garrett summary of hr 757 equitable treatment of investors act

7/31/2019 Garrett Summary of HR 757 Equitable Treatment of Investors Act

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YW_YM^G AFK YMBDNT _GBA[GK [M E&_&373 AFK YBAFFGK AHGFKHGF[^ @M_

[EG DHY_MPGHGF[ M@ [EG ^GNW_D[DG^ DFPG^[M_ Y_M[GN[DMF AN[ M@ 1439

@dfab Annmwf{ ^{a{ghgf{ df Kg{grhdfa{dmf m` Nw~{mhgr Fg{ Gqwd{t

E&_&373 ahgfk~ {eg Kg`dfd{dmf~ yrmpd~dmf~ m` {eg ^gnwrd{dg~ Dfpg~{mr Yrm{gn{dmf An{ %^gn{dmf 10$

{m yrmpdkg {ea{" df kg{grhdfdfc a nw~{mhgr~ fg{ gqwd{t" {eg df`mrha{dmf df {eg ba~{ ~{a{ghgf{

rgngdpgk ot {eg nw~{mhgr" `rmh {eg kgo{mr og`mrg {eg %oafjrwy{nt$ `dbdfc ka{g" ~eabb og w~gk& [eg

odbb dhym~g~ {sm `rawk gungy{dmf~ {m {ed~ cgfgrab rwbg a$ an{wab jfmsbgkcg m` {eg kgo{mr~ rawk

ot aft nw~{mhgr afk o$ `mr nw~{mhgr~ rgcd~{grgk a~ a ormjgr mr kgabgr wfkgr {eg ^gnwrd{dg~

Guneafcg An{ m` 14>; mr nw~{mhgr~ rgqwdrgk {m rgcd~{gr wfkgr {eg Dfpg~{hgf{ Akpd~gr~ An{ m`

14;9" ognaw~g m` {egdr an{dpd{dg~ ~emwbk eapg jfmsf m` {eg `rawkwbgf{ an{dpd{t afk àdbgk {m fm{d`t

{eg ^DYN" {eg ^GN mr m{egr bas gf`mrnghgf{&

[eg ahgfkhgf{ rga``drh~ {eg df{gf{ m` Nmfcrg~~" df 1439" {ea{ ^DYA~ `dfafndab yrm{gn{dmf d~cwaraf{ggk `mr cmmk àd{e nw~{mhgr~ afk nmf~d~{gf{ sd{e {egdr rga~mfaobg guygn{a{dmf~& [ed~

rga``drha{dmf rgnmcfd|g~ {ea{ df {eg hmkgrf ~gnwrd{dg~ harjg{ybang" segrg ~gnwrd{dg~ msfgr~edy d~

hadf{adfgk {gnefmbmcdnabbt {ermwce ommj gf{rt rgcd~{ra{dmf ra{egr {eaf yet~dnab ym~~g~~dmf m`

ngr{d`dna{g~" nw~{mhgr~ eapg fm nemdng ow{ {m rgbt mf {eg annmwf{ ~{a{ghgf{~ afk {rakg

nmf`drha{dmf~ yrmpdkgk ot {egdr ormjgr mr dfpg~{hgf{ akpd~gr&

^DYA~ mpgrarnedfc ywrym~g sa~ {m g~{aobd~e afk hadf{adf a yrm{gn{dmf ~neghg `mr cmmk àd{e

dfpg~{mr~" yar{dnwbarbt ~habb dfpg~{mr~" sedne" ot gfcgfkgrdfc ywobdn nmf`dkgfng df {eg df{gcrd{t

m` {eg ~gnwrd{dg~ harjg{~" sdbb nmf{rdow{g {m {eg g``dndgf{ afk g``gn{dpg `wfn{dmfdfc m` {em~g

harjg{~& M` fgng~~d{t" `mr dfpg~{mr yrm{gn{dmf {m eapg nrgkdodbd{t d{ hw~{ og wfnmfkd{dmfab `mrcmmk àd{e nw~{mhgr~&

Ymf|d @rawk~ afk {eg Hakm`` Na~g

[eg ^DYN" d{~ [rw~{gg" afk {eg ^GN eapg nmf{gfkgk {ea{ df ^DYA(akhdfd~{grgk bdqwdka{dmf~ m` o-k

oafjrwy{ndg~ dfpmbpdfc a kgo{mr Ymf|d `rawk {ea{ anedgpghgf{ m` af gqwd{aobg rg~mbw{dmf ahmfc

kg`rawkgk nw~{mhgr~" fg{ gqwd{t hw~{ og kg{grhdfgk ot a fg{ dfpg~{hgf{ hg{emkmbmct& [ed~

hg{emkmbmct bdhd{~ gbdcdodbd{t `mr ^DYA yrm{gn{dmf {m {em~g nw~{mhgr~" sem" yrdmr {m nbm~dfc" eak

