124 STAT. 1940 PUBLIC LAW 111–203—JULY 21, 2010 a financial holding company, or a subsidiary of a bank holding company or a financial holding company, as those terms are defined in the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.); and (B) any other entity, as the Comptroller General of the United States may determine; and (2) the term ‘‘proprietary trading’’ means the act of a cov- ered entity investing as a principal in securities, commodities, derivatives, hedge funds, private equity firms, or such other financial products or entities as the Comptroller General may determine. (b) STUDY.— (1) IN GENERAL.—The Comptroller General of the United States shall conduct a study regarding the risks and conflicts associated with proprietary trading by and within covered enti- ties, including an evaluation of— (A) whether proprietary trading presents a material systemic risk to the stability of the United States financial system, and if so, the costs and benefits of options for mitigating such systemic risk; (B) whether proprietary trading presents material risks to the safety and soundness of the covered entities that engage in such activities, and if so, the costs and benefits of options for mitigating such risks; (C) whether proprietary trading presents material con- flicts of interest between covered entities that engage in proprietary trading and the clients of the institutions who use the firm to execute trades or who rely on the firm to manage assets, and if so, the costs and benefits of options for mitigating such conflicts of interest; (D) whether adequate disclosure regarding the risks and conflicts of proprietary trading is provided to the depositors, trading and asset management clients, and investors of covered entities that engage in proprietary trading, and if not, the costs and benefits of options for the improvement of such disclosure; and (E) whether the banking, securities, and commodities regulators of institutions that engage in proprietary trading have in place adequate systems and controls to monitor and contain any risks and conflicts of interest related to proprietary trading, and if not, the costs and benefits of options for the improvement of such systems and controls. (2) CONSIDERATIONS.—In carrying out the study required under paragraph (1), the Comptroller General shall consider— (A) current practice relating to proprietary trading; (B) the advisability of a complete ban on proprietary trading; (C) limitations on the scope of activities that covered entities may engage in with respect to proprietary trading; (D) the advisability of additional capital requirements for covered entities that engage in proprietary trading; (E) enhanced restrictions on transactions between affiliates related to proprietary trading; (F) enhanced accounting disclosures relating to propri- etary trading; (G) enhanced public disclosure relating to proprietary trading; and
