; and (ii) at the end of the time period described in clause (i), disclose, by comparison to a reasonably comparable index or basket of securities selected by the customer, the actual pecuniary effects of that time period, including all fees, costs, and other expenses incurred to consider non-pecuniary factors. (C) Pecuniary factor defined In this paragraph, the term pecuniary factor means a factor that a fiduciary prudently determines is expected to have a material effect on the risk or return of an investment based on appropriate investment horizons. . (b) Rulemaking Not later than the end of the 12-month period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall revise or issue such rules as may be necessary to implement the amendment made by subsection (a). (c) Applicability The amendment made by subsection (a) shall apply to actions taken by a broker, dealer, or investment adviser beginning on the date that is 12 months after the date of enactment of this Act. 3. Study on climate change and other environmental disclosures in municipal bond market (a) In general The Securities and Exchange Commission shall— (1) conduct a study to determine the extent to which issuers 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) ) make disclosures to investors regarding climate change and other environmental matters; and (2) solicit public comment with respect to such study. (b) Contents The study required under subsection (a) shall consider and analyze— (1) the frequency with which disclosures described in subsection (a)(1) are made; (2) whether such disclosures made by issuers of municipal securities in connection with offerings of securities align with such disclosures made by issuers of municipal securities in other contexts or to audiences other than investors; (3) any voluntary or mandatory disclosure standards observed by issuers of municipal securities in the course of making such disclosures