fm{ rgnmpgrgk {egdr fg{ dfpg~{hgf{ %{m{ab kgym~d{~ hdfw~ {m{ab sd{ekrasab~$&

[eg àbbant m` {eg fg{ dfpg~{hgf{ ayyrmane df a ^DYA bdqwdka{dmf d~ {ea{ d{ {m{abbt dcfmrg~ {eg

rgabd{t {ea{ kgo{mr~ `rawk ea~ kg~{rmtgk {eg rga~mfaobg guygn{a{dmf~ m` abb cmmk àd{e

nw~{mhgr~& Cmmk àd{e nw~{mhgr~" sem eapg rgbdgk mf {eg df{gcrd{t m` {egdr annmwf{ ~{a{ghgf{~"

nmfkwn{ {eg `dfafndab a`àdr~ m` {egdr bdpg~ oa~gk mf {eg pabwg~ rg`bgn{gk df {egdr annmwf{

~{a{ghgf{~& [m bgarf" df a Ymf|d àdbwrg" {ea{ annmwf{ pabwg~ arg hgafdfcbg~~ d~ gqwabbt

kgpa~{a{dfc {m abb cmmk àd{e annmwf{embkgr~& Fm nw~{mhgr àngk sd{e ~wne dfafndab nabahd{t


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~emwbk og kgfdgk ^DYA~ cwaraf{ggk yrm{gn{dmf wy {m +799"999" {ermwce ^DYN akpafng

yathgf{~& [m rg`w~g {ea{ yrm{gn{dmf d~ {m hajg a hmnjgrt m` {eg ^DYA~ ~{a{w{mrt nmhhd{hgf{~&

Emsgpgr" {eg àn{~ afk ndrnwh~{afng~ m` a yar{dnwbar na~g hat pabdka{g {eg ayybdna{dmf m` af

gqwd{aobg arrafcghgf{" sd{e kd``grgf{dab {rga{hgf{ ahmfc nw~{mhgr~" `mr {eg kd~{rdow{dmf m`

nw~{mhgr yrmygr{t" {em~g a~~g{~ m` {eg kgo{mr ogbmfcdfc {m fm dfkdpdkwab nw~{mhgr& Sd{e

rg~ygn{ {m nw~{mhgr yrmygr{t" {eg ^DYA ~{a{w{g yrmpdkg~ {ea{ kd~{rdow{dmf ahmfc nw~{mhgr~ ~eabbog ra{aobg oa~gk mf rgba{dpg fg{ gqwd{t pabwg~& Ognaw~g ra{aobg ea~ oggf nmf~d~{gf{bt

df{gryrg{gk ot {eg nmwr{~ {m hgaf yrm ra{a" ^DYN df~d~{~ d{ kgyrdpg~ {egh m` {eg bgcab aw{emrd{t {m

`mrhwba{g a kd~{rdow{dmf arrafcghgf{ sedne" `mr gqwd{aobg rga~mf~" {ajg~ annmwf{ m` kd``grdfc

nw~{mhgr ndrnwh~{afng~&

[eg ahgfkhgf{~ yrmym~gk {m og m``grgk {m E&_&373 nmfngkg {ed~ kg`dndgfnt df {eg 1439 An{" afk

yrmpdkg {ea{ {eg [rw~{gg ea~ {eg guyrg~~ kd~nrg{dmf {m `mrhwba{g a kd~{rdow{dmf ybaf `mr nw~{mhgr

yrmygr{t sedne d~ àdr afk rga~mfaobg: afk sedne d~ fm{ omwfk ot {eg fg{ gqwd{t pabwg~&

^wne ybaf hw~{ eapg {eg `wbb nmf~wb{a{dmf m` {eg ^GN afk og ayyrmpgk ot {eg Nmwr{" a`{gr fm{dng

afk egardfc `rmh df{grg~{gk yar{dg~&

Eak {eg ^DYN afk {eg ^GN yrg~gf{gk {ed~ ~{a{w{mrt kg`gn{ {m {eg Nmfcrg~~ df garbt ?994" {eg

~{a{w{g nmwbk eapg oggf yrmhy{bt ahgfkgk: abb cmmk àd{e Hakm`` nw~{mhgr~ nmwbk eapg oggf

yrmpdkgk {eg ^DYN akpafng~" rdce{`wbbt {egdr~: {gf~ m` hdbbdmf~ m` bgcab nm~{~ nmwbk eapg oggf

apmdkgk: afk" ot fms" nw~{mhgr yrmygr{t nmwbk eapg oggf kd~{rdow{gk mf af gqwd{aobg oa~d~ afk

{eg bdqwdka{dmf barcgbt nmhybg{gk&

[eg fg{ dfpg~{hgf{ ayyrmane df Ymf|d `rawk~ d~ a nrga{dmf m` {rakd{dmfab nmhhgrndab

oafjrwy{nt yran{dng afk gqwd{t rgngdpgr~edy yran{dng df sedne {eg ~mbg rg~mwrng `mr rgnmpgrt arg

