US Congress Senate Bill 3092 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on June 23 2016 - 25% progression, died in committee
Action: 2016-06-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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

Sen. Dean Heller [R-NV]

Sen. Gary Peters [D-MI]

Sen. Mike Crapo [R-ID]

Date	Chamber	Action
2016-06-23	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/3092/all-info
Text	https://www.congress.gov/114/bills/s3092/BILLS-114s3092is.pdf