An act to direct the Securities and Exchange Commission to provide a safe harbor related to certain investment fund research reports, and for other purposes
PL 115-66 (S.327), enacted 10/06/2017

131 STAT. 1196 
PUBLIC LAW 115–66—OCT. 6, 2017 
Public Law 115–66 
115th Congress 
An Act 
To direct the Securities and Exchange Commission to provide a safe harbor related 
to certain investment fund research reports, and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fair Access to Investment 
Research Act of 2017’’. 
SEC. 2. SAFE HARBOR FOR INVESTMENT FUND RESEARCH. 
(a) EXPANSION OF THE SAFE HARBOR.—Not later than the end 
of the 180-day period beginning on the date of enactment of this 
Act, the Securities and Exchange Commission shall propose, and 
not later than the end of the 270-day period beginning on such 
date, the Commission shall adopt, upon such terms, conditions, 
or requirements as the Commission may determine necessary or 
appropriate in the public interest, for the protection of investors, 
and for the promotion of capital formation, revisions to section 
230.139 of title 17, Code of Federal Regulations, to provide that 
a covered investment fund research report that is published or 
distributed by a broker or dealer, other than a broker or dealer 
that is an investment adviser to the fund or an affiliated person 
of the investment adviser to the fund— 
(1) shall be deemed, for purposes of sections 2(a)(10) and 
5(c) of the Securities Act of 1933 (15 U.S.C. 77b(a)(10), 77e(c)), 
not to constitute an offer for sale or an offer to sell a security 
that is the subject of an offering pursuant to a registration 
statement that is effective, even if the broker or dealer is 
participating or will participate in the registered offering of 
the covered investment fund’s securities; and 
(2) shall be deemed to satisfy the conditions of paragraph 
(1) or (2) of section 230.139(a) of title 17, Code of Federal 
Regulations, or any successor provisions, for purposes of the 
Commission’s rules and regulations under the Federal securi-
ties laws and the rules of any self-regulatory organization. 
(b) IMPLEMENTATION OF SAFE HARBOR.—In implementing the 
safe harbor pursuant to subsection (a), the Commission shall— 
(1) not, in the case of a covered investment fund with 
a class of securities in substantially continuous distribution, 
condition the safe harbor on whether the broker’s or dealer’s 
publication or distribution of a covered investment fund 
research report constitutes such broker’s or dealer’s initiation 
or reinitiation of research coverage on such covered investment 
fund or its securities; 
Deadlines. 
Time periods. 
Effective date. 
Regulations. 
Fair Access to 
Investment 
Research Act of 
2017. 
15 USC 77e note. 
Oct. 6, 2017 
[S. 327] 
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131 STAT. 1197 
PUBLIC LAW 115–66—OCT. 6, 2017 
(2) not— 
(A) require the covered investment fund to have been 
registered as an investment company under the Investment 
Company Act of 1940 (15 U.S.C. 80a–1 et seq.) or subject 
to the reporting requirements of section 13 or 15(d) of 
the Securities Exchange Act of 1934 (15 U.S.C. 78m, 78o(d)) 
for any period exceeding the period of time referenced 
under section 230.139(a)(1)(i)(A)(1) of title 17, Code of Fed-
eral Regulations; or 
(B) impose a minimum float provision exceeding that 
referenced in section 230.139(a)(1)(i)(A)(1)(i) of title 17, 
Code of Federal Regulations; 
(3) provide that a self-regulatory organization may not 
maintain or enforce any rule that would— 
(A) prohibit the ability of a member to publish or 
distribute a covered investment fund research report solely 
because the member is also participating in a registered 
offering or other distribution of any securities of such cov-
ered investment fund; or 
(B) prohibit the ability of a member to participate 
in a registered offering or other distribution of securities 
of a covered investment fund solely because the member 
has published or distributed a covered investment fund 
research report about such covered investment fund or 
its securities; and 
(4) provide that a covered investment fund research report 
shall not be subject to section 24(b) of the Investment Company 
Act of 1940 (15 U.S.C. 80a–24(b)) or the rules and regulations 
thereunder, except that such report may still be subject to 
such section and the rules and regulations thereunder to the 
extent that it is otherwise not subject to the content standards 
in the rules of any self-regulatory organization related to 
research reports, including those contained in the rules gov-
erning communications with the public regarding investment 
companies or substantially similar standards. 
(c) RULES OF CONSTRUCTION.—Nothing in this Act shall be 
construed as in any way limiting— 
(1) the applicability of the antifraud or antimanipulation 
provisions of the Federal securities laws and rules adopted 
thereunder to a covered investment fund research report, 
including section 17 of the Securities Act of 1933 (15 U.S.C. 
77q), section 34(b) of the Investment Company Act of 1940 
(15 U.S.C. 80a–33(b)), and sections 9 and 10 of the Securities 
Exchange Act of 1934 (15 U.S.C. 78i, 78j); or 
(2) the authority of any self-regulatory organization to 
examine or supervise a member’s practices in connection with 
such member’s publication or distribution of a covered invest-
ment fund research report for compliance with applicable provi-
sions of the Federal securities laws or self-regulatory organiza-
tion rules related to research reports, including those contained 
in rules governing communications with the public, or to require 
the filing of communications with the public the purpose of 
which is not to provide research and analysis of covered invest-
ment funds. 