{eg a~~g{~ a~~ghobgk `rmh {eg kgo{mr~ g~{a{g& Ow{ ^DYA bdqwdka{dmf~ arg kd` grgf{ %afk hgaf{ {mog$ ognaw~g m` {eg akkgk rg~mwrng m` {eg ^DYN @wfk" sedne d~ {eg `mwfka{dmfab owbsarj m` ^DYA~

cwaraf{gg m` nw~{mhgr yrm{gn{dmf&

Akkd{dmfab ^wyymr{dfc @an{~ afk Mo~grpa{dmf~

Kg~yd{g ^DYN~ m`{(rgyga{gk nmf{gf{dmf {ea{ Nmfcrg~~ fgpgr df{gfkgk {ea{ ^DYN yrm{gn{ nw~{mhgr~

df a o-k oafjrwy{nt dfpmbpdfc a Ymf|d `rawk" {egrg d~ fm{edfc df {eg ^DYA ~{a{w{g {m ~wyymr{ {ea{

pdgs& Nmhhmf~gf~g kdn{a{g~ a nmf{rart nmfnbw~dmf: afk ^DYN yran{dng" df `mr{t tgar~ m` ed~{mrt"

ea~ dfnbwkgk bdqwdka{dmf~ m` ~gpgf Ymf|d oafjrwy{ndg~ yrdmr {m Hakm` & Df àn{" df {eg yrgpdmw~bt

hm~{ yrmhdfgf{ Ymf|d na~g" Fgs [dhg~ ^gnwrd{dg~" mfg na{gcmrt m` nw~{mhgr~ sd{e àn{wab

guygrdgfng~ fgarbt dkgf{dnab {m {eg Hakm`` nw~{mhgr~" {eg ^DYN afk {eg ^GN nmfnbwkgk {ea{

^DYN yrm{gn{dmf ~emwbk og yrmpdkgk sd{e fg{ gqwd{t" ogdfc kg{grhdfgk w~dfc nw~{mhgr `dfab

annmwf{ ~{a{ghgf{~ a{ nbm~dfc& ^m" ^DYN yran{dng kmg~f{ nmhymr{ sd{e ^DYN reg{mrdn&

Ayybdna{dmf m` {eg fg{ dfpg~{hgf{ hg{emkmbmct df {eg Hakm`` na~g ea~ kgyrdpgk mpgr eab` m`

{eg nw~{mhgr annmwf{~ %?"799 m` ;"499$ aft yrm{gn{dmf sea{~mgpgr afk `mr afm{egr 579 annmwf{~

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apgracg ^DYN akpafng~ m` +?99"999 acadf~{ `dfab annmwf{ ~{a{ghgf{~ apgracdfc +?"999"999& M`

{eg 1779 annmwf{~ %ayyrmudha{gbt >?' m` {m{ab$ kg{grhdfgk gbdcdobg ot fg{ dfpg~{hgf{" 1>5

annmwf{~ sd{e ayyrmpgk nbadh~ mpgr +19 hdbbdmf %bg~~ {eaf 19' m` {eg {m{ab$ sdbb rgngdpg 59' m`

{eg kd~{rdow{dmf~ m` nw~{mhgr yrmygr{t& @rmh ^DYN kmnwhgf{~" d{ ayygar~ {ea{ hm~{ m` {em~g 1>5

annmwf{~ ogbmfcgk {m egkcg `wfk~ afk m{egr df~{d{w{dmfab dfpg~{mr~& Mfg {aowbar ~wohd~~dmf"

`rmh ^DYN {m {eg Nayd{ab Harjg{~ afk C^G ^wonmhhd{{gg" rgpgab~ {ea{ ?> annmwf{~ eaksd{ekrasab~ apgracdfc 199 mr hmrg ygr tgar" ~wccg~{dfc {em~g `drh~ sgrg w~dfc {eg Hakm``

annmwf{~ a~ a edce(tdgbkdfc {raf~an{dmf annmwf{ {m yarj `wfk~ asad{dfc rgdfpg~{hgf{&

_g~ymf~g~ {m {eg ^wonmhhd{{gg" `rmh ^DYN" dfkdna{g {ea{ `wb`dbbdfc ^DYN~ cwaraf{ggk yrm{gn{dmf

wy {m +799"999 smwbk rgqwdrg accrgca{g akkd{dmfab akpafng~ `rmh {eg ^DYN @wfk m` +1&1 odbbdmf&

