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U.S. House of Representatives Passes Bill Concerning Disclosure Testing under Reg BI

The U.S. House of Representatives passed a bill requiring certain disclosure testing under the SEC's proposed Regulation Best Interest ("Reg BI").

According to the Committee, H.R. 1815 ("The SEC Disclosure Effectiveness Testing Act") will require the SEC to (i) assess the impact of any new disclosure intended for retail investors under Reg BI and (ii) test its existing disclosures for retail investors, including trading confirmation statements.

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