Page:United States Statutes at Large Volume 124.djvu/1862

 124 STAT. 1836 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(D)(i) The Commission shall order the temporary suspension of any change in the rules of a clearing agency made by a proposed rule change that has taken effect under paragraph (3), if the appropriate regulatory agency for the clearing agency notifies the Commission not later than 30 days after the date on which the proposed rule change was filed of— ‘‘(I) the determination by the appropriate regu- latory agency that the rules of such clearing agency, as so changed, may be inconsistent with the safe- guarding of securities or funds in the custody or control of such clearing agency or for which it is responsible; and ‘‘(II) the reasons for the determination described in subclause (I). ‘‘(ii) If the Commission takes action under clause (i), the Commission shall institute proceedings under para- graph (2)(B) to determine if the proposed rule change should be approved or disapproved.’’. SEC. 917. STUDY REGARDING FINANCIAL LITERACY AMONG INVES- TORS. (a) IN GENERAL.—The Commission shall conduct a study to identify— (1) the existing level of financial literacy among retail investors, including subgroups of investors identified by the Commission; (2) methods to improve the timing, content, and format of disclosures to investors with respect to financial inter- mediaries, investment products, and investment services; (3) the most useful and understandable relevant informa- tion that retail investors need to make informed financial decisions before engaging a financial intermediary or pur- chasing an investment product or service that is typically sold to retail investors, including shares of open-end companies, as that term is defined in section 5 of the Investment Company Act of 1940 (15 U.S.C. 80a–5) that are registered under section 8 of that Act; (4) methods to increase the transparency of expenses and conflicts of interests in transactions involving investment serv- ices and products, including shares of open-end companies described in paragraph (3); (5) the most effective existing private and public efforts to educate investors; and (6) in consultation with the Financial Literacy and Edu- cation Commission, a strategy (including, to the extent prac- ticable, measurable goals and objectives) to increase the finan- cial literacy of investors in order to bring about a positive change in investor behavior. (b) REPORT.—Not later than 2 years after the date of enactment of this Act, the Commission shall submit a report on the study required under subsection (a) to— (1) the Committee on Banking, Housing, and Urban Affairs of the Senate; and (2) the Committee on Financial Services of the House of Representatives. Notification. Deadline.