,,ib  ,union ,cal5d> ,no4 #ia  #aaf?    
,,congress  #a/ ,session  ,h4 ,r4 #ahae 
,report ,no4 #aaf-abc  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,m>* #ah1 #bjai   
,mr4 ,ca/5 ( ,ill9ois introduc$ ! foll[+
 bill2 :i* 0 ref]r$ to ! ,committee on  
,f9ancial ,s]vices  ,june #bj1 #bjai    
,report$ ) an am5dm5t1 committ$ to !    
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$ ,/rike out
 all aft] ! enact+ clause & ins]t ! "p  
pr9t$ 9 italic ,= text ( introduc$ bill1
 see copy ( bill z introduc$ on ,m>*    
#ah1 #bjai  ,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 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--  7i7 are       
prim>ily us$ by retail inve/ors1 z      
det]m9$ by ! ,commission2 &  7ii7 are   
int5d$ to be us$ by retail inve/ors to  
make in=m$ inve/m5t decisions or to     
und]/& ! inve/m5ts held by ! retail     
inve/or4  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$]al ,regi/]4  7,c7 ,sub/antive   
*anges ,if ! ,commission1 9 ! p]iod     
betwe5 engag+ 9 inve/or te/+ & publi%+ a
 f9al rule1 makes sub/antive *anges to  
su* rule t ! ,commission det]m9es w\ld h
 a significant impact on retail         
inve/ors1 ! ,commission %all aga9 engage
 9 inve/or te/+4  7,d7 ,public          
availability ( retail te/+ results ,!   
,commission %all make ! data & results (
 any inve/or te/+ p]=m$ pursuant to ?is 
p>agraph available to ! public4  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$esignat+ subp>agraph    
7,e7 z subp>agraph 7,f72 &  7,c7 by     
ins]t+ aft] subp>agraph 7,d7 ! foll[+3  
7,e7 engage 9 inve/or te/+--  7i7 z     
necess>y to c>ry out ! functions ( !    
,(fice2 &  7ii7 "u section #bc7;a77#d71 
if ! ,commission det]m9es x appropriate2
 &  2 &  7#b7 by add+ at ! end ! foll[+3
  7#i7 ,publication ( data & results (  
inve/or te/+ ,) respect to any inve/or  
te/+ c>ri$ 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  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*$ule ,! ,commission %all1 n lat]
 ?an #f mon?s aft] ! date ( ! enactm5t (
 ?is ,act1 e/abli% a s*$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  ,june #bj1 
#bjai ,report$ ) an am5dm5t1 committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate
 ( ! ,union1 & ord]$ to be pr9t$