#aaf? ,,congress #a/ ,session ,h4 ,r4 #ahae ,,an ,,act ,to require ! ,securities & ,ex*ange ,commission1 :5 develop+ rules & regulations ab\t disclosures to retail inve/ors1 to conduct inve/or te/+1 includ+ a survey & int]views ( retail inve/ors1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,,sec ,disclosure ,effectiv5ess ,te/+ ,act4 #b4 ,disclosure te/+ 7a7 ,9 g5]al ,section #bc7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghw7a77 is am5d$ by add+ at ! end ! foll[+3 7#d7 ,inve/or te/+ 7,a7 ,9 g5]al ,! ,commission %all engage 9 inve/or te/+ prior to issu+ any rule or regulation :i* designates docum5ts or in=mation to be disclos$ "u ! securities laws1 if su* docum5ts or in=mation are requir$ to be deliv]$ to1 & are int5d$ or sub/antially likely to be mat]ially reli$ ^u by1 a retail inve/or :5-- 7i7 select+ a brok]-deal] or inve/m5t advis]1 evaluat+ _! s]vices & fees1 or mat]ially alt]+ a brok]age or advisory relation%ip2 7ii7 assess+ a securities recomm5dation or inve/m5t advice provid$ by a brok]-deal] or inve/m5t advis]2 7iii7 mak+ a decision to pur*ase or sell a security2 or 7iv7 su* o!r circum/ances z ! ,commission may1 ) input f ! ,inve/or ,advocate1 det]m9e appropriate = ! protection ( retail inve/ors4 7,b7 ,exemption = c]ta9 disclosures ,?is section %all n apply to-- 7i7 disclosures made pursuant to ,regulations ,s-,k & ,s-,x 7includ+ ,indu/ry ,guides71 ,regulation #ad;,a1 ,=m ,n-,,px1 ,=m #aj-,k1 ,=m #aj-,q1 ,=m #h-,k1 ,=m ,,sd1 ,=m ,n-,,port1 ,=m ,,pf1 ,regulation ,,sbsr1 disclosures m&at$ by or jo9tly ) ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em or ! ,f9ancial ,/ability ,ov]sight ,c\ncil1 or successors !reto2 or 7ii7 any o!r docum5ts or in=mation t ! ,commission1 ) input f ! ,inve/or ,advocate1 det]m9es are outside ! int5d$ scope & purposes ( ?is ,act4 7,c7 ,commission au?ority to conduct additional te/+ ,?is section %all n be con/ru$ to limit ! ,commission's ability to conduct any inve/or te/+ on any o!r docum5ts or in=mation n subject to ?is section #bc7;a71 provid$ t any su* inve/or te/+ %all n be subject to ! requirem5ts ( ?is section #bc7;a74 7,d7 ,cont5ts ,inve/or te/+ conduct$ pursuant to subp>agraph 7,a7 %all include ! foll[+3 7i7 ,qualitative te/+ 9 ! =m ( "o-on-"o cognitive int]views ( retail inve/ors ab\t docum5ts or in=mation1 or samples ( su* docum5ts or in=mation1 to be provid$4 7ii7 ,su* o!r =ms ( te/+ t ! ,commission1 ) input f ! ,inve/or ,advocate1 deems appropriate = evaluat+ ! effectiv5ess ( retail disclosures4 7iii7 ,analysis & publication 9 ! ,f$]al ,regi/] ( ! results ( ! te/+4 7iv7 ,an opportunity = ! public to comm5t on su* results publi%$ 9 ! ,f$]al ,regi/]4 7v7 ,a consid]ation ( unique *all5ges fac$ by retail inve/ors age #fe or old]4 7,e7 ,sub/antive *anges ,if ! ,commission1 9 ! p]iod betwe5 engag+ 9 inve/or te/+ & publi%+ a f9al rule1 makes sub/antive *anges to su* rule t ! ,commission det]m9es w\ld h a significant impact on retail inve/ors1 & su* *anges 7 n already inve/or te/$1 ! ,commission %all aga9 engage 9 inve/or te/+ relat$ to su* *anges4 7,f7 ,public availability ( retail te/+ results ,! ,commission %all make ! data & results ( any inve/or te/+ p]=m$ pursuant to ?is p>agraph available to ! public4 7,g7 ,rules ( con/ruction 7i7 ,! det]m9ation t "s or all ( a docum5t or in=mation is deem$ to be subject to ?is p>agraph %all n =e/all ! det]m9ation t su* docum5t or in=mation may also be us$ or reli$ ^u by ! public1 m>ket p>ticipants o!r ?an retail inve/ors1 or gov]nm5t ag5cies4 7ii7 ,! ,commission may1 9 consultation ) ! ,inve/or ,advocate1 det]m9e :i*1 if any1 compon5ts ( su* docum5t or in=mation are sub/antially likely to be reli$ on by retail inve/ors = ! purposes outl9$ 9 p>agraph 7#d77;,a7 above & focus te/+ "u ?is p>agraph on ^? compon5ts ( ! disclosure4 7iii7 ,not)/&+ clause 7ii7 above1 :]e any in=mation