[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8617 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 8617

 To amend the Securities Exchange Act of 1934 to revise the definition 
                             of a facility.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2022

Mr. Loudermilk (for himself and Mr. David Scott of Georgia) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Securities Exchange Act of 1934 to revise the definition 
                             of a facility.

    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 
of 2022''.

SEC. 2. DEFINITION OF A FACILITY.

    Paragraph (2) of section 3(a) of the Securities Exchange Act of 
1934 (15 U.S.C. 78c(a)) is amended to read as follows:
            ``(2) Facility.--
                    ``(A) In general.--The term `facility', when used 
                with respect to an exchange, means--
                            ``(i) the exchange's trading systems, which 
                        are--
                                    ``(I) the hardware, software, and 
                                related network infrastructure an 
                                exchange uses to receive, acknowledge, 
                                rank, match, and execute orders in 
                                securities traded on that exchange; and
                                    ``(II) the hardware, software, and 
                                related network infrastructure an 
                                exchange uses to function as the 
                                exclusive processor of market data 
                                created by the exchange trading 
                                systems;
                            ``(ii) any premises or services made 
                        available to an exchange member or other person 
                        for the purpose of providing physical space and 
                        equipment to enable such member or other person 
                        to locate the equipment of the member or other 
                        person in close physical proximity to the 
                        exchange's trading systems; and
                            ``(iii) any premises or services made 
                        available by the exchange to an exchange member 
                        or persons associated with members that 
                        exclusively connects such members and persons 
                        associated with members to exchange trading 
                        systems for the purpose of effecting or 
                        reporting a transaction on the exchange.
                    ``(B) Exception.--The term `facility', when used 
                with respect to an exchange, does not include any 
                service that--
                            ``(i) does not fall within the scope of 
                        clauses (i) through (iii) of subparagraph (A); 
                        and
                            ``(ii) can legally be offered by a person 
                        or entity that is not an exchange registered 
                        under section 6.''.
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