^DYN nwrrgf{bt ea~ a oabafng m` aomw{ +1&7 odbbdmf afk nwrrgf{ a~~g~~hgf{~ arg cgfgra{dfc +;99

hdbbdmf ygr tgar& Annmrkdfc {m {eg CAM" {eg nwrrgf{ a~~g~~hgf{ bgpgb ayygar~ nmh`mr{aobt

ogaraobg ot {eg hghogr ^DYN `drh~" sd{e af apgracg a~~g~~hgf{ m` ~mhg +45"999 afk a hgkdaf

a~~g~~hgf{ m` +?"999& [ed~ smwbk ~wccg~{ {ea{ a ~ygndab a~~g~~hgf{" d` fgng~~art" nmwbk og ga~dbt

annmhhmka{gk& ^DYN ab~m ea~ {eg yrmpgf nayand{t {m fgcm{da{g yrdpa{g bdfg~ m` nrgkd{&

[eg Fg{ dfpg~{hgf{ ayyrmane ea~ mobdcgk gu{gf~dpg annmwf{dfc smrj afk ea~ yrmhm{gk af

wfw~wab pmbwhg m` bd{dca{dmf& [m{ab akhdfd~{ra{dpg nm~{~ abrgakt gunggk mfg(eab` odbbdmf afk

^DYN `mrgna~{~ {egt hat rgane mpgr +1 odbbdmf" sd{e mpgr eab` {ea{ ~wh cmdfc {m bgcab `gg~" hm~{

`bmsdfc {m {eg [rw~{gg~ msf bas `drh&

Kd~{rdow{dmf m` Nw~{mhgr Yrmygr{t

Hmkd`tdfc ^DYA~ yrmpd~dmf~ cmpgrfdfc {eg kd~{rdow{dmf m` nw~{mhgr yrmygr{t rgyrg~gf{~ a~dcfd`dnaf{ dhyrmpghgf{ `mr w{wrg ^DYN bdqwdka{dmf~& ^m df{gf{ sa~ {eg Nmfcrg~~ df 1439 {m

yrmpdkg {eg Fa{dmf~ ~gnwrd{dg~ harjg{~ sd{e a ~{aodbd|dfc" nmf`dkgfng owdbkdfc ~{rwn{wrg `mr

nw~{mhgr yrm{gn{dmf df {eg gpgf{ m` a ormjgr-kgabgr àdbwrg" d{ d~ fm{ ~wryrd~dfc {ea{ d{ àdbgk {m

wfkgr~{afk {ea{ ndrnwh~{afng~ m` a yar{dnwbar na~g hdce{ kdn{a{g ~gyara{g ~{afkark~ `mr akpafng

yrm{gn{dmf `rmh {eg ^DYN @wfk afk gqwd{aobg kdpd~dmf m` nw~{mhgr yrmygr{t&

[m wfkgr~{afk {eg bmcdn m` {eg yrmym~gk ahgfkhgf{ rgba{dfc {m nw~{mhgr yrmygr{t" d{ egby~ {m

rgnabb {ea{ Nmfcrg~~ pdgsgk ^DYA a~ nrga{dfc `mr ~gnwrd{dg~ `drh~ àdbwrg~ a hmkd`dgk oafjrwy{nt

yrmng~~ sedne" bdjg {eg @KDN" smwbk akk bdhd{gk kdrgn{ ~wyymr{ `rmh af dfkw~{rt(~wyymr{gk `wfk

nmwybgk sd{e a oafjrwy{nt rgnmpgrt yrmng~~ df{gfkgk {m cdpg kgo{mr(`drh nw~{mhgr~ yrg`grgf{dab

rdce{~ aegak m` cgfgrab nrgkd{mr~" afk {m `wfn{dmf sd{e crga{gr ~yggk afk g``dndgfnt {ea{

{rakd{dmfab oafjrwy{ndg~&

[eg kd~{rdow{dmf m` ^DYA~ cwaraf{ggk" ow{ bdhd{gk" `dfafndab yrm{gn{dmf `rmh {eg @wfk w~dfc fg{

gqwd{t oa~gk mf `dfab annmwf{ ~{a{ghgf{~ d~ qwdnj" g``dndgf{ afk àdr ahmfc abb cmmk àd{e

nw~{mhgr~ m` gpgrt o-k àdbwrg" drrg~ygn{dpg m` naw~g& Ow{ df {eg yrg`grgf{dab kd~{rdow{dmf m` {eg

kgo{mr~ a~~g{~ kg{grhdfgk {m og nw~{mhgr yrmygr{t" d{ d~ ayyrmyrda{g" a~ df nmfpgf{dmfab

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oafjrwy{nt yran{dng" {m {ajg annmwf{ m` kd``grdfc nw~{mhgr ndrnwh~{afng~ afk guygrdgfng~ {m

anedgpg af gqwd{aobg mw{nmhg& Afk {egrg d~ fm nmhygbbdfc rga~mf {ea{ ~wne a ybaf fggk nmf`mrh

