; and (B) each action or review the Commission failed to carry out in the preceding 5-year period under the plan required under paragraph (1) and an explanation for such failure. 3. Consideration of cumulative effect of regulations required (a) Rules under the Securities Act of 1933 Section 2(b) of the Securities Act of 1933 ( 15 U.S.C. 77b(b) ) is amended by inserting , when considered individually or cumulatively with other rules or regulations or other proposed rules or regulations, before will promote . (b) Rules under the Securities Exchange Act of 1934 Section 23(a)(2) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78w ) is amended by inserting , when considered individually or cumulatively with other rules or regulations or other proposed rules or regulations, after which would . (c) Rules under the Investment Company Act of 1940 Section 2(c) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2 ) is amended by inserting , when considered individually or cumulatively with other rules or regulations or other proposed rules or regulations, before will promote . (d) Rules under the Investment Advisers Act of 1940 Section 202(c) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2 ) is amended by inserting , when considered individually or cumulatively with other rules or regulations or other proposed rules or regulations, before will promote .