[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3555 Reported in House (RH)]

<DOC>





                                                 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]


_______________________________________________________________________

                                 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.


 


    Be it enacted by the Senate and House of Representatives 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 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) 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.
            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 Securities 
        Exchange Act of 1934.''.
                                                 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 exchange 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 ordered to be printed