,,ii  #aad? ,,congress  #b;d ,session   
,s4 #bdig  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,febru>y #d1 #bjaf,mr4 
,blunt 7= himself1 ,mr4 ,crapo1 ,mr4    
,da9es1 ,mr4 ,kirk1 ,mr4 ,isakson1 &    
,mrs4 ,capito7 introduc$ ! foll[+ bill2 
:i* 0 read twice & ref]r$ to !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,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 ,act ( #bjaf4  #b4 ,/ay on  
rules def9+ c]ta9 fiduci>ies ,dur+ !    
p]iod beg9n+ on ! date ( enactm5t ( ?is 
,act & end+ on ! date t is #fj days aft]
 ! date on :i* ! ,securities & ,ex*ange 
,commission issues a f9al rule relat+ to
 /&>ds ( conduct = brok]s & deal]s "u   
section #ae7m7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gho7m771 z 
r$esignat$ by section #c ( ?is ,act1 !  
,secret>y ( ,labor may n issue any      
propos$ or f9al 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 )     
respect to /&>ds ( conduct = brok]s &   
deal]s4  #c4 ,am5dm5ts to ! ,securities 
,ex*ange ,act ( #aicd ,section #ae ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gho7 is am5d$-- 7#a7 by      
r$esignat+ ! second subsection 7k7      
7relat+ to /&>d ( conduct7 ?r\gh        
subsection 7o7 z subsections 7m7 ?r\gh  
7q71 respectively2 &  7#b7 9 subsection 
7m71 z s r$esignat$1 by add+ at ! end ! 
foll[+3  7#c7 ,requirem5ts be=e rulemak+
 ,! ,commission may n promulgate a rule 
"u p>agraph 7#a7 be=e provid+ a report  
to ! ,committee on ,f9ancial ,s]vices ( 
! ,h\se ( ,repres5tatives & ! ,committee
 on ,bank+1 ,h\s+1 & ,urban ,affairs ( !
 ,s5ate describ+ :e!r--  7,a7 retail    
inve/ors 7& o!r cu/om]s t ! ,commission 
may provide7 are be+ h>m$ by brok]s or  
deal]s op]at+ "u diff]5t /&>ds ( conduct
 ?an ! /&>ds t apply to inve/m5t advis]s

 "u section #baa ( ! ,inve/m5t ,advis]s 
,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#aa72 
7,b7 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 advis]s "u section #baa ( !    
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#aa71 includ+--  7i7    
simplify+ ! titles us$ by brok]s1       
deal]s1 & inve/m5t advis]s2 &  7ii7     
enhanc+ disclosure surr\nd+ ! diff]5t   
/&>ds ( conduct applicable to brok]s1   
deal]s1 & inve/m5t advis]s2  7,c7 !     
adoption ( a uni=m fiduci>y /&>d (      
conduct = brok]s1 deal]s1 & inve/m5t    
advis]s w\ld adv]sely impact !--  7i7   
commissions ( brok]s & deal]s2  7ii7    
availability ( propriet>y products (f]$ 
by brok]s & deal]s2 &  7iii7 ability (  
brok]s & deal]s to engage 9 pr9cipal    
transactions ) cu/om]s2 &  7,d7 !       
adoption ( a uni=m fiduci>y /&>d (      
conduct = brok]s or deal]s & inve/m5t   
advis]s w\ld adv]sely impact retail     

inve/or access to--  7i7 p]sonaliz$ &   
co/-effective inve/m5t advice2  7ii7    
recomm5dations ab\t securities2 or      
7iii7 ! availability ( ! advice &       
recomm5dations describ$ 9 clauses 7i7 & 
7ii74  7#d7 ,economic analysis ,!       
conclusions ( ! ,commission 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$]al      
,regi/]1 ) ! rule promulgat$ "u p>agraph
 7#a71 =mal f9d+s t ! rule w\ld r$uce   
confusion or h>m to retail cu/om]s 7&   
o!r cu/om]s t ! ,commission may by rule 
provide7 due to diff]5t /&>ds ( conduct 
applicable to brok]s1 deal]s1 & inve/m5t
 advis]s4  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 advis]s4  4