{m {eg rgba{dpg fg{ gqwd{dg~ m` {eg nw~{mhgr~&

Annmrkdfcbt" {eg ahgfkhgf{ yrmym~gk {m og m``grgk {m E&_&373 guyrg~~bt yrmpdkg~ {ea{ sd{e

rg~ygn{ {m nw~{mhgr yrmygr{t {m anedgpg a àdr afk rga~mfaobg ~eardfc m` nw~{mhgr {eg yrmygr{t"{eg [rw~{gg hat dcfmrg {eg kg`dfd{dmf m` fg{ gqwd{t afk df `wbb nmf~wb{a{dmf sd{e {eg ^GN

kgpgbmy a ~gyara{g afk dfkgygfkgf{ kd~{rdow{dmf ybaf& [eg ahgfkhgf{ `wr{egr yrmpdkg~ {ea{ ~wne

a ybaf ~eabb og ~wohd{{gk {m {eg Nmwr{ `mr ayyrmpab" afk {eg Nmwr{ ~eabb fm{d`t df{grg~{gk yar{dg~

afk craf{ {egh a egardfc og`mrg ya~~dfc mf {eg akgqwant m` {eg ybaf& Eak ~wne a yrmng~~ oggf

apadbaobg a{ {eg mw{~g{ m` {eg Hakm`` bdqwdka{dmf" tgar~ m` {rapadb afk nw~{mhgr ~w``grdfc" abmfc

sd{e fggkbg~~bt a~{rmfmhdnab nm~{~" nmwbk eapg oggf barcgbt apmdkgk&

D{ kmg~ fm{ ~ggh wfàdr {m mo~grpg {ea{ mpgr {eg nmwr~g m` `mr{t tgar~ ^DYN" af acgfnt nearcgk

sd{e af dhymr{af{" ow{ ~dfcbg afk farrmsbt kg`dfgk hd~~dmf" hdce{ eapg rgnmcfd|gk {eg

kg~draodbd{t m` {ed~ kd~nrg{dmfart bgudodbd{t&

Ayymdf{hgf{ m` [rw~{gg afk [rw~{gg~ Nmwf~gb afk {eg Kg{grhdfa{dmf m` [egdr Nmhygf~a{dmf

[eg ^DYA ~{a{w{g nwrrgf{bt aw{emrd|g~ ^DYN {m ~gbgn{ {eg [rw~{gg afk {eg [rw~{gg~ Nmwf~gb"

~wolgn{ {m ayyrmpab ot {eg Nmwr{" sedne d~ {tydnabbt a yrm `mrha an{dmf& Bdjgsd~g" {eg ^DYN

kg{grhdfg~ {eg [rw~{gg~ nmhygf~a{dmf" sd{e {eg Nmwr{~ ayyrmpab" afk {eg [rw~{gg ghybmt~ ed~

Nmwf~gb afk ed~ ~wyymr{dfc bgcab {gah" g~~gf{dabbt a~ {eg [rw~{gg kg{grhdfg~ {egdr ~grpdng d~

fggkgk" abmfc sd{e annmwf{dfc afk m{egr nmf~wb{a{dpg ~grpdng~& ^dfng 1435" {eg ~{a{w{g guyrg~~bt

ygrhd{~ {eg [rw~{gg afk {eg Nmwf~gb {m og a~~mnda{gk sd{e {eg ~ahg bas `drh&

[ed~ arrafcghgf{ d~ `rawce{ sd{e hwb{dybg" ym{gf{dab nmf`bdn{~ m` df{grg~{" abb m` sedne arg nbgarbt

apmdkaobg sd{emw{ df aft sat kd~rwy{dfc mr kdhdfd~edfc {eg qwabd{t m` {eg bdqwdka{dmf yrmng~~& D`"

df {eg mygfdfc tgar~" {egrg sa~ a ~emr{acg m` qwabd`dgk bastgr~ {m ~grpg df {eg~g dhymr{af{

`wfn{dmf~" {ea{ ngr{adfbt d~ fm{ {eg na~g {mkat& _gyg{d{dpg rgayymdf{hgf{~ m` {eg ~ahg dfkdpdkwab~

a~ [rw~{gg~" annmhyafdgk ot {eg ~grpdng~ m` {egdr bas `drh~" ngr{adfbt rad~g~ bgcd{dha{g nmfngrf

`mr {egdr dfkgygfkgfng `rmh ^DYN" {eg ayymdf{dfc acgfnt& [eg Hakm`` na~g ngr{adfbt yrg~gf{~

ndrnwh~{afng~ {ea{ kghmf~{ra{g a {gf~dmf og{sggf ^DYN~ `dfafndab df{grg~{~ afk {eg my{dhab

yrm{gn{dmf m` {eg kgo{mr~ cmmk àd{e nw~{mhgr~& ^gyara{dfc ^DYN `rmh {eg kgnd~dmf~ mf [rw~{gg

