To direct the Securities and Exchange Commission to provide a safe harbor related to certain investment fund research reports, and for other purposes.
Fair Access to Investment Research Act of 2017
(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Such reports shall be deemed not to be "offers" under specified provisions of securities law, even if the broker or dealer participates in the registered offering of the investment fund's securities.
In implementing the safe harbor, the SEC must prohibit a self-regulatory organization from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.
The bill restricts the SEC from conditioning the safe harbor upon specified requirements.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230.
Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191.
Became Public Law No: 115-66.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 56 - 2.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-102.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-102.
Placed on the Union Calendar, Calendar No. 59.
Mr. Hill moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H2978-2980)
DEBATE - The House proceeded with forty minutes of debate on H.R. 910.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
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Considered as unfinished business. (consideration: CR H2987-2988)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 405 - 2 (Roll no. 237).(text: CR H2978-2979)
Roll Call #237 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 405 - 2 (Roll no. 237). (text: CR H2978-2979)
Roll Call #237 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.