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[House Prints 116-34]
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G:\CMTE\FS\16\SEC\MAJORIY\1815RCP.XML




                       OCTOBER 7, 2019 
                       
.                       
                RULES COMMITTEE PRINT 116-34
                
             TEXT OF H.R. 1815, SEC DISCLOSURE 
             
                 EFFECTIVENESS TESTING ACT  
                 
                 
   [Showing the text of H.R. 1815, as reported by the Committee  
          on Financial Services, with modifications.] 
          
          
          
1  SECTION 1. SHORT TITLE.  

2  This Act may be cited as the "SEC Disclosure Effec- 

3  tiveness Testing Act".  

4  SEC. 2. DISCLOSURE TESTING.  

5  (a) IN GENERAL.--Section 23(a) of the Securities  

6  Exchange Act of 1934 (15 U.S.C. 78w(a)) is amended by  

7  adding at the end the following:  

8  "(4) INVESTOR TESTING.--  

9  "(A) IN GENERAL.--The Commission shall  

10  engage in investor testing prior to issuing any  

11  rule or regulation which designates documents  

12  or information to be disclosed under the securi- 

13  ties laws, if such documents or information are  

14  required to be delivered to, and are intended or  

15  substantially likely to be materially relied upon  

16  by, a retail investor when--  

17  "(i) selecting a broker-dealer or in- 

18  vestment adviser, evaluating their services  



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October 4, 2019 (2:58 p.m.)


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