; Conflict of Interest Rule—Retirement Investment Advice and related prohibited transaction exemptions published April 8, 2016 (81 Fed. Reg. 20946) shall have no force or effect. (b) Stay on rules defining certain fiduciaries After the date of enactment of this Act, the Secretary of Labor shall not prescribe any regulation under the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq.) defining the circumstances under which an individual is considered a fiduciary until the date that is 60 days after the Securities and Exchange Commission issues a final rule relating to standards of conduct for brokers and dealers pursuant to the second subsection (k) of section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(k) ). (c) Requirement after stay If, after the stay described under subsection (b), the Secretary of Labor prescribes a regulation described under such subsection, the Secretary of Labor shall prescribe a substantially identical definition of what constitutes fiduciary investment advice and impose substantially identical standards of care and conditions as the Securities and Exchange Commission has imposed on brokers, dealers, or investment advisers. (d) Requirements prior to rulemaking relating to standards of conduct for brokers and dealers The second subsection (k) of section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o(k) ), as added by section 913(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq.), is amended by adding at the end the following: (3) Requirements prior to rulemaking The Commission shall not promulgate a rule pursuant to paragraph (1) before providing a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing whether— (A) retail investors (and such other customers as the Commission may provide) are being harmed due to brokers or dealers operating under different standards of conduct than those that