; (E) is disqualified from receiving a cash fee, directly or indirectly, from an investment adviser with respect to solicitation activities, as described under section 275.206(4)-3 of title 17, Code of Federal Regulations; (F) is not eligible to make use of an exemption provided for certain Regulation A offerings under section 230.262 of title 17, Code of Federal Regulations; or (G) is not eligible to make use of an exemption provided for certain Regulation E offerings under section 230.602 of title 17, Code of Federal Regulations. . 4. GAO study (a) Study The Comptroller General of the United States shall carry out a study of the Securities and Exchange Commission’s existing waiver process, and the standard used by the Commission in granting an application for an exemption, under section 9(c) of the Investment Company Act of 1940. (b) Report Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Comptroller General shall issue a report to the Congress containing— (1) all findings and determinations made in carrying out the study required under subsection (a); (2) a comparison of the Commission’s standard used in granting an application for an exemption under section 9(c) of the Investment Company Act of 1940 with the standard used to grant a waiver under section 36(c) of the Securities Exchange Act of 1934, as added by this Act; and (3) recommendations on how to increase transparency and opportunity for public participation in the waiver process under section 9(c) of the Investment Company Act of 1940 and ensure that the disqualification and waiver process used by the Commission under such section 9(c) is protective of investors, the markets, and the public and deters misconduct, reduces recidivism, promotes market integrity, and removes bad actors from the market.