SEC. 412. COMPTROLLER GENERAL STUDY ON CUSTODY RULE COSTS.
The Comptroller General of the United States shall—
(1) conduct a study of—
(A) the compliance costs associated with the current
Securities and Exchange Commission rules 204–2 (17
C.F.R. Parts 275.204–2) and rule 206(4)–2 (17 C.F.R.
275.206(4)–2) under the Investment Advisers Act of 1940
regarding custody of funds or securities of clients by investment
advisers; and
(B) the additional costs if subsection (b)(6) of rule
206(4)–2 (17 C.F.R. 275.206(4)–2(b)(6)) relating to operational
independence were eliminated; and
(2) submit a report to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives on the results
of such study, not later than 3 years after the date of enactment
of this Act.