; and (ii) whether the risks described in clause (i) are being adequately disclosed; and (B) a discussion of regulatory or legislative steps that are recommended, or that may be necessary, to address any concerns identified in the study required under this section. 7. Study on solicitation of municipal securities business (a) Definition In this section, the term covered rules means— (1) Rule G–38 of the Municipal Securities Rulemaking Board; and (2) section 275.206(4)–5 of title 17, Code of Federal Regulations, or any successor regulation. (b) Study The Commission shall solicit public comment and thereafter conduct a study to determine the effectiveness of the covered rules 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. (c) Contents The study under subsection (b) shall consider and analyze, among other things— (1) whether the covered rules have had their intended effects and any unintended adverse effects; (2) the frequency and scope of enforcement actions undertaken under the covered rules; (3) the degree to which persons subject to the covered rules have put in place policies and procedures intended to ensure compliance with the covered rules; (4) the degree to which State and Federal regulations, other than the covered rules, impact the solicitation of municipal securities business