Page 466

124 STAT. 1840 PUBLIC LAW 111–203—JULY 21, 2010

(1) the appropriate structure for regulation of financial
planners and individuals providing financial planning services;
and
(2) the appropriate scope of the regulations needed to pro-
tect investors and other consumers, including but not limited
to the need to establish competency standards, practice stand-
ards, ethical guidelines, disciplinary authority, and trans-
parency to investors and other consumers.
(d) REPORT.—
(1) IN GENERAL.—Not later than 180 days after the date
of enactment of this Act, the Comptroller General shall submit
a report on the study required under subsection (a) to—
(A) the Committee on Banking, Housing, and Urban
Affairs of the Senate;
(B) the Special Committee on Aging of the Senate;
and
(C) the Committee on Financial Services of the House
of Representatives.
(2) CONTENT REQUIREMENTS.—The report required under
paragraph (1) shall describe the findings and determinations
made by the Comptroller General in carrying out the study
required under subsection (a), including a description of the
considerations, analysis, and government, public, industry, non-
profit and consumer input that the Comptroller General consid-
ered to make such findings, conclusions, and legislative, regu-
latory, or other recommendations.

15 USC 78d. SEC. 919D. OMBUDSMAN.
Section 4(g) of the Securities Exchange Act of 1934, as added
by section 914, is amended by adding at the end the following:
‘‘(8) OMBUDSMAN.—
Deadline. ‘‘(A) APPOINTMENT.—Not later than 180 days after the
date on which the first Investor Advocate is appointed
under paragraph (2)(A)(i), the Investor Advocate shall
appoint an Ombudsman, who shall report directly to the
Investor Advocate.
‘‘(B) DUTIES.—The Ombudsman appointed under
subparagraph (A) shall—
‘‘(i) act as a liaison between the Commission and
any retail investor in resolving problems that retail
investors may have with the Commission or with self-
regulatory organizations;
‘‘(ii) review and make recommendations regarding
policies and procedures to encourage persons to present
questions to the Investor Advocate regarding compli-
ance with the securities laws; and
‘‘(iii) establish safeguards to maintain the confiden-
tiality of communications between the persons
described in clause (ii) and the Ombudsman.
‘‘(C) LIMITATION.—In carrying out the duties of the
Ombudsman under subparagraph (B), the Ombudsman
shall utilize personnel of the Commission to the extent
practicable. Nothing in this paragraph shall be construed
as replacing, altering, or diminishing the activities of any

LAWS ombudsman or similar office of any other agency. ‘‘(D) REPORT.—The Ombudsman shall submit a semi- annual report to the Investor Advocate that describes thePUBLIC with on anorris VerDate Nov 24 2008 00:49 Aug 26, 2010 Jkt 089139 PO 00203 Frm 00466 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203