I 118th CONGRESS 1st Session H. R. 6027 IN THE HOUSE OF REPRESENTATIVES October 24, 2023 Mr. Loudermilk (for himself and Mr. David Scott of Georgia ) introduced the following bill October 25, 2023 Referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to revise the definition of a facility.

1. Short title This Act may be cited as the Exchange Regulatory Improvement Act of 2023 . 2. Definition of a facility Paragraph (2) of section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended to read as follows: (2) Facility (A) In general The term facility , when used with respect to an exchange, means only— (i) the exchange’s trading systems, which are— (I) the hardware, software, and related network infrastructure an exchange uses to receive, acknowledge, rank, match, and execute orders in securities traded on that exchange; and (II) the hardware, software, and related network infrastructure an exchange uses to function as an exclusive processor of real-time market data created by the exchange trading systems; (ii) any premises or services made available by the exchange to an exchange member or other person for the purpose of providing physical space and equipment to enable such member or other person to locate the equipment of the member or other person in close physical proximity to the exchange’s trading systems; and (iii) any premises or services made available by the exchange to an exchange member or persons associated with members that exclusively connects such members and persons associated with members to exchange trading systems for the purpose of effecting or reporting a transaction on the exchange. (B) Exception The term facility , when used with respect to an exchange, does not include any properties, premises, or services that can legally be offered by a person or entity that is not required to register as a national securities exchange registered under section 6. .