Securities Research Modernization Act

Bill: 119-hr-3672
Sponsor: full_name: Rep. Williams, Roger [R-TX-25]
Introduced: 2025-06-02
Policy area: Finance and Financial Sector
Subjects: Business records

Financial services and investments

Securities
Latest action: action_date: 2025-07-15
text: Placed on the Union Calendar, Calendar No. 167.

Summaries:
action_date: 2025-07-15
action_desc: Reported to House
text: <p><strong>Securities Research Modernization Act</strong></p><p>This bill allows a securities broker or dealer to publish or distribute a research report on a proposed public offering by any issuer without it being considered an offer to sell securities for purposes of registration requirements. Currently, only reports published or distributed regarding a proposed public offering by an emerging growth company fall under this exception.</p>

tv_txt: IB Union Calendar No. 167 119th CONGRESS 1st Session H. R. 3672 [Report No. 119–204] IN THE HOUSE OF REPRESENTATIVES June 2, 2025 Mr. Williams of Texas (for himself and Mr. Fields ) introduced the following bill; which was referred to the Committee on Financial Services July 15, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on June 2, 2025 A BILL To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.

1. Short title This Act may be cited as the Securities Research Modernization Act . 2. Provision of research report Section 2(a)(3) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(3) ) is amended— (a) by striking an emerging growth company and inserting an issuer ; (b) by striking the common equity and inserting any ; and (c) by striking such emerging growth company and inserting such issuer .

July 15, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 119th CONGRESS 1st Session H. R. 3672 IN THE HOUSE OF REPRESENTATIVES June 2, 2025 Mr. Williams of Texas (for himself and Mr. Fields ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.

1. Short title This Act may be cited as the Securities Research Modernization Act . 2. Provision of research Section 2(a)(3) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(3) ) is amended— (a) by striking an emerging growth company and inserting an issuer ; (b) by striking the common equity and inserting any ; and (c) by striking such emerging growth company and inserting such issuer .