; or (ii) a proposal that is— (I) the subject of a counter-solicitation; or (II) part of a proposal made by a person other than the applicable registrant. . (b) Effective date The amendment made by this section shall take effect on the first August 1 that occurs after the date that is 2 years after the date of enactment of this Act. XI Protecting Retail Investors’ Savings 1101. Best interest based on pecuniary factors (a) In general Section 211(g) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–11(g) ) is amended by adding at the end the following: (3) Best interest based on pecuniary factors (A) In general For purposes of paragraph (1), the best interest of a customer shall be determined using pecuniary factors, which may not be subordinated to or limited by non-pecuniary factors, unless the customer provides informed consent, in writing, that such non-pecuniary factors be considered. (B) Disclosure of pecuniary factors If a customer provides a broker, dealer, or investment adviser with the informed consent to consider non-pecuniary factors described under subparagraph (A), the broker, dealer, or investment adviser shall— (i) disclose the expected pecuniary effects to the customer over a time period selected by the customer and not to exceed three years