; and (ii) has a class of equity security held of record by 500 or more persons who are not accredited investors, but fewer than 1,250 persons who are not accredited investors. (B) Contents The form described in subparagraph (A) shall include a summary of the consolidated balance sheet and the consolidated income statement of the issuer and such other information as the Commission determines is necessary and appropriate in the public interest and for the protection of investors. . 3. SEC study (a) Study Not later than 3 years after the date of enactment of this Act, the Securities and Exchange Commission shall carry out a study on— (1) the effect of the amendments made by section 2; and (2) the extent to which the amendments described in paragraph (1) have improved capital formation by the issuers described in subparagraph (C) of section 12(g)(1) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(1) ), as added by section 2(1)(C) of this Act. (b) Report Not later than 180 days after the date that is 3 years after the date of enactment of this Act, the Securities and Exchange Commission shall submit to Congress a report that contains— (1) all findings and determinations made in carrying out the study required under subsection (a); and (2) a recommendation regarding whether issuers in other sectors of the economy could benefit from the types of changes made by the amendments described in subsection (a)(1).