3.0.0 2497 2023-01-15T04:49:20Z 2023-01-15T04:49:20Z Senate S S 2004-06-03 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2004-06-03T19:32:14Z 2004-06-03 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2004-06-03 Sponsor introductory remarks on measure. (CR S6452-6455) IntroReferral B00100 9 Library of Congress 2004-06-03 Introduced in Senate IntroReferral 10000 9 Library of Congress L000304 Sen. Lieberman, Joseph I. [D-CT] JOSEPH LIEBERMAN D CT I. N Finance and Financial Sector Administrative procedure Commerce Consumer complaints Consumer protection Executive reorganization Financial services Government Operations and Politics Government paperwork Government publicity Governmental investigations Independent regulatory commissions Information disclosure (Securities law) Investments Investors Law Mutual funds Risk Saving and investment Securities and Exchange Commission Securities industry Securities regulation Finance and Financial Sector 00 2004-06-03 Introduced in Senate 2004-08-04T21:35:21Z Small Investor Protection Act of 2004 - Establishes the Division of the Investor within the Securities and Exchange Commission (SEC) to: (1) serve as advocate for individual investors, including serving as liaison between investor advocacy organizations and the SEC; and (2) assist and educate individual investors by performing the functions previously performed by the Director of the Office of Investor Education and Assistance (previously known as the Office of Consumer Affairs), paying particular attention to the needs and interests of small investors.

Establishes the Office of Risk Assessment within the SEC to: (1) assess industry practices within the jurisdiction of the SEC to identify any risks associated with those practices that could most likely harm investors and the public; and (2) develop strategies to address and mitigate such risks, and prevent or lessen the potential harm to investors and the public.

Requires the Commission, whenever it considers requiring significant disclosures to investors (whether in advertising, on web sites, or in documents required by law or regulation), to consider and give weight to empirical evidence as to: (1) whether the proposed disclosure as a whole is likely to improve meaningfully individual investor understanding to assist investors in making wise financial decisions; and (2) whether alternative disclosures would be more effective in improving investor understanding.

Amends the Investment Company Act of 1940 to declare that it shall be unlawful for an open-end registered investment company to offer its securities for sale, unless, prior to completion of the sale, it provides investors with a summary of relevant characteristics of the investment, including information on expenses, risk, and diversification, and any other information that the SEC determines will assist investors in making wise financial decisions.

]]> Small Investor Protection Act of 2004 Display Title Small Investor Protection Act of 2004 Official Title as Introduced A bill to amend the securities laws to provide for enhanced mutual fund investor protections, and for other purposes. Introduced in Senate IS Short Titles as Introduced Small Investor Protection Act of 2004 Introduced in Senate 2004-06-03T04:00:00Z 2004-06-03 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.