#aac? ,,congress  #a/ ,session  ,h4 ,r4 
#bcgd  ,,an ,,act  ,to am5d !           
,securities ,ex*ange ,act ( #aicd to    
provide protections = retail cu/om]s1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,retail ,inve/or   
,protection ,act4  #b4 ,/ay on rules    
def9+ c]ta9 fiduci>ies ,aft] ! date (   
enactm5t ( ?is ,act1 ! ,secret>y (      
,labor %all n prescribe any regulation  
"u ! ,employee ,retirem5t ,income       
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#ajja et seq47 def9+ ! circum/ances "u  
:i* an individual is consid]$ a fiduci>y
 until ! date t is #fj days aft] !      
,securities & ,ex*ange ,commission      
issues a f9al rule relat+ to /&>ds (    
conduct = brok]s & deal]s pursuant to ! 
second subsection 7k7 ( section #ae ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gho7k774  #c4 ,am5dm5ts to ! 
,securities ,ex*ange ,act ( #aicd ,!    
second subsection 7k7 ( section #ae ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gho7k771 z add$ by section   

#iac7;g77#a7 ( ! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection ,act
 7#ab ,u4,s4,c4 #ecja et seq471 is am5d$
 by add+ at ! end ! foll[+3  7#c7       
,requirem5ts prior to rulemak+ ,!       
,commission %all n promulgate a rule    
pursuant to p>agraph 7#a7 be=e--  7,a7  
id5tify+ if retail cu/om]s 7& su* o!r   
cu/om]s z ! ,commission may by rule     
provide7 are be+ sy/ematically h>m$ or  
disadvantag$ due to brok]s or deal]s    
op]at+ "u diff]5t /&>ds ( conduct ?an ^?
 /&>ds t apply to inve/m5t advisors "u  
section #baa ( ! ,inve/m5t ,advis]s ,act
 ( #aidj 7#ae ,u4,s4,c4 #hj;b-#aa72 &   
7,b7 id5tify+ :e!r ! adoption ( a uni=m 
fiduci>y /&>d ( c>e = brok]s or deal]s &
 inve/m5t advisors w\ld adv]sely impact 
retail inve/or access to p]sonaliz$     
inve/m5t advice1 recomm5dations ab\t    
securities1 or ! availability ( su*     
advice & recomm5dations4  7#d7          
,requirem5ts = promulgat+ a rule ,!     
,commission %all publi% 9 ! ,f$]al      
,regi/] alongside ! rule promulgat$     

pursuant to p>agraph 7#a7 =mal f9d+s t  
su* rule w\ld r$uce ! confusion ( a     
retail cu/om] 7& su* o!r cu/om]s z !    
,commission may by rule provide7 ab\t   
/&>ds ( conduct applicable to brok]s1   
deal]s1 & inve/m5t advisors4  7#e7      
,requirem5ts "u ,inve/m5t ,advis]s ,act 
( #aidj ,9 propos+ rules "u p>agraph    
7#a7 = brok]s or deal]s1 ! ,commission  
%all consid] ! diff]5ces 9 !            
regi/ration1 sup]vision1 & exam9ation   
requirem5ts applicable to brok]s1       
deal]s1 & inve/m5t advisors4  4  ,pass$ 
! ,h\se ( ,repres5tatives ,octob] #bi1  
#bjac4;,cl]k4