Page:United States Statutes at Large Volume 124.djvu/1866

 124 STAT. 1840 PUBLIC LAW 111–203—JULY 21, 2010 (1) the appropriate structure for regulation of financial planners and individuals providing financial planning services; and (2) the appropriate scope of the regulations needed to pro- tect investors and other consumers, including but not limited to the need to establish competency standards, practice stand- ards, ethical guidelines, disciplinary authority, and trans- parency to investors and other consumers. (d) REPORT.— (1) IN GENERAL.—Not later than 180 days after the date of enactment of this Act, the Comptroller General shall submit a report on the study required under subsection (a) to— (A) the Committee on Banking, Housing, and Urban Affairs of the Senate; (B) the Special Committee on Aging of the Senate; and (C) the Committee on Financial Services of the House of Representatives. (2) CONTENT REQUIREMENTS.—The report required under paragraph (1) shall describe the findings and determinations made by the Comptroller General in carrying out the study required under subsection (a), including a description of the considerations, analysis, and government, public, industry, non- profit and consumer input that the Comptroller General consid- ered to make such findings, conclusions, and legislative, regu- latory, or other recommendations. SEC. 919D. OMBUDSMAN. Section 4(g) of the Securities Exchange Act of 1934, as added by section 914, is amended by adding at the end the following: ‘‘(8) OMBUDSMAN.— ‘‘(A) APPOINTMENT.—Not later than 180 days after the date on which the first Investor Advocate is appointed under paragraph (2)(A)(i), the Investor Advocate shall appoint an Ombudsman, who shall report directly to the Investor Advocate. ‘‘(B) DUTIES.—The Ombudsman appointed under subparagraph (A) shall— ‘‘(i) act as a liaison between the Commission and any retail investor in resolving problems that retail investors may have with the Commission or with self- regulatory organizations; ‘‘(ii) review and make recommendations regarding policies and procedures to encourage persons to present questions to the Investor Advocate regarding compli- ance with the securities laws; and ‘‘(iii) establish safeguards to maintain the confiden- tiality of communications between the persons described in clause (ii) and the Ombudsman. ‘‘(C) LIMITATION.—In carrying out the duties of the Ombudsman under subparagraph (B), the Ombudsman shall utilize personnel of the Commission to the extent practicable. Nothing in this paragraph shall be construed as replacing, altering, or diminishing the activities of any ombudsman or similar office of any other agency. ‘‘(D) REPORT.—The Ombudsman shall submit a semi- annual report to the Investor Advocate that describes the Deadline. 15 USC 78d.