Page:United States Statutes at Large Volume 110 Part 5.djvu/376

 110 STAT. 3450 PUBLIC LAW 104-290—OCT. 11, 1996 (5) the Commission, in view of its clear authority under law to facilitate the access of foreign corporations to list their securities in United States markets, should report to the Congress, not later than 1 year after the date of enactment of this Act, on progress in the development of international accounting standards and the outlook for successful completion of a set of international standards that would be acceptable to the Commission for offerings and listings by foreign corporations in United States markets. SEC. 510. STUDIES AND REPORTS. 15 USC 78b note. (a) IMPACT OF TECHNOLOGICAL ADVANCES. — (1) STUDY.— (A) IN GENERAL.— The Commission shall conduct a study of— (i) the impact of technological advances and the use of on-line information systems on the securities markets, including steps that the Commission has taken to facilitate the electronic delivery of prospectuses to institutional and other investors; (ii) how such technologies have changed the way in which the securities markets operate; and (iii) any steps taken by the Commission to address such changes. (B) CONSIDERATIONS. — In conducting the study under subparagraph (A), the Commission shall consider how the Commission has adapted its enforcement policies and practices in response to technological developments with regard to— (i) disclosure, prospectus delivery, and other customer protection regulations; (ii) intermediaries and exchanges in the domestic and international financial services industry; (iii) reporting by issuers, including communications with holders of securities; (iv) the relationship of the Commission with other national regulatory authorities and organizations to improve coordination and cooperation; and (v) the relationship of the Commission with State regulatory authorities and organizations to improve coordination and cooperation. (2) REPORT. —Not later than 1 year after the date of enactment of this Act, the Commission shall submit a report to the Congress on the results of the study conducted under paragraph (1). 15 USC 78n note. (b) SHAREHOLDER PROPOSALS.— (1) STUDY. —The Commission shall conduct a study of— (A) whether shareholder access to proxy statements pursuant to section 14 of the Securities Exchange Act of 1934 has been impaired by recent statutory, judicial, or regulatory changes; and (B) the ability of shareholders to have proposals relating to corporate practices and social issues included as part of proxy statements. (2) REPORT.— Not later than 1 year after the date of enactment of this Act, the Commission shall submit a report to the Congress on the results of the study conducted under para-

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