Page 456

124 STAT. 1830 PUBLIC LAW 111–203—JULY 21, 2010

(g)(2), is further amended by adding at the end the following
new subsection:
‘‘(i) HARMONIZATION OF ENFORCEMENT.—The enforcement
authority of the Commission with respect to violations of the
standard of conduct applicable to an investment adviser shall
include—
‘‘(1) the enforcement authority of the Commission with
respect to such violations provided under this Act; and
‘‘(2) the enforcement authority of the Commission with
respect to violations of the standard of conduct applicable to
a broker or dealer providing personalized investment advice
about securities to a retail customer under the Securities
Exchange Act of 1934, including the authority to impose sanc-
tions for such violations, and
the Commission shall seek to prosecute and sanction violators of
the standard of conduct applicable to an investment adviser under
this Act to same extent as the Commission prosecutes and sanctions
violators of the standard of conduct applicable to a broker or dealer
providing personalized investment advice about securities to a retail
customer under the Securities Exchange Act of 1934.’’.

15 USC 80b–11 SEC. 914. STUDY ON ENHANCING INVESTMENT ADVISER EXAMINA-
note. TIONS.
(a) STUDY REQUIRED.—
Review. (1) IN GENERAL.—The Commission shall review and analyze
the need for enhanced examination and enforcement resources
for investment advisers.
(2) AREAS OF CONSIDERATION.—The study required by this
subsection shall examine—
Time period. (A) the number and frequency of examinations of
investment advisers by the Commission over the 5 years
preceding the date of the enactment of this subtitle;
(B) the extent to which having Congress authorize
the Commission to designate one or more self-regulatory
organizations to augment the Commission’s efforts in over-
seeing investment advisers would improve the frequency
of examinations of investment advisers; and
(C) current and potential approaches to examining the
investment advisory activities of dually registered broker-
dealers and investment advisers or affiliated broker-dealers
and investment advisers.
(b) REPORT REQUIRED.—The Commission shall report its
findings to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate, not later than 180 days after the
date of enactment of this subtitle, and shall use such findings
to revise its rules and regulations, as necessary. The report shall
include a discussion of regulatory or legislative steps that are
recommended or that may be necessary to address concerns identi-
fied in the study.

SEC. 915. OFFICE OF THE INVESTOR ADVOCATE.
Section 4 of the Securities Exchange Act of 1934 (15 U.S.C.
78d) is amended by adding at the end the following:
‘‘(g) OFFICE OF THE INVESTOR ADVOCATE.—

LAWS ‘‘(1) OFFICE ESTABLISHED.—There is established within the Commission the Office of the Investor Advocate (in this sub- section referred to as the ‘Office’).PUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00456 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203