The House Financial Services Committee approved a bill that would codify expiring SEC no-action relief that (i) excludes broker-dealers who are compensated for research services from the definition of "investment adviser" and (ii) allows broker-dealers to continue accepting payments for research reports in order to comply with international regulations, including MiFID and MiFID II.
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SEC Director of Investment Management William Birdthistle cautioned broker-dealers that receive cash payments for research from European asset managers that they may be required to register as investment advisers when the SEC's MiFID II no-action letter expires in July 2023.
SEC staff requested feedback on the impact of recent EU rules on research and three related SEC no-action letters.
Senate Committee on Banking, Housing and Urban Affairs member Mike Rounds introduced six bills intended to reduce regulatory burdens for investors and small businesses.
In testimony before the U.S. House Committee on Financial Services, SEC Division of Investment Management Director Dalia Blass outlined the underlying aims of the Division's policy initiatives.