The table of contents for this Act is as follows:

Sec. 1. Table of contents.
Sec. 2. Securities and Exchange Commission Reserve Fund.

SEC. 2. Securities and Exchange Commission Reserve Fund.

Section 4(a) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603(a)) is amended—

(1) by striking “itemize all charges” and inserting “itemize all actual charges”;

(2) by striking “and all charges imposed upon the seller in connection with the settlement and” and inserting “and the seller in connection with the settlement. Such forms”; and

(3) by inserting after “or both.” the following new sentence: “Charges for any title insurance premium disclosed on such forms shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by State regulation or the title company rate filings.”.

(a) Persons under Securities Act of 1933.—Section 8 of the Securities Act of 1933 (15 U.S.C. 77h) is amended by adding at the end the following:

“(g) Procedure for obtaining certain intellectual property.—The Commission is not authorized to compel under this title a person to produce or furnish algorithmic trading source code or similar intellectual property that forms the basis for design of the algorithmic trading source code, to the Commission unless the Commission first issues a subpoena.”.

(b) Persons under the Securities Exchange Act of 1934.—Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following:

“(e) Procedure for obtaining certain intellectual property.—The Commission is not authorized to compel under this title a person to produce or furnish algorithmic trading source code or similar intellectual property that forms the basis for design of the algorithmic trading source code, to the Commission unless the Commission first issues a subpoena.”.

(c) Investment Companies.—Section 31 of the Investment Company Act of 1940 (15 U.S.C. 80a–30) is amended by adding at the end the following:

“(e) Procedure for obtaining certain intellectual property.—The Commission is not authorized to compel under this title an investment company to produce or furnish algorithmic trading source code or similar intellectual property that forms the basis for design of the algorithmic trading source code, to the Commission unless the Commission first issues a subpoena.”.

(d) Investment Advisers.—Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–4) is amended—

(1) by adding at the end the following:

“(f) Procedure for obtaining certain intellectual property.—The Commission is not authorized to compel under this title an investment adviser to produce or furnish algorithmic trading source code or similar intellectual property that forms the basis for design of the algorithmic trading source code, to the Commission unless the Commission first issues a subpoena.”; and

(2) in the second subsection (d), by striking “(d)” and inserting “(e)”.

Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is amended by adding at the end the following:

“(d) Temporary exemption for low-Revenue issuers.—

“(1) LOW-REVENUE EXEMPTION.—Subsection (b) shall not apply with respect to an audit report prepared for an issuer that—

“(A) ceased to be an emerging growth company on the last day of the fiscal year of the issuer following the fifth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the Securities Act of 1933;

“(B) had average annual gross revenues of less than $50,000,000 as of its most recently completed fiscal year; and

“(C) is not a large accelerated filer.

“(2) EXPIRATION OF TEMPORARY EXEMPTION.—An issuer ceases to be eligible for the exemption described under paragraph (1) at the earliest of—

“(A) the last day of the fiscal year of the issuer following the tenth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the Securities Act of 1933;

“(B) the last day of the fiscal year of the issuer during which the average annual gross revenues of the issuer exceed $50,000,000; or

“(C) the date on which the issuer becomes a large accelerated filer.

“(3) DEFINITIONS.—For purposes of this subsection:

“(A) AVERAGE ANNUAL GROSS REVENUES.—The term ‘average annual gross revenues’ means the total gross revenues of an issuer over its most recently completed three fiscal years divided by three.

“(B) EMERGING GROWTH COMPANY.—The term ‘emerging growth company’ has the meaning given such term under section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c).

“(C) LARGE ACCELERATED FILER.—The term ‘large accelerated filer’ has the meaning given that term under section 240.12b–2 of title 17, Code of Federal Regulations, or any successor thereto.”.

Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 77r(b)(1)) is amended—

(1) by striking subparagraph (A);

(2) in subparagraph (B)—

(A) by inserting “a security designated as qualified for trading in the national market system pursuant to section 11A(a)(2) of the Securities Exchange Act of 1934 that is” before “listed”; and

(B) by striking “that has listing standards that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A)”;

(3) in subparagraph (C), by striking “or (B)”; and

(4) by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.

(a) In general.—The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is amended by adding at the end the following:

(b) Table of contents amendment.—The table of contents in section 1(b) of the Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501 note) is amended by inserting after the item relating to section 1517 the following:

“Sec. 1518. Employment transition of loan originators.”.

Section 1513 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5112) is amended by striking “are loan originators or are applying for licensing or registration as loan originators.” and inserting “have applied, are applying, or are currently licensed or registered through the Nationwide Mortgage Licensing System and Registry. The previous sentence shall only apply to persons in an industry with respect to which persons were licensed or registered through the Nationwide Mortgage Licensing System and Registry on the date of the enactment of this sentence.”.

This title and the amendments made by this title shall take effect on the date that is 18 months after the date of the enactment of this Act.