Page:United States Statutes at Large Volume 124.djvu/1865

 124 STAT. 1839 PUBLIC LAW 111–203—JULY 21, 2010 (A) identification of those data pertinent to investors; and (B) the identification of the method and format for displaying and publishing such data to enhance accessi- bility by and utility to investors. (b) IMPLEMENTATION.—Not later than 18 months after the date of completion of the study required by subsection (a), the Commis- sion shall implement any recommendations of the study. SEC. 919C. STUDY ON FINANCIAL PLANNERS AND THE USE OF FINAN - CIAL DESIGNATIONS. (a) IN GENERAL.—The Comptroller General of the United States shall conduct a study to evaluate— (1) the effectiveness of State and Federal regulations to protect investors and other consumers from individuals who hold themselves out as financial planners through the use of misleading titles, designations, or marketing materials; (2) current State and Federal oversight structure and regu- lations for financial planners; and (3) legal or regulatory gaps in the regulation of financial planners and other individuals who provide or offer to provide financial planning services to consumers. (b) CONSIDERATIONS.—In conducting the study required under subsection (a), the Comptroller General shall consider— (1) the role of financial planners in providing advice regarding the management of financial resources, including investment planning, income tax planning, education planning, retirement planning, estate planning, and risk management; (2) whether current regulations at the State and Federal level provide adequate ethical and professional standards for financial planners; (3) the possible risk posed to investors and other consumers by individuals who hold themselves out as financial planners or as otherwise providing financial planning services in connec- tion with the sale of financial products, including insurance and securities; (4) the possible risk posed to investors and other consumers by individuals who otherwise use titles, designations, or mar- keting materials in a misleading way in connection with the delivery of financial advice; (6) the ability of investors and other consumers to under- stand licensing requirements and standards of care that apply to individuals who hold themselves out as financial planners or as otherwise providing financial planning services; (7) the possible benefits to investors and other consumers of regulation and professional oversight of financial planners; and (8) any other consideration that the Comptroller General deems necessary or appropriate to effectively execute the study required under subsection (a). (c) RECOMMENDATIONS.—In providing recommendations for the appropriate regulation of financial planners and other individuals who provide or offer to provide financial planning services, in order to protect investors and other consumers of financial planning serv- ices, the Comptroller General shall consider— Evaluation. Regulations. Deadlines.