~gbgn{dmf afk nmhygf~a{dmf sdbb gbdhdfa{g aft ~ygnwba{dmf a~ {m `dfafndab nmf`bdn{ afk sdbb

gfeafng {eg yrmod{t m` {eg yrmng~~&

[m {ea{ gfk" {eg yrmpd~dmf~ m` E&_& 373" ~{rgfc{egfgk ot yrmym~gk ahgfkhgf{~" hajg {eg

`mbbmsdfc neafcg~ rgcarkdfc {eg [rw~{gg afk Nmwf~gb< 1$ [rw~{gg afk Nmwf~gb ~eabb og ~gbgn{gk

afk ayymdf{gk ot {eg Nmwr{ `rmh yafgb~ m` qwabd`dgk dfkdpdkwab~ yrg~gf{gk {m {eg Nmwr{ ot {eg

^GN" ra{egr {eaf {eg ^DYN" ?$ [rw~{gg afk Nmwf~gb hat fm{ og a~~mnda{gk sd{e ~ahg bas `drh" a

yran{dng nwrrgf{bt ygrhd{{gk {mkat" afk >$ [eg Nmwr{ ~eabb kg{grhdfg {eg nmhygf~a{dmf `mr {eg

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5/7

[rw~{gg afk Nmwf~gb afk ~eabb a~~wrg {ea{ {egrg arg qwar{grbt rgymr{~ afk ywobdn kd~nbm~wrg m`

{egdr nmhygf~a{dmf" a~ sgbb a~ qwar{grbt rgymr{~ m` {eg ^DYN abbmsafng~ `mr bgcab" annmwf{dfc afk

m{egr akhdfd~{ra{dpg ~grpdng~&

Fm{ mfbt km {eg~g neafcg~ rdk {eg yrmng~~ m` ym{gf{dab `dfafndab nmf`bdn{ m` df{grg~{ `mr {eg ^DYN"

{egt ab~m a~~wrg {ea{ {eg [rw~{gg~ `dkwndart rg~ymf~dodbd{dg~ {m cmpgrf {eg bdqwdka{dmf yrmng~~ df{eg og~{ df{grg~{~ m` {eg kgo{mr~ nw~{mhgr~ sdbb df fm sat og akpgr~gbt df`bwgfngk ot yrdpa{g

nmf{ran{wab rgpgfwg(~eardfc arrafcghgf{~ sd{e ed~ bas `drh" d`" a~ {mkat" {eg `drh d~ yrmpdkdfc

hm~{ {eg bdqwdka{dmf~ bgcab ~grpdng~&

_gngf{bt" {egrg eapg oggf mnna~dmf~ df sedne mfg dfkdpdkwab ea~ ~grpgk nmf{ghymrafgmw~bt a~

[rw~{gg df hmrg {eaf mfg ^DYA bdqwdka{dmf& [ed~ yran{dng d~ guyrg~~bt yrmedod{gk& [eg ywrym~g

~emwbk og ayyargf{& ^wne hwb{dybg a~~dcfhgf{~ rad~g nbgar qwg~{dmf~ m` [rw~{gg dfkgygfkgfng

`rmh {eg ^DYN& D` {eg [rw~{gg ea~ wfdqwg guygrdgfng rgqwdrgk ot {eg ~gnmfk ayymdf{hgf{" {eg

garbdgr a~~dcfhgf{ ~emwbk og {grhdfa{gk& [eg ^DYN ea~ nbgar `dfafndab df{grg~{~ rgba{gk {m {eg

nmfkwn{ m` a ^DYA bdqwdka{dmf& Gpgrt rga~mfaobg ~{gy ~emwbk og {ajgf df {eg ayymdf{hgf{ m`

[rw~{gg~ {m gbdhdfa{g gpgf {eg ayygarafng m` nmf`bdn{&

[dhdfc m` ^DYN Akpafng~

[egrg arg hwb{dybg df~{rwn{dmf~ df {eg ^DYA ~{a{w{g `mr an{dmf~ {m og {ajgf yrmhy{bt" dfnbwkdfc

^gn{dmf 4" sedne ~ygbb~ mw{ {eg aw{emrd{dg~ `mr ^DYN akpafng~& Tg{ {egrg arg fm {dhg kdhgf~dmf~

cdpgf {m yrmpdkg a yran{dnab rgqwdrghgf{ mr `wb`dbbdfc {ea{ ~{a{w{mrt cwdkafng& Ngr{adfbt {eg

{dhdfc m` nw~{mhgr yrm{gn{dmf" df {eg `mrh m` ^DYN akpafng~" d~ a ~dcfd`dnaf{ d~~wg& ^gn{dmf 5 m`

^DYA g~{aobd~eg~ a kgakbdfg `mr {eg `dbdfc m` nw~{mhgr nbadh~" sedne d~ ~du(hmf{e~ a`{gr {eg ka{g

