US Codex
Bill
Notes

H.R. 3555 — what changed

Exchange Regulatory Improvement Act

From Introduced in House to Reported in House. 1 section amended and 1 added between Introduced in House and Reported in House.

Sec. 2 Findings

changed Section 3(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(2)) is amended by striking the period at the end and inserting the following: “for the purpose of effecting or reporting a transaction on an exchange. Such term does not include any premises or property, or the right to use any premises, property, or service, to the extent such premises or property is used with respect to, or such right relates to use with respect to, a line of business The Congress finds the purpose of which is not to effect or report a transaction on an exchange.”.following:

(1)
added 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)
added 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

added
(a)
added 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 considers 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.
(b)
added Application to proposed rules— The Commission shall apply the facts and circumstances set forth in the regulations issued pursuant to subsection (a) in determining 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.