Summary

Amends the Securities Exchange Act by inserting new, unspecified text into Section 12(g)(1) and bars the SEC from using its general exemptive authority under Section 36 to grant exemptions for those newly added provisions. In practical terms, the bill changes the statutory rules that trigger certain issuer registration or reporting obligations and makes those changes immune from the SEC’s usual ability to exempt people, securities, or transactions from those specific new requirements.

• Adds unspecified new provisions into Section 12(g)(1) of the Securities Exchange Act of 1934.
• Specifically inserts text at two points in 12(g)(1) (after a semicolon in one clause and after a period in another clause).
• Explicitly prevents the SEC from using its Section 36 exemptive authority with respect to the inserted matters.
• By removing SEC exemptive power for these insertions, the changes (once known) would be mandatory rather than subject to case-by-case exemptions.
• The summary provided does not include the actual substantive language inserted, so the substantive policy effect (e.g., who gains relief or faces new obligations) is not determinable from the available text.
• No funding, effective date, or implementation timeline is specified in the provided summary.
• The amendment targets federal securities registration/reporting rules, which commonly affect small or emerging companies and market participants.
• Could increase legal certainty or rigidity by locking statutory language against future SEC exemptions, but could also remove regulatory flexibility to address unforeseen consequences.