; (3) any voluntary or mandatory disclosure standards observed by issuers of municipal securities in the course of making such disclosures; and (4) the degree to which investors consider such disclosures in connection with making an investment decision. (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 detailed discussion of the financial risks to investors from investments in municipal securities and whether those risks are being adequately disclosed as well as a discussion of regulatory or legislative steps that are recommended or that may be necessary to address any concerns identified in the study. 6. Study on solicitation of municipal securities business (a) In general The Securities and Exchange Commission shall solicit public comment and thereafter conduct a study to determine the effectiveness of Rule G–38 of the Municipal Securities Rulemaking Board and Rule 206(4)–5 of the Securities and Exchange Commission (17 CFR 275.206(4)–5) in preventing the payment of funds to elected officials or candidates for elected office in exchange for the receipt of government business in connection with the offer or sale of municipal securities (as such term is defined in section 3(a)(29) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(29) ). (b) Contents The study under subsection (a) shall consider and analyze, among other things— (1) whether Rule G–38 and Rule 206(4)–5 have had their intended effects and whether they have had any unintended adverse effects; (2) the frequency and scope of enforcement actions undertaken under Rule G–38 and Rule 206(4)–5; (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