U.S. Congress legislation · 119th Congress
HB7187: Clarity for Compensation Act
Status: In committee, September 1, 2026
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.
What the bill says
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.
From the committee substitute text, September 1, 2026:
A BILL 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. SECTION 1. Short title This Act may be cited as the Clarity for Compensation Act . SECTION 2. Broker definition exception for registered representative-owned personal services entity (a) In general Section 3(a)(4) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(4) ) is amended by adding at the end the (II) the personal services entity does not hold itself out as a broker; (III) the personal services entity does not engage in any other broker activity, other than the receipt of compensation on behalf of the registered representative; (IV) the representative's registered broker maintains adequate supervision and control over the registered representative and the personal services entity; (V) the representative's registered broker and the personal services entity have a written agreement governing their relationship and the responsibilities of each party regarding compensation arrangements; (VI) the personal services entity is only owned by-- (aa) the registered representative; (bb) if the registered representative is an individual, immediate family members of the registered representative; or (cc) entities wholly owned by-- (AA) the registered representative; or (BB) if the registered representative is an individual, immediate family members of the registered …
Sponsors
- Zachary Nunn (R, 3) · primary sponsor
- Gregory Meeks (D, HD-005)
- Brittany Pettersen (D, HD-007)
- Michael Lawler (R, HD-017)
- Marlin Stutzman (R, HD-003)
- Andrew Garbarino (R, HD-002)
- Sarah McBride (D, HD-000)
- Tim Moore (R, HD-NC-14)
- William Timmons (R, HD-004)
- Young Kim (R, HD-CA-40)
- Monica De La Cruz (R, 15)
- Timothy Kennedy (D, HD-026)
Latest actions
- : Placed on the Union Calendar, Calendar No. 691.
- : Reported (Amended) by the Committee on Financial Services. H. Rept. 119-791.
- : Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
- : Committee Consideration and Mark-up Session Held
- : Referred to the House Committee on Financial Services.
- : Introduced in House
Subjects: Corporate finance and management, Securities, Financial services and investments, Wages and earnings, Licensing and registrations, Finance and Financial Sector
Common questions
- What is HB7187?
- HB7187 is a bill in Congress (119th Congress): Clarity for Compensation Act.
- What does HB7187 do?
- In its own words: 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.
- What is the status of HB7187?
- In committee as of September 1, 2026. Latest action: Placed on the Union Calendar, Calendar No. 691. (September 1, 2026).
- Who sponsored HB7187?
- Zachary Nunn (R, 3), with 11 co-sponsors.
- Where is the official record for HB7187?
- On the Congress website: https://www.congress.gov/bill/119th-congress/house-bill/7187
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.