; (3) the degree to which persons subject to Rule G–38 and Rule 206(4)–5 have put in place policies and procedures intended to ensure compliance with such rules; (4) the degree to which other State and Federal regulations impact the solicitation of municipal securities business; and (5) the degree to which persons subject to Rule G–38 and Rule 206(4)–5 are disadvantaged from participating in the political process both as a general matter and relative to persons who solicit or receive government business or government licenses, permits, and approvals other than in connection with the offer or sale of municipal securities. (c) Report The Securities and Exchange Commission shall issue a report on the study required under this section to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives not later than 12 months after the date of enactment of this Act. The report shall include a discussion of the extent to which persons affiliated with small businesses, as well as persons affiliated with minority and women opened businesses, have been affected by Rule G–38 and Rule 206(4)–5 and a discussion of regulatory or legislative a discussion of regulatory or legislative steps that are recommended or that may be necessary to address any concerns identified in the study.