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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.