In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Realtime Investor Protection Act''.

SEC. 2. CONSTITUTIONAL AUTHORITY.

The constitutional authority on which this Act rests is the power
of Congress to regulate commerce as enumerated in article I, section 8
of the United States Constitution.

SEC. 3. METHOD OF MAINTAINING BROKER/DEALER REGISTRATION, DISCIPLINARY,
AND OTHER DATA.

Subsection (i) of section 15A of the Securities Exchange Act of
1934 (15 U.S.C. 78o-3(i)) is amended to read as follows:
''(i) Obligation to Maintain Registration, Disciplinary 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 information;
''(B) establish and maintain a toll-free telephone
listing, and a readily accessible electronic 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 subparagraph (A)
for the registration of its members and their
associated persons; and
''(C) adopt rules governing the process for making
inquiries and the type, scope, and presentation of
information to be provided in response to such
inquiries in consultation with any registered national
securities exchange providing information pursuant to
subparagraph (B)(ii).
''(2) Recovery of costs.--Such an association may charge
persons making inquiries, other than individual investors,
reasonable fees for responses to such inquiries.
''(3) Process for disputed information.--Such an
association shall adopt rules establishing an administrative
process for disputing the accuracy of information provided in
response to inquiries under this subsection in consultation
with any registered national securities exchange providing
information pursuant to paragraph (1)(B)(ii).
''(4) Limitation of liability.--Such an association, or
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 subsection, the
term 'registration information' means the information reported
in connection with the registration or licensing of brokers and
dealers and their associated persons, including disciplinary
actions, regulatory, judicial, and arbitration proceedings, and
other information required by law, or exchange or association
rule, and the source and status of such information.''.

SEC. 4. FILING DEPOSITORIES FOR INVESTMENT ADVISERS.

(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 inserting the
following:
''(a) In General.--Every investment''; and
(2) by adding at the end the following:
''(b) Filing Depositories.--The Commission may, by rule, require an
investment adviser--
''(1) to file with the Commission any fee, application,
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 purpose; 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 Information.--
''(1) Maintenance of system to respond to inquiries.--The
Commission shall require the entity designated by the
Commission under subsection (b)(1) to establish and maintain a
toll-free telephone listing, and a readily accessible
electronic or other process, to receive and promptly respond to
inquiries regarding registration information (including
disciplinary actions, regulatory, judicial, and arbitration
proceedings, and other information required by law or rule to
be reported) involving investment advisers and persons
associated with investment advisers.
''(2) Recovery of costs.--An entity designated by the
Commission under subsection (b)(1) may charge persons making
inquiries, other than individual 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 subsection
(d).
(2) Section 306 of the National Securities Markets
Improvement Act of 1996 (15 U.S.C. 80b-10, note; Public Law
104-290; 110 Stat. 3439) is repealed.
Realtime Investor Protection Act - Amends the Securities Exchange Act of 1934 to require a registered securities association to: (1) establish and maintain a registration information system on its members and their associated persons; and (2) establish and maintain a toll-free telephone listing, and a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding that information. (Currently such an association is required to maintain a toll-free telephone listing to receive inquiries regarding disciplinary actions involving its members and their associated persons.)

Amends the Investment Advisers Act of 1940 to authorize the Securities and Exchange Commission (SEC) to require an investment adviser to: (1) file with the SEC any fee, application, report, or notice required to be filed through any entity designated by the SEC for that purpose; and (2) pay the reasonable costs associated with such filing and the establishment and maintenance of the telephone and electronic systems required by this Act.

Directs the SEC to require the designated entity to establish and maintain a toll-free telephone listing, and a readily accessible electronic or other process, to receive and promptly respond to inquiries regarding registration information (including disciplinary actions, regulatory, judicial, and arbitration proceedings, involving investment advisers and persons associated with investment advisers).