,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #ahae  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #ah1 #bjai,mr4   
,ca/5 ( ,ill9ois introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,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 is am5d$ by add+  
at ! end ! foll[+3  7#d7 ,inve/or te/+  
7,a7 ,9 g5]al ,! ,commission1 prior to  
mak+ any rule or regulation pursuant to 
any provision ( ! securities laws :i*   
w\ld designate docum5ts or in=mation to 
be provid$ to a retail inve/or1 %all    
engage 9 inve/or te/+ to assess :e!r    
designat+ su* docum5ts or in=mation w   

a*ieve ! purpose int5d$ by !            
,commission4  7,b7 ,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$4  7ii7 ,a nationwide survey (   
retail inve/ors1 design$ to complem5t ! 
int]views "u clause 7i71 on--  7,i7 !   
usefulness ( su* docum5ts or in=mation1 
or samples ( su* docum5ts or in=mation2 
7,,ii7 ! propos$ =mat ( su* docum5ts or 
in=mation1 or samples ( su* docum5ts or 
in=mation2 &  7,,iii7 deliv]y pref]5ces 
( su* docum5ts or in=mation1 or samples 
( su* docum5ts or in=mation4  7iii7     
,analysis & publication 9 ! ,f$]al      
,regi/] ( ! results ( ! survey &        
int]views4  7iv7 ,an opportunity = !    
public to comm5t on su* results publi%$ 
9 ! ,f$]al ,regi/]4  7,c7 ,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 inve/ors1 !    
,commission %all aga9 engage 9 inve/or  
te/+4  4  7b7 ,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 ,act1 pursuant to any    
provision ( ! securities laws 7z su* t]m
 is def9$ 9 section #c7;a7 ( !          
,securities ,ex*ange ,act ( #aicd7 :i*  
designates docum5ts or in=mation to be  
provid$ to a retail inve/or1 !          
,commission %all p]=m inve/or te/+ t    
includes ! cont5ts describ$ 9 section   
#bc7;a77#d7 ( ! ,securities ,ex*ange    
,act ( #aicd4  7#b7 ,s*$ule ,!          
,commission %all1 n lat] ?an #f mon?s   
aft] ! date ( ! enactm5t ( ?is ,act1    
e/abli% a s*$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+4  7#c7 ,report ,!         
,commission %all issue a report to      
,congress ea* ye> conta9+ ! foll[+3 7,a7
 ,! /atus ( any inve/or te/+ requir$ "u 
p>agraph 7#a74  7,b7 ,! results ( any   
inve/or te/+ complet$ "u p>agraph 7#a74 
7,c7 ,any priorities ! ,commission has1 
bas$ on results ( inve/or te/+ requir$  
by p>agraph 7#a71 =--  7i7 revis+ or    
elim9at+ any f9al rule or regulation    
designat+ docum5ts or in=mation to be   
provid$ to retail inve/ors2 &  7ii7     
revis+ any o!r f9al rule or regulation  
to supplem5t revis$ or elim9at$ rules   
designat+ docum5ts or in=mation to be   
provid$ to retail inve/ors4