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Public Law115th CongressFinance and Financial Sector
S. 327Became Law

Fair Access to Investment Research Act of 2017

This bill became law

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Law

What it doesSummary public law (Oct 6, 2017)

Fair Access to Investment Research Act of 2017

(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Such reports shall be deemed not to be "offers" under specified provisions of securities law, even if the broker or dealer participates in the registered offering of the investment fund's securities.

In implementing the safe harbor, the SEC must prohibit a self-regulatory organization from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.

The bill restricts the SEC from conditioning the safe harbor upon specified requirements.

The safe harbor shall generally not apply to reports about a business development company or a registered closed-end investment company published by a broker or dealer during a specified time frame.

What just happenedOct 6, 2017

Signed by President.

Who’s behind it

Sen. Heller, Dean [R-NV](R-NV)Sponsor
2 cosponsors1 D1 R
Read on Congress.gov
2cosponsors1committees22actions1amendments3related bills4subjects
  1. Oct 6, 2017President

    Signed by President.

  2. Oct 6, 2017BecameLaw36000

    Signed by President.

  3. Sep 29, 2017Floor

    Presented to President.

  4. Sep 29, 2017President28000

    Presented to President.

  5. Sep 27, 2017FloorH38310

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

  6. Sep 27, 2017FloorH37300

    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H7547-7548)

  7. Sep 27, 2017Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H7547-7548)

  8. Sep 27, 2017FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on S. 327.

  9. Sep 27, 2017FloorH30000

    Considered under suspension of the rules. (consideration: CR H7547-7549)

  10. Sep 27, 2017FloorH30300

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

  11. Sep 12, 2017FloorH15000

    Held at the desk.

  12. Sep 12, 2017Floor

    Message on Senate action sent to the House.

  13. Sep 12, 2017FloorH14000

    Received in the House.

  14. Sep 11, 2017Floor

    Passed Senate with amendments by Unanimous Consent. (text: CR S5167-5168)

  15. Sep 11, 2017Floor17000

    Passed/agreed to in Senate: Passed Senate with amendments by Unanimous Consent.(text: CR S5167-5168)

  16. Sep 11, 2017Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S5166-5168)

  17. Mar 13, 2017Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 11.

  18. Mar 13, 2017Committee

    Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with amendments. Without written report.

    Banking, Housing, and Urban Affairs Committee
  19. Mar 13, 2017Committee14000

    Committee on Banking, Housing, and Urban Affairs. Reported by Senator Crapo with amendments. Without written report.

    Banking, Housing, and Urban Affairs Committee
  20. Mar 9, 2017Committee

    Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment favorably.

    Banking, Housing, and Urban Affairs Committee
  21. Feb 7, 2017IntroReferral

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

    Banking, Housing, and Urban Affairs Committee
  22. Feb 7, 2017IntroReferral10000

    Introduced in Senate

Public LawOct 6, 201749

Fair Access to Investment Research Act of 2017

(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Such reports shall be deemed not to be "offers" under specified provisions of securities law, even if the broker or dealer participates in the registered offering of the investment fund's securities.

In implementing the safe harbor, the SEC must prohibit a self-regulatory organization from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.

The bill restricts the SEC from conditioning the safe harbor upon specified requirements.

The safe harbor shall generally not apply to reports about a business development company or a registered closed-end investment company published by a broker or dealer during a specified time frame.

Passed House without amendmentSep 27, 201781

(This measure has not been amended since it was passed by the Senate on September 11, 2017. The summary of that version is repeated here.)

Fair Access to Investment Research Act of 2017

(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Such reports shall be deemed not to be "offers" under specified provisions of securities law, even if the broker or dealer participates in the registered offering of the investment fund's securities.

In implementing the safe harbor, the SEC must prohibit a self-regulatory organization from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.

The bill restricts the SEC from conditioning the safe harbor upon specified requirements.

The safe harbor shall generally not apply to reports about a business development company or a registered closed-end investment company published by a broker or dealer during a specified time frame.

Passed Senate amendedSep 11, 201735

Fair Access to Investment Research Act of 2017

(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Such reports shall be deemed not to be "offers" under specified provisions of securities law, even if the broker or dealer participates in the registered offering of the investment fund's securities.

In implementing the safe harbor, the SEC must prohibit a self-regulatory organization from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.

The bill restricts the SEC from conditioning the safe harbor upon specified requirements.

The safe harbor shall generally not apply to reports about a business development company or a registered closed-end investment company published by a broker or dealer during a specified time frame.

Reported to Senate with amendment(s)Mar 13, 20171

Fair Access to Investment Research Act of 2017

(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Such reports shall be deemed not to be "offers" under specified provisions of securities law, even if the broker or dealer participates in the registered offering of the investment fund's securities.

In implementing the safe harbor, the SEC must prohibit a self-regulatory organization from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.

The bill restricts the SEC from conditioning the safe harbor upon specified requirements.

Introduced in SenateFeb 7, 2017

Fair Access to Investment Research Act of 2017

This bill directs the Securities and Exchange Commission (SEC) to establish and implement a "safe harbor" for certain investment fund research reports published by brokers and dealers. Such reports shall be deemed not to be "offers" under specified provisions of securities law, even if the broker or dealer participates in the registered offering of the investment fund's securities.

In implementing the safe harbor, the SEC must prohibit a self-regulatory organization from maintaining or enforcing a rule that would prevent a member from: (1) publishing or distributing a covered investment fund research report solely because the member is also participating in a registered offering of the fund, or (2) participating in a registered offering of a covered investment fund solely because the member has published a research report about the fund.

The bill restricts the SEC from conditioning the safe harbor upon specified requirements.

Fair Access to Investment Research Act of 2017 — Informed