• HR 1815 to require SEC test any new disclosure intended for retail investors under the SEC’s proposed regulation best interest to help better protect retail investors.

Disclosure Assessment

• To require testing of all regulations that may affect retail investor disclosures that are relevant for decisions, e.g. related to broker-dealer recommendations, others.
• Certain exemptions apply, but also requires SEC to review, test existing disclosures for retail investors, such as trading confirmation statements, free to add other ones.
• SEC has 6 months from law to come up with testing plan with Investor Advocate.