(d) INTERIM EFFECTIVENESS OF SAFE HARBOR.— 
(1) IN GENERAL.—From and after the 270-day period begin-
ning on the date of enactment of this Act, if the Commission 
Time period. 
Effective date. 
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131 STAT. 1198 
PUBLIC LAW 115–66—OCT. 6, 2017 
has not adopted revisions to section 230.139 of title 17, Code 
of Federal Regulations, as required by subsection (a), and until 
such time as the Commission has done so, a broker or dealer 
distributing or publishing a covered investment fund research 
report after such date shall be able to rely on the provisions 
of section 230.139 of title 17, Code of Federal Regulations, 
and the broker or dealer’s publication of such report shall 
be deemed to satisfy the conditions of paragraph (1) or (2) 
of section 230.139(a) of title 17, Code of Federal Regulations, 
if the covered investment fund that is the subject of such 
report satisfies the reporting history requirements (without 
regard to Form S–3 or Form F–3 eligibility) and minimum 
float provisions of such subsections for purposes of the Commis-
sion’s rules and regulations under the Federal securities laws 
and the rules of any self-regulatory organization, as if revised 
and implemented in accordance with subsections (a) and (b). 
(2) STATUS
OF
COVERED
INVESTMENT
FUND.—After such 
period and until the Commission has adopted revisions to sec-
tion 230.139 of title 17, Code of Federal Regulations, and 
FINRA has revised rule 2210, for purposes of subsection 
(c)(7)(O) of such rule, a covered investment fund shall be 
deemed to be a security that is listed on a national securities 
exchange and that is not subject to section 24(b) of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–24(b)). 
(3) COVERED INVESTMENT FUNDS COMMUNICATIONS.— 
(A) IN GENERAL.—Except as provided in subparagraph 
(B), communications that concern only covered investment 
funds that fall within the scope of section 24(b) of the 
Investment Company Act of 1940 (15 U.S.C. 80a–24(b)) 
shall not be required to be filed with FINRA. 
(B) EXCEPTION.—FINRA may require the filing of 
communications with the public if the purpose of those 
communications is not to provide research and analysis 
of covered investment funds. 
(e) EXCEPTION.—The safe harbor under subsection (a) shall 
not apply to the publication or distribution by a broker or a dealer 
of a covered investment fund research report, the subject of which 
is a business development company or a registered closed-end 
investment company, during the time period described in section 
230.139(a)(1)(i)(A)(1) of title 17, Code of Federal Regulations, except 
where expressly permitted by the rules and regulations of the 
Securities and Exchange Commission under the Federal securities 
laws. 
(f) DEFINITIONS.—For purposes of this Act: 
(1) The term ‘‘affiliated person’’ has the meaning given 
the term in section 2(a) of the Investment Company Act of 
1940 (15 U.S.C. 80a–2(a)). 
(2) The term ‘‘covered investment fund’’ means— 
(A) an investment company registered under, or that 
has filed an election to be treated as a business develop-
ment company under, the Investment Company Act of 1940 
(15 U.S.C. 80a–1 et seq.) and that has filed a registration 
statement under the Securities Act of 1933 (15 U.S.C. 
77a et seq.) for the public offering of a class of its securities, 
which registration statement has been declared effective 
by the Commission; and 
(B) a trust or other person— 
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131 STAT. 1199 
PUBLIC LAW 115–66—OCT. 6, 2017 
LEGISLATIVE HISTORY—S. 327: 
CONGRESSIONAL RECORD, Vol. 163 (2017): 
Sept. 11, considered and passed Senate. 
Sept. 27, considered and passed House. 
(i) issuing securities in an offering registered under 
the Securities Act of 1933 (15 U.S.C. 77a et seq.) and 
which class of securities is listed for trading on a 
national securities exchange; 
(ii) the assets of which consist primarily of 
commodities, currencies, or derivative instruments that 
reference commodities or currencies, or interests in 
the foregoing; and 
(iii) that provides in its registration statement 
under the Securities Act of 1933 (15 U.S.C. 77a et 
seq.) that a class of its securities are purchased or 
redeemed, subject to conditions or limitations, for a 
ratable share of its assets. 
(3) The term ‘‘covered investment fund research report’’ 
means a research report published or distributed by a broker 
or dealer about a covered investment fund or any securities 
issued by the covered investment fund, but does not include 
a research report to the extent that the research report is 
published or distributed by the covered investment fund or 
any affiliate of the covered investment fund, or any research 
report published or distributed by any broker or dealer that 
is an investment adviser (or an affiliated person of an invest-
ment adviser) for the covered investment fund. 
(4) The term ‘‘FINRA’’ means the Financial Industry Regu-
latory Authority. 
(5) The term ‘‘investment adviser’’ has the meaning given 
the term in section 2(a) of the Investment Company Act of 
1940 (15 U.S.C. 80a–2(a)). 
(6) The term ‘‘research report’’ has the meaning given that 
term under section 2(a)(3) of the Securities Act of 1933 (15 
U.S.C. 77b(a)(3)), except that such term shall not include an 
oral communication. 
(7) The term ‘‘self-regulatory organization’’ has the meaning 
given that term under section 3(a)(26) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)(26)). 
Approved October 6, 2017. 
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