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Bill114th CongressFiled Apr 21, 2016Finance and Financial Sector
H.R. 5019

Fair Access to Investment Research Act of 2016

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary passed house without amendment (Apr 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.

What just happenedMay 9, 2016

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Hill, J. French [R-AR-2](R-AR)Sponsor
1 cosponsor1 D
Read on Congress.gov
1cosponsors2committees12actions3related bills4subjects
  1. May 9, 2016IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Apr 28, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Apr 28, 2016FloorH37300

    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)

  4. Apr 28, 2016Floor8000

    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)

  5. Apr 28, 2016FloorH30000

    Considered as unfinished business. (consideration: CR H2081)

  6. Apr 26, 2016FloorH37220

    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.

  7. Apr 26, 2016FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 5019.

  8. Apr 26, 2016FloorH30000

    Considered under suspension of the rules. (consideration: CR H1950-1952)

  9. Apr 26, 2016FloorH30300

    Mr. Garrett moved to suspend the rules and pass the bill.

  10. Apr 21, 2016IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  11. Apr 21, 2016IntroReferralIntro-H

    Introduced in House

  12. Apr 21, 2016IntroReferral1000

    Introduced in House

Passed House without amendmentApr 28, 201681

(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.

Introduced in HouseApr 21, 2016

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.

Fair Access to Investment Research Act of 2016 — Informed