,,ib  ,union ,cal5d> ,no4 #afh  #aac?   
,,congress  #a/ ,session  ,h4 ,r4 #bcgd 
,report ,no4 #aac-bbh1 ,"p ,i  ,,9 ,,!  
,,h\se ,,( ,,repres5tatives  ,june #ad1 
#bjac ,mrs4 ,wagn] introduc$ ! foll[+   
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices1 & 9 addition to !   
,committee on ,education & ! ,work=ce1 =
 a p]iod to be subsequ5tly det]m9$ by ! 
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,septemb] #be1 #bjac
 ,additional sponsor3 ,mr4 ,murphy (    
,florida  ,septemb] #be1 #bjac ,report$ 
f ! ,committee on ,f9ancial ,s]vices )  
an am5dm5t ,/rike out all aft] ! enact+ 
clause & ins]t ! "p pr9t$ 9 italic      
,septemb] #be1 #bjac ,! ,committee on   
,education & ! ,work=ce dis*>g$2        
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union & ord]$ to be    
pr9t$  ,a ,,bill  ,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 & recomm5dations2  7,c7 conduct+ 
an assessm5t by ! *ief economi/ ( !     
,commission t assesses ! qualitative &  
quantitative co/s & b5efits ( ! rule2 & 
7,d7 ! ,commission1 bas$ on ! assessm5t 
describ$ 9 subp>agraph 7,b7--  7i7      
det]m9es t ! b5efits ( ! rule ju/ify its
 co/s2  7ii7 id5tifies & assesses       
available alt]natives to ! rule t 7     

consid]$1 includ+ modification ( an     
exi/+ regulation1 simplification (      
disclosures reg>d+ /&>ds ( c>e t apply  
to brok]s or deal]s & ^? t apply to     
inve/m5t advisors1 toge!r ) an          
explanation ( :y ! rule meets !         
regulatory objectives m effectively ?an 
! alt]natives2 &  7iii7 ensures t ! rule
 is accessible1 consi/5t1 writt5 9 pla9 
language1 & easy to und]/&1 & t ! rule  
%all measure & seek to improve ! actual 
results ( regulatory requirem5ts4  7#d7 
,requirem5ts = promulgat+ a rule ,!     
,commission %all publi% 9 ! ,f$]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  #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         
,septemb] #be1 #bjac ,report$ f !       
,committee on ,f9ancial ,s]vices ) an   
am5dm5t ,septemb] #be1 #bjac ,!         
,committee on ,education & ! ,work=ce   
dis*>g$2 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$