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ATTACHMENT A

NEW DRAFT COMPARED TO OCTOBER DRAFT

[PART A: DEFINITIONS]

NEW DRAFT OCTOBER DRAFT

SECTIONS SECTIONS COMMENT

SECTION 101 Definitions §2

(a) Administrator §2(a)

(b) Agent §2(b) REVISED

(c) Broker-Dealer §2(c) REVISED

(d) Depository Institution §2(d) REVISED

(e) Federal Covered Investment Adviser §2(e) REVISED

(f) Federal Covered Security §2(f)

(g) File, Filed, or Filing §2(g) REVISED

(h) Fraud §2(h)

(i) Guaranteed §2(i) REVISED

(j) Institutional Investor NEW

(k) Insurance Company NEW

(l) Insured NEW

(m) International Bank NEW

(n) Investment Adviser §2(j) REVISED

(o) Investment Adviser Representative §2(k) REVISED

(p) Issuer §2(l) REVISED

NEW DRAFT OCTOBER DRAFT

SECTIONS SECTIONS COMMENT

(q) Nonissuer Transaction §2(m)

(r) Person §2(n) REVISED

(s) Price Amendment §2(o)

(t) Promoter NEW

(u) Sale or Sell §2(p)

(v) Securities Act of 1933, etc. §2(q)

(w) Security §2(r) REVISED

(x) Self-Regulatory Organization §2(s)

(y) State §2(t) REVISED

(z) Underwriter NEW

[PART B: EXEMPTIONS]

SECTION 201 Exempt Securities §3

(a) United States Governments and Municipals §3(a) REVISED

(b) Foreign Governments §3(b) REVISED

(c) Depository Institutions and International Banks §3(c) REVISED

(d) Insurance Companies §3(d) REVISED

(e) Public Utilities §3(e) REVISED

(f) Regulated Securities Markets §3(f) REVISED

NEW DRAFT OCTOBER DRAFT

SECTIONS SECTIONS COMMENT

(g) Not-for-Profit Institutions §3(g) REVISED

Commercial Paper ELIMINATED

(h) Employee Benefit Plans §3(j) REVISED

Traded Options INCLUDED IN §201(f)

(i) Equipment Trust Certificates §3(k)

SECTION 202 Exempt Transactions §4

(a) De Minimis Transactions §4(a) REVISED

(b) Manual Exemption §4(b) REVISED

(c) Nonissuer Transactions in Securities Subject to

Securities Exchange Act Reporting §4(c) REVISED

(d) Specified Fixed Maturity, Interest or Dividend §4(d)

(e) Unsolicited Brokerage Transactions §4(e)

(f) Underwriter Transactions §4(f)

(g) Unit Real Estate Transactions §4(g) REVISED

(h) Bankruptcy and Insolvency Transactions §4(h)

(i) Pledges §4(i)

(j) Institutional Investors §4(j) REVISED

(k) Limited Offering Transactions §4(k) REVISED

(l) Transactions with Existing Security Holders §4(l) REVISED

NEW DRAFT OCTOBER DRAFT

SECTIONS SECTIONS COMMENT

(m) Offerings When Registered Under this Act and the

Securities Act of 1933 §4(m) REVISED

(n) Offerings When Registered Under this Act and Exempt

from the Securities Act of 1933 §4(n)

(o) Control Transactions NEW

SECTION 203 Additional Exemptions §5 REVISED

SECTION 204 Denial, Condition, Limitation or Revocation

of Exemptions §6 REVISED

[PART C: REGISTRATION OF SECURITIES]

SECTION 301 Securities Registration Requirement §7 REVISED

SECTION 302 Notice Filings and Fees Applicable to Federal

Covered Securities §8 REVISED

SECTION 303 Securities Registration by Coordination §9 REVISED

SECTION 304 Securities Registration by Qualification §10

SECTION 305 General Securities Registration Provisions §11 REVISED

SECTION 306 Denial, Suspension, and Revocation of

Securities Registration §12

[PART D: BROKER-DEALERS, AGENTS,

INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES]

NEW DRAFT OCTOBER DRAFT

SECTIONS SECTIONS COMMENT

SECTION 401 Registration Requirements for Broker-Dealers,

Agents, Investment Advisers, and Investment Adviser

Representatives §13 REVISED

SECTION 402 Exempt Broker-Dealers, Agents, Investment

Advisers, and Investment Adviser Representatives §14 REVISED

SECTION 403 Registration Procedure for Broker-Dealers,

Agents, Investment Advisers, and Investment Adviser

Representatives §15 REVISED

SECTION 404 Postregistration Procedures §16 REVISED

SECTION 405 Denial, Revocation, Suspension, Cancellation,

and Withdrawal of Registration §17 REVISED

[PART E: FRAUD AND LIABILITIES]

SECTION 501 General Fraud Provision §18

SECTION 502 Fraud by Investment Advisers §19

SECTION 503 Burden of Proof §20 REVISED

SECTION 504 Filing of Sales and Advertising Literature §21 REVISED

SECTION 505 Misleading Filings §22

SECTION 506 Misrepresentations Concerning Registration

or Exemption §23 REVISED

SECTION 507 Qualified Immunity §34 REVISED

SECTION 508 Criminal Penalties §27

SECTION 509 Civil Liabilities §28

NEW DRAFT OCTOBER DRAFT

SECTIONS SECTIONS COMMENT

SECTION 510 Jurisdiction and Service of Process §32

[PART F: ADMINISTRATION AND JUDICIAL REVIEW]

SECTION 601 Administration of Act §24

SECTION 602 Investigations and Subpoenas §25

SECTION 603 Administrative Enforcement §26 REVISED

SECTION 604 Rules, Forms, Orders, and Hearings §30

SECTION 605 Administrative Files and Opinions §31 REVISED

SECTION 606 Public Information; Confidentiality NEW

SECTION 607 Cooperation With Other Agencies §33

SECTION 608 Judicial Review of Orders §29

SECTION 609 Uniformity of Application and Construction §1

[PART G: MISCELLANEOUS]

SECTION 701 Short Title §1

SECTION 702 Severability §35

SECTION 703 Repeal and Savings Provisions §36

SECTION 704 Effective Date §37