,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #ahae  ,,in ,,the ,,house ,,of  
,,representatives  ,march #ah1 #bjai,mr4
 ,casten of ,illinois introduced the    
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to require the ,securities  
and ,exchange ,commission1 when         
developing rules and regulations about  
disclosures to retail investors1 to     
conduct investor testing1 including a   
survey and interviews of retail         
investors1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,,sec ,disclosure ,effectiveness    
,testing ,act4  #b4 ,disclosure testing 
7a7 ,in general ,section #bc7;a7 of the 
,securities ,exchange ,act of #aicd is  
amended by adding at the end the        
following3  7#d7 ,investor testing  7,a7
 ,in general ,the ,commission1 prior to 
making any rule or regulation pursuant  
to any provision of the securities laws 
which would designate documents or      
information to be provided to a retail  

investor1 shall engage in investor      
testing to assess whether designating   
such documents or information will      
achieve the purpose intended by the     
,commission4  7,b7 ,contents ,investor  
testing conducted pursuant to           
subparagraph 7,a7 shall include the     
following3 7i7 ,qualitative testing in  
the form of one-on-one cognitive        
interviews of retail investors about    
documents or information1 or samples of 
such documents or information1 to be    
provided4  7ii7 ,a nationwide survey of 
retail investors1 designed to complement
 the interviews under clause 7i71 on--  
7,i7 the usefulness of such documents or
 information1 or samples of such        
documents or information2  7,,ii7 the   
proposed format of such documents or    
information1 or samples of such         
documents or information2 and  7,,iii7  
delivery preferences of such documents  
or information1 or samples of such      
documents or information4  7iii7        
,analysis and publication in the        

,federal ,register of the results of the
 survey and interviews4  7iv7 ,an       
opportunity for the public to comment on
 such results published in the ,federal 
,register4  7,c7 ,substantive changes   
,if the ,commission1 in the period      
between engaging in investor testing and
 publishing a final rule1 makes         
substantive changes to such rule that   
the ,commission determines would have a 
significant impact on investors1 the    
,commission shall again engage in       
investor testing4  4  7b7 ,prior rules  
7#a7 ,in general ,for any final rule or 
regulation issued by the ,securities and
 ,exchange ,commission 7in this         
subsection referred to as the           
,commission7 before the date of the     
enactment of this ,act1 pursuant to any 
provision of the securities laws 7as    
such term is defined in section #c7;a7  
of the ,securities ,exchange ,act of    
#aicd7 which designates documents or    
information to be provided to a retail  
investor1 the ,commission shall perform 

investor testing that includes the      
contents described in section           
#bc7;a77#d7 of the ,securities ,exchange
 ,act of #aicd4  7#b7 ,schedule ,the    
,commission shall1 not later than #f    
months after the date of the enactment  
of this ,act1 establish a schedule for  
completing any investor testing required
 under paragraph 7#a7 that prioritizes  
testing of any final rules and          
regulations that designate documents or 
information central to retail investor  
decision making4  7#c7 ,report ,the     
,commission shall issue a report to     
,congress each year containing the      
following3 7,a7 ,the status of any      
investor testing required under         
paragraph 7#a74  7,b7 ,the results of   
any investor testing completed under    
paragraph 7#a74  7,c7 ,any priorities   
the ,commission has1 based on results of
 investor testing required by paragraph 
7#a71 for--  7i7 revising or eliminating
 any final rule or regulation           
designating documents or information to 

be provided to retail investors2 and    
7ii7 revising any other final rule or   
regulation to supplement revised or     
eliminated rules designating documents  
or information to be provided to retail 
investors4