summary
Introduced
05/13/2015
05/13/2015
In Committee
05/20/2015
05/20/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Fair Access to Investment Research Act of 2015 (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, even if a broker or dealer participates in the registered offering of a covered investment fund's securities, the investment fund research report shall not be deemed to constitute an offer for sale nor an offer to sell a security that is the subject of the offering pursuant to a registration statement that the issuer proposes to file, or has filed, or that is effective. 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.
AI Summary
This bill, the Fair Access to Investment Research Act of 2015, directs the Securities and Exchange Commission (SEC) to create a "safe harbor" for research reports about certain investment funds published by brokers or dealers who are also involved in selling those funds' securities. This means that even if a broker or dealer helps sell the securities of an investment fund, their research report about that fund will not be considered an illegal offer to sell those securities under federal securities laws, provided it meets specific conditions. The bill aims to ensure that these research reports can be published without being seen as part of the securities offering itself, thereby promoting broader access to investment research and protecting investors. The SEC is instructed to implement this safe harbor without imposing certain restrictive conditions, and it also clarifies that this act does not limit the application of anti-fraud provisions or the authority of self-regulatory organizations (like FINRA) to oversee their members' practices.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Placed on the Union Calendar, Calendar No. 304. (on 01/28/2016)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/114th-congress/house-bill/2356/all-info | 05/17/2015 |
| BillText | https://www.congress.gov/114/bills/hr2356/BILLS-114hr2356rh.pdf | 07/07/2016 |
| BillText | https://www.congress.gov/114/bills/hr2356/BILLS-114hr2356ih.pdf | 07/07/2016 |
| Bill | https://www.congress.gov/114/bills/hr2356/BILLS-114hr2356ih.pdf.pdf | 07/07/2016 |
| Bill | https://www.congress.gov/114/bills/hr2356/BILLS-114hr2356rh.pdf.pdf | 07/07/2016 |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-114hr2356rh/pdf/BILLS-114hr2356rh.pdf | 01/31/2016 |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-114hr2356rh/pdf/BILLS-114hr2356rh.pdf.pdf | 01/31/2016 |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-114hr2356ih/pdf/BILLS-114hr2356ih.pdf | 05/23/2015 |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-114hr2356ih/pdf/BILLS-114hr2356ih.pdf.pdf | 05/23/2015 |
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