{eg [rw~{gg `dbg~ a ywobdn fm{dng m` {eg dfd{da{dmf m` {eg bdqwdka{dmf yrgngkdfc& [eg ahgfkhgf{ {mog yrmym~gk {m E&_&373 g~{aobd~eg~ a cgfgrab rwbg {ea{ ^DYN akpafng~ ~emwbk og hakg sd{edf {eg

49 kat~ dhhgkda{gbt `mbbmsdfc {eg nbadh~ kgakbdfg&

^DYN hat ~ggj af gu{gf~dmf m` {eg ygrhd~~dobg {dhg `mr yathgf{ m` akpafng~" ow{ yathgf{~ a`{gr

{eg 49(kat ygrdmk ~eabb annrwg df{grg~{ `rmh {eg 49 {e kat& ^emwbk {eg [rw~{gg nmfnbwkg {ea{ DYN

ea~ ~w``dndgf{ df`mrha{dmf fggkgk `mr kg{grhdfdfc af akpafng afk ea~ fm{ an{gk" {eg [rw~{gg hat

~ggj a nmwr{ mrkgr kdrgn{dfc yathgf{&

[eg Hakm`` na~g rgyrg~gf{~ a nmhygbbdfc guahybg m` {eg fggk {m g~{aobd~e nbgar afk ~ygnd`dn

cwdkgbdfg~ `mr {eg yathgf{ m` DYN akpafng~& Segrg ormjgr-kgabgr oafjrwy{ndg~ rg~wb{ df

nw~{mhgr~ bm~dfc abb mr hm~{ {egdr bd`g ~apdfc~" a~ naf mnnwr df `rawk na~g~" {eg lw~{d`dna{dmf `mr

yrmhy{ an{dmf ot {eg ^DYN {m egby abbgpda{g `dfafndab kd~{rg~~ d~ ~gb`(gpdkgf{& Oa~gk mf ka{a

rgngdpgk ot {eg ^wonmhhd{{gg `rmh {eg ^DYN" d{ ayygar~ {ea{ {eg yrgymfkgraf{ ymr{dmf m` {eg

^DYN akpafng~ {m Hakm`` nw~{mhgr~ sgrg hakg df {eg ; {e qwar{gr m` ?919" rmwcebt ?9 hmf{e~

a`{gr {eg `drh~ `adbwrg& ^wne af gu{gfkgk df{grpab og`mrg {eg yrmpd~dmf m` rgbdg` d~ dfgunw~aobg

afk afm{egr fggkbg~~ eark~edy naw~gk ot {eg fg{ dfpg~{hgf{ hg{emkmbmct w~gk `mr kg{grhdfdfc

gbdcdodbd{t `mr a~~d~{afng&

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Yrmedod{dmf mf Ngr{adf _gnmpgrdg~ [ermwce Apmdkafng An{dmf~

[eg w~g m` {eg Oafjrwy{nt Nmkg~ apmdkafng ymsgr~" {m nbas oanj sd{ekrasab~ hakg ot

dffmngf{ dfkdpdkwab nw~{mhgr~" d~ a edcebt nmf{rmpgr~dab yran{dng& Apmdkafng d~ absat~ akd~nrg{dmfart an{dmf df oafjrwy{nt yran{dng" hm~{ m`{gf ard~dfc df kgo{mr `rawk na~g~ oa~gk mf

`rawkwbgf{ nmfpgtafng&

Apmdkafng an{dmf~ acadf~{ dffmngf{ nw~{mhgr~ eapg oggf a rard{t df ^DYA bdqwdka{dmf~" ard~dfc mw{

m` kgo{mr `rawk& [eg ^GN Df~ygn{mr Cgfgrab~ rgymr{" df {eg Kapdk Ognjgr ha{{gr" rgpgab~ {ea{

Neadrhaf êaydrm sa~ ~wryrd~gk {m bgarf {ea{ [rw~{gg Ydnark eak `dbgk ewfkrgk~ m` apmdkafng

an{dmf~ acadf~{ dffmngf{ dfkdpdkwab nw~{mhgr~& Egr wfkgr~{afkdfc sa~ {ea{ ~wne an{dmf~ smwbk

og rg~grpgk `mr yrm`g~~dmfab df~{d{w{dmfab dfpg~{mr~ mf {eg {egmrt {ea{ sd{e akgqwa{g kwg kdbdcgfng

~wne nw~{mhgr~ ~emwbk eapg jfmsf m` Hakm``~ `rawk&

Dfkggk" {eg ^DYA ~{a{w{g~ ^gn{dmf 5 %n$ %>$" sedne aw{emrd|g~ a [rw~{gg~ kd~nrg{dmfart w~g m`

apmdkafng rgnmpgrt" nmf{adf~ bafcwacg sedne ngr{adfbt rad~g~ qwg~{dmf~ m` bgcab yrmyrdg{t df af

an{dmf acadf~{ af dffmngf{ nw~{mhgr& [eg ba~{ ~gf{gfng m` {ea{ ~wo~gn{dmf rgak~< @mr {eg ywrym~g

m` ~wne rgnmpgrt" {eg yrmygr{t ~m {raf~`grrgk ~eabb og kgghgk {m eapg oggf {eg yrmygr{t m` {eg

kgo{mr afk " d` ~wne {raf~`gr sa~ hakg {m a nw~{mhgr mr `mr ed~ ogfg`d{" ~wne nw~{mhgr ~eabb og

kgghgk {m eapg oggf a nrgkd{mr" {eg bas~ m` aft ^{a{g {m {eg nmf{rart fm{sd{e~{afkdfc& Sd{e

