Page:United States Statutes at Large Volume 124.djvu/1851

 124 STAT. 1825 PUBLIC LAW 111–203—JULY 21, 2010 for brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associated with investment advisers for providing personalized investment advice about securities to retail customers that should be addressed by rule or statute. (c) CONSIDERATIONS.—In conducting the study required under subsection (b), the Commission shall consider— (1) the effectiveness of existing legal or regulatory stand- ards of care for brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associated with investment advisers for providing personalized investment advice and recommendations about securities to retail cus- tomers imposed by the Commission and a national securities association, and other Federal and State legal or regulatory standards; (2) whether there are legal or regulatory gaps, short- comings, or overlaps in legal or regulatory standards in the protection of retail customers relating to the standards of care for brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associated with investment advisers for providing personalized investment advice about securities to retail customers that should be addressed by rule or statute; (3) whether retail customers understand that there are different standards of care applicable to brokers, dealers, invest- ment advisers, persons associated with brokers or dealers, and persons associated with investment advisers in the provision of personalized investment advice about securities to retail customers; (4) whether the existence of different standards of care applicable to brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associated with investment advisers is a source of confusion for retail customers regarding the quality of personalized investment advice that retail customers receive; (5) the regulatory, examination, and enforcement resources devoted to, and activities of, the Commission, the States, and a national securities association to enforce the standards of care for brokers, dealers, investment advisers, persons associ- ated with brokers or dealers, and persons associated with investment advisers when providing personalized investment advice and recommendations about securities to retail cus- tomers, including— (A) the effectiveness of the examinations of brokers, dealers, and investment advisers in determining compli- ance with regulations; (B) the frequency of the examinations; and (C) the length of time of the examinations; (6) the substantive differences in the regulation of brokers, dealers, and investment advisers, when providing personalized investment advice and recommendations about securities to retail customers; (7) the specific instances related to the provision of personalized investment advice about securities in which— (A) the regulation and oversight of investment advisers provide greater protection to retail customers than the regulation and oversight of brokers and dealers; and 15 USC 78o note.