
‘‘(iii) publish on a publicly available 
website of the Bureau a notice of any rev-
ocation made under clause (ii). 
‘‘(B) FIRST REVIEW.—The first such re-
view conducted under this paragraph shall in-
clude any guidance issued by the Director in ef-
fect on the date such review is conducted. 
‘‘(C) 
GUIDANCE
DEFINED.—The 
term 
‘guidance’ means statement of general applica-
bility issued by the Director of the Bureau, in-
tended to have a future effect on the behavior 
of regulated persons, that sets forth a policy on 
a statutory, regulatory, or technical issue, or an 
interpretation of a statute or regulation, and 
does not include— 
‘‘(i) a rule, as defined in section 551 
of title 5, United States Code, promulgated 
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pursuant to notice and comment under 
section 553 such title; 
‘‘(ii) a rule exempt from rulemaking 
requirements under subsection (a) or 
(b)(3)(B) of section 553 of such title; 
‘‘(iii) a rule of agency organization, 
procedure, or practice; 
‘‘(iv) a decision of an agency adjudica-
tion under section 554 of such title or any 
similar statutory provision; or 
‘‘(v) internal guidance directed to the 
issuing agency or other agency that is not 
intended to have a substantial future effect 
on the behavior of regulated persons.’’. 
(f) SECURITIES EXCHANGE COMMISSION.—Section 
23 of the Securities Exchange Act of 1934 (15 U.S.C. 
78w) is amended by adding at the end the following new 
subsection: 
‘‘(e) ANNUAL REVIEW OF GUIDANCE.— 
‘‘(1) IN GENERAL.—The Commission shall con-
duct an annual review of guidance issued by the 
Commission during the preceding calendar year to 
identify if any such guidance may reasonably be an-
ticipated to have an annual economic effect greater 
than or equal to $100,000,000. Not later than 6 
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months after the completion of such review, the 
Commission shall— 
‘‘(A) submit to Congress a report including 
the results of the review; 
‘‘(B) revoke any such guidance that may 
reasonably be anticipated to have an annual 
economic effect greater than or equal to 
$100,000,000; and 
‘‘(C) publish on a publicly available website 
of the Commission a notice of any revocation 
made under subparagraph (B). 
‘‘(2) FIRST
REVIEW.—The first such review 
conducted under this subsection shall include any 
guidance issued by the Commission in effect on the 
date such review is conducted. 
‘‘(3) GUIDANCE
DEFINED.—The term ‘guid-
ance’ means statement of general applicability issued 
by the Commission, intended to have a future effect 
on the behavior of regulated persons, that sets forth 
a policy on a statutory, regulatory, or technical 
issue, or an interpretation of a statute or regulation, 
and does not include— 
‘‘(A) a rule, as defined in section 551 of 
title 5, United States Code, promulgated pursu-
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ant to notice and comment under section 553 
such title; 
‘‘(B) a rule exempt from rulemaking re-
quirements under subsection (a) or (b)(3)(B) of 
section 553 of such title; 
‘‘(C) a rule of agency organization, proce-
dure, or practice; 
‘‘(D) a decision of an agency adjudication 
under section 554 of such title or any similar 
statutory provision; or 
‘‘(E) internal guidance directed to the 
issuing agency or other agency that is not in-
tended to have a substantial future effect on 
the behavior of regulated persons.’’. 
(g) COMMODITY FUTURES TRADING COMMISSION.— 
Section 2(a) of the Commodity Exchange Act (7 U.S.C. 
2(a)) is amended by adding at the end the following new 
paragraph: 
‘‘(16) ANNUAL REVIEW OF GUIDANCE.— 
‘‘(A) IN GENERAL.—The Commission shall 
conduct an annual review of guidance issued by 
the Commission during the preceding calendar 
year to identify if any such guidance may rea-
sonably be anticipated to have an annual eco-
nomic 
effect 
greater 
than 
or 
equal 
to 
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$100,000,000. Not later than 6 months after 
the completion of such review, the Commission 
shall— 
‘‘(i) submit to Congress a report in-
cluding the results of the review; 
‘‘(ii) revoke any such guidance that 
may reasonably be anticipated to have an 
annual economic effect greater than or 
equal to $100,000,000; and 
‘‘(iii) publish on a publicly available 
website of the Commission a notice of any 
revocation made under clause (ii). 
‘‘(B) FIRST REVIEW.—The first such re-
view conducted under this paragraph shall in-
clude any guidance issued by the Commission in 
effect on the date such review is conducted. 
‘‘(C) 
GUIDANCE
DEFINED.—The 
term 
‘guidance’ means statement of general applica-
bility issued by the Commission, intended to 
have a future effect on the behavior of regu-
lated persons, that sets forth a policy on a stat-
utory, regulatory, or technical issue, or an in-
terpretation of a statute or regulation, and does 
not include— 
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‘‘(i) a rule, as defined in section 551 
of title 5, United States Code, promulgated 
pursuant to notice and comment under 
section 553 such title; 
‘‘(ii) a rule exempt from rulemaking 
requirements under subsection (a) or 
(b)(3)(B) of section 553 of such title; 
‘‘(iii) a rule of agency organization, 
procedure, or practice; 
‘‘(iv) a decision of an agency adjudica-
tion under section 554 of such title or any 
similar statutory provision; or 
‘‘(v) internal guidance directed to the 
issuing agency or other agency that is not 
intended to have a substantial future effect 
on the behavior of regulated persons.’’. 
Æ 
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