Page:United States Statutes at Large Volume 124.djvu/1853

124 STAT. 1827 PUBLIC LAW 111–203—JULY 21, 2010 or legal standards of care affecting brokers, dealers, investment advisers, persons associated with brokers or dealers, and per- sons associated with investment advisers relating to their obligations to retail customers regarding the provision of invest- ment advice, including any potential impact on— (A) protection from fraud; (B) access to personalized investment advice, and rec- ommendations about securities to retail customers; or (C) the availability of such advice and recommenda- tions; (13) the potential additional costs and expenses to— (A) retail customers regarding and the potential impact on the profitability of their investment decisions; and (B) brokers, dealers, and investment advisers resulting from potential changes in the regulatory requirements or legal standards affecting brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associated with investment advisers relating to their obligations, including duty of care, to retail customers; and (14) any other consideration that the Commission considers necessary and appropriate in determining whether to conduct a rulemaking under subsection (f). (d) REPORT.— (1) IN GENERAL.—Not later than 6 months after the date of enactment of this Act, the Commission shall submit a report on the study required under subsection (b) to— (A) the Committee on Banking, Housing, and Urban Affairs of the Senate; and (B) the Committee on Financial Services of the House of Representatives. (2) CONTENT REQUIREMENTS.—The report required under paragraph (1) shall describe the findings, conclusions, and rec- ommendations of the Commission from the study required under subsection (b), including— (A) a description of the considerations, analysis, and public and industry input that the Commission considered, as required under subsection (b), to make such findings, conclusions, and policy recommendations; and (B) an analysis of whether any identified legal or regu- latory gaps, shortcomings, or overlap in legal or regulatory standards in the protection of retail customers relating to the standards of care for brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associated with investment advisers for providing personalized investment advice about securities to retail customers. (e) PUBLIC COMMENT.—The Commission shall seek and consider public input, comments, and data in order to prepare the report required under subsection (d). (f) RULEMAKING.—The Commission may commence a rule- making, as necessary or appropriate in the public interest and for the protection of retail customers (and such other customers as the Commission may by rule provide), to address the legal or regulatory standards of care for brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associated with investment advisers for providing personalized 15 USC 78o note. 15 USC 78o note. 15 USC 78o note.