A bill 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.
The safe harbor shall generally not apply to reports about a business development company or a registered closed-end investment company published by a broker or dealer during a specified time frame.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
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.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with amendments. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 11.
Measure laid before Senate by unanimous consent. (consideration: CR S5166-5168)
Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent.(text: CR S5167-5168)
Passed Senate with amendments by Unanimous Consent. (text: CR S5167-5168)
Received in the House.
Message on Senate action sent to the House.
Held at the desk.
Mr. Hill moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H7547-7549)
DEBATE - The House proceeded with forty minutes of debate on S. 327.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H7547-7548)
Enacted as Public Law 115-66
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7547-7548)
Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 115-66.
Became Public Law No: 115-66.