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national securities exchange providing information 
pursuant to paragraph (1)(B)(ii). 
‘‘(4) LIMITATION OF LIABILITY.—Such an asso-
ciation, or an exchange reporting information to 
such an association, shall not have any liability to 
any person for any actions taken or omitted in good 
faith under this subsection. 
‘‘(5) DEFINITION.—For purposes of this sub-
section, the term ‘registration information’ means 
the information reported in connection with the reg-
istration or licensing of brokers and dealers and 
their associated persons, including disciplinary ac-
tions, regulatory, judicial, and arbitration pro-
ceedings, and other information required by law, or 
exchange or association rule, and the source and sta-
tus of such information.’’. 
SEC. 104. FILING DEPOSITORIES FOR INVESTMENT ADVIS-
ERS. 
(a) AMENDMENT.—Section 204 of the Investment 
Advisers Act of 1940 (15 U.S.C. 80b–4) is amended—
(1) by striking ‘‘Every investment’’ and insert-
ing the following: 
‘‘(a) IN GENERAL.—Every investment’’; and 
(2) by adding at the end the following:
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‘‘(b) FILING DEPOSITORIES.—The Commission may, 
by rule, require an investment adviser—
‘‘(1) to file with the Commission any fee, appli-
cation, report, or notice required to be filed by this 
title or the rules issued under this title through any 
entity designated by the Commission for that pur-
pose; and 
‘‘(2) to pay the reasonable costs associated with 
such filing and the establishment and maintenance 
of the systems required by subsection (c). 
‘‘(c) ACCESS TO DISCIPLINARY AND OTHER INFOR-
MATION.—
‘‘(1) MAINTENANCE OF SYSTEM TO RESPOND 
TO INQUIRIES.—The Commission shall require the 
entity designated by the Commission under sub-
section (b)(1) to establish and maintain a toll-free 
telephone listing, or a readily accessible electronic or 
other process, to receive and promptly respond to in-
quiries regarding information (including disciplinary 
actions, regulatory, judicial, and arbitration pro-
ceedings, and other information required by law or 
rule to be reported) involving investment advisers 
and persons associated with investment advisers. 
Such information shall include information on an in-
vestment adviser (and the persons associated with
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that adviser) whether the investment adviser is reg-
istered with the Commission under section 203 or 
regulated solely by a State as described in section 
203A. 
‘‘(2) RECOVERY
OF
COSTS.—An entity des-
ignated by the Commission under subsection (b)(1) 
may charge persons making inquiries, other than in-
dividual investors, reasonable fees for responses to 
inquiries made under paragraph (1). 
‘‘(3) LIMITATION
ON
LIABILITY.—An entity 
designated by the Commission under subsection 
(b)(1) shall not have any liability to any person for 
any actions taken or omitted in good faith under 
this subsection.’’. 
(b) CONFORMING AMENDMENTS.—
(1) Section 203A of the Investment Advisers 
Act of 1940 (15 U.S.C. 80b–3a) is amended—
(A) by striking subsection (d); and 
(B) by redesignating subsection (e) as sub-
section (d). 
(2) Section 306 of the National Securities Mar-
kets Improvement Act of 1996 (15 U.S.C. 80b–10, 
note; Public Law 104–290; 110 Stat. 3439) is re-
pealed.
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SEC. 105. STATE INSURANCE AND SECURITIES JURISDIC-
TION ON MILITARY INSTALLATIONS. 
(a) CLARIFICATION
OF JURISDICTION.—Any law, 
regulation, or order of a State with respect to regulating 
the business of insurance or the offer or sale (or both) 
of securities shall apply to such activities conducted on 
Federal land or facilities in the United States and abroad, 
including military installations, except to the extent that 
such law, regulation, or order—
(1) directly conflicts with any applicable Fed-
eral law, regulation, or authorized directive; or 
(2) would not apply if such activity were con-
ducted on State land. 
(b) PRIMARY STATE JURISDICTION.—To the extent 
that multiple State laws would otherwise apply pursuant 
to subsection (a) to an insurance or securities activity of 
an individual or entity on Federal land or facilities, the 
State having the primary duty to regulate such activity 
and whose laws shall apply to such activity in the case 
of a conflict shall be—
(1) the State within which the Federal land or 
facility is located; or 
(2) if the Federal land or facility is located out-
side of the United States, the State in which—