subject to te/+ "u ?is p>agraph may be us$ or reli$ ^u by ! public1 m>ket p>ticipants o!r ?an retail inve/ors1 or gov]nm5t ag5cies1 ! results ( te/+ made pursuant to ?is p>agraph %all n provide gr\nds = r$uc+ or elim9at+ 7includ+ any und]m9+ ( reliability ( & acc\ntability =7 ! in=mation t exi/+ or propos$ regulation requires or w\ld require be made available to ! public1 m>ket p>ticipants o!r ?an retail inve/ors1 & gov]nm5t ag5cies1 :e!r or n su* in=mation is deliv]$ to retail inve/ors4 7,h7 ,retail inve/or def9$ ,= ! purposes ( ?is p>agraph1 ! t]m retail inve/or means any inve/or t is n an in/itutional inve/or4 4 7b7 ,p>ticipation ( inve/or advocate ,section #d7;g7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7g77 is am5d$-- 7#a7 9 p>agraph 7#d7-- 7,a7 9 subp>agraph 7,d77ii71 by /rik+ & at ! end2 7,b7 by r$esignat+ subp>agraph 7,e7 z subp>agraph 7,f72 & 7,c7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+3 7,e7 engage 9 inve/or te/+-- 7i7 to c>ry out ! functions ( ! ,(fice2 & 7ii7 pursuant to section #bc7;a77#d71 z appropriate2 & 2 7#b7 by add+ at ! end ! foll[+3 7#i7 ,publication ( data & results ( inve/or te/+ ,) respect to any inve/or te/+ c>ri$ out by ! ,inve/or ,advocate pursuant to p>agraph 7#d77;,e71 ! ,inve/or ,advocate may make ! data & results ( su* inve/or te/+ available to ! public1 )\t fur!r review or edit+ by ! ,commission4 7#aj7 ,p]sonnel ,if ! ,inve/or ,advocate decides1 )9 its sole discretion1 to conduct te/+ "u ?is section1 ! ,inve/or ,advocate may d s & ! ,commission %all provide ! ,(fice ( ! ,inve/or ,advocate ) suffici5t p]sonnel & fund+ necess>y to c>ry out su* te/+4 ,su* te/+ may qualify z ! te/+ cov]$ by ?is section1 provid$ t all requirem5ts ( ! section are met4 4 7c7 ,prior rules 7#a7 ,9 g5]al ,= any f9al rule or regulation issu$ by ! ,securities & ,ex*ange ,commission 79 ?is subsection ref]r$ to z ! ,commission7 be=e ! date ( ! enactm5t ( ?is ,act t w\ld be subject to inve/or te/+ "u section #bc7;a77#d7 ( ! ,securities ,ex*ange ,act ( #aicd1 _h su* rule be5 issu$ on or aft] ! date ( enactm5t ( ?is ,act1 ! ,commission %all p]=m inve/or te/+ ) respect to su* rule or regulation t includes ! cont5ts describ$ 9 su* section #bc7;a77#d74 7#b7 ,s*$ule ,! ,commission %all1 n lat] ?an #f mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ) input f ! ,inve/or ,advocate1 e/abli% a s*$ule = complet+ any inve/or te/+ requir$ "u p>agraph 7#a7 t prioritizes te/+ ( any f9al rules & regulations t designate docum5ts or in=mation c5tral to retail inve/or decision mak+1 & 9 p>ticul> prioritize ! te/+ ( docum5ts or in=mation requir$ to be deliv]$ to retail inve/ors 9 ! =m ( summ>y docum5ts or summ>y sections ( docum5ts includ+ = ! purpose ( det]m9+ :e!r & h[ su* summ>y docum5ts c a*ieve ! goals ( in=m$ inve/or decision-mak+ 9 ! circum/ances set =? 9 section #bc7;a77#d7 ( ! ,securities ,ex*ange ,act ( #aicd :ile ma9ta9+ full accessibility by retail inve/ors1 ! public1 o!r m>ket p>ticipants1 & gov]nm5t regulators to ! full range ( docum5ts & in=mation t !y may utilize or rely on1 :e!r or n su* docum5ts or in=mation are requir$ to be deliv]$ to retail inve/ors4 7#c7 ,report ,! ,commission %all1 ) input f ! ,inve/or ,advocate1 issue a report to ,congress ea* ye> conta9+ ! foll[+3 7,a7 ,! /atus ( any inve/or te/+ requir$ "u p>agraph 7#a7 initiat$ )9 ! la/ ye> or o!rwise ongo+4 7,b7 ,! results ( any inve/or te/+ complet$ "u p>agraph 7#a7 )9 ! la/ ye>4 7,c7 ,any priorities ! ,commission has1 bas$ on results ( inve/or te/+ requir$ by p>agraph 7#a71 =-- 7i7 revis+ any propos$ or f9al rule or regulation bas$ on ! results ( te/+2 7ii7 initiat+ any rulemak+ or actions aris+ f ! results ( ! te/+2 & 7iii7 ! ,inve/or ,advocate's views on ! above priorities & any su* o!r matt]s aris+ f ! te/+ or results ( te/+4 ,pass$ ! ,h\se ( ,repres5tatives ,octob] #ag1 #bjai4;,cl]k4