{em~g nmfkd{dmf~ ayybdgk" afk ao~gf{ aft ~emsdfc m` nmhybdnd{t {m `rawk mf {eg yar{ m` {eg

nw~{mhgr" d{ smwbk ~ggh {ea{ {eg {raf~`gr smwbk og {rga{gk a~ rgyathgf{ m` af af{gngkgf{ kgo{" af

g~{aobd~egk kg`gf~g df a ~wd{ abbgcdfc `rawkwbgf{ nmfpgtafng&

[eg df`rgqwgf{ ya~{ w~g m` apmdkafng an{dmf~ df ^DYA bdqwdka{dmf~: {eg mygf df{gryrg{dpg d~~wg

rad~gk ot ^DYA~ msf bafcwacg: afk {eg nmf~dkgra{dmf~ m` nmhya~~dmf rad~gk ot nbas oanj

`rmh nw~{mhgr~ abrgakt ~w``grdfc `dfafndab kgpa~{a{dmf" abb nmhodfg {m ~wccg~{ {ea{ {eg yrmpd~dmf~

m` ^DYA fggk {m og nbard`dgk df àpmr m` {eg dffmngf{ dfkdpdkwab nw~{mhgr& E&_& 373 kmg~ guan{bt

{ea{& D{~ yrmpd~dmf~ yrmedod{ apmdkafng an{dmf~ acadf~{ nw~{mhgr~ sd{e {sm gungy{dmf~& [eg

gungy{dmf~ ygrhd{ apmdkafng an{dmf~ acadf~{ aft nw~{mhgr eapdfc an{wab jfmsbgkcg m` {eg

kgo{mr~ `rawk" mr aft nw~{mhgr sem d~ a rgcd~{raf{ wfkgr {eg ^gnwrd{dg~ Guneafcg An{ m` 14>; mr

{eg Dfpg~{hgf{ Akpd~mr~ An{ m` 14;9 afk ognaw~g m` {egdr an{dpd{dg~ ~emwbk eapg jfmsf m` {eg

kgo{mr~ `rawk afk {egf àdbgk {m fm{d`t ayyrmyrda{g cmpgrfhgf{ab aw{emrd{dg~& [ed~ ahgfkhgf{ {m

^DYA ~{rdjg~ af gqwd{aobg oabafng&

^{rgfc{egfdfc {eg ^GN~ Ybgfart Aw{emrd{t Mpgr ^DYN

Om{e {eg Hakm`` na~g afk {eg ^{af`mrk na~g ymdf{ {m {eg fggk {m akk crga{gr ghyea~d~ {m {eg rmbg

{ea{ {eg ^GN fggk~ {m ybat df mpgr~ggdfc ^DYN~ an{dpd{dg~ df {eg yrmygr akhdfd~{ra{dmf m` {eg

^gnwrd{dg~ Dfpg~{mr Yrm{gn{dmf An{& Mpgr {eg `mr{t tgar ed~{mrt m` ^DYA" om{e {eg CAM afk {eg

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^GN-DC eapg d~~wgk rgymr{~ nrd{dnab m` ^GN~ mpgr~dce{ m` {eg ^DYN afk d{~ an{dmf~& [eg {dhg d~

ya~{ kwg {m rghgkt {ea{ ~d{wa{dmf& [eg hm~{ g``gn{dpg an{dmf d~ {m ahgfk ^DYA" ot yrmpdkdfc {ea{

{eg ^GN ea~ {eg nbgar aw{emrd{t {m kdrgn{ ^DYN {m kd~nearcg d{~ mobdca{dmf~ wfkgr ^DYA mr {eg

yrm{gn{dmf m` nw~{mhgr~ m` a ^DYN hghogr `drh& Ot hajdfc {eg ^GN~ ybgfart aw{emrd{t nbgar

afk ao~mbw{g" {eg Nmfcrg~~ sdbb og ~dcfabdfc d{~ df{gf{ {ea{ {eg ^GN {ajg a hmrg an{dpg rmbg df

^DYA bdqwdka{dmf~ afk df {eg `dfafndab df{gcrd{t m` {eg ^DYN& [ea{ crga{gr rg~ymf~dodbd{t sdbb ogannmhyafdgk ot crga{gr annmwf{aodbd{t&

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garrett summary of hr 757 equitable treatment of investors act

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