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H. Rept. 115-807 1 (2018-07-10)

handle is hein.congrecreports/crptxaisy0001 and id is 1 raw text is: AUTHENTICATED r U.S. GOVERNMENT INFORMATION 4 115TH CONGRESS REPORT 2d Session j HOUSE OF REPRESENTATIVES 115-807 MAIN STREET GROWTH ACT JULY 10, 2018.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 5877] The Committee on Financial Services, to whom was referred the bill (H.R. 5877) to amend the Securities Exchange Act of 1934 to allow for the registration of venture exchanges, and for other pur- poses, having considered the same, report favorably thereon with an amendment and recommend that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Main Street Growth Act. SEC. 2. VENTURE EXCHANGES. (a) SECURITIES EXCHANGE ACT OF 1934.-Section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f) is amended by adding at the end the following: (M) VENTURE EXCHANGE.- (1) REGISTRATION.- (A) IN GENERAL.-A person may register themself (and a national securi- ties exchange may register a listing tier of such exchange) as a national se- curities exchange solely for the purposes of trading venture securities by fil- ing an application with the Commission pursuant to subsection (a) and the rules and regulations thereunder. (B) PUBLICATION OF NOTICE.-The Commission shall, upon the filing of an application under subparagraph (A), publish notice of such filing and af- ford interested persons an opportunity to submit written data, views, and arguments concerning such application. (C) APPROVAL OR DENIAL.- (i) IN GENERAL.-Within 90 days of the date of publication of a no- tice under subparagraph (B) (or within such longer period as to which the applicant consents), the Commission shall- (I) by order grant such registration; or (II) institute a denial proceeding under clause (ii) to determine whether registration should be denied. (ii) DENIAL PROCEEDING.-A proceeding under clause (i)(II) shall in- clude notice of the grounds for denial under consideration and oppor- tunity for hearing and shall be concluded within 180 days of the date 79-006