,,ib ,union ,calendar ,no4 #afe #aagth ,,congress #b;d ,session ,h4 ,r4 #dfhe ,report ,no4 #aag-bca ,,in ,,the ,,house ,,of ,,representatives ,july #bf1 #bjba,mr4 ,casten 7for himself and ,mr4 ,foster7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,january #bj1 #bjbb;,additional sponsors3 ,mrs4 ,axne and ,ms4 ,underwood ,january #bj1 #bjbb,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,july #bf1 #bjba ,a ,,bill ,to require the ,government ,accountability ,office to carry out a study on the impact of the gamification1 psychological nudges1 and other design techniques used by online trading platforms1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,trading ,isn't a ,game ,act4 #b4 ,,gao study on the gamification of investing 7a7 ,study ,the ,comptroller ,general of the ,united ,states shall carry out a study on the impact of the gamification1 psychological nudges1 and other design techniques of online trading platforms1 including the following3 7#a7 ,how1 and to what extent gamification1 psychological nudges1 and other design techniques are being used by online platforms in ways that are detrimental to investors4 7#b7 ,how1 and to what extent gamification1 psychological nudges1 and other design techniques are being used by online platforms in ways that empower1 inform1 and educate investors4 7#c7 ,the various ways brokers use gamification1 psychological nudges1 and other design techniques in marketing strategies that attempt to attract retail customers4 7#d7 ,the various ways investment advisers or robo-advisers use gamification1 psychological nudges1 and other design techniques in marketing strategies that target or include retail customers4 7#e7 ,the various ways in which brokers1 investment advisers1 or robo-advisers incorporate game-like features and designs in their online trading applications used by retail customers4 7#f7 ,whether certain platform use of gamification1 psychological nudges1 and other design techniques1 including game-like features1 may constitute investment advice or recommendations under ,federal securities laws and regulations1 including ,regulation ,best ,interest 7#ag ,c4,f4,r4 #bdj4ael-#a74 7#g7 ,a comparison between the investment activity1 habits1 and risk tolerance1 including a comparison between the stated preference of retail investors and their actual trading activity1 of-- 7,a7 retail customers of firms that use gamification1 psychological nudges1 and other design techniques in marketing1 or that incorporate game-like features and designs in their online trading applications2 and 7,b7 retail customers of firms that do not use1 or have limited use of1 gamification1 psychological nudges1 and other design techniques in marketing and that do not incorporate game-like features and designs in their online trading applications4 7#h7 ,how1 and how prominently1 brokers1 investment advisers or robo-advisers that use gamification1 psychological nudges1 and other design techniques in marketing strategies that target or include retail investors1 or that incorporate game-like features and designs in their online trading applications1 are disclosing the risks associated with leverage1 complex products1 or excessive or frequent trading4 7#i7 ,the various customer demographic categories 7including age1 net worth1 and investment experience7 of brokers or investment advisers1 or robo-advisers that use gamification1 psychological nudges1 and other design techniques in marketing strategies that target or include retail investors1 or that incorporate game-like features and designs in their online trading applications4 7#aj7 ,the relationship between 7and any correlation between7 zero commission trading and gamification or investor susceptibility to game-like features4 7#aa7 ,the degree to which the types of retail trading activity that is incentivized by gamification 7including the specific asset classes promoted via gamification7 benefits1 harms1 or otherwise affects other market participants1 and an analysis thereof4 7#ab7 ,the degree to which ,securities and ,exchange ,commission's ,form ,,bd and ,form ,,adv can be revised to help the ,commission better identify which registered firms use gamification1 psychological nudges1 and other design techniques4 7#ac7 ,whether gamification1 psychological nudges1 and other design techniques have created investment activity or interest in the capital markets by women and minority groups4 7#ad7 ,whether gamification1 psychological nudges1 and other design techniques have targeted women and minority groups or created particular risks for them4 7#ae7 ,any data or legal challenges 7e4g41 so-called proprietary practices7 that the ,comptroller ,general encounters in preparing the report4 7b7 ,investor testing authority ,the ,investor ,advocate of the ,securities and ,exchange ,commission is authorized to carry out investor testing as part of the study required under subsection 7a74 7c7 ,,gao report ,not later than the end of the #bgj-;day period beginning on the date of enactment of this ,act1 the ,comptroller ,general shall issue a report to the ,securities and ,exchange ,commission1 the ,investor ,advocate of the ,commission1 and the ,congress containing all findings and recommendations made in carrying out the study required under subsection 7a74 7d7 ,consultation ,in carrying out the study required under subsection 7a71 the ,comptroller ,general shall consult with-- 7#a7 the ,securities and ,exchange ,commission2 7#b7 the ,investor ,advocate of the ,commission2 7#c7 the ,director of the ,office of ,investor ,education and ,advocacy of the ,commission2 7#d7 the ,north ,american ,securities ,administrators ,association2 7#e7 the ,financial ,industry ,regulatory ,authority2 7#f7 academics1 including gamification and behavioral psychology experts2 and 7#g7 investor advocacy organizations and experts4 7e7 ,report and recommendations of the ,investor ,advocate ,not later than the end of the #ij-;day period beginning on the date that the ,investor ,advocate of the ,commission receives the report issued under subsection 7c71 the ,investor ,advocate shall-- 7#a7 review the report2 and 7#b7 issue a report to the ,congress containing any regulatory 7including rules and policies of ,financial ,industry ,regulatory ,authority and the ,municipal ,securities ,rulemaking ,board7 or legislative recommendations the ,investor ,advocate may have4 7f7 ,gamification defined ,in this section1 the term gamification means tactics or strategies used to engage customers and incentivize or nudge them to transact and spend time on an investment platform1 including increased use of notifications1 prizes1 use of ladders and leader boards1 psychological tools1 and design elements to incentivize customers to spend more time on an investment platform1 to increase rapid trading1 and to increase the number of trades4 ,january #bj1 #bjbb,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed