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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1839

(A) identification of those data pertinent to investors;
and
(B) the identification of the method and format for
displaying and publishing such data to enhance accessi-
bility by and utility to investors.
(b) IMPLEMENTATION.—Not later than 18 months after the date Deadlines.
of completion of the study required by subsection (a), the Commis-
sion shall implement any recommendations of the study.

SEC. 919C. STUDY ON FINANCIAL PLANNERS AND THE USE OF FINAN-
CIAL DESIGNATIONS.
(a) IN GENERAL.—The Comptroller General of the United States Evaluation.
shall conduct a study to evaluate— Regulations.
(1) the effectiveness of State and Federal regulations to
protect investors and other consumers from individuals who
hold themselves out as financial planners through the use
of misleading titles, designations, or marketing materials;
(2) current State and Federal oversight structure and regu-
lations for financial planners; and
(3) legal or regulatory gaps in the regulation of financial
planners and other individuals who provide or offer to provide
financial planning services to consumers.
(b) CONSIDERATIONS.—In conducting the study required under
subsection (a), the Comptroller General shall consider—
(1) the role of financial planners in providing advice
regarding the management of financial resources, including
investment planning, income tax planning, education planning,
retirement planning, estate planning, and risk management;
(2) whether current regulations at the State and Federal
level provide adequate ethical and professional standards for
financial planners;
(3) the possible risk posed to investors and other consumers
by individuals who hold themselves out as financial planners
or as otherwise providing financial planning services in connec-
tion with the sale of financial products, including insurance
and securities;
(4) the possible risk posed to investors and other consumers
by individuals who otherwise use titles, designations, or mar-
keting materials in a misleading way in connection with the
delivery of financial advice;
(6) the ability of investors and other consumers to under-
stand licensing requirements and standards of care that apply
to individuals who hold themselves out as financial planners
or as otherwise providing financial planning services;
(7) the possible benefits to investors and other consumers
of regulation and professional oversight of financial planners;
and
(8) any other consideration that the Comptroller General
deems necessary or appropriate to effectively execute the study
required under subsection (a).
(c) RECOMMENDATIONS.—In providing recommendations for the
appropriate regulation of financial planners and other individuals

LAWS who provide or offer to provide financial planning services, in order to protect investors and other consumers of financial planning serv- ices, the Comptroller General shall consider—PUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00465 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203