Page:United States Statutes at Large Volume 124.djvu/1945

124 STAT. 1919 PUBLIC LAW 111–203—JULY 21, 2010 required to be submitted under any rule issued by the Board.’’; (I) in subparagraph (K)— (i) by inserting ‘‘broker, dealer, or’’ before ‘‘munic- ipal securities dealer’’ each place that term appears; and (ii) by striking ‘‘municipal securities investment portfolio’’ and inserting ‘‘related account of a broker, dealer, or municipal securities dealer’’; and (J) by adding at the end the following: ‘‘(L) with respect to municipal advisors— ‘‘(i) prescribe means reasonably designed to pre- vent acts, practices, and courses of business as are not consistent with a municipal advisor’s fiduciary duty to its clients; ‘‘(ii) provide continuing education requirements for municipal advisors; ‘‘(iii) provide professional standards; and ‘‘(iv) not impose a regulatory burden on small municipal advisors that is not necessary or appropriate in the public interest and for the protection of inves- tors, municipal entities, and obligated persons, pro- vided that there is robust protection of investors against fraud.’’; (3) by redesignating paragraph (3) as paragraph (7); and (4) by inserting after paragraph (2) the following: ‘‘(3) The Board, in conjunction with or on behalf of any Federal financial regulator or self-regulatory organization, may— ‘‘(A) establish information systems; and ‘‘(B) assess such reasonable fees and charges for the submission of information to, or the receipt of information from, such systems from any persons which systems may be developed for the purposes of serving as a repository of information from municipal market participants or other- wise in furtherance of the purposes of the Board, a Federal financial regulator, or a self-regulatory organization, except that the Board— ‘‘(i) may not charge a fee to municipal entities or obligated persons to submit documents or other information to the Board or charge a fee to any person to obtain, directly from the Internet site of the Board, documents or information submitted by municipal enti- ties, obligated persons, brokers, dealers, municipal securities dealers, or municipal advisors, including documents submitted under the rules of the Board or the Commission; and ‘‘(ii) shall not be prohibited from charging commer- cially reasonable fees for automated subscription-based feeds or similar services, or for charging for other data or document-based services customized upon request of any person, made available to commercial enterprises, municipal securities market professionals, or the general public, whether delivered through the Internet or any other means, that contain all or part of the documents or information, subject to approval of the fees by the Commission under section 19(b).