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124 STAT. 1836 PUBLIC LAW 111–203—JULY 21, 2010

Notification. ‘‘(D)(i) The Commission shall order the temporary
Deadline. suspension of any change in the rules of a clearing agency
made by a proposed rule change that has taken effect
under paragraph (3), if the appropriate regulatory agency
for the clearing agency notifies the Commission not later
than 30 days after the date on which the proposed rule
change was filed of—
‘‘(I) the determination by the appropriate regu-
latory agency that the rules of such clearing agency,
as so changed, may be inconsistent with the safe-
guarding of securities or funds in the custody or control
of such clearing agency or for which it is responsible;
and
‘‘(II) the reasons for the determination described
in subclause (I).
‘‘(ii) If the Commission takes action under clause (i),
the Commission shall institute proceedings under para-
graph (2)(B) to determine if the proposed rule change
should be approved or disapproved.’’.

SEC. 917. STUDY REGARDING FINANCIAL LITERACY AMONG INVES-
TORS.
(a) IN GENERAL.—The Commission shall conduct a study to
identify—
(1) the existing level of financial literacy among retail
investors, including subgroups of investors identified by the
Commission;
(2) methods to improve the timing, content, and format
of disclosures to investors with respect to financial inter-
mediaries, investment products, and investment services;
(3) the most useful and understandable relevant informa-
tion that retail investors need to make informed financial
decisions before engaging a financial intermediary or pur-
chasing an investment product or service that is typically sold
to retail investors, including shares of open-end companies,
as that term is defined in section 5 of the Investment Company
Act of 1940 (15 U.S.C. 80a–5) that are registered under section
8 of that Act;
(4) methods to increase the transparency of expenses and
conflicts of interests in transactions involving investment serv-
ices and products, including shares of open-end companies
described in paragraph (3);
(5) the most effective existing private and public efforts
to educate investors; and
(6) in consultation with the Financial Literacy and Edu-
cation Commission, a strategy (including, to the extent prac-
ticable, measurable goals and objectives) to increase the finan-
cial literacy of investors in order to bring about a positive
change in investor behavior.
(b) REPORT.—Not later than 2 years after the date of enactment
of this Act, the Commission shall submit a report on the study
required under subsection (a) to—
(1) the Committee on Banking, Housing, and Urban Affairs

LAWS of the Senate; and (2) the Committee on Financial Services of the House of Representatives.PUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00462 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203