H.R.5019 - Fair Access to Investment Research Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Hill, J. French [R-AR-2] (Introduced 04/21/2016)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/09/2016 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.5019 — 114th Congress (2015-2016)All Information (Except Text)
Passed House without amendment (04/28/2016)
(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.