Sec. 302. Termination of specified periodic disclosure requirements
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Section 41 of the Securities Exchange Act of 1934, as added by section 301 of this Act, is amended by adding at the end the following: The obligation of an issuer to furnish the information required under subsection
(c)shall terminate on the date that is 90 days, or such shorter period as the Commission may determine, after the date on which the issuer files a certification described in paragraph (2). A certification filed under paragraph
(1)shall be supported by reasonable evidence, based on the knowledge of the issuer filing the certification, after due inquiry, that— the average daily aggregate value of all trading in the applicable ancillary asset in all spot markets open to the public in the United States in the 12-month period preceding the date on which the certification is filed was not greater than $5,000,000; or during the 12-month period preceding the date on which the certification is filed, neither the applicable issuer, nor any entity controlled by the applicable issuer, engaged in entrepreneurial or managerial efforts that primarily determined the value of the ancillary asset. Subject to subparagraph (C)(ii), the Commission may, by majority vote and after notice and opportunity for hearing, deny a certification filed under paragraph
(1)if the Commission finds that the certification is not supported by substantial evidence. The denial, under clause (i), of a certification filed under paragraph (1)— shall terminate the certification so filed; and shall not prevent the applicable issuer from filing another certification under paragraph (1), if the re-filed certification is filed not earlier than 180 days after the date on which the original certification is denied. Termination of the disclosure requirements described in paragraph
(1)applicable to an issuer that has filed a certification under that paragraph shall be deferred pending review by the Commission of the evidence supporting the certification. If, as of the date that is 90 days after receiving a certification filed under paragraph (1), the Commission has not requested additional evidence with respect to the certification from the applicable issuer, the disclosure obligations that are the subject of the certification shall terminate. .