,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #ajij  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,febru>y #be1 #bjae   
,mrs4 ,wagn] 7= h]self & ,mr4 ,g>rett7  
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$  ,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   
provid+ a report to ! ,committee on     
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate describ+ :e!r--  7i7 retail      
inve/ors 7& su* o!r cu/om]s z !         
,commission may provide7 are be+ h>m$   
due to brok]s or deal]s op]at+ "u       

diff]5t /&>ds ( conduct ?an ^? t apply  
to inve/m5t advisors "u section #baa ( !
 ,inve/m5t ,advis]s ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;b-#aa72  7ii7 alt]native  
rem$ies w r$uce any confusion or h>m to 
retail inve/ors 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-#aa71     
includ+--  7,i7 simplify+ ! titles us$  
by brok]s1 deal]s1 & inve/m5t advis]s2 &
  7,,ii7 enhanc+ disclosure surr\nd+ !  
diff]5t /&>ds ( conduct curr5tly        
applicable to brok]s1 deal]s1 & inve/m5t
 advis]s2  7iii7 ! adoption ( a uni=m   
fiduci>y /&>d ( conduct = brok]s1       
deal]s1 & inve/m5t advisors w\ld        
adv]sely impact ! commissions ( brok]s &
 deal]s1 ! availability ( propriet>y    
products (f]$ by brok]s & deal]s1 & !   
ability ( brok]s & deal]s to engage 9   
pr9cipal transactions ) cu/om]s2 &  7iv7
 ! adoption ( a uni=m fiduci>y /&>d (   
conduct = brok]s or deal]s & inve/m5t   

advisors w\ld adv]sely impact retail    
inve/or access to p]sonaliz$ &          
co/-effective inve/m5t advice1          
recomm5dations ab\t securities1 or !    
availability ( su* advice &             
recomm5dations4  7#d7 ,economic analysis
 ,! ,commission's conclusions conta9$ 9 
! report describ$ 9 p>agraph 7#c7 %all  
be support$ by economic analysis4  7#e7 
,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 or h>m to 
retail cu/om]s 7& su* o!r cu/om]s z !   
,commission may by rule provide7 due to 
diff]5t /&>ds ( conduct applicable to   
brok]s1 deal]s1 & inve/m5t advisors4    
7#f7 ,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