SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retail Investor Protection Act''.

SEC. 2. STAY ON RULES DEFINING CERTAIN FIDUCIARIES.

    After the date of enactment of this Act, the Secretary of Labor 
shall not prescribe any regulation under the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1001 et seq.) defining the 
circumstances under which an individual is considered a fiduciary until 
the date that is 60 days after the Securities and Exchange Commission 
issues a final rule relating to standards of conduct for brokers and 
dealers pursuant to the second subsection (k) of section 15 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78o(k)).

SEC. 3. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.

    The second subsection (k) of section 15 of the Securities Exchange 
Act of 1934 (15 U.S.C. 78o(k)), as added by section 913(g)(1) of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 
5301 et seq.), is amended by adding at the end the following:
            ``(3) Requirements prior to rulemaking.--The Commission 
        shall not promulgate a rule pursuant to paragraph (1) before--
                    ``(A) providing a report to the Committee on 
                Financial Services of the House of Representatives and 
                the Committee on Banking, Housing, and Urban Affairs of 
                the Senate describing whether--
                            ``(i) retail investors (and such other 
                        customers as the Commission may provide) are 
                        being harmed due to brokers or dealers 
                        operating under different standards of conduct 
                        than those that apply to investment advisors 
                        under section 211 of the Investment Advisers 
                        Act of 1940 (15 U.S.C. 80b-11);
                            ``(ii) alternative remedies will reduce any 
                        confusion or harm to retail investors due to 
                        brokers or dealers operating under different 
                        standards of conduct than those standards that 
                        apply to investment advisors under section 211 
                        of the Investment Advisers Act of 1940 (15 
                        U.S.C. 80b-11), including--
                                    ``(I) simplifying the titles used 
                                by brokers, dealers, and investment 
                                advisers; and
                                    ``(II) enhancing disclosure 
                                surrounding the different standards of 
                                conduct currently applicable to 
                                brokers, dealers, and investment 
                                advisers;
                            ``(iii) the adoption of a uniform fiduciary 
                        standard of conduct for brokers, dealers, and 
                        investment advisors would adversely impact the 
                        commissions of brokers and dealers, the 
                        availability of proprietary products offered by 
                        brokers and dealers, and the ability of brokers 
                        and dealers to engage in principal transactions 
                        with customers; and
                            ``(iv) the adoption of a uniform fiduciary 
                        standard of conduct for brokers or dealers and 
                        investment advisors would adversely impact 
                        retail investor access to personalized and 
                        cost-effective investment advice, 
                        recommendations about securities, or the 
                        availability of such advice and 
                        recommendations.
            ``(4) Economic analysis.--The Commission's conclusions 
        contained in the report described in paragraph (3) shall be 
        supported by economic analysis.
            ``(5) Requirements for promulgating a rule.--The Commission 
        shall publish in the Federal Register alongside the rule 
        promulgated pursuant to paragraph (1) formal findings that such 
        rule would reduce confusion or harm to retail customers (and 
        such other customers as the Commission may by rule provide) due 
        to different standards of conduct applicable to brokers, 
        dealers, and investment advisors.
            ``(6) Requirements under investment advisers act of 1940.--
        In proposing rules under paragraph (1) for brokers or dealers, 
        the Commission shall consider the differences in the 
        registration, supervision, and examination requirements 
        applicable to brokers, dealers, and investment advisors.''.

            Passed the House of Representatives October 27, 2015.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.
Output: .  Retail Investor Protection Act  (Sec. 2) Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. (Sec. 3) Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:  retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940; alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.   Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.