Clarity for Compensation Act
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Summary
This bill amends the Securities Exchange Act of 1934 to create an exemption from the definition of a 'broker' for personal services entities owned by registered representatives. Under specified conditions—including broker approval of compensation amounts and timing, written agreements between the broker and entity, and SEC-prescribed requirements—such entities may receive compensation on behalf of registered representatives without being classified as brokers. The bill requires these entities to maintain records and be subject to SEC and self-regulatory organization oversight.
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