,,ib  ,union ,calendar ,no4 #afh  #aacth
 ,,congress  #ast ,session  ,h4 ,r4     
#bcgd  ,report ,no4 #aac-bbh1 ,part ,i  
,,in ,,the ,,house ,,of                 
,,representatives  ,june #ad1 #bjac     
,mrs4 ,wagner introduced the following  
bill2 which was referred to the         
,committee on ,financial ,services1 and 
in addition to the ,committee on        
,education and the ,workforce1 for a    
period to be subsequently determined by 
the ,speaker1 in each case for          
consideration of such provisions as fall
 within the jurisdiction of the         
committee concerned  ,september #be1    
#bjac ,additional sponsor3 ,mr4 ,murphy 
of ,florida  ,september #be1 #bjac      
,reported from the ,committee on        
,financial ,services with an amendment  
,strike out all after the enacting      
clause and insert the part printed in   
italic  ,september #be1 #bjac ,the      
,committee on ,education and the        
,workforce discharged2 committed to the 
,committee of the ,whole ,house on the  

,state of the ,union and ordered to be  
printed  ,a ,,bill  ,to amend the       
,securities ,exchange ,act of #aicd to  
provide protections for retail          
customers1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,retail ,investor ,protection ,act4 
#b4 ,stay on rules defining certain     
fiduciaries ,after the date of enactment
 of this ,act1 the ,secretary of ,labor 
shall not prescribe any regulation under
 the ,employee ,retirement ,income      
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajja et seq47 defining the             
circumstances under which an individual 
is considered a fiduciary until the date
 that is #fj days after the ,securities 
and ,exchange ,commission issues a final
 rule relating to standards of conduct  
for brokers and dealers pursuant to the 
second subsection 7k7 of section #ae of 
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gho7k774  #c4           
,amendments to the ,securities ,exchange
 ,act of #aicd ,the second subsection   

7k7 of section #ae of the ,securities   
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gho7k771 as added by section           
#iac7;g77#a7 of the ,dodd-,frank ,wall  
,street ,reform and ,consumer           
,protection ,act 7#ab ,u4,s4,c4 #ecja et
 seq471 is amended by adding at the end 
the following3  7#c7 ,requirements prior
 to rulemaking ,the ,commission shall   
not promulgate a rule pursuant to       
paragraph 7#a7 before--  7,a7           
identifying if retail customers 7and    
such other customers as the ,commission 
may by rule provide7 are being          
systematically harmed or disadvantaged  
due to brokers or dealers operating     
under different standards of conduct    
than those standards that apply to      
investment advisors under section #baa  
of the ,investment ,advisers ,act of    
#aidj 7#ae ,u4,s4,c4 #hj;b-#aa72  7,b7  
identifying whether the adoption of a   
uniform fiduciary standard of care for  
brokers or dealers and investment       
advisors would adversely impact retail  

investor access to personalized         
investment advice1 recommendations about
 securities1 or the availability of such
 advice and recommendations2  7,c7      
conducting an assessment by the chief   
economist of the ,commission that       
assesses the qualitative and            
quantitative costs and benefits of the  
rule2 and  7,d7 the ,commission1 based  
on the assessment described in          
subparagraph 7,b7--  7i7 determines that
 the benefits of the rule justify its   
costs2  7ii7 identifies and assesses    
available alternatives to the rule that 
were considered1 including modification 
of an existing regulation1              
simplification of disclosures regarding 
standards of care that apply to brokers 
or dealers and those that apply to      
investment advisors1 together with an   
explanation of why the rule meets the   
regulatory objectives more effectively  
than the alternatives2 and  7iii7       
ensures that the rule is accessible1    
consistent1 written in plain language1  

and easy to understand1 and that the    
rule shall measure and seek to improve  
the actual results of regulatory        
requirements4  7#d7 ,requirements for   
promulgating a rule ,the ,commission    
shall publish in the ,federal ,register 
alongside the rule promulgated pursuant 
to paragraph 7#a7 formal findings that  
such rule would reduce the confusion of 
a retail customer 7and such other       
customers as the ,commission may by rule
 provide7 about standards of conduct    
applicable to brokers1 dealers1 and     
investment advisors4  7#e7 ,requirements
 under ,investment ,advisers ,act of    
#aidj ,in proposing rules under         
paragraph 7#a7 for brokers or dealers1  
the ,commission shall consider the      
differences in the registration1        
supervision1 and examination            
requirements applicable to brokers1     
dealers1 and investment advisors4  4    
#a4 ,short title ,this ,act may be cited
 as the ,retail ,investor ,protection   
,act4  #b4 ,stay on rules defining      

certain fiduciaries ,after the date of  
enactment of this ,act1 the ,secretary  
of ,labor shall not prescribe any       
regulation under the ,employee          
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #ajja et seq47     
defining the circumstances under which  
an individual is considered a fiduciary 
until the date that is #fj days after   
the ,securities and ,exchange           
,commission issues a final rule relating
 to standards of conduct for brokers and
 dealers pursuant to the second         
subsection 7k7 of section #ae of the    
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gho7k774  #c4 ,amendments to
 the ,securities ,exchange ,act of #aicd
 ,the second subsection 7k7 of section  
#ae of the ,securities ,exchange ,act of
 #aicd 7#ae ,u4,s4,c4 #gho7k771 as added
 by section #iac7;g77#a7 of the         
,dodd-,frank ,wall ,street ,reform and  
,consumer ,protection ,act 7#ab         
,u4,s4,c4 #ecja et seq471 is amended by 
adding at the end the following3  7#c7  

,requirements prior to rulemaking ,the  
,commission shall not promulgate a rule 
pursuant to paragraph 7#a7 before--     
7,a7 identifying if retail customers    
7and such other customers as the        
,commission may by rule provide7 are    
being systematically harmed or          
disadvantaged due to brokers or dealers 
operating under different standards of  
conduct than those standards that apply 
to investment advisors under section    
#baa of the ,investment ,advisers ,act  
of #aidj 7#ae ,u4,s4,c4 #hj;b-#aa72 and 
7,b7 identifying whether the adoption of
 a uniform fiduciary standard of care   
for brokers or dealers and investment   
advisors would adversely impact retail  
investor access to personalized         
investment advice1 recommendations about
 securities1 or the availability of such
 advice and recommendations4  7#d7      
,requirements for promulgating a rule   
,the ,commission shall publish in the   
,federal ,register alongside the rule   
promulgated pursuant to paragraph 7#a7  

formal findings that such rule would    
reduce the confusion of a retail        
customer 7and such other customers as   
the ,commission may by rule provide7    
about standards of conduct applicable to
 brokers1 dealers1 and investment       
advisors4  7#e7 ,requirements under     
,investment ,advisers ,act of #aidj ,in 
proposing rules under paragraph 7#a7 for
 brokers or dealers1 the ,commission    
shall consider the differences in the   
registration1 supervision1 and          
examination requirements applicable to  
brokers1 dealers1 and investment        
advisors4  4  ,september #be1 #bjac     
,reported from the ,committee on        
,financial ,services with an amendment  
,september #be1 #bjac ,the ,committee on
 ,education and the ,workforce          
discharged2 committed to the ,committee 
of the ,whole ,house on the ,state of   
the ,union and ordered to be printed