HR 7187 119th Congress
Clarity for Compensation Act
To amend the Securities Exchange Act of 1934 to provide an exemption from the definition of a broker for a certain registered representative-owned personal services entity, and for other purposes.
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Bill journey
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Introduction Congress.gov
Introduced
Introduced in the House.
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Referred to the House Committee on Financial Services.
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Introduced in House
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Introduced in House
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Introduced in House
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Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
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Committee Consideration and Mark-up Session Held
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Placed on the Union Calendar, Calendar No. 691.
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Reported (Amended) by the Committee on Financial Services. H. Rept. 119-791.
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Reported (Amended) by the Committee on Financial Services. H. Rept. 119-791.
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Reported in House
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| Date and time | Record | Official detail | Source |
|---|---|---|---|
| IntroductionIntroduced | Introduced in the House. | Congress.gov | |
| Official actionReferred to the House Committee on Financial Services. | No additional detail supplied.IntroReferral · House floor actions · Code H11100 | Congress.gov | |
| Official actionIntroduced in House | No additional detail supplied.IntroReferral · Library of Congress · Code Intro-H | Congress.gov | |
| Official actionIntroduced in House | No additional detail supplied.IntroReferral · Library of Congress · Code 1000 | Congress.gov | |
| Text versionIntroduced in House | A dated text-version record is available. | Congress.gov | |
| Official actionOrdered to be Reported (Amended) by the Yeas and Nays: 51 - 0. | No additional detail supplied.Committee · House committee actions · Code H19000 | Congress.gov | |
| Official actionCommittee Consideration and Mark-up Session Held | No additional detail supplied.Committee · House committee actions · Code H15001 | Congress.gov | |
| Official actionPlaced on the Union Calendar, Calendar No. 691. | No additional detail supplied.Calendars · House floor actions · Code H12410 | Congress.gov | |
| Official actionReported (Amended) by the Committee on Financial Services. H. Rept. 119-791. | No additional detail supplied.Committee · House floor actions · Code H12200 | Congress.gov | |
| Official actionReported (Amended) by the Committee on Financial Services. H. Rept. 119-791. | No additional detail supplied.Committee · Library of Congress · Code 5000 | Congress.gov | |
| Text versionReported in House | A dated text-version record is available. | Congress.gov |
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Congressional Research Service
CRS summary
Clarity for Compensation ActThis bill allows individuals who work for registered brokers to receive compensation for their services through their own personal businesses without having to register with the Securities and Exchange Commission (SEC). Specifically, the bill exempts certain personal services entities from SEC broker regulations.As background, brokers (persons engaged in the business of making securities transactions on behalf of others) must register with the SEC and become members of a self-regulatory organization (SRO). Under this bill, a personal services entity is an entity established by a registered representative to receive compensation for services from the registered representative's broker. A registered representative works for the broker (deemed an associated person of the broker) and is registered with the appropriate SRO.Under this bill, a personal services entity is not considered a broker for SEC regulatory purposes when receiving compensation from the registered representative's broker on the registered representative's behalf ifthe broker approves and maintains records of the payment,the personal services entity does not hold itself out as a broker or otherwise engage in broker or dealer activity,the broker exercises adequate supervision and control over the registered representative,the broker and personal services entity have a written agreement regarding their relationship and compensation arrangement, andthe personal services entity is owned by the representative, the representative's family, or other similar entities.The personal services entity must maintain certain records and make them available to the SEC and the appropriate SRO upon request.
Official documents
Text versions
- Reported in HouseSep 1, 2026
- Introduced in HouseJan 21, 2026