Page:United States Statutes at Large Volume 124.djvu/1864

 124 STAT. 1838 PUBLIC LAW 111–203—JULY 21, 2010 (2) to make recommendations to Congress designed to pro- tect investors in light of such conflicts. (b) CONSIDERATIONS.—In conducting the study under subsection (a), the Comptroller General shall— (1) consider— (A) the potential for investor harm resulting from con- flicts, including consideration of the forms of misconduct engaged in by the several securities firms and individuals that entered into the Global Analyst Research Settlements in 2003 (also known as the ‘‘Global Settlement’’); (B) the nature and benefits of the undertakings to which those firms agreed in enforcement proceedings, including firewalls between research and investment banking, separate reporting lines, dedicated legal and compliance staffs, allocation of budget, physical separation, compensation, employee performance evaluations, coverage decisions, limitations on soliciting investment banking busi- ness, disclosures, transparency, and other measures; (C) whether any such undertakings should be codified and applied permanently to securities firms, or whether the Commission should adopt rules applying any such undertakings to securities firms; and (D) whether to recommend regulatory or legislative measures designed to mitigate possible adverse con- sequences to investors arising from the conflicts of interest or to enhance investor protection or confidence in the integ- rity of the securities markets; and (2) consult with State attorneys general, State securities officials, the Commission, the Financial Industry Regulatory Authority (‘‘FINRA’’), NYSE Regulation, investor advocates, brokers, dealers, retail investors, institutional investors, and academics. (c) REPORT.—The Comptroller General shall submit a report on the results of the study required by this section to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, not later than 18 months after the date of enactment of this Act. SEC. 919B. STUDY ON IMPROVED INVESTOR ACCESS TO INFORMATION ON INVESTMENT ADVISERS AND BROKER-DEALERS. (a) STUDY.— (1) IN GENERAL.—Not later than 6 months after the date of enactment of this Act, the Commission shall complete a study, including recommendations, of ways to improve the access of investors to registration information (including dis- ciplinary actions, regulatory, judicial, and arbitration pro- ceedings, and other information) about registered and pre- viously registered investment advisers, associated persons of investment advisers, brokers and dealers and their associated persons on the existing Central Registration Depository and Investment Adviser Registration Depository systems, as well as identify additional information that should be made publicly available. (2) CONTENTS.—The study required by subsection (a) shall include an analysis of the advantages and disadvantages of further centralizing access to the information contained in the 2 systems, including— Deadlines. 15 USC 80b–10 note.