‘‘(A) for any registered investment com-
pany to issue any periodic payment plan certifi-
cate; or 
‘‘(B) for such company, or any depositor of 
or underwriter for any such company, or any 
other person, to sell such a certificate. 
‘‘(2) NO INVALIDATION OF EXISTING CERTIFI-
CATES.—Paragraph (1) shall not be construed to 
alter, invalidate, or otherwise affect any rights or ob-
ligations, including rights of redemption, under any 
periodic payment plan certificate issued and sold be-
fore 30 days after such date of enactment.’’. 
(b) TECHNICAL AMENDMENT.—Section 27(i)(2)(B) 
of such Act is amended by striking ‘‘section 26(e)’’ each 
place it appears and inserting ‘‘section 26(f)’’. 
(c) REPORT ON REFUNDS, SALES PRACTICES, AND 
REVENUES FROM PERIODIC PAYMENT PLANS.—Within 6 
months after the date of enactment of this Act, the Securi-
ties and Exchange Commission shall submit to the Com-
mittee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate, a report describing—
(1) any measures taken by a broker or dealer 
registered with the Securities and Exchange Com-
mission pursuant to section 15(b) of the Securities
Exchange Act of 1934 (15 U.S.C. 78o(b)) to volun-
tarily refund payments made by military service 
members on any periodic payment plan certificate, 
and the amounts of such refunds; 
(2) after such consultation with the Secretary 
of Defense as the Commission considers appropriate, 
the sales practices of such brokers or dealers on 
military installations over the past 5 years and any 
legislative or regulatory recommendations to improve 
such practices; and 
(3) the revenues generated by such brokers or 
dealers in the sales of periodic payment plan certifi-
cates over the past 5 years and what products such 
brokers or dealers market to replace the revenue 
generated from the sales of periodic payment plan 
certificates prohibited under subsection (a) of this 
section. 
SEC. 4. METHOD OF MAINTAINING BROKER/DEALER REG-
ISTRATION, 
DISCIPLINARY, 
AND 
OTHER 
DATA. 
Subsection (i) of section 15A of the Securities Ex-
change Act of 1934 (15 U.S.C. 78o–3(i)) is amended to 
read as follows: 
‘‘(i) OBLIGATION TO MAINTAIN REGISTRATION, DIS-
CIPLINARY AND OTHER DATA.—
‘‘(1) MAINTENANCE OF SYSTEM TO RESPOND 
TO INQUIRIES.—A registered securities association 
shall—
‘‘(A) establish and maintain a system for 
collecting and retaining registration informa-
tion; 
‘‘(B) establish and maintain a toll-free 
telephone listing, and a readily accessible elec-
tronic or other process, to receive and promptly 
respond to inquiries regarding—
‘‘(i) registration information on its 
members and their associated persons; and 
‘‘(ii) registration information on the 
members and their associated persons of 
any registered national securities exchange 
that uses the system described in subpara-
graph (A) for the registration of its mem-
bers and their associated persons; and 
‘‘(C) adopt rules governing the process for 
making inquiries and the type, scope, and pres-
entation of information to be provided in re-
sponse to such inquiries in consultation with 
any registered national securities exchange pro-
viding information pursuant to subparagraph 
(B)(ii).