H. R. 133—990 
(3) it can take a significant amount of time for certain 
Bureau of Indian Affairs Land Title and Records Offices to 
issue final certified title status reports for mortgages issued 
on Indian trust land under section 184 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 1715z–13a), 
which delays the guarantee of the loan by the Department 
of Housing and Urban Development. 
(b) DOCUMENTATION REQUIRED FOR INDIAN TRUST LAND.—Sec-
tion 184(c) of the Housing and Community Development Act of 
1992 (12 U.S.C. 1715z–13a(c)) is amended by adding at the end 
the following: 
‘‘(5) TRAILING DOCUMENTS.— 
‘‘(A) IN GENERAL.—The Secretary may issue a certifi-
cate of guarantee under this subsection for a loan involving 
a security interest in Indian trust land before the Secretary 
receives the trailing documents required by the Secretary 
from the Bureau of Indian Affairs, including the final cer-
tified title status report showing the recordation by the 
Bureau of Indian Affairs of the mortgage relating to the 
loan, if the originating lender agrees to indemnify the 
Secretary for any losses that may result when— 
‘‘(i) a claim payment is presented to the Secretary 
due to the default of the borrower on the loan; and 
‘‘(ii) the required trailing documents are out-
standing. 
‘‘(B) TERMINATION OF INDEMNIFICATION AGREEMENT.— 
An indemnification agreement between an originating 
lender and the Secretary described in subparagraph (A) 
shall only terminate upon receipt by the Secretary of the 
trailing documents described in that subparagraph in a 
form and manner that is acceptable to the Secretary. 
‘‘(C) RULE OF CONSTRUCTION.—Nothing in this para-
graph shall be construed as authorizing the Bureau of 
Indian Affairs to delay the issuance of a final certified 
title status report and recorded mortgage relating to a 
loan closed on Indian trust land.’’. 
(c) REPORTING.—The Secretary of Housing and Urban Develop-
ment shall— 
(1) report to the Committee on Banking, Housing, and 
Urban Affairs and the Committee on Indian Affairs of the 
Senate and the Committee on Financial Services and the Com-
mittee on Natural Resources of the House of Representatives 
on a semi-annual basis on the progress that the Secretary 
is making to accelerate the processing of loan applications 
on fee simple and Indian trust land under section 184 of the 
Housing and Community Development Act of 1992 (12 U.S.C. 
1715z–13a); and 
(2) if there is no improvement in accelerating those proc-
essing timelines, submit to the committees described in para-
graph (1) a report explaining the lack of improvement. 
SEC. 106. STUDY ON THE PROVISION OF AND RELIANCE UPON INVEST-
MENT RESEARCH INTO SMALL ISSUERS. 
(a) STUDY REQUIRED.—The Securities and Exchange Commis-
sion shall conduct a study to evaluate the issues affecting the 
provision of and reliance upon investment research into small
H. R. 133—991 
issuers, including emerging growth companies and companies con-
sidering initial public offerings. 
(b) CONTENTS OF STUDY.—The study required under subsection 
(a) shall consider— 
(1) factors related to the demand for such research by 
institutional and retail investors; 
(2) the availability of such research, including— 
(A) the number and types of firms who provide such 
research; 
(B) the volume of such research over time; and 
(C) competition in the research market; 
(3) conflicts of interest relating to the production and dis-
tribution of investment research; 
(4) the costs of such research; 
(5) the impacts of different payment mechanisms for invest-
ment research into small issuers, including whether such 
research is paid for by— 
(A) hard-dollar payments from research clients; 
(B) payments directed from the client’s commission 
income (i.e., ‘‘soft dollars’’); or 
(C) payments from the issuer that is the subject of 
such research; 
(6) any unique challenges faced by minority-owned, women- 
owned, and veteran-owned small issuers in obtaining research 
coverage; and 
(7) the impact on the availability of research coverage 
for small issuers due to— 
(A) investment adviser concentration and consolidation, 
including any potential impacts of fund-size on demand 
for investment research of small issuers; 
(B) broker and dealer concentration and consolidation, 
including any relationships between the size of the firm 
and allocation of resources for investment research into 
small issuers; 
(C) Securities and Exchange Commission rules; 
(D) registered national securities association rules; 
(E) State and Federal liability concerns; 
(F) the settlement agreements referenced in Securities 
and Exchange Commission Litigation Release No. 18438 
(i.e., the ‘‘Global Research Analyst Settlement’’); and 
(G) Directive 2014/65/EU of the European Parliament 
and of the Council of 15 May 2014 on markets in financial 
instruments and amending Directive 2002/92/EC and Direc-
tive 2011/61/EU, as implemented by the European Union 
(‘‘EU’’) member states (‘‘MiFID II’’). 
(c) REPORT REQUIRED.—Not later than 180 days after the date 
of the enactment of this Act, the Securities and Exchange Commis-
sion shall submit to Congress a report that includes— 
(1) the results of the study required by subsection (a); 
and 
(2) recommendations to increase the demand for, volume 
of, and quality of investment research into small issuers, 
including emerging growth companies and companies consid-
ering initial public offerings.
