124 STAT. 1924 PUBLIC LAW 111–203—JULY 21, 2010 provided by issuers of municipal securities, with the amount of and frequency of disclosures that issuers of corporate securi- ties provide for the benefit of corporate securities holders, taking into account the differences between issuers of municipal securities and issuers of corporate securities; (3) evaluate the costs and benefits to various types of issuers of municipal securities of requiring issuers of municipal bonds to provide additional financial disclosures for the benefit of investors; (4) evaluate the potential benefit to investors from addi- tional financial disclosures by issuers of municipal bonds; and (5) make recommendations relating to disclosure require- ments for municipal issuers, including the advisability of the repeal or retention of section 15B(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4(d)) (commonly known as the ‘‘Tower Amendment’’). (c) REPORT.—Not later than 24 months after the date of enact- ment of this Act, the Comptroller General of the United States shall submit a report to Congress on the results of the study conducted under subsection (a), including recommendations for how to improve disclosure by issuers of municipal securities. SEC. 977. GOVERNMENT ACCOUNTABILITY OFFICE STUDY ON THE MUNICIPAL SECURITIES MARKETS. (a) STUDY.—The Comptroller General of the United States shall conduct a study of the municipal securities markets. (b) REPORT.—Not later than 18 months after the date of enact- ment of this Act, the Comptroller General of the United States shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Serv- ices of the House of Representatives, with copies to the Special Committee on Aging of the Senate and the Commission, on the results of the study conducted under subsection (a), including— (1) an analysis of the mechanisms for trading, quality of trade executions, market transparency, trade reporting, price discovery, settlement clearing, and credit enhancements; (2) the needs of the markets and investors and the impact of recent innovations; (3) recommendations for how to improve the transparency, efficiency, fairness, and liquidity of trading in the municipal securities markets, including with reference to items listed in paragraph (1); and (4) potential uses of derivatives in the municipal securities markets. (c) RESPONSES.—Not later than 180 days after receipt of the report required under subsection (b), the Commission shall submit a response to the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives, with a copy to the Special Com- mittee on Aging of the Senate, stating the actions the Commission has taken in response to the recommendations contained in such report. SEC. 978. FUNDING FOR GOVERNMENTAL ACCOUNTING STANDARDS BOARD. (a) AMENDMENT TO THE SECURITIES ACT OF 1933.—Section 19 of the Securities Act of 1933 (15 U.S.C. 77s), as amended by section 912, is further amended by adding at the end the following: Deadline.
