Fair Access to Investment Research Act of 2016

Bill: 114-hr-5019
Sponsor: Rep. Hill, J. French [R-AR-2]
Introduced: 2016-04-21 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Financial services and investments
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2016-04-21
text: 

Fair Access to Investment Research Act of 2016

 
This bill directs the Securities and Exchange Commission (SEC) to revise a specified regulation to create a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities.
 
The revised regulation shall declare that a published or distributed investment fund research report shall not be deemed to constitute an offer for sale or an offer to sell a security that is the subject of the offering pursuant to an effective registration statement, even if the broker or dealer is participating or will participate in the registered offering of the covered investment fund's securities.
 
The covered investment fund research report shall indeed be deemed to satisfy the regulation's requirements as well as those of any self-regulatory organization.
 
The SEC shall not impose specified conditions and requirements when implementing the safe harbor. 
 
Until the SEC has adopted such safe harbor revisions, and the Financial Industry Regulatory Authority (FINRA) has revised a related rule, a covered investment fund shall be deemed to be a security listed on a national securities exchange that is not subject to a certain filing requirement of the Investment Company Act of 1940. 

action_date: 2016-04-28
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Fair Access to Investment Research Act of 2016

 
(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to revise a specified regulation to create a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities.
 
The revised regulation shall declare that a published or distributed investment fund research report shall not be deemed to constitute an offer for sale or an offer to sell a security that is the subject of the offering pursuant to an effective registration statement, even if the broker or dealer is participating or will participate in the registered offering of the covered investment fund's securities.
 
The covered investment fund research report shall indeed be deemed to satisfy the regulation's requirements as well as those of any self-regulatory organization.
 
The SEC shall not impose specified conditions and requirements when implementing the safe harbor. 
 
Until the SEC has adopted such safe harbor revisions, and the Financial Industry Regulatory Authority (FINRA) has revised a related rule, a covered investment fund shall be deemed to be a security listed on a national securities exchange that is not subject to a certain filing requirement of the Investment Company Act of 1940. 


Legislative actions:
action_date: 2016-05-09
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-04-28
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-04-28
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 6 (Roll no. 175). (text: CR 4/26/2016 H1950)
action_date: 2016-04-28
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 6 (Roll no. 175).(text: CR 4/26/2016 H1950)
action_date: 2016-04-28
text: Considered as unfinished business. (consideration: CR H2081)
action_date: 2016-04-26
text: 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.
action_date: 2016-04-26
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5019.
action_date: 2016-04-26
text: Considered under suspension of the rules. (consideration: CR H1950-1952)
action_date: 2016-04-26
text: Mr. Garrett moved to suspend the rules and pass the bill.
action_date: 2016-04-21
text: Referred to the House Committee on Financial Services.
action_date: 2016-04-21
text: Introduced in House
action_date: 2016-04-21
text: Introduced in House