Page:United States Statutes at Large Volume 124.djvu/1852

 124 STAT. 1826 PUBLIC LAW 111–203—JULY 21, 2010 (B) the regulation and oversight of brokers and dealers provide greater protection to retail customers than the regulation and oversight of investment advisers; (8) the existing legal or regulatory standards of State secu- rities regulators and other regulators intended to protect retail customers; (9) the potential impact on retail customers, including the potential impact on access of retail customers to the range of products and services offered by brokers and dealers, of imposing upon brokers, dealers, and persons associated with brokers or dealers— (A) the standard of care applied under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) for providing personalized investment advice about securities to retail customers of investment advisers, as interpreted by the Commission and the courts; and (B) other requirements of the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.); (10) the potential impact of eliminating the broker and dealer exclusion from the definition of ‘‘investment adviser’’ under section 202(a)(11)(C) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(11)(C)), in terms of— (A) the impact and potential benefits and harm to retail customers that could result from such a change, including any potential impact on access to personalized investment advice and recommendations about securities to retail customers or the availability of such advice and recommendations; (B) the number of additional entities and individuals that would be required to register under, or become subject to, the Investment Advisers Act of 1940 (15 U.S.C. 80b– 1 et seq.), and the additional requirements to which bro- kers, dealers, and persons associated with brokers and dealers would become subject, including— (i) any potential additional associated person licensing, registration, and examination requirements; and (ii) the additional costs, if any, to the additional entities and individuals; and (C) the impact on Commission and State resources to— (i) conduct examinations of registered investment advisers and the representatives of registered invest- ment advisers, including the impact on the examina- tion cycle; and (ii) enforce the standard of care and other applicable requirements imposed under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.); (11) the varying level of services provided by brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associated with investment advisers to retail customers and the varying scope and terms of retail customer relationships of brokers, dealers, investment advisers, persons associated with brokers or dealers, and persons associ- ated with investment advisers with such retail customers; (12) the potential impact upon retail customers that could result from potential changes in the regulatory requirements