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Code · BILL · 118th Congress · S. 5139 (Introduced in Senate) — To amend the Securities Act of 1933 to address emerging growth companies, and for other purposes. · Sec. 301

Sec. 301. Study regarding retail investor readability of financial statements

286 words·~1 min read·/bill/118/s/5139/is/section-301·

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The Commission shall conduct a study to identify— the level of readability of financial statements, including all public disclosures, among retail investors, including subgroups of investors identified by the Commission, as of the date of enactment of this Act; methods to improve the timing, content, and format of disclosures to investors with respect to financial intermediaries, investment products, and investment services; the most useful and understandable relevant information that retail investors need to make informed financial decisions before engaging a financial intermediary or purchasing an investment product or service that is typically sold to retail investors, including shares of open-end companies, as 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 ( 15 U.S.C. 80a–8 ); methods to increase the transparency of expenses and conflicts of interests in transactions involving investment services and products, including shares of open-end companies described in paragraph (3); the most effective existing private and public efforts to educate investors; and in consultation with the Financial Literacy and Education Commission, a strategy (including, to the extent practicable, measurable goals and objectives) to increase the financial literacy of investors in order to bring about a positive change in investor behavior.
Not later than 1 year after the date of enactment of this Act, the Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the study required under subsection (a). The Commission shall promulgate regulations that address and improve the readability of financial statements, including all public disclosures, with the goals of eliminating legalese, duplication, and redundant disclosures.
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  • 15 USC 80a–5
  • 15 USC 80a–8
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Sec. 301
Study regarding retail investor readability of financial statements
Cite15 USC 80a–5
Cite15 USC 80a–8
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