H. R. 133—992 
SEC. 107. STUDY ON THRESHOLD LIMITS APPLICABLE TO DIVERSIFIED 
COMPANIES. 
(a) IN GENERAL.—The Securities and Exchange Commission 
shall carry out a study of the 10 per centum threshold limitation 
applicable to the definition of a diversified company under section 
5(b)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a– 
5(b)(1)) and determine the impacts of such threshold limits upon 
the protection of investors, efficiency, competition, and capital 
formation. 
(b) CONSIDERATIONS.—In carrying out the study required under 
subsection (a), the Commission shall consider the following: 
(1) The size and number of diversified companies that 
are currently restricted in their ability to own more than 10 
percent of the voting shares in an individual company. 
(2) How the investing preferences of diversified companies 
have shifted over time with respect to companies with smaller 
market capitalizations and companies in industries where com-
petition may be limited. 
(3) The expected impact to small and emerging growth 
companies regarding the availability of capital, related impacts 
on investor confidence and risk, and impacts on competition, 
if the threshold is increased or otherwise changed. 
(4) The ability of registered funds to manage liquidity 
risk. 
(5) Any other consideration that the Commission considers 
necessary and appropriate for the protection of investors. 
(c) SOLICITATION OF PUBLIC COMMENTS.—In carrying out the 
study required under subsection (a), the Commission may solicit 
public comments. 
(d) REPORT.—Not later than the end of the 180-day period 
beginning on the date of enactment of this Act, the Commission 
shall issue a report to the Congress, and make such report publicly 
available on the website of the Commission, containing— 
(1) all findings and determinations made in carrying out 
the study required under subsection (a); and 
(2) any legislative recommendations of the Commission. 
SEC. 108. CYBERSECURITY AND FINANCIAL SYSTEM RESILIENCE 
REPORT. 
(a) IN GENERAL.—Not later than the end of the 180-day period 
beginning on the date of enactment of this Act, and annually 
thereafter, each banking regulator shall submit a report to the 
Committee on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of 
the Senate that provides a detailed explanation of measures under-
taken to strengthen cybersecurity within the financial services 
sector and with respect to the functions of the regulator, including 
the supervision and regulation of financial institutions and, where 
applicable, third-party service providers. Each such report shall 
specifically include a detailed analysis of— 
(1) policies and procedures (including those described under 
section 3554(b) of title 44, United States Code) to detect, defend 
against, and respond to— 
(A) efforts to deny access to or degrade, disrupt, or 
destroy any information and communications technology 
system or network, or exfiltrate information from such 
a system or network without authorization;
H. R. 133—993 
(B) destructive malware attacks; 
(C) denial of service activities; and 
(D) any other efforts that may threaten the functions 
of the banking regulator or entities overseen by the regu-
lator by undermining cybersecurity and the resilience of 
the financial system; 
(2) activities to ensure the effective implementation of poli-
cies and procedures described under paragraph (1), including— 
(A) the appointment of qualified staff, the provision 
of staff training, the use of accountability measures to 
support staff performance, and the designation, if any, 
of senior appointed leadership to strengthen accountability 
for oversight of cybersecurity measures within each 
banking regulator and among regulated entities; 
(B) deployment of adequate resources and technologies; 
(C) efforts of the banking regulators to respond to 
cybersecurity-related findings and recommendations of the 
Inspector General of the banking regulator or the inde-
pendent evaluation described under section 3555 of title 
42, United States Code; 
(D) industry efforts to respond to cybersecurity-related 
findings and recommendations of the banking regulators; 
(E) as appropriate, efforts to strengthen cybersecurity 
in coordination with other Federal departments and agen-
cies, domestic and foreign financial institutions, and other 
partners, including the development and dissemination of 
best practices regarding cybersecurity and the sharing of 
threat information; and 
(3) any current or emerging threats that are likely to 
pose a risk to the resilience of the financial system. 
(b) FORM OF REPORT.—The report required under subsection 
(a) shall be submitted in unclassified form, but may include a 
classified annex, if appropriate. 
(c) CONGRESSIONAL BRIEFING.—Upon request, the head of each 
banking regulator shall provide a detailed briefing to the appro-
priate Members of Congress on each report submitted pursuant 
to subsection (a), except— 
(1) the Chairman of the Board of Governors of the Federal 
Reserve System may designate another member of the Board 
of Governors of the Federal Reserve System to provide such 
briefing; 
(2) the Chairperson of the Federal Deposit Insurance Cor-
poration may designate another member of the Board of Direc-
tors of the Corporation to provide such briefing; and 
(3) the Chairman of the National Credit Union Administra-
tion may designate another member of the National Credit 
Union Administration Board to provide such briefing. 
(d) DEFINITIONS.—For the purposes of this section: 
(1) APPROPRIATE MEMBERS OF CONGRESS.—The term ‘‘appro-
priate Members of Congress’’ means the following: 
(A) The Chairman and Ranking Member of the Com-
mittee on Financial Services of the House of Representa-
tives. 
(B) The Chairman and Ranking Member of the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate.